In Reverse on Wheels to the creation of senior centers, where people can gather and enjoy the fellowship of others. “It’s an Act of enormous consequence and will only continue to grow in importance over the next few decades,” Scott Norman, vice president of field retail and industry relations for Finance of America Reverse, tells Berg. “It recognized the idea, even back then, of how expensive it can be to grow older in America.” Of course, people in our industry recognize that, too, and the most successful ones will always keep that primary mission of service in mind. By knowing what is available for seniors in your community, you can become a valuable resource to your neighbors, even if you aren’t going to sell them a reverse mortgage, the article points out. Another outgrowth of the law was the eventual creation of Medicare, which is a main source of health insurance for people 65 and older. The days of goldplated insurance that carries over from a job to retirement are long gone for most Americans. Indeed, I once had a physician tell me that Medicare is now the gold standard for health insurance in retirement because relatively few people get insurance from their old company after 65. Meanwhile, efforts to expand the program under the Biden administration appear to be on hold, largely because an expansion would be costly. A year ago, President Joe Biden was suggesting that the Medicare eligibility age should be dropped from 65 to 62, an unlikely scenario at this point. More importantly, when it comes to health issues in retirement, the expenses might not be what people think. In Funding Healthcare Costs, p. 28, Rich Pinnell, CRMP, a reverse mortgage specialist with Primary Residential Mortgage Inc., points out how a healthy spouse might need help with added expenses and upkeep after his or her spouse falls ill. Understanding the specific needs and issues of a client will help a loan officer become a problem solver, Pinnell suggests. That approach is what will endear reverse mortgage products to more people, including financial planners and other industry partners who see the value of releasing equity from homes. Alex Pistone, who wrote the Board Room column in this edition—Our Industry Serves a Noble Purpose, p. 6— nicely sums up the interaction between our industry and the national goal of ensuring that seniors live a dignified retirement. While noting that May is Older Americans Month, Pistone points out how this industry is part of the solution. “We have the ability to help our fellow Americans remain in their homes with dignity and independence, improve and extend their retirement outlook, move closer to their loved ones, and even enhance their health and wellness,” Pistone writes. “The solutions that we help facilitate are meaningful.” In Reverse continued from page 3 (800) 542-4113 PRClosings.com PRCyour success is our priority PARTNER WITH A COMPANY THAT WANTS TO HELP YOU SUCCEED! As a proven industry leader, our track record speaks for itself. With over 14 years of reverse-specific title and settlement experience and more than 200,000 transactions closed, we have the skills and tools to help you succeed. We provide Trust and POA reviews, 24-month tax histories, curative work for old liens, a quarterly CRMP credit course, in-house legal and numerous additional effective business tools to ensure your success! Contact us today for more information! 4 REVERSE MORTGAGE / MAY- JUNE 2022
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