how just about everything has become overwhelmingly complex. And the more loan officers understand the financial complexities, the more likely they will be to prosper. Speaking of Complex In this issue of Reverse Mortgage magazine, one theme recognizes Older Americans Month in May. In the article Removing the Mysteries Behind Social Security (p. 27), we talk to Martha Shedden, president and co-founder of the National Association of Registered Social Security Analysts. She and her partner created the organization in 2017 after determining that specialists are needed to help people untangle the rules. Professionals who earn the Registered Social Security Analyst (RSSA) designation can guide people to help them make the best possible decisions for maximizing their Social Security benefits. “No two people are ever the same, and I’ve never had two cases that were the same,” Shedden says in the article. “Hundreds of thousands of claiming strategies are available, so you have to do an analysis. And a lot of money is at stake, too.” Her organization encourages RSSAs to build networks with retirement specialists, such as financial planners and tax attorneys, who can help their clients with details beyond the RSSA’s expertise. In other words, RSSAs don’t need to be tax attorneys or financial planners. They just need to know where to make referrals. Similar networks of professionals help people navigate the complexities of Medicare, the federal health insurance available to people 65 and older. A Service Approach That same advice has been touted by leaders at NRMLA who increasingly advocate for a service approach to selling reverse mortgages. Yes, the ultimate goal is for people to sell more reverse mortgages. But it would be better for the industry, and everyone involved—especially the older adult consumer—if loan officers networked more as problem-solvers and purveyors of sound retirement guidance than simply as experts in lending. In the article Rethinking Your Role (p. 22), Shain Urwin, national reverse mortgage director at C2 Financial, outlines how he has done just that. He says his success has been built on developing a reputation as someone who can help people with their retirement questions, even if he doesn’t have the answers. That has meant building a network with financial planning professionals. His approach might not lead to an immediate sale, but it creates a network of trust that allows his business to grow. He is one of the people who has the RSSA designation. This tool allows him to teach other loan officers how they can help clients with their Social Security decisions. “Just talking about Social Security optimization helps the equity conversation come into play because they have to talk about how they are going to get from age, let’s say, 65 to age 70 and where are they going to get that income if they delay Social Security,” he says. Simplifying the HECM for Purchase Sometimes, new rules and regulations might even lead to simplification. In the March/April 2024 issue of Reverse Mortgage magazine, we talked about the new HECM Handbook, which is now fully in effect. Some of the more notable updates involve the HECM for Purchase, which we explore in more detail in the article HECM for Purchase Builds Momentum (p. 16). Writer Joel Berg outlines how experts in this niche product see tremendous potential as we get deeper into 2024. “The greatest thing about the HECM for Purchase is showing borrowers the ability to get what they want without being strapped with a monthly mortgage payment,” says Alison Calamia, CRMP, and assistant vice president of America’s Mortgage Resource Inc. As the reverse mortgage expert, you can spread those messages to your clients and your network of retirement planning professionals. Again, you don’t need to be an expert in taxes, Social Security or Medicare. But the more you understand those issues—and have the experts who can fill in the blanks for your clients—the more valuable your services become. And with the 2024 election season upon us, I doubt that Washington will be going out of its way to make anything simpler anytime soon. Embrace the complexity. It’s here to stay. Thomas A. Barstow, senior editor of Reverse Mortgage, is a writer and editor based in Pennsylvania. In Reverse REVERSE MORTGAGE /MAY-JUNE 2024 3
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