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NAIFA's Limited & Extended Care Planning Center

The LECP Center empowers professionals to network with solution and service providers to share best practices, directly access subject matter experts, research, training and resources; and provide thought leadership so we may continue to address the changing needs of the market.

Fairway Independent Mortgage Corp.


Recent posts by Fairway Independent Mortgage Corp.

8 min read

How a Reverse Mortgage Loan Can Enhance a Sound Retirement Strategy

By Fairway Independent Mortgage Corp. on 5/27/22 1:30 PM

These days, people are living longer which, of course, is a good thing. But it also means retirees’ savings must stretch further to last throughout retirement. Throw in the recent surge in inflation, rising long-term care costs, and the unfortunate reality that many retirees are not financially prepared for retirement, and we have the makings of a retirement crisis ahead. 

On the bright side for older-adult homeowners, housing wealth has been on the rise. According to the National Reverse Mortgage Lenders Association (NRMLA), U.S. homeowners aged 62+ saw their home equity soar to a record $10 trillion in 2021. It can be prudent for homeowners and their advisors to discuss ways to incorporate housing wealth into retirement planning decisions. 

Topics: Retirement Planning Financial Planning Planning in Advance Reverse Mortgages Potential Partners for Advisors Insurance
5 min read

Why Your Clients Should Plan for Long-term Care Sooner Rather than Later

By Fairway Independent Mortgage Corp. on 3/23/22 4:41 PM

There is and likely will always be a debate between what’s better: “optimistic” or “realistic” thinking. When it comes to retirement and aging, it’s beneficial to have both mindsets. To look forward to the enjoyment of the golden years while recognizing the need to plan ahead for rainy days.

Topics: Long-Term Care Eldercare Aging in Place Gerontology/Aging Assisted living facility (ALF) Advanced Planning Standard of Care & Consumer Protection Limited & Extended Care Planning Center Family Caregivers Awareness
8 min read

Advantages of Reverse Mortgage Loans over HELOC and Home Equity Loans

By Fairway Independent Mortgage Corp. on 3/17/22 11:39 AM

For your clients who are homeowners aged 62+, a Home Equity Conversion Mortgage (HECM, commonly called a reverse mortgage) loan offers some distinct advantages over other types of home-equity-release loans.

According to a survey conducted by Clever,* about half (51 percent) of retirees believe they will outlive their savings. Perhaps even more worrisome, the study also found that 65 percent of retirees say they are not financially secure. They may be facing any number of financial challenges, including how to best pay for long-term care or combat recent jumps in the prices of food, gas, and just about everything else.

As a financial professional, you want to give your clients the best chance at financial success. For most homeowners aged 62 and older, home equity represents the largest portion of their overall net wealth, usually dwarfing their other assets (e.g., retirement savings). While home equity is good, unless the home is sold or the equity is tapped, it is of essentially no functional value to a homeowner in retirement because it is generally very illiquid.

Topics: Financial Planning Reverse Mortgages Grow Your Business Financial Literacy Potential Partners for Advisors
8 min read

Inflation Presents Unique Challenges for Retirees

By Fairway Independent Mortgage Corp. on 3/1/22 11:34 AM

Home Wealth Can Help Your Older-Adult Clients to Fight Inflation.  

These days, inflation is on the minds of most people — and it is of particular concern for seniors. With prices rising at the fastest pace in decades, many people who are in or nearing retirement have heightened fears they may outlive their savings.

The stage is set for home wealth, which has also been on the rise, to play an important role in helping retiree homeowners to support a more efficient retirement income strategy. As a financial professional, you want to give your clients the best chance at financial success, which is why it is imperative that the strategic use of home equity is part of any retirement-planning conversation.

Topics: Retirement Planning Retirement Reverse Mortgages Retirement Plans Seniors
8 min read

Home Equity Conversion Mortgage (HECM) Loan: What You Need to Know

By Fairway Independent Mortgage Corp. on 2/16/22 12:51 PM

While there are several different types of reverse mortgages, most reverse mortgage loans today are HECMs—the only reverse mortgages insured by the Federal Housing Administration (FHA). 

Many financial professionals now consider today’s HECMs to be an important and effective tool (when used within a comprehensive financial plan) to help improve retirement outcomes for their older-adult homeowner clients.

Topics: Retirement Planning Financial Planning Planning in Advance Retirement Reverse Mortgages Financial Literacy Potential Partners for Advisors
10 min read

What You Should Know About Reverse Mortgage Interest Rates

By Fairway Independent Mortgage Corp. on 12/22/21 9:00 AM

It’s easy to lose focus on interest rates when you’re helping your client search for a reverse mortgage loan.

After all, the interest rate won’t affect the monthly payment because they won’t have to make one (though they will need to pay taxes and insurance and maintain the home).

Reverse loans don’t require monthly payments, as the full balance comes due when the last borrower dies or leaves the home.

But reverse mortgage interest rates are still a big deal and should factor into your clients' borrowing decisions. The interest rate will make a huge difference when the balance comes due and your client or their heirs must decide what to do with the home.

Topics: Long-Term Care Retirement Planning Potential Partners for Advisors

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