Financial Planner Takes Aim at Reverse Mortgages, Industry Expert Responds – Reverse Mortgage Daily

In the past, the main purpose of a Reverse Mortgage was to help seniors to fulfill cash needs by allowing them to pull the equity in their homes. But today, many seniors are finding that even if they don’t particularly need to fulfill a cash need, they can take advantage of a reverse mortgage as a tool to use strategically in retirement planning.

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The tighter parameters will help ensure that approved borrowers can afford the reverse mortgage, property taxes and insurance. What this means for financial planners is that they can send their clients in the direction of a reverse mortgage without as much concern for the client being taken advantage of or misled by unscrupulous lenders.

Tetra Images/Getty Images. Thanks to 2014 changes in federal regulations on reverse mortgages, the loans now serve as a financial planning tool for the waves of middle-class baby boomers facing.

Prominent financial planner Jill Schlesinger, who has a historical track record of questioning the viability of reverse mortgage products, has highlighted what she views as their deficiencies in a new radio appearance promoting her new book. However, reverse mortgage expert John Lunde, president of.

New rules that are in the process of being implemented for reverse mortgages may prompt more lenders to work with financial planners and their clients, says Michael Kitces, director of research.

The author is not trying to sell Reverse mortgages, just informing financial advisors about different uses of the product. This book should be required reading for all financial planners and reverse mortgage originators. As a Reverse mortgage originator myself, I agree that the product is not right for every senior.

The Treasury believes allowing these products to be held in Isas will provide greater choice to investors and will support its aim to diversify the different. Danny Cox, head of financial planning.

Both mortgages are available to borrowers over 55 years of age and allow borrowers to take subsequent. eventually clear their mortgage balance. The must either find the money or keep their mortgage.

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This will reduce the pound value of global assets in investors’ portfolios and could reverse gains made following the 2016. director of Shore Financial Planning. ‘The market sits around its 40 year.