<img height="1" width="1" style="display:none;" alt="" src="https://dc.ads.linkedin.com/collect/?pid=319290&amp;fmt=gif">
Join NAIFA
Feb - I Love NAIFA-bg1
Harlan Accola

Harlan Accola

Harlan has been in the mortgage industry for over 20 years and has worked with all types of loans. His specialty and favorite has always been working amongst the 62-plus age group with over 1,000 Reverse Mortgages which has been the most rewarding part of his career. He is now the Reverse Mortgage Director for Fairway Independent Mortgage Corporation.

Recent posts by Harlan Accola

10 min read

Top 15 Reverse Mortgage Loan Questions Answered

By Harlan Accola on 1/19/23 10:02 AM

Reverse mortgage loans are widely misunderstood, and many homeowners and advisors have a strong negative bias against them. Unfortunately, those misconceptions and preconceptions hold back many ideal candidates from ever considering a reverse mortgage.

Today’s reverse mortgage loans are not the same as they were even a decade ago, and it is to your advantage as a trusted financial professional to take a fresh look at them, as they can often be a viable solution to many of the financial challenges that retirees face.

The aim of this piece is to help you understand both common, and somewhat less common, questions about reverse mortgages. Armed with the facts, you will have a much clearer picture of whether a reverse mortgage might be right for older-adult homeowners you advise.

Note: Most, but not all, reverse mortgages today are a Home Equity Conversion Mortgage (HECM), the only reverse mortgage insured by the Federal Housing Administration (FHA). This article refers only to the HECM reverse mortgage.

Topics: Financial Planning Retirement Reverse Mortgages Loan NAIFA Partner
6 min read

What is a Life Expectancy Set-Aside for a Reverse Mortgage Loan?

By Harlan Accola on 12/8/22 9:22 AM

Today’s reverse mortgage loans have built-in protections designed to make sure the loan is a sustainable solution for the borrower. In this article, we’ll explore what a life expectancy set-aside (LESA) is, how it helps a borrower to pay property charges, when the lender’s underwriter will require it, and why, in some situations, it may be advantageous for a reverse mortgage borrower to voluntarily opt for a LESA.

Topics: Reverse Mortgages Loan NAIFA Partner
4 min read

How a Reverse Mortgage Loan Can Help in a Silver Divorce

By Harlan Accola on 11/15/22 9:40 AM

You probably are well aware that the inflation rate in the U.S. has been hitting fresh 40-year records lately. But did you know divorce rates in the U.S. for older couples have been reaching new highs lately, too? In fact, for couples in the U.S. who are 65 and older, the divorce rate has tripled since the 1990s. The trend is called “Silver Divorce” or “Grey Divorce.”

For older adults who are divorcing, assets have likely been intertwined for decades, adding to the challenge of dividing them. Financial needs are sure to be top of mind, as both parties will need a means to support their own individual lifestyles throughout a potentially lengthy retirement period.

For homeowners 62 and older, a reverse mortgage could help as part of a divorce settlement.

Topics: Retirement Reverse Mortgages Loan
9 min read

Advantages of Your Clients Getting a Reverse Mortgage Loan Now Rather Than Later

By Harlan Accola on 10/13/22 11:24 AM

In an advertising campaign in the 1980s, Heinz ketchup used the slogan “Good things come to those who wait.” For your clients who are in their 40s or 50s and yearn to get a Home Equity Conversion Mortgage (or HECM, commonly called a reverse mortgage) loan, well, like the slow trickle of ketchup out of a glass bottle, they are going to have to let time do its thing and wait at least until they reach the minimum qualifying age of 62.

But let’s assume you have a client who is already 62 or better and wants to leverage his or her home equity one day via a reverse mortgage — should the wait to get one continue or is acting now the optimal strategy?

Topics: Client Point of Need Reverse Mortgages Loan
8 min read

Reverse Mortgage Loans: Imaginative Ways They Can Be Used in Retirement Planning

By Harlan Accola on 9/16/22 10:39 AM

Here are three ways people 62 and older (working in tandem with their advisors) can incorporate reverse mortgages into sound retirement plans to potentially improve retirement outcomes.

When it comes to making savings last over a lengthy retirement period, retirees have no shortage of obstacles to contend with: soaring inflation, longer life expectancy, volatile markets, exuberant long-term care costs — the list goes on and on.

Reverse mortgages can help solve many challenges in retirement. But too often the strategic use of home wealth, and consequently reverse mortgages, is something older-adult homeowners and their advisors fail to consider. Two big reasons why reverse mortgages are often omitted from the retirement-income planning conversation are outdated misconceptions and enduring perceptions about how reverse mortgages work and how they are best used. And that’s unfortunate because today’s reverse mortgages have some powerful features — along with recently enhanced consumer protections — that can make them a valuable and effective tool in retirement planning.

Topics: Retirement Planning Retirement Reverse Mortgages
3 min read

The Simple 3 Buckets of Wealth

By Harlan Accola on 10/21/20 10:00 AM

Home Equity and Reverse Mortgages have rarely been part of Financial Planning for retirement but since housing is typically the largest asset and the largest liability for the average American— it certainly makes sense to find out how it impacts the wealth accumulation phase and the retirement spending plan. Housing costs are usually the largest expense category throughout our lives except for those that are quite wealthy and then taxes become the biggest expense. And interestingly enough— housing costs can certainly affect income tax planning as well!   

6 min read

Are you guilty of malpractice in your work?

By Harlan Accola on 8/31/20 4:34 PM

Here are some of the words the dictionary uses to define malpractice: improper, illegal, or negligent professional activity or treatment, especially by a medical practitioner.

Featured

THANK YOU TO
OUR ADVERTISERS

AT Asks!

Loading...