"When I help my clients with Social Security, aside from Social Security itself as their main retirement income, a lot of times the other main asset that they have is their home, he said. And I think it's all of our jobs as professionals, whether you're a reverse mortgage agent or whether you deal with Social Security as I do, we're there to educate clients so that they can live the secure retirement that they're looking for."
"Drapala, who brought up the lack of education around Social Security, said during the webinar that the confusion creates a natural opening for advisers to engage retirees who may otherwise be resistant to reverse mortgage discussions. He claimed that 51% of Americans don't know how much of their retirement income will come from Social Security, while 42% don't know their expected monthly benefit and 33% are unsure of their full retirement age."
Reverse mortgage originators should begin client conversations with Social Security claiming education to build trust and reveal housing stability goals. Social Security is a near-universal concern and can bridge conversations with clients who might resist product-focused reverse mortgage talks. Many retirees lack clear knowledge of their Social Security benefits, contributing to distress and opening opportunities for advisers to engage. Homeownership often stands as another primary asset alongside Social Security and becomes relevant when discussing retirement security. Aligning education-first outreach with the industry goal supports enabling retirees, at least financially, to remain in their homes.
Read at www.housingwire.com
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