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A Recent Survey Reveals Financial Advisors Often Ignore HECMs
If there is one analogy I wish I could tell every financial professional it would be this: If you were a doctor and knew your patient would die in 10 years and didn’t tell them about a treatment that would prolong their life or possibly cure them would that be malpractice? I hope the answer would be a resounding yes!
The good news is that more financial professionals are beginning to see the need to bring up reverse mortgages when discussing their client’s financial longevity in retirement. When it comes to financial professionals and HECMs suspecting and knowing are not the same. The American Institute of CPA’s says that more than half of their CPA financial planners state that running out of money is the top retirement concern for their clients. The survey points out annuities, social security and other accounts as possible sources of stable cash flow in retirement but unfortunately fails to even mention reverse mortgages. Ironically 25% of survey respondents say…
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