The reverse mortgage industry is continuously evolving, whether through increased regulation or the introduction of new products. It can be difficult for companies and originators to move forward in the reverse mortgage industry but it is not impossible.
According to a new report from ReverseMortgageDaily, planning is the key. The report cites an RMD webinar that took place earlier this week, where viewers were able to learn how to better interact with consumers, financial advisors and more.
"The boomer generation are used to a certain kind of lifestyle that they don’t want to change, so you really have to figure out what they’re looking for," said Richard Thorpe, head of retail sales for Reverse Mortgage Funding (RMF), according to RMD.
"You have to come up with a plan for them instead of just selling them a product."
Meanwhile, Shelley Giordano, Founder and Chair of the Funding Longevity Task Force at the American College of Financial Services revealed that financial advisors are becoming more comfortable with recommending reverse mortgages as an option for clients in or near the stage of retirement.
You can learn more about these and other opportunities that will help you keep up with the new era of reverse mortgages by clicking on the image above.