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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.

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
1 min read

Webinar On-Demand: IUL Sales Ideas and Long-Term Care

By NAIFA on 4/8/22 12:42 PM

Increased awareness of long-term care (LTC) insurance means increased interest in LTC coverage. However, not all clients qualify for a traditional LTC rider.

Topics: Long Term Care Life Insurance Limited Care Potential Partners for Advisors insurance
4 min read

How to Protect Aging Clients from Financial Exploitation

By Cameron Huddleston, Carefull Family Finance Expert on 3/31/22 10:00 AM

Financial exploitation of older adults is rampant, and the problem will only get worse as America’s population continues to age.

In fact, the rate at which adults over the age of 60 can expect to experience financial exploitation—1 in 20—is higher than the incidence of many age-related diseases, according to research published in The Journals of Gerontology. And that’s likely an underestimate because many older adults are unwilling to report exploitation.

Topics: Long Term Care Extended Care Limited Care Potential Partners for Advisors
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

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
1 min read

Upcoming Webinar: Tech Tools to Grow Your Long-Term Care Practice

By NAIFA on 2/3/22 12:02 PM

Whether you're a long-term care veteran or interested in expanding your practice, this webinar is for you!

Topics: Financial Planning Limited & Extended Care Planning Center Potential Partners for Advisors
1 min read

Fairway Presents Webinar on Home Equity and Roth Conversions

By NAIFA on 1/7/22 4:55 PM

Join us on February 11, 2022, at 3 pm eastern for the special webinar "Home Equity and Roth Conversions".

The discussion will feature Harlan Accola, CRMP, National Reverse Mortgage Director of Fairway Independent Mortgage Corporation, interviewing Jim Silbernagel, CFP, CEPS, LACP, LUTCF creator and host of Real Wealth® Marketing, on how he has helped clients lower their tax burden using the equity in their homes. 

Register for the Webinar

Topics: Reverse Mortgages webinar Potential Partners for Advisors
2 min read

Using Technology to Deepen Client Relationships Across Generations

By Cameron Huddleston, Carefull Family Finance Expert on 1/7/22 4:28 PM

Technology might not seem like a likely tool a financial advisor can use to build client relationships. It almost goes without saying that older generations prefer human interaction versus digital services when it comes to their finances. And surveys have found that even tech-savvy millennials are more likely to get help with their finances from real-life advisors than from robo-advisors. 

So how can technology help financial advisors strengthen and add value to their relationships with clients—especially older clients—when it lacks the human touch? After all, a computer can’t hold your hand during a market downturn. 

But there is new technology that can enable advisors to build their businesses by giving them the ability to better assist aging clients and clients taking care of aging parents at the stage of their financial lives where they need the most help. That new technology is Carefull. 

Topics: Long Term Care Technology Tools Potential Partners for Advisors
5 min read

Why You Need to Talk to Clients About Monitoring

By Cameron Huddleston, Carefull Family Finance Expert on 12/29/21 8:00 AM

Courtney Heiden’s dad always took care of the family finances. In fact, he had a background in finance and managed client accounts at the large companies where he worked. So it came as a complete shock when there was a knock on her parents’ door several years ago, and the man at the door said the house was going to be auctioned off the next day.

“My mom actually thought they were kidding or maybe had the wrong house,” Heiden said. “And the man at the door said, ‘No, there's not been a mortgage paid in nine months.’ Their world kind of came crashing down at that moment.”

Topics: Long Term Care Aging in Place 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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