Create More Solutions for More Customers - Tim Griffin

Financial security in retirement— a growing concern

As a mortgage professional, you know firsthand that your older customers are facing rising healthcare costs, a volatile stock market, ongoing mortgage debt, and much more as they enter retirement. For many, their savings accounts, investment portfolios, and even government benefits will not be enough to sustain their changing needs and financial obligations as they age.

The estimated healthcare expenses that an average couple

The average length of retirement in the U.S. is 18 years*

will spend in retirement is $245,000 ‡

Families headed by people age 65–74 owe $65,686 in debt on average †

Only 10% of older Americans have long-term care insurance ||

A new way for customers to access home equity For years, traditional reverse mortgages or Home Equity Conversion Mortgages (HECMs) opened the door for older homeowners to access the valuable equity they’d built up over time. And even though HECMs have steadily gained acceptance by financial professionals in all arenas—due to increased borrower protections and extensive academic research— they can still present limitations for some of your older customers. At Reverse Mortgage Funding LLC (RMF), we recognized the gaps in the current HECM program and the constraints on who can access a reverse mortgage and how much they can borrow. So we created our own private label product— Equity Elite ® —to help consumers create more viable liquidity options in retirement. Equity Elite ® is specifically designed to give you additional strategic planning options that you can offer your mass affluent and high-net-worth customers who wish to incorporate home equity into their holistic financial plans.

*Source: U.S. Census Bureau. † Source: Go Banking Rates. (2018) “The No. 1 Cause of Financial Stress in Every State.”

‡ Source: Sandra Timmermann, “Shocks and Loss in Retirement: Preventing Despair, Promoting Resilience,” Journal of Financial Service Professionals 70, No. 5 (2016). || Source: Susan Hoover, “Long-Term Care Insurance (LTCI): The Good, the Bad, and the Ugly,” Enterprising Investor blog, CFA Institute, September 19, 2016.

1 | Create More Options for More Customers with Equity Elite ®

www.partners.reversefunding.com

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