Nov/Dec 2021 RMM

Prior to joining NRMLA, she was a membership and marketing coordinator with the International Association for the Study of Pain. While in college, she volunteered as an English teacher in China and Peru. In her spare time, she likes to run, bike, volunteer at farmers markets and try restaurants around DC. The press is talking about ... CPA: Reverse Mortgage Perceptions Outdated Writing for the American Institute of Certified Public Accountants (AICPA), CPA Joshua Weisenfeld explains that many perceptions about reverse mortgages are outdated, and he shared instances where they may make sense for older homeowners. Any homeowner considering a reverse mort- gage must be prepared to take a responsible and strategic approach to the use of the funds, says Weisenfeld. Clients can accomplish this by coordinating the reverse mortgage pay- ment with their existing investment portfolio. “Borrowers can balance their home asset against their other assets and only draw on reverse mortgage funds during a bear market,” adds Wade Pfau, Ph.D., professor of Retirement Income at the American College of Financial Services. “When your portfolio is doing fine, however, spend from there.” Read the full article at bit.ly/3zx5t6Y . Expert: Numerous Scenarios Where a HECM Helps Regardless of your wealth, a reverse mortgage can be an invaluable tool in retirement income planning and in preserving assets for a spouse or future generations. That’s according to Guy A. Paredes, RFC®, RICP®, executive vice president at Rockdale Financial Services Inc. in an article he wrote for the summer issue of The Register, the official magazine of the International Association of Registered Financial Consultants. Paredes describes 12 scenarios where a HECM can be used in retirement planning from paying off a current mortgage and bolstering existing cash flow to setting up a standby cash reserve for emergencies and cov- ering monthly expenses when transitioning to a new job or phasing out of work and into retirement. “For many indi- viduals their home is one of their most valuable assets and it shouldn’t be considered a ‘dead asset,’” he says. Read the full article at bit.ly/3gNxksu . In Washington, they’re talking about ... Committee Examines How Disabled Americans Can Build Wealth On July 15, the U.S. Senate Special Committee on Aging held a hearing entitled, “Building Wealth and Fostering Independence: Creating Opportunities to Save” that examined the challenges that people face while trying to save for retirement and achieve long-term finan- cial security, especially for people with disabilities and communities of color. Committee Chairman Senator Bob Casey (D-PA) highlighted his bipartisan ABLE Age Adjustment Act (S. 331), which would provide six million additional disabled Americans with the opportunity to open an ABLE account and save for the future. Currently, the ABLE Act allows people who acquired their disability prior to their 26th birthday to open ABLE accounts. The ABLE Age Adjustment Act would raise the age limit to 46, allowing more Americans to save up to $100,000 while not risking the loss of their federal dis- ability benefits. With the opening of ABLE accounts in 43 states, more than 91,000 people have been able to save over $759 million, an average of over $8,300, according to the Special Committee on Aging web site. Watch a video of the hearing at bit.ly/3zD35f2 . State Auto-IRAs Are Building Momentum About half of the nation’s private-sector employees do not have a retirement savings plan at work, and that hasn’t changed in at least 40 years, according to a new Squared Away blog post published by the Center for Retirement Research at Boston College. What’s News continued from page 9 10 REVERSE MORTGAGE / NOVEMBER-DECEMBER 2021