S1L Making Inroads on Educating Financial Planners About Reverse Mortgages

Security One Lending (S1L) is making headway in educating financial planners on the use of reverse mortgages as a viable retirement tool.

S1L, a division of Reverse Mortgage Solutions, presented a national webinar last week specifically designed for Certified Financial Planners, which attracted more than 500 advisors.

The webinar, “A Fresh Look at Reverse Mortgages,” featured guest speaker Michael Kitces, a partner and the director of research for Pinnacle Advisory Group. Located in Columbia, Maryland, Pinnacle is a private wealth management firm that oversees approximately $1 billion of client assets.


Attending CFPs also received one hour of C.E. credit for the session, the second in an ongoing series of national webinars offered by S1L and the American C.E. Institute. In June, Dr. Barry Sacks presented the first webinar in the series, “Reversing Conventional Wisdom.”

“The success of these presentations clearly shows the reverse mortgage has evolved from merely a needs based ‘product of last resort’ to true and viable option to be considered as just one component in an overall and more comprehensive retirement plan,” said Torrey Larsen, president of retail lending for RMS.

Eliminating reverse mortgage misconceptions among the mainstream financial community is a key element in S1L’s “education business model,” said Director of Business Development Shelley Giordano, who has been working on S1L’s ongoing education efforts among the financial planning community. Those efforts have included the webinar series as well as the recent establishment of a reverse mortgage advisory board to target misconceptions about the product among financial planners.

“The success of these first two national webinars clearly shows this topic is incredibly timely and relevant to financial advisors working with seniors,” Giordano said.

Future presentation topics will address the relationship of long-term care and reverse mortgages, as well as the ongoing series “Using Household Wealth During the Distribution Phase of Retirement.”

Written by Jason Oliva

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  • Never before have we seen such high responses from the financial community. While this is great, there are some basic drawbacks.

    Like many areas of firsts, the mass approach to the financial community has pitfalls. One of them is using legal and financial planners as seminar leaders in presenting HECMs. They are clearly not product experts and the very significant flaws in their presentations could backfire over time.

    We must allow the experts to be experts in their fields. Trying to make them into HECM experts before they fully understand the product does not allow the audience participant to see the product for what it is. Some of the presentations have been worse than others but all seem to lack a more than basic understanding of the product.

    Seeing how these truly intellectual and trained experts are being used, reminds one of using poker experienced entertainment personalities to discuss Texas Hold ’em strategies. Yeah, they get points across but a lot is “lost in the translation.”

    While we decry improper information when someone is making negative points about HECMs, it seems we applaud those who provide improper information when they are making positive points about HECMs. Yet in both cases, the audience is robbed of receiving the right information. We must decide what benefits us in the long run.

    What I am saying is we need to learn to allow the experts to be experts in their fields. They need to be part of our presentation to the financial community but they should not be the only presenters when it comes to what a HECM is. They need to be allowed to confirm what we say, not present it. Learning how to do that is an art which seems lost in some cases but is being learned in others.

  • Any lender not putting a program together like this is going to be kicking themselves later. This was something Wells Fargo was building before the wheels came off.

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