Reverse Mortgage ‘Education Week’ Targets Realtors, Financial Advisers

A lack of education is often blamed for the wide variety of reverse mortgage misconceptions that exist today. It’s also the reason why many other non-reverse industry professionals like Realtors and financial advisers balk at the idea of even considering reverse mortgages as potential solutions for their clients.

Through a series of online educational sessions, the National Reverse Mortgage Lenders Association (NRMLA) plans to teach Realtors, advisers, health care workers and other professionals how reverse mortgages work and how these products can best serve their clients’ financial needs.

The week-long educational sessions April 18-22, which NRMLA has dubbed “Education Week,” will address professional trade groups serving the retiree and senior population, including the National Association of Realtors, Mortgage Bankers Association and the American Society on Aging.

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NRMLA plans to unveil additional details for Education Week via an event calendar on its webpage and encourages reverse mortgage industry professionals to check the NRMLA LinkedIn Group for further updates.

Reverse mortgage industry participants are also encouraged to invite their own professional contacts to register for these online events.

RMD will continue to update our readership on any additional news for the Education Week schedule of events as they arise.

Written by Jason Oliva

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  • I am pleased to see Jason bring this article to the for front on a Monday. I know I will be checking NRMLA for the calendar to register.

    I am also sure Jason will keep us posted as well. The article hits the nail on the head as far as the lack of education out reach not only to our seniors but the public in general.

    We see the advertisements on TV and the free material that is available to the public, which is great. Let us be happy we have these companies doing what they are doing.

    We don’t see the advertising in the newspapers around the country as much as it was done in the past, technology I guess but seniors still read their newspaper daily!

    However, we have other problems with educating the public and clearing up a lot of the misconceptions? Many of these problems stem from us in the industry.

    We have many companies and loan officers who do NOT place enough emphasis on education for themselves as well as to the public.

    I know of companies that will not put their resources into quality education for their loan officers or processors like they should be doing! I don’t care how experienced someone is in the reverse mortgage space, everyone needs to continually educate themselves and keep up on all the changes in our industry. We are in an over regulated society, which means we better be up on things for the sake of our senior borrowers!

    What about the days when we held as many educational workshops as we could for senior citizen recreational centers, churches and community outreach centers. What about the days we used to team up with an elder law attorney and a financial planner and held a free community seminar for seniors. It worked then and still can and by the way, it still is working today with some of our old time wise thinkers!

    I will not dwell on this any longer but I feel those reading this comment understand only to well what I am talking about!

    Anyone that can take advantage of what NRMLA will be offering putting on in April, should jump at the opportunity, I know that I will!!

    John A. Smaldone
    http://www.hanover-financial.com

    • John,

      Two items.

      First, newspaper ads do not provide the same rate of return they once did.

      Second, your observations about the lack of continuing education for industry vets is all but non-existent compared to the years when Wells Fargo was in the industry.

      • The_Cynic,

        I am not disagreeing with you, however, the point I was trying to make is that seniors still read newspapers like in the old days, why should it not give the same rate of return it once did?

        The point I am making, with all due respect to you is that companies are not doing much newspaper advertising at all anymore. Why not start trying it again, especially in targeted areas where there is a heavy concentration of seniors?

        Secondly, on the topic of continual education, what you said, “The lack of continuing education for industry vets is almost non existent”, is unfortunately right!

        However, I strongly believe this is wrong, just because one is a veteran of the industry does that mean, he or she knows it all and is completely up to date on all the changes and changes to come, I don’t think so!

        Continuing education is needed more today than ever, training and education should be required by all companies, primarily for the benefit of our senior clients!

        I stand on what I say, even though your observations are right as far as what the industry is NOT doing but does that make it right, again, I don’t think so my friend!

        However, I do appreciate your comment, it made for a good come back.

        John A. Smaldone
        http://www.hanover-financial.com

      • John,

        As to continuing education, we fully agree. I see no fundamental disagreement.

        As to newspaper advertising, most of the very productive originators I know who have specialized in that medium have noticed ups and downs over the last 10 years but like endorsements, the overall trend in the last five years is fewer endorsements for the number of ads placed in the same publications.

  • Going to NRMLA’s web site, I find nothing yet in the “Event Calendar” about this effort. Hopefully they can provide details soon, as Education Week is only 6 weeks out and we will need to ensure adequate lead time to promote and get these sessions on our partners calendars.

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