Nov/Dec 2021 RMM

In Reverse will be more fully explored in the first issue of 2022. But several experts point out in this edition that numerous client concerns can’t be addressed by the limitations of the govern- ment-backed Home Equity Conversion Mortgage. Private- label products offer solutions. That includes lowering age restrictions to 55, which helps any borrower but also can reduce concerns about non-borrowing spouses. Other products can help condo owners who are not in Federal Housing Administration-approved condominium buildings. In other words, carefully crafted products can do much more than assist people with high property values, which is the way a lot of people still think about private-label products. For wealth managers who are dealing with truly affluent cli- ents, these products might have great appeal—as long as the wealth managers know about them and understand how they might fit into a client’s retirement portfolio. This last edition of 2021 also introduces a new feature in which a NRMLA board member will write a column to discuss industry issues and ideas. The inaugural column is by Mike Kent, co-chair of the NRMLA Board of Directors and president of Liberty Reverse Mortgage, Rancho Cordova, CA. Kent discusses the overall success of the industry in the past year, while also putting some of the numbers into historical perspective. But he, as well as other experts interviewed in the various articles, makes the point that there is plenty of untapped potential, particularly when it comes to working with forward mortgage companies. “Getting better adoption of reverse mortgages by the forward lending industry could be a game changer for our industry,” Kent writes in his column, Some Ideas to “Grow the Pie” (p. 6). A lot has changed in the 25 years since NRMLA began representing the industry, as NRMLA President Steve Irwin discusses in his column as he looks to the future (p. 5). “Now, more than ever, we need to speak clearly and consistently to keep our product offerings safe and viable for the senior homeowners we all serve,” Irwin writes. In Reverse continued from page 3 (800) 542-4113 PRClosings.com Your Reverse Mortgage Title and Settlement Experts! When it comes to reverse mortgage title and settlement, you can rest assured knowing that your files are in the most competent hands. With a team of dedicated professionals who have closed over 200,000 reverse mortgage transactions, PRC is committed to you, and we look forward to being a partner in your success! IS WHAT PRC BRINGS TO YOUR CLOSINGS! Sugar & Spic and Ever hing Nic 4 REVERSE MORTGAGE / NOVEMBER-DECEMBER 2021