Seniors Are Asking for Reverse Mortgages, Does Your CU Have an Answer?
by: Andy Hardin, EVP Operations, AnyHour Solutions
On the whole, credit union members are getting older. The US Census Bureau tells us that there are currently 27 million households that have one resident older than 62. Data also shows that senior households will double within the next 25 years. As an industry it is not prudent to ignore the special needs and unique opportunities that the senior market presents to credit unions.
Traditional retirement and estate planning are common topics of conversation between senior members and their financial advisors. If we plan to give our senior members the benefit of all the available financial tools for their retirement, we should not fail to discuss the advantages of the reverse mortgage product as well. A reverse mortgage can be used in such a way that adds value to the overall retirement plan of the member. We should not shy away from the product for lack of a deep understanding, but rather work to gather the facts and educate ourselves on all the ways our customer can benefit from a reverse mortgage.
By no fault of our own many of us in financial services have never been exposed to the reverse mortgage product. Traditionally, only the professionals who specialize in reverse mortgages have a full understanding of how the program works. Combined with the relatively low demand by the public to obtain such information, this has led to where we are today; a useful loan product that is offered by very few credit unions nationwide
The public demand for more options has led the financial services community to take notice and bring the product out into the light. Seniors are in danger of losing their homes because traditional sources of income and retirement stability have evaporated. The plans they have developed to keep them comfortable in their old age are no longer viable. Seniors are arming themselves with knowledge and looking for the help that they are due.
So now the reverse mortgage product is gaining in popularity every day in the public eye. As consumers demand a full range of options for their retirement planning and homeowners seek for ways to avoid foreclosure, financial service professionals are quickly meeting the demand with the reverse mortgage product. When the product is offered along with all available options, consumers are able to make an informed decision about how to proceed.
The best laid plans are always incomplete when based upon incomplete information. Adding a reverse mortgage option to the possible courses of action in a retirement planning scenario will ensure the customer has all the facts with which to formulate a healthy plan of action.
With almost 20 years of serving credit union borrowers AnyHour Solutions has a complete turnkey mortgage solution for your credit union that offers members a wide range of mortgage solutions, including reverse mortgages. For more information contact Steven Holmes at sholmes@anyhoursolutions.com
Andy Hardin has 15 years of experience in bank and credit union operations, marketing, and systems integrations. He has been the Executive Vice President of AnyHour Solutions since 2004.
With a strong knowledge of customer delivery systems and customer experience management, Andy has helped Credit Unions streamline their operations and maximize their member’s experience in both phone and online environments. Andy has launched AnyHour’s mortgage, Online, Member Service, and new Reverse Mortgage offerings.
Andy Holds an M.B.A. from South Carolina and serves as the Club Reporter of his community’s Optimist Club.
AnyHour Solutions provides a comprehensive third party reverse mortgage program solution for credit unions. For more information contact Steven Holmes, VP Strategic Development, at sholmes@anyhoursolutions.com. www.anyhoursolutions.com
