In this webinar Joe DeMarkey, Chairman of the Reverse Mortgage Industry Association (NRMLA), and Michelle Riiska from eMoney helped listeners gain a better understanding of reverse mortgages and their untapped potential in financial planning.
This session explored three little-known strategies, outlined below, that can enhance your clients' financial security and retirement planning.
1. A Life Expectancy Set-Aside (LESA). This little-known feature of a reverse mortgage allows clients to draw a lump sum at closing, plus create a pseudo savings account that holds funds to pay for property taxes, insurance, and flood insurance over the homeowner's expected lifetime.
2. Roth IRA Conversion Funding: Discover how reverse mortgage proceeds can be strategically used to cover the tax burden of a Roth IRA conversion, allowing clients to optimize their retirement savings while minimizing future tax liabilities.
3. Mortgage Payoff: Understand how a reverse mortgage can be utilized to pay off an existing mortgage, reducing monthly expenses and freeing up cash flow for your clients.
Attendees Comments:
Creative ideas for reverse mortgages - how it really depends on the clients' goals and wishes. I appreciated the eMoney walkthroughs! I thought that was helpful.
- Sean O.
I'd like to study the math behind the HECMs and understand the numbers.
- Charles Z.
How to illustrate the reverse mortgage in eMoney, the non-recourse provision of the loan, and LESAs. One of the more valuable webinars I've attended in a long time. Practical knowledge while deep/technical enough to be meaningful- glad it wasn't just high-level stuff.
- Chelsea H.
Previously, I never considered a reverse mortgage when planning for clients. I now have a better understanding of their use in appropriate scenarios.
- Reid W.
Creative ideas for reverse mortgages - how it really depends on the clients' goals and wishes. I appreciated the eMoney walkthroughs! I thought that was helpful.
- Sean O.
I'd like to study the math behind the HECMs and understand the numbers.
- Charles Z.
How to illustrate the reverse mortgage in eMoney, the non-recourse provision of the loan, and LESAs. One of the more valuable webinars I've attended in a long time. Practical knowledge while deep/technical enough to be meaningful- glad it wasn't just high-level stuff.
- Chelsea H.
Previously, I never considered a reverse mortgage when planning for clients. I now have a better understanding of their use in appropriate scenarios.
- Reid W.