Two reverse mortgage industry members will join forces at a financial services conference next week to demonstrate the effectiveness of the Home Equity Conversion Mortgage (HECM) product in retirement planning.
ReverseVision and Texas-based lender Open Mortgage will be exhibitors at the EMERGE: Consumer Financial Health Forum being held June 15-17 at the Roosevelt Hotel in New Orleans, La.
EMERGE serves as an opportunity for banks, credit unions and other financial services providers to explore responsible and competitive strategies for improving both consumer financial health and their bottom lines.
The ReverseVision and Open Mortgage exhibit will invite conference attendees to test their awareness and understanding of the HECM reverse mortgage product.
“Financial institutions that offer mortgage products need to be able to meet borrowers where they are in life,” said Wendy Peel, vice president of sales and marketing for ReverseVision. “The HECM product is designed specifically for the needs of senior borrowers who are retired or nearing retirement.”
“Wealth management groups within financial institutions who serve senior homeowners should also consider HECM as part of the overall retirement strategy,” Peel added. “Whether as a bridge to delaying Social Security benefits or simply as a line of credit for emergencies, the HECM loan product has a wide range of uses in potentially extending a portfolio’s life and the senior’s quality of life.”
For reverse mortgage professionals, networking at non-reverse industry events is one effective strategy to raise awareness of how recent HECM program changes have made the product a more viable retirement income planning tool.
“HECM can be a critical element of the financial mix available to homeowners at age 62 or older,” said Sharon Falvey, director of sales operations for Open Mortgage. “When used strategically, HECM can add lifespan to the resources of retirees and their households.”
Written by Jason Oliva