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My name is Kent Kopen.
Today we are going to talk about financial professionals. The top 3 reverse mortgage strategies
for financial advisors include: Repositioning Debt, Establishing a Portfolio Shock Absorber, Reverse
Purchase Strategy.
All financial advisors share a common challenge: help clients fund their lifestyle without
spending retirement savings too quickly.
The goal is to help clients not outlive their money.
#1Reposition Debt to Eliminate MonthlyPayments. Most experts
think a 4% annual portfolio withdrawal rate is sustainable.
Unfortunately, clients often withdraw more because their expenses exceed their income.
Common budget-busters include existing mortgages, credit cards and medical
bills.
When debt is consolidated with a reverse mortgage, payments are deferred until the last borrower
leaves the house.
Eliminated monthly payments help lower portfolio withdrawal rates.
This reduces advisor risk from clients running out of money.
#2Alternate Funding Source During Market Distress. Most advisors and clients
are happy with their portfolio growth over the last 8 years.
They feel better about their retirement prospects than they did in 2009.
When clients expect the same gains in the future, their expectations create challenges
for FAs.
Since markets mean-revert, how do advisors justify wrap fees in a bear market?
One way to demonstrate value is through portfolio preservation.
A reverse mortgage line of credit can be an alternate retirement funding source during
market distress.
Mitigating sequence of returns risk has a powerful effect on preserving a portfolio.
#3Reverse Purchase Strategy toLower Expenses and Increase Reserves. When
a client runs out of cash they usually cannot qualify for a conventional loan.
This impedes downsizing, which leaves them feeling stuck in the wrong house.
If they can't get or afford a mortgage payment, conventional wisdom says they must sell and
rent.
Our published Reverse Purchase Strategy is a better alternative.
There are three elements of the Reverse Purchase Strategy.
1) Sell a house that's too big, too expensive, or just no longer fits.
2) Use some proceeds, and a reverse mortgage, to buy a home that does fit better.
3)Pay down remaining debt and employ an advisor to wisely invest the difference.
With a reverse mortgage, the client has no monthly principal and interest payment.
This improves cash flow.
Excess sale proceeds create a much-needed financial cushion.
When a client's wealth is mostly home equity, non-budgeted expenses are dangerous and stressful.
They don't want to tell their kids so they turn to credit cards and get into a jam.
Financial professionals who understand these strategies can offer better alternatives.
To see how much your client can get with a reverse mortgage, go to: ReverseLoanAmount.com
Kent Kopen,Certified Reverse Mortgage Professional(800) 208-1252
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