Tag Archives: Senior Finance

Financial Times: Reverse Mortgages Can Be Lifesavers

March 5th, 2014  |  by Jason Oliva Published in News, Retirement, Reverse Mortgage

The financial planning community is warming up to reverse mortgages, with some advisors finding them to be “lifesavers” for some clients in tight circumstances, a Financial Times article suggests.

As reverse mortgages overcome historically negative perceptions with the help of recent program changes and new consumer protections, Home Equity Conversion Mortgages (HECMs) have also begun to gain more recognition from financial advisors in mainstream retirement planning.

Dana Anspach of Scottsdale, Arizona-based Sensible Money told Financial Times she recently recommended a reverse mortgage to a widow in her 80s whose home was paid off and was supplementing her Social Security with a home equity line of credit.

“Anspach used a reverse mortgage to pay off the HELOC, wiping out $400 a month in interest payments and providing additional monthly income of $200,” the article notes.

Other advisors are recognizing that the tax-free proceeds from reverse mortgages can allow clients to postpone Social Security usage as part of a “post-retirement tax saving strategy,” which can keep clients from withdrawing too much from IRA or 401(k) accounts.

“The bottom line is that reverse mortgages are not longer only for retirees in dire straits. Advisors ‘should be looking at every aspect of income, including home equity,’” said CEO of Blue Ocean Global Wealth Marguerita Cheng in the article.

Read the Financial Times article

Written by Jason Oliva


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Following is some helpful information when you are considering an FHA HECM for your parents:

House-safe• More Americans fear running out of money in retirement than fear death. With increasing life expectancy, it is easy to understand this fear. Increasingly, long-term retirement planning includes a reverse mortgage as a means to increase cash flow and address income shortfalls in retirement. Nearly one quarter of homeowners say long-term financial planning was their reason for originating their HECM.

• Nearly half of homeowners considering a reverse mortgage are under age 70.

• About two-thirds of HECM borrowers want to extinguish monthly mortgage payments to make more money available for daily needs. Another way of saying this is that most homeowners have a traditional mortgage – which is paid in full when they close on their reverse mortgage.

• The percentage of workers aged 55 or older who are still employed is up to 40%. However, staying in the workforce can become increasingly difficult as people get older.  Proceeds from the HECM may provide provide tax-free funds and may allow older homeowners to retire


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Navigating the Retirement Labyrinth

misconRetirement planning can be confusing. Here are some major milestones on the retirement timeline:

Age 55. If you leave your job after age 55, you can begin taking penalty-free 401(k) withdrawals. Withdrawals from traditional 401(k)s will be taxed as income.

Age 59 ½. IRA withdrawals are allowed without penalty and are taxed as income.

Age 62. Social Security eligibility begins, but your checks will be reduced 25 to 35 percent if you begin claiming at this age. If you are under full retirement age and you work and earn above the annual earnings limit of $15,120 in 2013, excess earnings are deducted from your benefits.  If you plan to continue to work, benefits are also reduced by 50 cents for each dollar you earn above $15,120 in 2013.

Age 65. Medicare eligibility kicks in. Beneficiaries may sign up for Medicare Part B during a 7 month window around their 65th birthday, beginning 3 months before the month you turn 65 and ending three months after. It’s a good idea to sign up right away because your Medicare Part B monthly premium increases 10 percent for each 12-month period you were eligible for Medicare Part B, but did not enroll. If you or a spouse are still employed and covered by a group health plan after age 65, you have 8 months to sign up after you leave the job before the penalty kicks in.

Age 66. Baby boomers born between 1943 and 1954 are eligible to receive full Social Security retirement benefits at age 66. For boomers born between 1955 and 1959 the full retirement age gradually increases from age 66 and 2 months to 66 and 10 months. The month you reach your full retirement age, your benefit checks are no longer reduced if you continue to earn income from work.

Age 67. For those born in 1960 and later, the age you can receive full Social Security retirement benefits is 67.

Age 70. Your Social Security benefits further increase by 7 to 8 percent each year you delay claiming up until age 70. After age 70 there is no additional incentive to put off collecting.

Age 70 ½. Those aged 70½ or older must take annual required minimum distributions from retirement accounts. The proceeds will be taxed as income. Seniors who fail to withdraw the correct amount must pay a 50 percent tax penalty and income tax on the amount that should have been withdrawn.

Contact your financial planner to discuss your specific situation.

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Posted by on October 9, 2013 in Retirement, Seniors


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A great reverse mortgage idea: Take a credit line now

Money in home 1August 22nd, 2013  |  by Elizabeth Ecker Published in Reverse Mortgage

I’ve got a financial proposal that is probably going to surprise you. Take out a reverse mortgage at age 62, even though you don’t need the money. In fact, take it especially if you don’t need the money. There will never be a better time. Terms will change in October, but the light is still green for people who want to use the strategy described here.

Reverse mortgages are called Home Equity Conversion Loans (HECMs). They’re designed to provide you with cash at a later age, to help pay your bills if your other savings run out. Normally, the smart play is to wait until your mid-70s or early 80s to take the loan. For some readers, this remains the right choice, as I’ll explain below.

But there’s a valuable new opportunity at hand, for borrowers who don’t need extra money now. You borrow as early as age 62 and take the mortgage in the form of a credit line instead of all-cash. You can borrow against the credit line at any time, but you don’t have to take the money now. More important, this credit line grows every year – greatly increasing your borrowing power in the future.

Before I go any further, let me give you some HECM facts:

At present, the credit line comes with one of two adjustable-rate loans – the HECM Standard, which provides a larger loan, and the HECM Saver.

With HECMS, you don’t have to make monthly payments, as you do with a regular loan. The mortgage doesn’t come due until you leave your home permanently. When the house is finally sold, the proceeds go first to repay what you borrowed, plus the accumulated interest. If there’s money left over, it goes to you or your heirs. If the house sells for less than the loan amount, the Federal Housing Administration, which insures HECMs, covers the lender’s loss.

Why take a HECM now? Because mortgage interest rates are so remarkably low. The lower the rates, the more you can borrow against your home equity. If interest rates rise, five or 10 years from now, you won’t be able to borrow nearly as much.

As an example, take a mortgage-free house worth $300,000. At this writing, a 62-year-old could get a $152,658 credit line on a HECM Standard, at an interest rate of 4.07 percent (including the mortgage insurance premium). If rates rise by 3 percentage points, you could borrow only $77,659. With a Saver ARM, which charges lower fees, you could borrow $131,029 today but only $47,329 if rates rise go 3 points higher..

But – and this is a big but – borrowers should not take out the full amount in cash. You’d be leaving nothing to help pay your bills in your older age. If you’re a spender, don’t take a HECM until your mid-70s or 80s.

If you won’t spend all the money now, a HECM credit line gives you tremendous financial flexibility. You owe interest only on the amount you actually borrow. For example, if you use $10,000 to take a trip, interest is charged on that modest amount, not on the entire credit line.

The magic in a HECM credit line is that your borrowing power isn’t fixed, says Jack Guttentag, founder of, a comprehensive mortgage information site. Your available credit rises every year, by roughly the mortgage interest rate.

For example, take that Saver $131,029 credit line. If mortgage rates plus insurance stay at today’s 4.07 percent , your borrowing power will rise to $196,710 10 years from now (assuming you’ve taken no money out). On the Standard, you could get as much as $229,182. The higher rates go, the more you can borrow.

As for the HECM’s upfront fees, I consider them worth it. They let you nail down a large pool of future borrowing power, at a time when inflation will have driven your expenses up. Our sample HECM Saver would cost about $5,771 and the HECM Standard, about $11,741. The fees can be rolled into the loan.

For a quick look at how much you might be able to borrow with a HECM, check the calculator at

So what’s happening in October? The government will merge the Standard and Saver into a single program, says Peter Bell, head of the National Reverse Mortgage Lenders Association. Limits will be placed on the amount of cash a borrower can take out in the first year. But you’ll still be able to take the maximum in a credit line. The fee might be a tad higher but all the benefits will still be there.


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As Housing Market Thaws, Seniors Once Again Willing to Move

bigstock-Sold-Home-For-Sale-Sign-Home-1893969A surge in consumer confidence, rising home prices and sales, and faster selling times for properties on the market are all positive signs for the senior housing industry. It’s enough to make some market analysts believe seniors have finally reached the seventh stage of recovering from housing market-related grief: acceptance and hope.

“About two years ago the market was in shock, going through the stages of grief, aligned with the housing market,” says Michael Starke, owner and managing director of senior market feasibility firm PMD Advisory Services, LLC. “They were in [the] denial, bargaining [stages]. But now the majority have moved into a period of acceptance. There is a lot more willingness on the part of the senior to start looking at moving. They’re more confident about the ability to sell their home.”

Part of that includes adjusted expectations as to what their homes are worth, he adds, and based on more than 100 focus groups PMD Advisory has conducted on about 1,500 seniors around the country, many now feel they can sell and get a fair deal—even if it’s less than what they might have gotten four to five years ago.

“It’s a trend I’m excited about,” Starke said. “Seniors seem to be in a place of acceptance about their economic situation and their home values. The activity level is starting to move, and that’s a really good sign.”

Existing home sales rose in April to the highest level since November 2009, according to the National Association of Realtors, up 9.7% from the previous year.

Properties are also selling more quickly, on the market for a median 46 days in April compared to 62 days just one month prior—the fewest days since the NAR started monitoring it in May 2011.

The slow but steady recovery of the housing market is good news for the senior living industry, and Chris McGraw, senior research analyst at the National Investment Center (NIC) for the Seniors Housing & Care Industry, noted that existing home sales are a better indicator for the independent living market than are home prices.

“At one point in time, the relationship [between housing prices and occupancy] was very strong during 2006 and 2009 when pretty much all economic data was plummeting,” said McGraw. ”Since 2009, the relationship hasn’t been quite as strong, because when you’re looking at occupancy, there are a whole lot of factors going into play.”


Chart credit: NIC—NIC MAP & Case-Shiller Home Price Indices 

Since bottoming out at 86.8% in the third quarter of 2009, independent living reached 89.3% as of the end of the first quarter of 2013, according to NIC data. Meanwhile, home prices increased 12.1% in April 2013 compared to the previous year—the most in more than seven years, according to CoreLogic.

However, independent living census is still below pre-recession peaks of 92.5%, reached in the fourth quarter of 2005 and again in the first quarter of 2007, and while there appears to be a correlation between occupancy and home prices on the recovery side, there’s more to the picture.

“Housing does play a piece, but it’s not the sole driver,” McGraw says of independent living occupancy.

The supply of new units is one piece of the puzzle, according to him, along with the performance of the stock market and its impact on seniors’ retirement portfolios, employment rates, consumer confidence, and the economy in general.

New construction for senior living stalled almost completely in the wake of the recession, but with a robust U.S. stock market spurred by low interest rates, capital is less constrained, say developers.

Another positive: consumer confidence reached a six-year high in May of 84.5 on the Thomson-Reuters/University of Michigan consumer sentiment index.

“The surge in consumer confidence is exactly the type of economic jumpstart the Federal Reserve intended to result from its aggressive policies,” said Richard Curtin, chief economist at Surveys of Consumers at Thomson-Reuters/University of Michigan, in a statement.

But there are caveats, including unemployment rates hovering at 7.6% through May 2013 and a recent report from the St. Louis Federal Reserve finding that household wealth still lags behind pre-recession levels when factoring in inflation.

“It will take actual and repeated income increases,” Curtain said, “rather than simply a renewed optimistic outlook for consumers to permanently revise their income expectations upward.”


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Study: 90% of Boomers Report Retirement Losses of $117,00+

Alyssa Gerace | June 11, 2013 Money

From low interest rates to lower-than-expected home equity, the Great Recession took a major toll on baby boomers’ nest eggs in a few ways that helped derail retirement plans, according to an Ameriprise Financial survey.

Ameriprise surveyed a group of 50- to 70-year-olds with at least $100,000 in cash savings and found that 90% reported experiencing at least one economic or life event that negatively impacted their retirement savings by an average of $117,000.

Another 40% said they were hit by five or more unexpected events, with average losses totaling $144,000.

“The lesson that we are taking away is expect the unexpected,” said Suzanna de Baca, vice president of wealth strategies at Ameriprise Financial, in the report.

The most commonly cited “derailer” stemming from the Great Recession? Low interest rates, according to 63% those surveyed, which have impaired the growth of retirement assets (63%)

Other top derailers for retirement savings, according to Ameriprise, have been market declines (55%) and lower-than-expected home equity (33%). Retirement prospects for another 18% were compromised by job loss, while 23% cited supporting grown children or grandchildren as a derailer.

“The financial fallout from these events can be dramatic, costing Americans an average of $117,000 in savings,” said de Baca, adding that affluent individuals with investable assets of $750,000 or more took an average $177,000 hit.

As a result, nearly half of those surveyed reported less retirement savings than they had expected. Only 18% said their nest egg is larger than expected.

The research uncovered an “alarming” trend, says Ameriprise: As a whole, Americans nearing retirement are underprepared. The survey uncovered an approximately $250,000 gap between what respondents think they need to retire, and what they’ve actually set aside. More than half said they wished they had started saving earlier.

However, only 35% believe their ability to afford essentials in retirement will be affected ‘a lot’ or ‘a fair amount,’ while more than two-thirds still charactizer their road to retirement as ‘smooth’ rather than ‘bumpy.’


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Financial Planning and the HECM

“The Reverse Review” | Written by Jessica Linn Guerin

life-settlement-awareness-moneyThe Home Equity Conversion Mortgage has been around since 1989, but its original application was intended to be somewhat one-dimensional: a singular financial product designed to help seniors age in place. But now, as the product has evolved to include options like the Saver, new ideas are surfacing about how a retiree can tap into home equity as part of a strategic financial plan.

Just this year, prominent economic researchers published two independent studies, both examining in impressive detail various ways in which home equity could be used. Data was collected, simulations were run and the analyzed results all pointed to one simple fact: The HECM product could be leveraged to help certain retirees attain a livable flow of income.

For most financial planners, many of whom have long been wary about the product, this concept is a novel one. Traditionally, the planning community has viewed the HECM as a last-resort option for desperate retirees. It was considered an expensive option and not a feasible one for more affluent clientele. Now, these studies, published by the respected Journal of Financial Planning, are touting new and strategic ways to use home equity. They both suggest that planners reconsider a HECM for their clients, as retirees could benefit from employing the product to access tax-free income in a down market when cash flow is weak. The research piqued the interested of the press as The Wall Street Journal, CBS News and others picked up on the buzz.

The reverse mortgage industry was notably enthused (Finally! Financial planners are taking note!), but now many are left wondering what, exactly, they can do with this information. What are these studies really suggesting, and how can professionals in the reverse space use this information to enhance their business?

The Saver
The single most important factor in this new acceptance from the financial planning community is the HECM Saver. Introduced by the FHA in October 2010, the Saver was designed to address concerns about the HECM’s high upfront closing costs.

Homeowners utilizing the Saver option can’t borrow as much money as they could with the Standard (10 to 18 percent less, in fact), but in turn, they encounter significantly lower upfront closing costs. With the Saver, homeowners only need to pay an upfront premium of 0.01 percent of their property’s value, compared with the Standard’s required 2 percent.

By lowering the cost associated with a reverse mortgage, the introduction of the Saver eliminated the point of contention that prevented many financial planners from considering the product in the past. It also made the strategic uses discussed in recent research a viable option.

The Sacks Brothers
In February 2012, the Journal of Financial Planning published a groundbreaking article by brothers Barry and Stephen Sacks that examined how a reverse mortgage could be utilized to free up liquidity when the market is down.

The Sackses were inspired by the fact that, although more than 50 percent of retirees get a portion of their income from Social Security, a sizable number rely on securities portfolios to generate most of their income, usually in the form of a 401(k) or IRA.

“I was interested in the quantitative aspects of how to use these 401(k)s to achieve optimal results,” said Barry, a San Francisco-based real estate tax attorney with a Ph.D. in physics. “The object of the game was to make a securities portfolio last longer.”

Barry said he originally played around with different annuity models before “a light bulb went off in my head—there’s this home equity option!” The results of his initial numerical simulations were “so striking” that Barry enlisted his brother Stephen, a Ph.D. and professor emeritus in economics at the University of Connecticut, and together they conducted a lengthy study to examine how a reverse mortgage credit line could be leveraged to maintain what they call “cash flow survival.” The goal was to utilize the liquidity afforded by a reverse mortgage to avoid withdrawing from a stock portfolio when the market is down, keeping the portfolio intact and thereby increasing its potential to grow.

The Sacks study examined three strategies: a conventional, passive strategy that taps into the equity only when all other resources were exhausted; an active strategy in which the credit line is drawn upon after other investments have underperformed; and another active strategy in which the credit line is drawn upon first before other investments are tapped.

The results indicated that a portfolio’s survivability substantially increased when the active strategies were employed. The models revealed that in a 30-year period, a retiree’s residual net worth was about twice as likely to be greater when the active strategies were used. The results led the Sackses to conclude that in certain situations, a senior homeowner is best served by taking out a reverse mortgage early on in retirement and keeping the line of credit to draw upon when a portfolio lags.

Evensky & Salter
Not long after the Sacks article was released, retirement expert Harold Evensky and Dr. John Salter of Texas Tech went public with their own, yearlong study on the topic. First published in Financial Advisor magazine and recently picked up by the Journal of Financial Planning, the study also examined how seniors can tap into home equity to increase the survivability of their portfolios.

According to Evensky, a nationally recognized expert on the topic, the goal was to tackle the issue of wealth distribution in retirement. “It’s a major issue in planning today,” Evensky said. “How do you manage with constant withdrawals in a volatile universe?”

According to Evensky, he and Salter solved the puzzle. The answer? The HECM Saver.

Although Evensky admitted that he was originally reluctant to consider the HECM (“Like most practitioners, I considered them only appropriate as a last-ditch effort”), his opinions of the product changed when he learned about the low costs associated with the Saver. “The cost of setting it up is really quite modest,” Evensky said.

He and Salter used the Saver in simulations to analyze how a reverse mortgage line of credit could be leveraged to prevent an investor from liquidating a portfolio at the wrong time, when the markets are down and the investment would be a loss. “When you distribute money when a portfolio is down,” added Salter, “you’re stealing from the future.”

And so the duo determined that with the line-of-credit option, one could employ an “insurance-type strategy” in which the equity is tapped to provide supplementary income only when needed. When the markets bounce back and the portfolio recovers, the reverse mortgage is paid off. But in some cases, it won’t even be needed. “Our research suggests that a large percentage of investors would never even tap into it,” Evensky said, adding that if they do, the simulations indicate that most investors will have the ability to repay the loan fairly quickly.

“We asked ourselves, ‘Does this make our clients more likely to meet their retirement goals?’ And the answer turned out to be yes,” Salter said. “Through all the combinations, the strategy was successful. We simulated thousands and thousands of different possible scenarios.”

The researchers determined that using a HECM was an extremely viable financial strategy, and they recommend practitioners establish the Saver for qualified clients as a standby reserve. “It’s a very powerful risk management tool,” said Evensky. “It is key to managing market volatility.”

Boston College’s Retirement Research
An April study released by Boston College’s Center for Retirement Research further solidified the idea that financial advisors need to embrace the HECM. The study analyzed the percentage of income an individual needs to replace once he retires. The results, which included data on savings and investment strategies, suggested that 74 percent of retirees would fall short of their income needs at 62—an alarming statistic, to say the least.

The study set out to analyze ways in which this bleak situation could be improved. First, it examined the possibilities of asset allocation, looking at what would happen if an individual invested 100 percent of his portfolio in “riskless” stocks, earning 65 percent a year after inflation. There is, of course, no such thing as riskless stocks, but the idea was to present a best-case scenario. Even with this perfect investment, the study concluded that 44 percent of retirees would still fall short of income. The point is that asset allocation by itself—even at its most perfect—isn’t enough to turn things around.

The study determined that the traditional focus on asset allocation is misplaced. “Financial planners often tout asset allocation to boost retirement preparedness,” the brief states. “Even for households with substantial financial assets, asset allocation is less important than one would expect.”

Instead, the study concluded, people are left with few options if they want to maintain a livable income in retirement: work longer, cut spending and consider a reverse mortgage. That’s right—the study concluded that tapping into home equity was a powerful tool in assisting a retiree in achieving his income goal. It found that a reverse mortgage delays the age in which a retiree would run out of funds more than any other mechanism. “Given the relative unimportance of asset allocations,” its conclusion read, “financial advisors will be of greater help to their clients if they focus on a broad array of tools—including working longer, cutting spending and taking out a reverse mortgage.”

The Financial Planning Community Reacts
The recent buzz surrounding the use of HECMs has captured the attention of CFPs, leading many to reassess their opinions about the product.

Michael Kitces, a highly accredited financial planner and renowned industry expert, said he has seen a recent change in attitude among his colleagues.

“A few dynamics have been shifting lately,” Kitces said. “Part of that is the low-interest-rate environment and part of it is a general growing awareness of reverse mortgage programs and how they work, and the creation of the Saver. The lower cost has done a lot to improve the product in the minds of planners.”

He said the recent studies have helped break down the planning community’s notion that utilizing a reverse mortgage will detract from an individual’s net worth. He acknowledged that for more affluent individuals—who constitute the majority of a planner’s clientele—a reverse mortgage can work in all the ways outlined in the research. “If you want to make it work, you have to start early,” he said. “You borrow to slow the degradation of a portfolio and glide into the leverage of the reverse mortgage.”

Kitces said that despite the research, the number of planners out there implementing HECMs is still miniscule. “I’m trying to push the conversation out there,” said Kitces, who writes a blog for financial planners called Nerd’s Eye View and regularly travels the country speaking to various financial associations and CFP groups. In his highly circulated Kitces Report, he has discussed the complexities of reverse mortgages in depth.

Although Kitces said he’s noticed an uptick in conversation recently regarding the HECM, he doesn’t predict an immediate change in thinking. “It’s a trend that will catch on, but it will be very slow,” he said. “I don’t think you’ll see a tidal-wave shift anytime soon.”

Like Kitces, Rob Hoxton, a CFP and president of HFI Wealth Management in West Virginia, said newly proposed uses for the HECM have intriguing possibilities, but investors might be slow to come around to the idea.

He admits that part of the battle is altering a client’s mindset. “So many folks have worked their whole lives to pay their house off, and we’re talking to them about re-mortgaging it,” he said. “That requires a shift in the way they think. You have to help them understand that unless the home is a legacy asset, one that has a strong emotional tie they want to pass on to the next generation, they should leverage that asset. It’s a paradigm shift, really.”

Hoxton said less than 10 percent of his clients have actually utilized a HECM, but acknowledges that a large percentage would likely benefit from it.

“My guess is that demand for this type of product will increase, and then it may create a more competitive environment with greater transparency and lower fees,” he said. “The concept is a fantastic one.”

Melissa Sotudeh, a CFP with Warner Financial, said she has also noticed an increase in conversation surrounding the HECM.

“It’s coming up more often,” Sotudeh said. “People are taking a second look at the product, and part of that is because we are becoming more aware of the different uses. Like the HECM for Purchase—I had no idea that was possible, but when it came on my radar, I thought, ‘Wow, that could really work well.’”

Sotudeh thinks most planners would be eager to learn more about the product. “I tend to read anything that comes on my radar about reverse mortgages to make sure that I understand them completely,” she said. “From our perspective, as fiduciaries, the more we know about what’s available, the better we can do. If we understand the products out there, it adds value to the advice we give.”

Barry Sacks also said that more and more CFPs are taking a second look at HECMs, and like Kitces and Hoxton, he predicts that acceptance will come slowly. “Financial planners have begun to show interest, but they’re a harder bunch to get through to,” Barry said. “They still have a residual negative view about reverse mortgages, which in my opinion is unwarranted.”

But Barry said he does believe that eventually they will get on board. “I think it will be slow and fitful,” he said, “but in five or 10 years, they will likely come around.”

Harold Evensky agreed. “They absolutely will,” he said. “For one, the research is very credible. It’s an immensely high-quality academic research paper. I would tell them to look at the research. I don’t think they’ll be able to disagree with the research.”

But Evensky did predict that some advisors will have an initial knee-jerk reaction, automatically dismissing the product before really listening to its possibilities. “Practitioners are reluctant to tell people to take on debt,” he said. “They just need to understand. It’s not a last resort—it’s a strategy! The expectation is that the investor would not maintain the debt.”

Although he said the product is bound to pick up steam, he admitted that the going might be tough. “It will be an uphill education process,” he said. “No question about it.”

John Salter, who admitted that his own view of the product has changed “180 degrees” since last year, also said that educating the advisors would be challenging, but also essential.

“We need to continue the march to educate financial planners, get them to open up their ears and listen,” Salter said. “Help us educate them on the product and keep the conversation going, that’s the biggest thing.”

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Posted by on June 13, 2013 in Uncategorized


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