As we look ahead to 2025, NRMLA organized a roundtable with three experienced loan officers who shared their perspectives on the past year and where they see opportunities for growth and success.
One message conveyed during the roundtable is that more people—including younger generations of homeowners and their financial planners—are coming around to viewing reverse mortgages as sound planning devices rather than tools of last resort to stave off a personal financial crisis.
“There are so many people who can use this program, yet we are doing so few of these loans,” Parker Turk, CRMP, executive vice president at Sun American Mortgage. “There’s so much growth ahead because look at how many people will need it. And I don’t want that message to get tired.”
Writer M. Diane McCormick provides an overview of efforts by government agencies, nonprofits and businesses to help people stay in their homes as long as possible. It isn’t easy. And it is costly to make homes suitable for retirees, who often don’t have the resources to get the help they need. Home health care can cost about $4,500 per week and is difficult to obtain, McCormick points out.
This past spring, a committee of stakeholders released a report called Aging in the United States: A Strategic Framework for a National Plan on Aging that offers recommendations that include creating support systems in age-friendly communities.