May-June2020 Issue

BECAUSE A REVERSE MORTGAGE is a financial product, professionals in the field focus a lot of their energy on cultivating referrals from financial advisers. And because the product involves the home, reverse mortgage lenders also reach out to real estate agents. Both approaches bear fruit, especially as financial advisers increasingly embrace the reverse mortgage as a key element in retirement planning. But there are other referral sources that could prove equally rewarding but that may be easy to overlook: the thousands of nonfinancial professionals who help senior citizens stay in their homes as long as they can, a trend known as “aging in place.” These professionals visit seniors on a regular basis to offer therapy, rehabilitation or other care. They advise seniors on how to modify a home as needs and physical abilities change. They also pitch in to help with shop- ping and cleaning, or just drop in every so often to keep seniors company. They may not be versed in mortgage insurance pre- miums or debt-to-income ratios. But they are willing to learn. Reverse mortgage lenders can take steps to educate them through the National Aging in Place Council, a net- work of professionals who are committed to helping peo- ple stay in their homes as they age. It is an option preferred Aging Agencies Offer Potential Referral Sources Realtors and Financial Planners Aren’t the Only Professionals Who Can Help Build Your Business By Joel Berg 20 REVERSE MORTGAGE / MAY-JUNE 2020