Reverse Mortgage magazine Nov-Dec 2020

An effective vaccine for COVID-19 could change the equation, he says. But like many companies, Mutual of Omaha has been re-examining its need for office space, Connealy says. “We’ve shown we can work remotely, and we can be productive and profitable.” Mutual of Omaha rebranded its reverse division in early 2020, dropping the Retirement Funding Solutions name. Its parent, Mutual of Omaha, took the step of drop- ping the Native American chief that had been part of its logo since 1950. It was among a flurry of moves made by companies in all industries following the protests this summer for racial justice. The company had not gotten any complaints about the logo, which had been adopted as a symbol of strength and respect, Mutual of Omaha CEO James Blackledge said at the time in an interview with the Omaha World- Herald newspaper. “But we are still using a symbol from another culture that isn’t ours,” he said in the interview. “We don’t want to or need to appropriate that symbol. The Mutual of Omaha name stands on its own, and we want to be part of the change that’s happening.” Downey, at Harbor Mortgage Solutions, has beenmak- ing plans to intensify his company’s outreach to financial advisers, lawyers and other professionals. He wants them to see reverse mortgages as a potential component of estate planning, even for people who aren’t rich. “The reverse mortgage still is not a mainstream product. It should be, but it’s not,” he says. In hopes of finding and educating new referral sources, Harbor Mortgage is designing webinars and video confer- ences, Downey says. The company had previously relied on in-person events. While video may not be quite as effective, it is more efficient and farther-reaching. The company also is looking to boost its condominium business based on the new single-unit approval process for reverse mortgages and the proliferation of private-sector jumbo products, Downey says. Under previous rules, the Federal Housing Administration had to approve an entire complex even if only one unit was getting a HECM. “It’s been said by others, and I agree with them, that this is the home equity line of the future and I think this pandemic and the realities following from it are really going to fast forward that,” he adds. “We want to be out in front in connecting to people through their professional advisers as to how this tool can be used to increase and extend retirement security.” REVERSE MORTGAGE / NOVEMBER-DECEMBER 2020 21