Senior Issues

A thorough knowledge of reverse mortgages is critical to any loan originator's success. However, if you really want to impress your clientele, you should have a basic understanding of other state and federal programs that offer assistance to the elderly.

Efforts are underway in Los Angeles, Minnesota and Washington state to promote reverse mortgages as a financial tool to help elderly homeowners pay for home and community-based services to help them age in place.

With Baby Boomers on the cusp of retirement, the average life expectancy could soon reach 90 years thanks to significant advancements in medicine and healthcare. What has some experts worried is whether Americans are saving enough money to live comfortably for a period of retirement that could reach 30-plus years.

Although growth in property values may be slowing in some parts of the country, the issue of property taxes is still of major concern for elderly homeowners living on fixed incomes.

The Department of Health and Human Services has awarded grants to 43 states over the past three years to support the development of aging and disability resource centers that seniors can contact to learn about local long-term care support programs ranging from in-home care services to nursing facilities.

Veteran loan originator Mary Ressetar, with Wells Fargo Home Mortgage in Chicago, IL, knows the proper way to interact with a senior client from the moment first contact is made to when the last loan document is signed at the closing table.