March-April 2021

The study finds that the greatest obstacles to finan- cial security in retirement have flip-flopped during the pandemic. Before COVID-19 began to spread widely, lack of savings (42 percent) was the top obstacle, fol- lowed by healthcare costs (38 percent) and the economy (34 percent). Now it is the economy (49 percent) fol- lowed by lack of savings (33 percent) and healthcare costs (32 percent). Findings also reveal that people are relying heavily on Social Security as a funding source during retire- ment but don’t have great faith it will actually be there when they need it. Social Security ranked as the top source of retirement funding, accounting for an average of 27 percent of Americans’ overall retirement funding. But one-fifth (20 percent) of people believe it is not at all likely Social Security will be there when they’re ready to use it. NRMLA Board Elects New Officers For 2021 NRMLA’s Board of Directors elected Scott Norman of Finance of America Reverse (FAR) and Michael Kent of Liberty Reverse Mortgage to serve as co-chairs during the 2020–2021 term. A mortgage banker for the past 26 years, Norman is the vice president of Field Retail and Government Relations at FAR in Austin, TX. This will be his second term serving as co-chair. Kent has served as president of Liberty Reverse in Rancho Cordova, CA, since April 2015. Before that, he spent four years at Reverse Mortgage Solutions (RMS) where he was president of loan originations. In addition to Norman and Kent, the other officers include: • Jim Cory, CRMP, vice-chairman, Open Mortgage, LLC, San Diego, CA; • Robert Sivori, vice-chairman, Celink, Lansing, MI; • Leslie Flynne, secretary, Reverse Mortgage Solutions, Houston, TX; and • Michael McCully, treasurer, New View Advisors, Naples, FL. “I want to congratulate Scott and Mike on being elected NRMLA’s co-chairs. Their diverse skillsets and thoughtful leadership make them well-suited to help govern the asso- ciation during this unprecedented time of changing market demands,” says NRMLA President Steve Irwin. The press is talking about ... Retirees, Make the Most of Your Home Equity Business and finance news outlet Kiplinger published a comprehensive article on the strategic use of home equity that included a section on reverse mortgages. Reporter Patricia Esswein interviewed Ray and Anne Smith of Jasper, GA, to illustrate the impact that a reverse mortgage can have on a retirement plan. The Smiths, who are in their 70s and drawing retirement funds from Social Security and an IRA, refinanced into a reverse mortgage in the spring of 2020. The proceeds paid off an $80,000 mortgage balance and credit card debt, with the remaining $150,000 being set aside in a line of credit. “I wanted to make sure we will be comfortable and can live in this house as long as we want to,” says Ray in the story. Esswein’s article offers a balanced look at how reverse mortgages work and advises consumers to visit NRMLA’s consumer site, reversemortgage.org , and to work with a Certified Reverse Mortgage Professional. Read the full arti- cle at bit.ly/2KRyLss. TV Station Promotes Working with CRMPs and NRMLA Members Consumers who are considering a reverse mortgage should work with a Certified Reverse Mortgage Professional (CRMP) or a member of NRMLA to avoid being scammed, according to a news segment broadcasted by Fox31, the local Fox network affiliate in Denver, CO. The station profiled a local woman whose family says she was scammed out of her home and life savings after get- ting a reverse mortgage. The reporters asked local CRMP Bruce Simmons, of American Liberty Mortgage, about key considerations when pursuing a reverse mortgage. “As long as they live in the home, pay their taxes and insurance and What’s News continued on page 10 REVERSE MORTGAGE / MARCH-APR I L 2021 9