How can financial advisors leverage home equity and reverse mortgages in financial planning?

In this episode, Jamie Hopkins, Managing Partner of Wealth Solutions, and Ana Trujillo Limón, Director, Coaching and Advisor Content, speak with Craig Lemoine, CFP®, Ph.D., MRFC, Director of Personal Financial Planning, and Steve Resch, Vice President of Retirement Strategies at Finance of America Reverse, about the use of home equity in financial planning, focusing on reverse mortgages. Steve shares his experience in the field, the current state of the reverse mortgage space, and the challenges in the proprietary reverse mortgage market. He also discusses the potential for tech providers to develop software programs that can effectively incorporate home equity into financial planning analysis.

Steve and Craig discuss: 

  • Steve’s role in educating financial advisors about using home equity in their financial planning process
  • The current state of the reverse mortgage space and its primary utilization
  • The potential benefits of reverse mortgages for individuals with medium credit scores
  • Challenges in the proprietary reverse mortgage market and its focus on mass affluent and slightly fluent borrowers
  • Loan amounts and lending limits in the reverse mortgage space
  • The lack of software programs incorporating home equity into financial planning analysis
  • Some concerns about the marketing tactics used in the reverse mortgage industry and the goal of making it a mainstream retirement planning tool
  • And more

Resources:

  • Finance of America Reverse: Reverse Mortgage Illustrator
  • Carson’s Home Equity 5-Part Series with Guests Shelley Giordano & Craig Lemoine, CFP®, Ph.D., MRFC
  • Carson’s Home Equity 5-Part Series with Guests Wade Pfau, Ph.D., CFA, RICP® & Craig Lemoine, CFP®, Ph.D., MRFC
  • Carson’s Home Equity 5-Part Series with Guests Barry Sacks, J.D., Ph.D., & Craig Lemoine, CFP®, Ph.D., MRFC

Connect with Ana Trujillo Limón: 

Connect with Steve Resch:

Connect with Craig Lemoine:

About our Guests: 

Meet Stephen Resch. As Vice President of Retirement Strategies at Finance of America Reverse, Steve leads the education and training programs for financial professionals about the strategic use of home equity within a comprehensive financial plan. He is also the designer of The Reverse Illustrator, our proprietary software program that graphically displays the features and flexibility of a reverse mortgage over a 30-year term. Steve’s career in financial services spans over 30 years, first as a fixed-income analyst on Wall Street, and for the past 25 years as a partner in a wealth management firm. His practice is focused on effective retirement income strategies and will often include a reverse mortgage to manage cash flow, income tax, market performance, and other considerations to help enhance an effective retirement income distribution plan.

Disclosure:

This episode of Framework was pre-recorded. At the time of recording, Jamie Hopkins was affiliated with CWM, LLC. Jamie Hopkins is not currently registered with or affiliated with CWM, LLC.

This episode of the Framework podcast is purely educational. No products or services will be recommended or offered for sale. The opinions voiced in the Framework podcast  are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.

Carson Group is committed to advancing financial literacy. Our coaches work with thousands of FPA members. Schedule a consultation to learn how Carson can help you help your clients and grow your business.

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