A number of broker-dealers have stopped advisors from mentioning reverse mortgage clients over the past couple of years.
It has weighed heavy on reverse mortgage professionals who believe these restrictions are preventing them from educating financial advisors on how useful the product could be for retirement income, according to a recent report.
"Curtis Cloke, the founder and CEO of THRIVE University — a series of seminars for financial advisors — and an adjunct professor at the American College of Financial Services, is joining the conversation, urging BDs to reconsider the compliance shutdown," according to Reverse Mortgage Daily.
"First, he points to a general lack of knowledge about reverse mortgages and how they’ve evolved. He says that many are unaware that the Financial Industry Regulatory Authority (FINRA) has changed its warnings about the product, moving away from language that labels it an option of last resort."
With all of the changes that have been made to the reverse mortgage program, Cloke believes it has grown to the point where it deserves to be mentioned to clients.
To learn more about the "ban" and why Cloke believes it should be lifted, click on the image above.