How Reverse Mortgages Can Help Your Clients and Your Practice A Course for Financial Planners & Financial Advisors Present...
What Every Financial Planner & Financial Advisor Says About Reverse Mortgages <ul><li>“ I understand how the product works...
What I Have Found is <ul><li>Most of you don’t fully understand how it works </li></ul><ul><li>“ Doesn’t the bank “get” th...
What This Course Will Teach You <ul><li>What a Reverse Mortgage is and how it works </li></ul><ul><li>Negatives and Positi...
What is a Reverse Mortgage? <ul><li>A Reverse Mortgage is a tool for people 62 and older, to access their home equity and ...
How a Reverse Mortgage Works <ul><li>Amount of proceeds available to the borrower is based on three factors </li></ul><ul>...
ANYONE 62 or older who owns a home, qualifies for a Reverse Mortgage <ul><li>Borrowers will never have to leave their home...
The Two Most Popular Types of Reverse Mortgages <ul><li>FHA/HUD Insured, Home Equity Conversion Mortgage “HECM” </li></ul>...
Reverse Mortgage Credit Lines Grow and Compound <ul><li>Credit lines are, BY FAR, the most popular choice of Reverse Mortg...
Common Misconceptions <ul><li>“ The lender takes the house” </li></ul><ul><li>- Homeowner retains title to the property </...
My Two Biggest Difficulties With Reverse Mortgage Prospects <ul><li>1) Someone (e.g. Child, family member, friend, Financi...
Negative Aspects of Reverse Mortgages – “The Catch” <ul><li>Closing Costs </li></ul><ul><li>  & </li></ul><ul><li>Depletio...
Issue 1 – Closing Costs <ul><li>When compared to regular, forward mortgages,  the costs for a Reverse Mortgage are high </...
Issue 2 - Depletion of Equity <ul><li>If the borrower keeps the loan for a long time, all of their equity will be depleted...
Summary of Negatives <ul><li>If the borrower will not keep the loan for at least several years, a Reverse Mortgage is prob...
Some of the Many Benefits  <ul><li>1) Peace of Mind – Die in the home </li></ul><ul><li>2) Increased Income/Savings – Feel...
Peace of Mind <ul><li>Can you really put a price on peace of mind? </li></ul><ul><li>Survey after survey shows that most s...
Increased Income/Savings <ul><li>Gives them a sense of security </li></ul><ul><li>Most seniors are on a fixed income that ...
Large Positive Cash Flow Change <ul><li>When an existing loan is paid off and there are no more payments to be made, many ...
Foreclosure Rescue <ul><li>In today’s times of short sales, many lenders are accepting the proceeds of a Reverse Mortgage ...
Non-Recourse <ul><li>All Reverse Mortgages are non-recourse loans </li></ul><ul><li>If the value of the property drops, an...
Repair Unsafe conditions <ul><li>Many seniors do not have the funds to keep their home in proper condition </li></ul><ul><...
Positive Lifestyle Changes <ul><li>Help their kids </li></ul><ul><li>Help their grandchildren </li></ul><ul><li>Take a vac...
Get the Insurance Coverage They Need <ul><li>Most seniors do not have Long Term Care Insurance </li></ul><ul><li>Many wish...
Why is there so much bad press about Reverse Mortgages? <ul><li>The vast majority of bad press comes from unscrupulous loa...
<ul><li>The Reverse Mortgage has primarily been  </li></ul><ul><li>viewed as a last resort to provide funds for  </li></ul...
“ NEW GENERATION” Seniors <ul><li>Today’s Senior Citizens are better educated regarding financial concepts such as </li></...
Reverse Mortgages Are Used as Part of  a Financial Plan <ul><li>Reverse Mortgages can benefit individuals or couples: </li...
Four Real Examples of Reverse  Mortgage Strategies <ul><li>To increase cash-flow and continue to pay premiums on an existi...
Scenario One <ul><ul><ul><ul><ul><li>Situation </li></ul></ul></ul></ul></ul><ul><li>80 year old client owns $1,100,000 Ho...
SOLUTION  – Reverse Mortgage <ul><li>Client pays off the existing loan </li></ul><ul><li>Client receives additional $1,000...
The Results: <ul><li>Clients increase their cash flow by $4,300 a month ($3,300 mortgage payment eliminated plus the $1,00...
Benefits to Financial Planner/Advisor <ul><li>Continue receiving residual income from premium payments </li></ul><ul><li>S...
Scenario Two - Reverse Mortgage to Fund LTC / Life Combo <ul><li>Situation:   </li></ul><ul><li>65 year old couple - $300K...
Solution: <ul><li>Establish Reverse Mortgage Credit Line and Fund: </li></ul><ul><li>1. “Shared LTC” policy </li></ul><ul>...
Benefits to Client <ul><li>Long Term Care risk substantially reduced </li></ul><ul><li>Life policy replaces lost equity an...
Benefit to Advisor: <ul><li>Commissions to Financial Planner/Advisor: </li></ul><ul><li>70% of first year LTC premiums </l...
Scenario Three - Reverse Mortgage to Fund a Life Insurance Trust <ul><li>Situation: </li></ul><ul><li>62 & 65 year old cou...
Solution: <ul><li>Fund Life Insurance Trust with Reverse Mortgage Credit Line </li></ul><ul><li>Trust purchases “Second to...
Benefits: <ul><li>Benefit to Borrower: </li></ul><ul><li>Leverage Home to provide $1 million dollars, estate tax free, to ...
Scenario Four - Reverse Mortgage as a “Hedge” against market risk <ul><li>When supplementing retirement income from invest...
Problem: <ul><li>70 year-old widow needs to supplement her income by $18,000 per year (4% of her $450,000 portfolio) </li>...
Solution: <ul><li>Secure a Reverse Mortgage giving her $189,000 in a line of credit </li></ul><ul><li>Draw $18,000 a year ...
The Results: <ul><li>Four Years later her portfolio has recovered to $570,000 </li></ul><ul><li>She is able to discontinue...
Benefit of “Hedge” to Client: <ul><li>Reduced the risk of outliving investment portfolio </li></ul><ul><li>Maintained her ...
Benefit of “Hedge” to Advisor <ul><li>Retain assets under management – and the corresponding annual revenue </li></ul><ul>...
Recap: Value Added by All Strategies in all Four Scenarios <ul><li>Value to Clients </li></ul><ul><li>Manage Risk to their...
Summary <ul><li>Reverse Mortgages are great products for many different situations </li></ul><ul><li>Reverse Mortgages are...
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Reverse mortgage to financial planners & advisors

  1. 1. How Reverse Mortgages Can Help Your Clients and Your Practice A Course for Financial Planners & Financial Advisors Presented by: Michael Pinter
  2. 2. What Every Financial Planner & Financial Advisor Says About Reverse Mortgages <ul><li>“ I understand how the product works” </li></ul><ul><li>“ I DON’T LIKE IT” </li></ul><ul><li>“ It may be okay for some people in certain situations, but it’s too expensive and there are usually better options” </li></ul>
  3. 3. What I Have Found is <ul><li>Most of you don’t fully understand how it works </li></ul><ul><li>“ Doesn’t the bank “get” the house?” </li></ul><ul><li>Many of you have read or heard something negative about Reverse Mortgages </li></ul><ul><li>You think it doesn’t make you any money anyway </li></ul>
  4. 4. What This Course Will Teach You <ul><li>What a Reverse Mortgage is and how it works </li></ul><ul><li>Negatives and Positives of Reverse Mortgages </li></ul><ul><li>Why there is so much bad press about them </li></ul><ul><li>How using Reverse Mortgages can help you make money while helping your clients with specific case studies and examples </li></ul>
  5. 5. What is a Reverse Mortgage? <ul><li>A Reverse Mortgage is a tool for people 62 and older, to access their home equity and not have to pay it back until they do not live in their home anymore </li></ul>
  6. 6. How a Reverse Mortgage Works <ul><li>Amount of proceeds available to the borrower is based on three factors </li></ul><ul><li>Age of homeowner (s) LTV’s Range </li></ul><ul><li>Appraised value of home from 30 to 75 </li></ul><ul><li>Current Interest Rates </li></ul><ul><li>Loan is repaid at death or move-out and repayment NEVER exceeds value of home </li></ul><ul><li>All Reverse Mortgages are Non-Recourse loans </li></ul><ul><li>Amount repaid is principal, accrued interest, and all service or other applicable fees </li></ul>
  7. 7. ANYONE 62 or older who owns a home, qualifies for a Reverse Mortgage <ul><li>Borrowers will never have to leave their home </li></ul><ul><li>No income, asset, medical or credit qualification </li></ul><ul><li>No monthly mortgage payments </li></ul><ul><li>No repayment of the loan until the last borrower moves out permanently or passes away </li></ul><ul><li>Proceeds paid in lump sum, monthly payments, line of credit or any combination </li></ul><ul><li>Interest may be tax-deductible upon loan repayment </li></ul>
  8. 8. The Two Most Popular Types of Reverse Mortgages <ul><li>FHA/HUD Insured, Home Equity Conversion Mortgage “HECM” </li></ul><ul><li>Limited to $362,760 – (hopefully more soon) </li></ul><ul><li>Higher closing costs due to fees to HUD </li></ul><ul><li>JUMBO or Proprietary Products </li></ul><ul><li>No limit </li></ul><ul><li>Lower Costs </li></ul><ul><li>Can be used for a purchase, for a second home or a Co-op </li></ul><ul><li>Starts making sense for home values above $600,000 or for above mentioned scenarios </li></ul>
  9. 9. Reverse Mortgage Credit Lines Grow and Compound <ul><li>Credit lines are, BY FAR, the most popular choice of Reverse Mortgage payment option because the unused portion grows and compounds, giving the clients more available funds every year as long as some portion of the line is unused </li></ul><ul><li>This is the ONLY product that has this feature </li></ul><ul><li>FHA HECM’s grow at their interest rate (currently about 4%) </li></ul><ul><li>Jumbo products grow at 5% </li></ul>
  10. 10. Common Misconceptions <ul><li>“ The lender takes the house” </li></ul><ul><li>- Homeowner retains title to the property </li></ul><ul><li>“ I can be thrown out of my home” </li></ul><ul><li>- Homeowner can stay in home until maturity event occurs </li></ul><ul><li>“ I can owe more than my home is worth” </li></ul><ul><li>- Homeowner can never owe more than the value of the home </li></ul><ul><li>“ My heirs will be against it” </li></ul><ul><li>- Experience demonstrates most heirs </li></ul><ul><li> are in favor of Reverse Mortgages </li></ul>
  11. 11. My Two Biggest Difficulties With Reverse Mortgage Prospects <ul><li>1) Someone (e.g. Child, family member, friend, Financial Planner, Financial Advisor, etc.) told them they don’t think it’s a good idea </li></ul><ul><li>2) It sounds too good to be true – What’s the Catch? </li></ul>
  12. 12. Negative Aspects of Reverse Mortgages – “The Catch” <ul><li>Closing Costs </li></ul><ul><li> & </li></ul><ul><li>Depletion of Equity </li></ul>
  13. 13. Issue 1 – Closing Costs <ul><li>When compared to regular, forward mortgages, the costs for a Reverse Mortgage are high </li></ul><ul><li>BUT </li></ul><ul><li>Can you really compare a loan with no monthly payments to a loan that has payments? </li></ul><ul><li>Reverse Mortgages are unique, they are available to many people who cannot get or do not want a regular mortgage </li></ul>
  14. 14. Issue 2 - Depletion of Equity <ul><li>If the borrower keeps the loan for a long time, all of their equity will be depleted </li></ul><ul><li>BUT </li></ul><ul><li>How much did the borrower benefit over that time? </li></ul><ul><li>Do the borrowers care? Do the heirs care? What are their options? </li></ul>
  15. 15. Summary of Negatives <ul><li>If the borrower will not keep the loan for at least several years, a Reverse Mortgage is probably not the right product because the effective rate will be very high due to the initial closing costs </li></ul><ul><li>If the borrower lives for many years after they take the loan, they probably will have no equity left when they die </li></ul><ul><li>(but if they choose the tenure (monthly payment) option, they will still receive their monthly check, even if they clearly owe much more than the home is worth!) </li></ul>
  16. 16. Some of the Many Benefits <ul><li>1) Peace of Mind – Die in the home </li></ul><ul><li>2) Increased Income/Savings – Feel secure </li></ul><ul><li>3) Large Positive Cash Flow Change – Payoff existing loan </li></ul><ul><li>4) Foreclosure Rescue – No brainer </li></ul><ul><li>5) Non-Recourse Loan </li></ul><ul><li>6) Repair unsafe Conditions – Fix the stairs, Chair lifts, bedroom on first floor, etc. </li></ul><ul><li>7) Positive Lifestyle Changes – Take that vacation you always wanted </li></ul><ul><li>8) Get the Insurance that they need </li></ul>
  17. 17. Peace of Mind <ul><li>Can you really put a price on peace of mind? </li></ul><ul><li>Survey after survey shows that most seniors want to stay in their home </li></ul><ul><li>They don’t want to sell (especially not in 2008) </li></ul><ul><li>How much would their costs be to sell – usually very similar to the closing costs of a reverse Mortgage </li></ul><ul><li>Taking a Reverse Mortgage guarantees them that they can stay in the home for as long they live </li></ul><ul><li>Any forward loan starts the clock ticking the day they close – the Reverse stops the clock for as long they live </li></ul>
  18. 18. Increased Income/Savings <ul><li>Gives them a sense of security </li></ul><ul><li>Most seniors are on a fixed income that has not kept up with the increased cost of food, gas and heat </li></ul><ul><li>Many are being harassed by their lenders, credit card companies, utilities, etc. </li></ul><ul><li>Having even a few thousand dollars in the bank can change their mindset completely </li></ul>
  19. 19. Large Positive Cash Flow Change <ul><li>When an existing loan is paid off and there are no more payments to be made, many Reverse Mortgage borrowers see a tremendous change in their lifestyle </li></ul><ul><li>Many times they can pay off their loan and still receive a significant line of credit or monthly payment FROM the lender </li></ul>
  20. 20. Foreclosure Rescue <ul><li>In today’s times of short sales, many lenders are accepting the proceeds of a Reverse Mortgage even when they are much less than the balance of their loan </li></ul><ul><li>Most Reverse Mortgage lenders have a fast-track processing system for borrowers in foreclosure </li></ul><ul><li>Thousands of Seniors have saved their homes with Reverse Mortgages </li></ul>
  21. 21. Non-Recourse <ul><li>All Reverse Mortgages are non-recourse loans </li></ul><ul><li>If the value of the property drops, and the borrower owes more than it is worth, the lender eats the difference </li></ul><ul><li>If the borrower lives much longer than expected and the loan grows larger than the property value, the lender eats the difference </li></ul><ul><li>If rates go sky high and the loan grows larger than the property value, the lender eats the difference </li></ul><ul><li>The lender can NEVER go after the borrowers or their heirs for anything, they can only get the value of the property </li></ul><ul><li>Any excess equity at payoff belongs to the homeowner </li></ul>
  22. 22. Repair Unsafe conditions <ul><li>Many seniors do not have the funds to keep their home in proper condition </li></ul><ul><li>Many more need to make a change in their home to improve its’ convenience (e.g. move their bedroom to the ground floor or to install a stair lift) </li></ul><ul><li>Reverse Mortgages have helped thousands of these people make these needed changes </li></ul><ul><li>The borrowers are responsible to maintain the property in decent condition at all times </li></ul>
  23. 23. Positive Lifestyle Changes <ul><li>Help their kids </li></ul><ul><li>Help their grandchildren </li></ul><ul><li>Take a vacation </li></ul><ul><li>Buy a new car </li></ul><ul><li>Buy a second home </li></ul><ul><li>Finally live their dreams - using the equity that they built for many years and not having to worry about paying it back </li></ul>
  24. 24. Get the Insurance Coverage They Need <ul><li>Most seniors do not have Long Term Care Insurance </li></ul><ul><li>Many wish to leave an estate </li></ul><ul><li>Their real estate value fluctuates – but the death benefit will stay the same or grow </li></ul><ul><li>Some seniors take a Reverse Mortgage and purchase a life policy with some of the proceeds to insure that their heirs end up with an estate – while they still get to use the rest </li></ul>
  25. 25. Why is there so much bad press about Reverse Mortgages? <ul><li>The vast majority of bad press comes from unscrupulous loan officers who sell their Reverse Mortgage clients deferred annuities </li></ul><ul><li>A few bad apples spoil it for everyone </li></ul><ul><li>Most Reverse Mortgage articles and media pieces are incorrect and do not present the facts in an unbiased way </li></ul><ul><li>Most members of the media have very little understanding of the product </li></ul>
  26. 26. <ul><li>The Reverse Mortgage has primarily been </li></ul><ul><li>viewed as a last resort to provide funds for </li></ul><ul><li>equity rich, cash poor seniors </li></ul><ul><li>HOWEVER……. </li></ul><ul><li>The “New Generation” Retirees will face: </li></ul><ul><ul><li>Financing extended lifetimes </li></ul></ul><ul><ul><li>Minimal or no defined pension plans </li></ul></ul><ul><ul><li>Rising Costs (Medical, Food, Gas, Heat, etc.) </li></ul></ul><ul><ul><li>Uncertainty of social security trust fund remaining solvent </li></ul></ul>
  27. 27. “ NEW GENERATION” Seniors <ul><li>Today’s Senior Citizens are better educated regarding financial concepts such as </li></ul><ul><li>Asset allocation </li></ul><ul><li>Use of leverage to maximize wealth and reduce risk </li></ul><ul><li>They depend heavily on financial professionals to help achieve their objectives </li></ul>
  28. 28. Reverse Mortgages Are Used as Part of a Financial Plan <ul><li>Reverse Mortgages can benefit individuals or couples: </li></ul><ul><li>Who can not afford the risk of long term care expenditures </li></ul><ul><li>Who are concerned about providing for their heirs </li></ul><ul><li>Who are concerned about estate tax liabilities </li></ul><ul><li>Who are insurable, ideally between 62-80 </li></ul><ul><li>Who are concerned about Market risk to their retirement portfolio </li></ul>
  29. 29. Four Real Examples of Reverse Mortgage Strategies <ul><li>To increase cash-flow and continue to pay premiums on an existing policy </li></ul><ul><li>As a funding vehicle for Long Term Care (LTC)/ Life Insurance combo </li></ul><ul><li>Fund a Life Insurance trust to leave an estate </li></ul><ul><li>Use it as a hedge against market risk </li></ul>
  30. 30. Scenario One <ul><ul><ul><ul><ul><li>Situation </li></ul></ul></ul></ul></ul><ul><li>80 year old client owns $1,100,000 Home and has a $350,000 mortgage balance with a $3,300 monthly payment </li></ul><ul><li>PROBLEM </li></ul><ul><li>80 Year Old Clients want to let their Life Insurance policy lapse because of cash flow issues ($11,000 annual premium) </li></ul>
  31. 31. SOLUTION – Reverse Mortgage <ul><li>Client pays off the existing loan </li></ul><ul><li>Client receives additional $1,000 a month every month to pay the premiums on their Life Policy </li></ul><ul><li>AND </li></ul><ul><li>Client receives a line of credit for $50,000 that grows and compounds at 5% annually </li></ul>
  32. 32. The Results: <ul><li>Clients increase their cash flow by $4,300 a month ($3,300 mortgage payment eliminated plus the $1,000 in new income) </li></ul><ul><li>They are able to continue paying their premiums and leave their heirs the death benefit proceeds </li></ul><ul><li>They have a line of credit for emergency situations and to feel secure </li></ul>
  33. 33. Benefits to Financial Planner/Advisor <ul><li>Continue receiving residual income from premium payments </li></ul><ul><li>Significantly affect your clients lives for the better, they will love you and send their friends! </li></ul><ul><li>Possibly free up clients’ cash for additional insurance products </li></ul>
  34. 34. Scenario Two - Reverse Mortgage to Fund LTC / Life Combo <ul><li>Situation: </li></ul><ul><li>65 year old couple - $300K home, minimal portfolio assets – desires to leave an estate </li></ul><ul><li>PROBLEM </li></ul><ul><li>Statistically one spouse will require a Long Term Care provider </li></ul><ul><li>Risk is high the estate will be spent down </li></ul>
  35. 35. Solution: <ul><li>Establish Reverse Mortgage Credit Line and Fund: </li></ul><ul><li>1. “Shared LTC” policy </li></ul><ul><li>4 years protection for either spouse </li></ul><ul><li>Cost = 1/3 rd less than individual policies </li></ul><ul><li>$4,960 per year </li></ul><ul><li>2. “Second to Die” Life Policy from RM Credit Line </li></ul><ul><li>Amount = $500K death benefit </li></ul><ul><li>Cost = $5,880 per year </li></ul><ul><li>Total Annual Credit Line Withdrawals = $10,840 </li></ul>
  36. 36. Benefits to Client <ul><li>Long Term Care risk substantially reduced </li></ul><ul><li>Life policy replaces lost equity and maximizes estate potential </li></ul><ul><ul><li>Flexible Premium Policy </li></ul></ul><ul><ul><li>Clients only paid premiums 4 years </li></ul></ul><ul><ul><li>$24K plus Closing Costs & Interest purchased coverage for fifteen years </li></ul></ul>
  37. 37. Benefit to Advisor: <ul><li>Commissions to Financial Planner/Advisor: </li></ul><ul><li>70% of first year LTC premiums </li></ul><ul><li>90% of first year Life premiums </li></ul><ul><li>Total commission = $8,764 plus residuals </li></ul>
  38. 38. Scenario Three - Reverse Mortgage to Fund a Life Insurance Trust <ul><li>Situation: </li></ul><ul><li>62 & 65 year old couple - $400K home, $800K portfolio </li></ul><ul><li>PROBLEM </li></ul><ul><li>Concerned about future estate tax liabilities for their heirs </li></ul>
  39. 39. Solution: <ul><li>Fund Life Insurance Trust with Reverse Mortgage Credit Line </li></ul><ul><li>Trust purchases “Second to Die” life policy </li></ul><ul><li>*Death Benefit = $1,000,000 </li></ul><ul><li>*Annual Premium = $11,760 </li></ul>
  40. 40. Benefits: <ul><li>Benefit to Borrower: </li></ul><ul><li>Leverage Home to provide $1 million dollars, estate tax free, to heirs </li></ul><ul><li>Benefit to Planner/Advisor </li></ul><ul><li>Commission = 90% of first year premium ($10,584) </li></ul>
  41. 41. Scenario Four - Reverse Mortgage as a “Hedge” against market risk <ul><li>When supplementing retirement income from investments, a 4% drawdown rate is safe to insure client will not outlive capital </li></ul><ul><li>If drawdown begins during a market downturn, odds of lifetime capital stream drops from 50% to 33% </li></ul>
  42. 42. Problem: <ul><li>70 year-old widow needs to supplement her income by $18,000 per year (4% of her $450,000 portfolio) </li></ul><ul><li>Market downturn causes her portfolio to decline 36% and is now $288,000 </li></ul><ul><li>$18,000 would now equal a 6.3% draw down rate and greatly increase the odds of her running out of money in her lifetime. </li></ul>
  43. 43. Solution: <ul><li>Secure a Reverse Mortgage giving her $189,000 in a line of credit </li></ul><ul><li>Draw $18,000 a year from her credit line rather than her investment portfolio </li></ul><ul><li>Allow her investment portfolio to recover </li></ul>
  44. 44. The Results: <ul><li>Four Years later her portfolio has recovered to $570,000 </li></ul><ul><li>She is able to discontinue supplementing from her RM credit line </li></ul><ul><li>Resumes payments from her investment portfolio </li></ul>
  45. 45. Benefit of “Hedge” to Client: <ul><li>Reduced the risk of outliving investment portfolio </li></ul><ul><li>Maintained her standard of living </li></ul><ul><li>Increased her total net worth </li></ul><ul><li>Before: 480K Home + $450K Portfolio = </li></ul><ul><ul><ul><ul><li>$ 930K Net Worth . </li></ul></ul></ul></ul><ul><li>After: $550K Home + $570K Portfolio - $92K RM Balance = $ 1,028 K Net Worth </li></ul><ul><li>Increase of 10% for 4 year period </li></ul>
  46. 46. Benefit of “Hedge” to Advisor <ul><li>Retain assets under management – and the corresponding annual revenue </li></ul><ul><li>Add real estate for diversification </li></ul><ul><li>Position client for future market volatility </li></ul><ul><li>* credit line value $286K in 15 years </li></ul>
  47. 47. Recap: Value Added by All Strategies in all Four Scenarios <ul><li>Value to Clients </li></ul><ul><li>Manage Risk to their financial well being from portfolio volatility, long term care and estate taxes </li></ul><ul><li>Manage risk through the purchase of insurance products </li></ul><ul><li>Simultaneously add value to their estate </li></ul><ul><li>Value to Financial Advisor/Financial Planner </li></ul><ul><li>Maintain current revenue streams </li></ul><ul><li>Create opportunities for new revenue </li></ul><ul><li>Fulfill their fiduciary obligations . </li></ul>
  48. 48. Summary <ul><li>Reverse Mortgages are great products for many different situations </li></ul><ul><li>Reverse Mortgages are still very misunderstood </li></ul><ul><li>Reverse Mortgages can help your clients in a variety of ways, many of which help you too </li></ul>

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