Posts filtered by tags: American College of Financial Services[x]


 

Funding Longevity Task Force Gets New Name and Home, Adds Karin Hill

The organization previously known as the Funding Longevity Task Force, which had recently moved out of the American College of Financial Services, has found a new home with the University of Illinois at Urbana-Champaign (UIUC), along with a new identity created to more closely align with the academic nature of its mission. The organization, now known as the Academy of Home Equity in Financial Planning, announced its new home and name change during the InvestmentNews Retirement Income Summit h...
Tags: Featured, Education, Finance, America, Chicago, Hud, Academy, Hopkins, University Of Illinois, American College, UIUC, Giordano, HECM, Longbridge, Shelley Giordano, Jamie Hopkins


Financial Advisor: Don’t Ignore Reverse Mortgages

Although they can often be a tough sell, reverse mortgages can likely help financial clients who find themselves running out of money in retirement. This is according to an article appearing in Financial Advisor by writer Dan Jamieson. Home equity can be tapped for a number of reasons, including to pay off existing mortgages, mitigate sequence-of-return risks and bolster retirement plans that might otherwise be at risk of a shortfall in available funds, according to Dr. Wade Pfau, professor o...
Tags: Featured, Finance, Financial Advisor, Mayer, Jamieson, FPA, La Jolla Calif, Longbridge, Longbridge Financial, Wade Pfau, Pfau, American College of Financial Services, Chris Mayer, Dan Jamieson, The American College of Financial Services, Marketing & Sales


Forbes: Defining the Risks of a Reverse Mortgage

Some of the biggest risks inherent in a reverse mortgage transaction include the complexities of the Home Equity Conversion Mortgage (HECM) Program allowing for instances of misunderstanding, problems that can arise when someone is unable to pay, and inaccurate perceptions concerning what the loan repayment structure looks like. This is according to Dr. Wade Pfau, professor of retirement income at the American College of Financial Services, in a new piece at Forbes. “When discussing reverse-m...
Tags: Featured, Education, Finance, Forbes, FHA, CFPB, Consumer Financial Protection Bureau CFPB, HECM, Wade Pfau, Pfau, American College of Financial Services


Giordano’s ‘What’s the Deal with Reverse Mortgages?’ Gets Second Edition

The reverse mortgage industry is one where the rules and realities that govern it can change on a very quick basis, and because of that, the literature that’s dedicated to telling people about it needs to change, too. This was one of the basic realities understood by Shelley Giordano, founder and chair of the Funding Longevity Task Force, and what prompted her to update and expand her book “What’s the Deal with Reverse Mortgages?” into a new, second edition after its initial release in August...
Tags: Featured, News, Education, France, Finance, United States, Texas Tech University, Giordano, HECM, Shelley Giordano, Wade Pfau, Pfau, Funding Longevity Task Force, American College of Financial Services, Barry Sacks, Calment


Pfau Debunks Reverse Mortgage Critics’ Misconceptions

When examining the totality of negative press that reverse mortgage products have to endure, many of the most persistent reputational hurdles faced by the products arise from people viewing the products themselves in isolation as opposed to a single part of a larger retirement strategy. This is according to Dr. Wade Pfau, professor of retirement income at the American College of Financial Services and principal and director at McLean Asset Management in a new article at Advisor Perspectives. ...
Tags: Featured, Education, Finance, Ira, Wade Pfau, McLean Asset Management, Pfau, American College of Financial Services


Forbes: Details on Reverse Mortgage for Purchase

The Home Equity Conversion Mortgage (HECM) for Purchase program was initially designed in such a way so that a previously more complicated process involving two mortgage transactions could be simplified, according to Dr. Wade Pfau, professor of retirement income at the American College of Financial Services, in a new piece at Forbes. “The government saw enough people using a costlier and more complicated two-step process — obtaining a traditional mortgage to purchase the home and then using a...
Tags: Featured, Education, Finance, Open, Forbes, HECM, Wade Pfau, Pfau, American College of Financial Services


Funding Longevity Task Force Moves Out of the American College of Financial Services

After several years operating under an affiliation with the American College of Financial Services, the Funding Longevity Task Force is in the process of finding a new home. The task force, first launched in 2012, has operated with the mission to bring rigor to the study of housing wealth in retirement income planning, and through its efforts has forged relationships between researchers and reverse mortgage industry participants. Today, the task force is working on a new academic affiliation...
Tags: Featured, Finance, America, Report, Omaha, Bloomberg News, American College, Giordano, Shelley Giordano, Jamie Hopkins, Funding Longevity Task Force, American College of Financial Services, Torrey Larsen, Elizabeth Ecker, Carson Group, Chris Clow


Forbes: Warped Financial Priorities Lead to Tough Retirement for Americans

Americans place much of their focus on managing their existing debt over saving for the future, which results in their overall loss of focus on adequately saving enough money for retirement. This is according to Jamie Hopkins, director of retirement research at Carson Wealth in a piece at Forbes. “Most parents list paying down existing debt as their number one financial priority over longer term goals like saving for college or retirement,” Hopkins says in citing a study conducted by New Y...
Tags: Featured, Finance, Data, Hopkins, Forbes, New York Life, Jamie Hopkins, Funding Longevity Task Force, American College of Financial Services, New York Life Insurance Company, Carson Group, Carson Wealth


The Remaining Work to Connect Financial Advisors and Reverse Mortgages

The distance between reverse mortgage originators and financial advisors is often a long one, with many advisors generally having unfavorable perspectives on reverse mortgage products in terms of their viability as a specialized tool for their clients. While recent indications have demonstrated that this is starting to change, that kind of evolution is not yet close to being finished. However, that does not mean that the road between originators and advisors is without strategies to shorten i...
Tags: Featured, Education, Finance, Chicago, FHA, Cloke, FINRA, FPA, Financial Industry Regulatory Authority FINRA, Wade Pfau, Michael Kitces, American College of Financial Services, Curtis Cloke, THRIVE Income Distribution System, Investment News Magazine, Financial Planning Association FPA


Top Tips for Reverse Mortgage LOs Targeting Financial Planners

Reverse mortgage professionals may slowly be making inroads with financial planning contacts, but the industry agrees there’s still work to be done. Toward that end, there are several best practices originators can rely on to help forge relationships with financial planners, says one planner who is knowledgeable about the reverse mortgage product and is supportive of incorporating home equity-tapping tools into retirement plans. Leading edge, not bleeding edge Among the first bits of adv...
Tags: Featured, Education, Finance, Cloke, American College of Financial Services, Curtis Cloke, THRIVE Income Distribution System


Forbes: Forward vs. Reverse Mortgages in Retirement

Using a reverse mortgage to refinance an existing mortgage will create more financial flexibility for fixed-income retirees, according to Dr. Wade Pfau, professor of retirement income at the American College of Financial Services and a member of the Funding Longevity Task Force, in a new piece at Forbes. “The general idea is that a reverse mortgage used primarily to refinance an existing mortgage creates more flexibility for distribution needs from the investment portfolio by removing a fixed...
Tags: Featured, Education, Finance, Forbes, HECM, Wade Pfau, Pfau, Funding Longevity Task Force, American College of Financial Services


Forbes: Tax Issues Surrounding Reverse Mortgage Repayment

Once a Home Equity Conversion Mortgage (HECM) comes due, there are certain options that are available to the relevant borrowing parties when repaying the loan’s balance, but they also come with their own tax implications. This is according to Dr. Wade Pfau, professor of retirement income at the American College of Financial Services and a member of the Funding Longevity Task Force, in a new piece at Forbes. “When the final repayment is due, the title for the home remains with the borrower or ...
Tags: Featured, Finance, Data, Forbes, HECM, Wade Pfau, Pfau, Funding Longevity Task Force, American College of Financial Services


Abandoning the ‘Wild West:’ How Financial Advisors are Evolving on Reverse Mortgages

Evidence continues to mount concerning an evolving relationship between the reverse mortgage industry and fiduciarily responsible financial advisors. While there is still a stigma surrounding reverse mortgage products for a lot of those offering financial advice to their clients, RMD has seen evidence of forward momentum on the part of some organizations becoming increasingly willing to offer closer looks at housing wealth as a way to help clients make ends meet in retirement. “I’m aware of a...
Tags: Featured, Education, Finance, Cadillac, Cloke, American College of Financial Services, Curtis Cloke, THRIVE Income Distribution System


Reverse Mortgage Professionals Find Optimism in ‘Crystal Ball’ for 2019

Reverse mortgage professionals are optimistic in their outlook for the industry over the course of 2019, and are encouraged by strong business results for January, along with the increasing prevalence of proprietary products and an heightening level of general conversation surrounding reverse mortgage products in general. That doesn’t mean, though, that optimism isn’t at least tempered by some of the setbacks that the reverse mortgage business endured in 2018. “My crystal ball has a lot of...
Tags: Featured, Education, Finance, Bank Of America, Wells Fargo, Mayer, Thorpe, Lenders, Giordano, Richard Thorpe, Resch, HECM, Shelley Giordano, Longbridge Financial, Finance of America Reverse, RMF


Forbes: Managing Costs and Credit of a Reverse Mortgage

For prospective reverse mortgage borrowers, there are strengths and weaknesses to be found either in immediate or delayed leveraging of the line of credit, and the borrower’s decision concerning a package of costs should be a conscious part of the equation. This is according to the latest in a series of pieces at Forbes by Dr. Wade Pfau, professor of retirement income at the American College of Financial Services and a member of the Funding Longevity Task Force. When examining the benefits to...
Tags: Featured, Education, Finance, Forbes, HECM, Wade Pfau, Pfau, Funding Longevity Task Force, American College of Financial Services


Top Opportunities in the New Era of Reverse Mortgages

The reverse mortgage industry is fully aware of the operational difficulties that extend from regulatory changes and reduced overall volume, but many in the industry also find themselves optimistic about the new kinds of opportunities there are in the current landscape of the business. This and more became clear over the course of a webinar on the topic of current reverse mortgage business realities, hosted Wednesday by RMD. “The market is still responding to policy changes HUD put in place i...
Tags: Featured, Education, Finance, Hud, Webinar, MetLife, Mayer, Thorpe, Bank of America Wells Fargo, Giordano, Richard Thorpe, Resch, Shelley Giordano, Longbridge Financial, Pfau, Finance of America Reverse


Forbes: Greater Value in Opening a Reverse Mortgage Before It’s Needed

Opening a reverse mortgage earlier will allow for greater availability of credit in the future, compared with waiting to take out a reverse mortgage until further along in retirement. This is according to a new piece in Forbes by Dr. Wade Pfau, professor of retirement income at the American College of Financial Services and a member of the Funding Longevity Task Force. While the rule changes governing principal limit factors (PLFs) have negatively affected the possibility for even more growth...
Tags: Featured, Finance, Data, Forbes, Wade Pfau, Pfau, Funding Longevity Task Force, American College of Financial Services


New York Times: Volatile Stock Market Hits Retirees Hardest

A turbulent stock market is already stressful for investors, but that stress can easily increase for older investors that are on the cusp of retirement. This is according to an article in the New York Times, written by personal finance reporter Tara Siegel Bernard with contributions by Dr. Wade Pfau of the Funding Longevity Task Force at the American College of Financial Services. The activity of the market in the early days of retirement investing can have a pronounced impact on the health o...
Tags: Featured, Education, Retirement, Finance, Data, New York Times, Bernard, Wade Pfau, Pfau, Michael Kitces, Funding Longevity Task Force, American College of Financial Services, Tara Siegel Bernard, Columbia Md, Pinnacle Advisory Group


Forbes: The Upfront and Ongoing Costs of a Reverse Mortgage

Prospective reverse mortgage borrowers looking to determine if the product is right for them can find a series of new pieces offering information on the upfront costs (origination fee, mortgage insurance premium and closing costs), ongoing costs related to the accrual of interest, spending options for a variable-rate Home Equity Conversion Mortgage (HECM) and details on the growth of a HECM line of credit in a series of new articles at Forbes. Dr. Wade Pfau, a principal at McLean Asset Manage...
Tags: Featured, Education, Finance, Data, Forbes, HECM, Wade Pfau, McLean Asset Management, Pfau, American College of Financial Services


Reverse Mortgage Business Welcomes Increased 2019 HECM Lending Limits

Late last week, the U.S. Department of Housing and Urban Development (HUD) announced changes in the lending limit for federally-backed reverse mortgages, with the new maximum claim amount for 2019 set at $726,525. This represents both an increase for a third consecutive year, and a welcome development for many reverse mortgage originators who have contended with changes to principal limit factors handed down to the Home Equity Conversion Mortgage (HECM) program in October, 2017. “This increase c...
Tags: News, Finance, Hud, Clearwater Fla, FHA, MCA, San Diego Calif, HECM, Main Street America, Reverse Mortgage, Shelley Giordano, REDDING Calif, American College of Financial Services, Scott Harmes, Mac Tennant, IMIP


Reverse Mortgage Stakeholders Dispel Product Myths for Home Care Audience

Bridging two industries that have a shared interest in the ability of senior individuals to age in place, reverse mortgage stakeholders presented a webinar discussion last week to an audience of in-home care professionals. Largely focused on presenting the benefits of reverse mortgages for home care recipients, the panel also dispelled common myths around the product. The Home Care Association of America (HCAOA), a primary trade association for the in-home caregiving industry, presented the web...
Tags: News, Finance, Hopkins, Federal Housing Administration, Department of Housing and Urban Development, Giordano, HECM, Reverse Mortgage, Shelley Giordano, Jamie Hopkins, American College of Financial Services, Stucki, New York Life Center for Retirement Income, HCAOA, Barbara Stucki, The Home Care Association of America HCAOA


Forbes: A History of Reverse Mortgages

A professor at the American College of Financial Services has written a new column detailing the history of reverse mortgages, extending further beyond the Housing and Community Development Act of 1987 signed into law by President Ronald Reagan in February of 1988 by over 25 years. Appearing at Forbes, Dr. Wade Pfau – who also serves as a principal at McLean Asset Management, and who has researched widely on reverse mortgages – gives a broad recap of some of the major moments across the history ...
Tags: Finance, United States, Ronald Reagan, Forbes, Wade Pfau, McLean Asset Management, Pfau, American College of Financial Services


How Originators Are Retraining Referral Partners As Reverse Mortgages Evolve

Still feeling the impact of rule changes to the reverse mortgage industry applied by the Department of Housing and Urban Development that went into effect on October 2, 2017, as well as an influx of new proprietary reverse mortgages, originators find themselves having to take a different approach concerning their business relationships with their referral partners in order to bring all involved parties up to speed with the relevant product changes. Originators now have to contend with new...
Tags: News, Finance, Virginia, Department of Housing and Urban Development, HECM, Reverse Mortgage, Shelley Giordano, Holland Mortgage Services, Ormond Beach Florida, MacNaughton, American College of Financial Services, Laurie MacNaughton, Atlantic Coast Mortgage


As Rates Rise, Reverse Mortgages Gain Appeal Among Forward Lenders

As rising interest rates make home purchases and refinances more cost-prohibitive for forward mortgage borrowers, reverse mortgages could be a worthwhile addition to forward lenders’ offerings, reverse professionals say. With traditional mortgage rates hovering around 5%, forward loan volume has dropped, taking jobs in its path. According to a recent article from the New York Post, Wells Fargo, JPMorgan Chase, Movement Mortgage, and USAA have collectively cut more than 1,400 forward mortgage job...
Tags: Usa, News, Finance, America, Va, San Diego, FHA, USAA, HECM, Reverse Mortgage, Jamie Hopkins, American College of Financial Services, Cherry Creek Mortgage, Dan Harder, Christina Harmes, 1st Mortgage Solutions USA


U.S. Parents Spend $500 Billion Annually on Adult Children

Parents in the U.S. spend a staggering $500 billion annually on their adult children — twice the amount they put into retirement savings, a new Merrill Lynch study shows. Of all the stages of parenting, the empty-nest stage — when kids are over 18 — is the most expensive, according to The Financial Journey of Modern Parenting: Joy, Complexity, and Sacrifice, a joint study from Merrill Lynch and aging research group Age Wave. “Empty nesting offers the chance to reduce expenses, spend more on leis...
Tags: News, Finance, Merrill Lynch, Evans, HECM, Reverse Mortgage, Jamie Hopkins, American College of Financial Services, Heather J T Evans


One Year Later, Reverse Mortgage Leaders Reflect on the October 2017 Changes

It’s been an eventful fiscal year for the reverse mortgage industry. Stemming from the Home Equity Conversion Mortgage program changes last October, the last 12 months have brought lower origination volume, proprietary product innovation, originator diversification, and — most recently — changes to the HECM appraisal process. When last year’s HECM changes hit — with their lower principal limit factors and higher initial mortgage insurance premiums — industry experts had many predictions for the ...
Tags: News, Finance, Hud, FHA, Brian Montgomery, HECM, Reverse Mortgage, Shelley Giordano, HMBS, American College of Financial Services, Dan Hultquist, Michael McCully, Beth Paterson, Laurie MacNaughton, Dan Ribler, Melinda Hipp


FAR Releases HomeSafe Second, First-Ever Second-Lien Reverse Mortgage

Adding to the wealth of proprietary reverse mortgage offerings hitting the market this year, Finance of America Reverse today announced a new product for homeowners over 62 who want to keep a low-rate forward mortgage in place. Aimed at borrowers who are carrying debt into retirement, the HomeSafe Second, a second-lien reverse mortgage, actually allows the borrower to continue building equity by keeping their low-rate forward mortgage in place — all while tapping into their equity with a reverse...
Tags: Texas, News, Finance, Hopkins, Tulsa Okla, California Florida, Irvine Calif, Federal Housing Administration, FAR, HECM, Reverse Mortgage, Longbridge Financial, Jamie Hopkins, Finance of America Reverse, Bryn Mawr Pa, Home Equity Conversion Mortgage


Task Force Issues Call for Education on HECM Repayment Pitfalls

As the industry has positioned the Home Equity Conversion Mortgage as a strategic retirement tool for more affluent borrowers, an industry trade group recently issued an important warning: Do not accidentally terminate your loan by paying down your balance too low. Called a “HECM non-claim termination” in the Federal Housing Administration’s HERMIT system, this type of loan event is a risk specifically for borrowers who are making partial payments to maintain a revolving line of credit as part o...
Tags: News, Finance, Hud, Hermit, FHA, Federal Housing Administration, Department of Housing and Urban Development, Giordano, HECM, Reverse Mortgage, Shelley Giordano, Wade Pfau, American College of Financial Services, Dan Hultquist, Hultquist, Celink


LendingTree Explores ‘Smart and Safe’ Uses for Reverse Mortgages

Online mortgage broker LendingTree took a deep dive into reverse mortgages this week, touting the potential benefits of the products but also describing Home Equity Conversion Mortgages as a “last resort.” The company quoted both industry leaders — including National Reverse Mortgage Lenders Association executive vice president Steve Irwin and American College of Financial Services professor Jamie Hopkins — who offered a supportive, if measured, take on the use of reverse mortgages in retirement...
Tags: News, Finance, Lendingtree, Hopkins, Irwin, Steve Irwin, National Reverse Mortgage Lenders Association, Schoen, HECM, Reverse Mortgage, Jamie Hopkins, NRMLA, American College of Financial Services, Julie Schoen


Housing Wealth for Homeowners 62+ Reaches $6.8 Trillion in Q1 2018

NRMLA/RiskSpan Reverse Mortgage Market Index Hits All-Time High of 244.73 Washington, D.C. – June 20, 2018 (PRNewswire) Housing wealth for homeowners 62 and older grew to $6.82 trillion in Q1 2018, an increase of $177 billion in senior home equity over Q4 2017, reports the National Reverse Mortgage Lenders Association today in its quarterly release of the NRMLA/RiskSpan Reverse Mortgage Market Index. The RMMI rose to 244.73 in Q1, another all-time high since the index was first published in 200...
Tags: Real Estate, News, Washington, Radio, United States, Equity, FHA, Steve Irwin, National Reverse Mortgage Lenders Association, Real Estate News, Bipartisan Policy Center, NRMLA, Jenny Werwa, Reverse Mortgages, American College of Financial Services, RiskSpan Inc