Growing Assets vs. Depletion of Assets

It has been interesting as I discuss reverse mortgages with financial advisors. I value their work and how they provide solutions for many people looking into their retirement years. Many of them, however, have a hard time seeing a reverse mortgage as a “good thing”. I have finally realized why!

The role of a financial planner/advisor has been to grow assets throughout the life of their client so that there is enough income to last throughout their life, as well as to provide a legacy to their children and grandchildren. Their professional life is focused on creating a plan for asset growth and protection throughout their retirement years. This is the reason, in my mind, many of them have such a hard time seeing a reverse mortgage as an option. A reverse mortgage is an asset depleting product. This is in opposition to everything financial advisors recommend for their clients.

Secondly, many financial professionals hesitate to refer business to people they don’t really know and trust. If I were to put myself in their shoes, I would hesitate to do it, too. . . .  even if the product IS valid. There have been too many stories of seniors who are taken advantage of within the financial industry for all of us not to be super cautious about who we refer business to. I get this . . . . and I finally feel like I understand where my financial advisor colleagues are coming from.

It is my goal to walk alongside financial professionals to provide them another tool to use for their clients needs. One that they can feel confident in both the product, and the integrity of the mortgage professional they are working with. It is safe and accurate to say that nearly all of the financial advisors that I have visited with have come around. That is, they see the value in using the reverse mortgage as a financial tool to relieve the financial burden of their senior clients. For those I have worked with (and for), I think they are very pleased!!

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