Jan/Feb 2022 RMM

even minimal care needs. The remaining 47 percent of individuals lie somewhere in between,” says the Issue Brief. Not surprisingly, those who are married, better educated and white have more resources for long-term care. Read the full brief at bit.ly/3nQB9zR. Congratulations New CRMPS NRMLA congratulates the following individuals for earning the Certified Reverse Mortgage Professional (CRMP) designation: • Mitchell Cooper, Mutual of Omaha Mortgage, Auburn, CA; • Nancy Ferreira, C2 Financial Corporation, San Diego, CA; • Stephen Parnell, New Florida Mortgage, Palm Beach Gardens, FL; • Keith Morgan, Mutual of Omaha Mortgage, Pleasant Grove, UT; and • Stephen Hoff, C2 Financial Corp., Encinitas, CA. Welcome, New Members NRMLA welcomes our newest members: • PCL Financial Group, based in Westlake Village, CA; • RoundPoint Mortgage Servicing Corporation, based in Fort Mill, SC; • South River Mortgage, based in Annapolis, MD; • Draper & Kramer, Metairie, LA; and • BlackFin Group, Englewood, CO. The press is talking about ... CPA: Consider Reverse Mortgage at 62 In a guest column published by theStreet.com, CPA Robert Klein recommends reverse mortgages as a proven retirement strategy beginning at age 62. “All homeowners aged 62 or older with or without a mortgage should evaluate a potential HECM for its ability to provide unrestricted access to an increasing tax-free line of credit without the downsides of a home equity line of credit, or HELOC,” says Klein. “When implemented early and used strategically to unlock illiquid home equity, a HECM reverse mortgage can be used to increase after-tax cash flow at opportune times throughout retirement while providing peace of mind.” Other options include deferring Social Security, reducing Medicare Part B and D premiums, implementing a multi-year, staged Roth IRA conversion strategy and locking in sustainable and potentially tax-favored lifetime income through the purchase of a deferred or immediate fixed- income annuity. Read the article at bit.ly/2ZoqAv6. Motley Fool Article Reviews Reverse Mortgages The Motley Fool published a comprehensive article about reverse mortgages that includes links to NRMLA’s consumer website and consumer guides. The article covers eligibility requirements, costs, product options, pros and cons and how to avoid scams. “If you’re a senior homeowner with a lot of equity in your home, it could be an easy way to borrow,” says the article. “Just be aware of the drawbacks before moving forward. You may decide that you’re better off with a home equity loan or line of credit than a reverse mortgage. Or you may decide that the cost of owning your existing home is too high, even with those reverse mortgage payments. Read the full article at bit.ly/2XSM6YA. In Washington, they’re talking about ... CFPB Issues Joint Statement on Discontinuing LIBOR The Consumer Financial Protection Bureau (CFPB) joined four other federal financial regulatory agencies and state bank and credit union regulators in issuing a statement on Oct. 22 highlighting the risks posed by the discontinuation of the London Interbank Offered Rate (LIBOR). The interagency statement identifies specific actions financial institutions can consider in preparation for the elimination of LIBOR-based loans. Those actions What’s News continued from page 7 8 REVERSE MORTGAGE / JANUARY-FEBRUARY 2022