Reversing the Life Quality for Today’s Senior
My grandma Katie was a strong-willed woman. She spent most her twenties living abroad, in pursuit of travel and career. She purchased her first home by 31, married her one-beloved around 33 and brought into the world her only child at the age of 35. In the 1940s, her milestone path to ‘becoming’ likely appeared rather unconventional.
Although she may have been considered somewhat progressive for her time, my grandmother’s personal values closely aligned those of her generation. Much like her WWII era counterparts, Grandma Katie’s identity was deeply rooted in the home she’d sacrificed so much to acquire
“The only way I’ll leave my home is if I leave this earth,” she’d say. Such echoes leave behind remnants of her principals, tenacity and ultimate legacy.
As she’d wished, my grandmother lived out her days in the comfort of her home sweet home—thanks to Reverse Mortgage. And to her, this ‘quality of life’ value had no price.
Generations Not Yet Passed
Today’s senior demographic is comprised of an exceptional generational mix: WW2ers and Baby Boomers.
Consider the famed ‘Greatest Generation.’ These WW2ers rose out of the Great Depression rubble, fought and endured a World War and carved for us the American Dream pathway that inspired the very essence of Norman Rockwell’s “Freedom from Want” painting portrayal. This is the legacy generation that birthed our Baby Boomers.
Known as our largest population generation for a time, Boomers are the work-hard, play-hard group that’s nailed down the mastery of working smart. They’re our confident adapters, aspirers to something greater, community team players, economic builders, home and business owners. And the cherry on top—they’re living longer and retiring later.
By population numbers alone, WW2ers and Boomers hold-up for you an inherent opportunity card. And despite opposing opinions on the topic, we could all agree that their population dominance has allowed them a majority access to North America’s wealth. It’s not difficult to imagine the business sourcing potential available here.
Together, they possess a great deal of home purchase and equity access power. According to the Berkeley Economic Review, Baby Boomers make up 41% of all homeowners and are increasingly “deciding to ‘age in place’ for a number of reasons.”
And another fun-fact? Baby Boomers own nearly $13.5 trillion in homes…” and various “factors have led the 85 percent of baby boomers that currently own 32 million homes to express no interest in selling in the near future.”
I’m sure you see where we’re going with this…
Today’s senior pool has an asset power that’s allowing them to stay put. And although they’re cut from separate cloths, these combined generations have much to offer from their respective corners. Woven into our cultural and societal fabric are the benefits, prosperities and freedoms they’ve helped us achieve. Our predecessors may not demand any thanks, but in consideration to their retirement aspirations, we certainly can offer them some financial freedom relief as a start.
WW2ers willingly entered the retiring 50s club during a time of generous pensions and bountiful Social Security payouts—yet, Boomers march to a beat of their own by opting to prolonged employment tenures. And while one group enjoys simple living in the comfort of their paid-off homes and lack of debt, the other prefers an active approach to their retirement—with no real fear of debt, and a zestful anticipation to their ‘next phase of life’ arrival.
As FHA adjusts the Reverse Mortgage program to provide borrowers a practical benefit, and as investors continue to roll-out privately insured Reverse lending alternatives, they cater to the ‘higher-price’ home for the financially savvy borrower. Financial advisors and planners are becoming increasingly open to recommending Reverse to their clients because of its infinite retirement and investment option potential. And while this big step serves indicative to great progress, there remains somewhat of a stretch ahead.
Many seniors are intrigued by Reverse Mortgage and primed with open ears to suggestion. But without reliable access to personal counsel, program education and guidance, seniors will continue to wrestle with trusting lender motives. As the old saying goes, “if it’s too good to be true, then…” But with Reverse Mortgage it truly is as good as it sounds.
This is where YOU enter the scene…
Your best approach to offering Reverse Mortgage is to first understand the program and its arsenal of available retirement and investment planning options.
Did you know that there is a Reverse program suited to fit every senior? Whether they’re facing dire straits or sitting comfortably with 6 figures plus in the bank, Reverse Mortgage can enhance their life quality.
Once you’re armed with some product knowledge, you must be willing to empathize and understand your inquiring senior. Interesting thing about Seniors, if they sense a sincerity that’s tuned-in and invested in their best interest, they’re appreciative and receptive to what you have to offer.
Sincerity is the access pass to this special and loyal bunch. If you’re able to earn a privileged seat at their planning table, you’ve won yourself a client for life partnership.
While there are many great loan products available, nothing quite parallels the Reverse Mortgage—and once you believe in it, your senior will too.
Program engrained borrower protections allow you to share it with confidence. Its tailorable program flexibility alone proves its distinction. And unlike other lending products, Reverse Mortgage is a borrower friendly program worthy of endorsement to your family, friends, and maybe someday, yourself! With a product range that puts within reach, a retirement plan suited to the senior’s wants as well as needs, it’s worth your learning investment.
Realized Opportunities via Reverse Mortgage
Seniors can benefit with Reverse for varying reasons:
Bucket List vacationing.
Supplemented income shortfalls – brought on by death of a spouse, debt, forced retirement…or simply, inflation.
Debt Consolidation.
Completed home repair modification(s), re-modeling and/or upgrading – e.g. Installation of handrails or a wheelchair ramp for better home accessibility.
A new home purchase via “HECM for Purchase” – ‘right-sizing’ into a new home when the current home becomes too large for its ‘empty nesters.’
Short/long-term care needs and expense management.
Paid college educations for children/grandchildren.
Asset Preservation.
Investment Option via HECM Line of Credit with growth rate benefit and tax-free draws.
Recovering financial loss from a recession or early retirement.
Lost spouse ‘safety net’ for uninsurable seniors.
Hedge against an uncertain economic future.
Delayed medical procedures and/or medications due to unaffordability.
…and an abundance of possibilities more.
PRMG Reverse Mortgage Division experiences and appreciates the rewards sustained daily by a business relationship with our senior communities. Countless customers shout Reverse Mortgage praises by what it’s made possible for them. Imagine the greater impact we’d achieve with your unified partnership? We invite and encourage you to consider what Reverse could do for you and your clients.
To learn more about Reverse Mortgage, join our educational webinars, hosted by Division Manager Greg Pahel, on the first Tuesday of each month.