The changing reverse mortgage market will be explored at the upcoming National Reverse Mortgage Lender’s Association’s Eastern Regional Meeting.
The conference, titled “Help More People,” will take place March 25 through March 27 in New York, N.Y. and already has 250 professionals registered to attend.
The eastern regional event will focus on the Financial Assessment, and its impact on the industry and borrowers as well as on how lenders can use their understanding of industry changes and improvements to help their clients live a “better, more financially sound life with a reverse mortgage,” NRMLA said in a statement.
The new effective date for Home Equity Conversion Mortgages (HECMs) to comply with the Financial Assessment guidelines will be for case numbers issued on or after April 27, 2015. A special workshop on Wednesday afternoon about implementing Financial Assessment models already has a waiting list, said NRMLA President and CEO Peter H. Bell.
“These meetings are an opportunity [for those in the reverse mortgage industry] to get together and share their thoughts and observations about what’s going on,” Bell said, adding that many companies have invested significant resources in preparing for the financial assessment.
Also to be discussed at the conference is the effectiveness of combining a reverse mortgage with Social Security, during a special presentation by Russell Settle of Social Security Choice.
“For most clients that get a reverse mortgage Social Security is a significant part of their financial picture,” Bell said. “So, it’s important for reverse mortgage professionals to understand Social Security.”
Industry members should be educated on all various aspects of clients’ financial lives, he said, noting that future conferences will tackle topics such as Medicare, Medicaid, pensions, annuities and more.
Over the past 18 months, NRMLA has worked alongside Congress and the U.S. Department of Housing and Urban Development (HUD) to pass the Reverse Mortgage Stabilization Act and implement improvements to the HECM program based on observations of borrower behavior.
“The result is perception of the HECM as a versatile addition to the retirement funding toolbox,” NRMLA said.
Karin Hill, senior policy advisor to HUD, will discuss the Financial Assessment in greater detail, and talk about priorities for 2015. Hill will be joined by several other representatives from HUD to give attendees a comprehensive update on the HECM, and to discuss the evolution of HECM policy over the past few years.
“NRMLA’s Eastern Regional Meeting offers members, non-members and the press an opportunity to examine the many important changes as they are happening in the industry,” NRMLA said.
For more information, including how to register for the conference, click here.
Written by Cassandra Dowell