During the Great Recession in the late 2000s, his grandfather, who was a successful real estate developer in Boise, ID, asked him about a reverse mortgage. Urwin told his grandfather it was a mistake. However, his grandfather got one without Urwin’s help and created a bridge until the financial crisis subsided and he was able to tap into his other investments again. “We are taught a narrative about reverse mortgages that is wrong,” Urwin says about the experience with his grandfather. “I had my license to be a financial adviser, but I didn’t learn about reverse mortgages until nine years later. All I knew was what I thought I knew, which was not true at all.” He said he became a convert in 2017 after learning from some of the best, including Harlan J. Accola, a reverse mortgage author and a former NRMLA board member. He also brushed up on the writings of Dan Hultquist, author of Understanding Reverse, and Wade Pfau, founder of Retirement Researcher. His own initial skepticism now helps when he educates others. “Many financial advisers have—at best—a neutral stance on reverse mortgages, but most are negative,” Urwin says. For those who understand the benefits, they can help clients solve real problems, he and others say. Scott Harmes, CRMP, and national manager of C2 Reverse, agrees with Urwin that the sales trends are moving toward affluent clients. At presentations, Harmes runs scenarios that show how a reverse mortgage can be used as a bridge to maximize Social Security benefits or allow other assets to grow. But the challenges remain with getting others to see the benefits, especially financial advisers. “We’ve still not made enough inroads,” Harmes says. Making Inroads Kristina Mello, a senior financial adviser at StrategicPoint Investment Advisors in Rhode Island, says she has never been concerned about the legitimacy of reverse mortgages but wants to ensure clients use their resources, such as home equity, efficiently. Earlier in her career, she worked in larger financial service companies, which would only allow her to pitch their products. Since moving to StrategicPoint Investment Rethinking Your Role continued from page 23 University Bank Nationally Known Community Driven Consistently delivering outstanding results. University Bank – Reverse Mortgage Division, Equal Housing Opportunity - NMLS 715685, 2015 Washtenaw Ave, Ann Arbor, MI 48104 – (www.nmlsconsumeraccess.org), Member FDIC that operates in various states. For a complete list of the states University Bank. can operate in please visit https://www.university-bank.com/licensing. This is not a commitment to lend or an offer for a rate lock agreement. All Mortgage transactions are subject to verification of application information, satisfying all underwriting conditions and requirements. Restrictions apply. www.university-bank.com/reverse Scott Harmes “If you call the advisers and say that you do reverse mortgages and you would like to meet them, you’re not going to get an answer or a return call. This is the key phrase: ‘Are you taking on new business?’” —Shain Urwin, national reverse mortgage director at C2 Financial 24 REVERSE MORTGAGE / MAY-JUNE 2024
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