Security One Lending has reached an exclusive agreement with the American Continuing Education (C.E.) Institute, LLC, enabling the company to extend its reach to industry professionals who frequently come into contact with reverse mortgage-eligible seniors. The Institute was endorsed by the National LTC (long-term care) Network last week.
The agreement allows C.E. Institute founder Michael Banner to continue to run the Institute, which will license the use and distribution rights to its continuing education curriculum.
“Education is certainly the best way for our industry to update this perception, and help financial professionals better understand how a reverse mortgage fits as a viable component of an overall retirement plan or strategy,” said Torrey Larsen, President of Security One Lending, in a company statement.
Banner, formerly the founding partner of LoanWell America, has joined with Security One and will operate one of two “incubator” locations in which Security One will test its systems and marketing plans before expanding the opportunity to its retail originators.
The National LTC Network’s endorsement of the American C.E. Institute could spread reverse mortgage education and awareness to thousands of long-term care (LTC) insurance agents.
The network is the single-largest source of LTC insurance sales in America, and through the endorsement it will promote an educational class offered by the American C.E. Institute, with the potential of educating thousands of LTC insurance agents and thereby having a substantial impact on the reverse mortgage world.
“With this endorsement, they’re saying that the tens of thousands of insurance salesmen specializing in long-term care need to be educated on the legal, ethical, and moral uses of a reverse mortgage,” says Banner.
The LTC industry has a lot in common with the reverse mortgage industry, as both target a similar age demographic and a rapidly expanding senior market that’s increasingly struggling in its ability to pay for healthcare, he says.
“Seniors are looking for more realistic ways to afford long-term care,” says Banner. “For many seniors, eliminating their monthly mortgage payment thus increasing their monthly disposable income could be the best way for them to afford their long term care.”
The plan is that long-term care agents who have taken the class will be able to provide interested seniors with accurate information.
“With today’s high-quality and federally-regulated reverse mortgages market, we believe this could be a valuable option for our clients to consider,” said Terry Truesdell, President and CEO of The National LTC Network, in a statement.
Banner’s class, Reverse Mortgages: Myth vs. Reality is in the process of being approved in 40+ states to count toward Continuing Education credits for maintaining insurance licenses and is already approved in 50 states for certified financial planners. Around 2,000 advisors have taken the class in Florida, which counts for two hours of their C.E. credits.
The American C.E. Institute is based in Florida, where it offers face-to-face education, and the class will also have online availability to both LTC insurance agents and certified financial planners.
Written by Alyssa Gerace