Financial Planners to reverse mortgage lenders: teaching us

A panel of financial planning professionals shared insights with participants of the Conference of national Reverse Mortgage Lenders Association in Irvine, California last week. Generally their message to reverse mortgage professionals was: education is paramount.

While some financial planners understand the viability of reverse mortgage products and they ways in which they can work for clients, and even with the help of recent positive financial planning press products, there is still work to do on the front of education, they say.

"I got a lot of phone calls about reverse mortgages," said Pat McClain, senior partner and founding principal of Hanson McClain advisors of his early experience with reverse mortgages. "I initially had a negative attitude towards reverse mortgages. But I realized that they were not the reverse mortgages of old; they actually help people if used correctly. "

McClain, who was one of the founders of Liberty Reverse, advises customers now on financial planning. While his mind was changed, there are still others who understand how the products can work need help.

"In terms of customer perceptions, there is still a lot of work to do," says Jerry Clements, certified financial planner with Ameriprise. "For most there is a negative connotation if I talk with customers."

But, Clements says, there are ways reverse mortgage professionals with financial planners can work to get them to work. Some have been working with reverse mortgage advisors, other not.

"Many of us still have preconceived ideas. …Hopefully in time with education

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Labels: Financial, lenders:, mortgage, Planners, Reverse, teaching