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[vimeo id=”42435847″ width=”625″ height=”352″]
Financial Planning And Reverse Mortgages
Financial planners are just beginning to embrace the reverse mortgage. See what one had to say. We interviewed Cliff Maas of Centennial Financial at the NRMLA meeting in Irvine California last week. See his comments in the video.
6 Comments
I believe RM is a tool for many circumstances short and long. In some cases clients have substantial assets that are not accessable for different reasons and outside forces. In those case a RM is a great tool especially when an event date cannot be definned. A RM can enable a client to move on with no payments until said event can be executed. In this case a RM can not only create cash flow but eliminate stress and anxiety.
Shannon, nice interview. Please do more of these with different planners to build on understanding that center of influence.
Other questions to consider.
Top retiree challenges or strategies you believe the reverse mortgage tool can solve? What fears or obstacles do you have re suggesting a reverse mortgage review for a client? What kind of education on reverse mortgages would be helpful to add value to your practice? What are the top three problems/needs you work on for your clients?
Thanks,
Scott
Scott. Thank you and good questions for our next interviews. We will have some more in San Antonio in October.
Shannon,
Did you discuss AB 793 with Mr. Maas and how that will impact his recommendations of reverse mortgages to his California clients? What are his credentials and licenses?
It seems far too many financial planners and advisors are unaware of AB 793 or the extent to which the CA DOI Commissioner Dave Jones is talking about applying it.
Did the conference even address this most critical of issues when dealing with financial planners, financial advisors, and life and health agents in our state? After all despite the huge collapse in housing values and the example of Florida falling to Texas as the second highest producer of HECMs, California is still #1 in HECM origination.
I am assuming that since the conference was held in the coastal (i.e., nearly coastal) community of Irvine, most of the attendees were from California and would have been very much interested in this topic. Was anyone from the enforcement or legal divisions of the CA DOI even invited to speak?
Jim, Good questions. I did not have the opportunity to discuss AB793 with Cliff. I don’t think we had anyone from California’s enforcement divisions or Department of Insurance (DOI) present. I agree this bill warrants further discussion as to its impact in working with financial advisors.
He’s very honest, he’s really giving a real life perspective of what reverse mortgage is and that’s good. That more helpful because he’s laying out what reverse mortgage really is and not laying out some fantasies about it.