FAR Announces Educational Partnership with Financial Planning Association

Finance of America Reverse (FAR) and the Denver, Colo.-based Financial Planning Association (FPA) today announced the formation of a new partnership aimed at providing educational material to financial planner professionals to better inform them of the options that are available to their clients in incorporating reverse mortgages as part of a comprehensive financial plan. This is according to both organizations, which reached out to RMD with the announcement.

Citing a recent National Reverse Mortgage Lenders Association (NRMLA)/RiskSpan statistic that has placed the collective value of senior-held home equity at a combined $7.23 trillion, this helps represent a “tremendous” opportunity for seniors to tap the equity they’ve built up in their homes in order to stabilize their retirement years. Because of that, the strategic partnership between FAR and FPA is designed to “educate financial planners on the opportunities that reverse mortgages may present,” according to a joint announcement.

Under the aims of the new partnership, FPA and FAR will jointly launch a series of educational programs providing home equity resources and other content in an “unbiased” fashion to help Certified Financial Planner (CFP) designees demonstrate to their clients some of the ways in which responsible use of home equity tapping through the use of a reverse mortgage product can serve as a pillar of a diversified financial portfolio for qualified borrowers, according to the announcement.

FAR is described as FPA’s “exclusive reverse mortgage partner,” and will share its educational reverse mortgage and thought leadership resources across FPA’s platform, which includes online educational programming, as well as an educational presence at FPA’s upcoming Annual Conference this fall in Phoenix, Ariz.

“I’m pleased FPA is partnering with FAR. Financial planners need to continue to question, evolve, and create new ways to serve the best interests of their clients, and transform lives through holistic financial planning,” says FPA Executive Director and CEO Lauren M. Schadle, CAE in the joint announcement. “This partnership will position FPA and FAR as truly progressive leaders supporting the modern financial planner.”

For FAR’s part, this partnership is seen as a logical extension of the ways in which the company has sought to educate a wider variety of professionals on the benefits of reverse mortgages, according to company president Kristen Sieffert.

“Americans are living longer than ever and we believe it’s critical for them to have a variety of options available when choosing how to fund retirements that are now lasting upwards of 30 years,” said Sieffert. “As one of the largest reverse mortgage providers in the country we have a front-row view of positive outcomes this financial instrument creates for retirees and believe it should be considered as part of a diversified retirement approach.”

Financial planners have long been sought after by the reverse mortgage industry as valuable partners in broadening the conversation surrounding the implementation of home equity into seniors’ retirement plans, and this partnership represents the growing normalization of that conversation, Sieffert adds.

“Teaming with FPA is a logical extension of FAR’s ongoing educational efforts and is particularly exciting because it provides another touchpoint to reach a critically important player in many Americans’ lives when it comes to retirement – the financial planner,” she said.

Over the next several months, FPA and FAR plan to collaborate on additional educational initiatives and thought leadership programs that have the potential to benefit FPA members, their clients and the broader financial planning community, according to both organizations.

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