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.

Joseph Chalom, CLU, RICP, LUTCF, LACP, President of Retirement Council, Inc., based in Coral Springs, FL, fondly recalls relationships forged with clients over decades of service.

“Sometimes in this business, you just need a friendly voice and clients are often that friendly voice,” Chalom said. “Many longstanding clients always take my calls, and I would always take their calls. Every advisor needs that client who is receptive and open to them when they need a lift themselves.”

A new survey indicates that individuals’ thinking around retirement has changed due to the COVID-19 pandemic. While older Americans plan to stay in the workforce longer due to the pandemic, some young professionals plan to retire earlier.   

NAIFA is proud to announce Dan Mangus as our newest contributor, providing content to enhance members’ knowledge in the insurance industry space. 

Dan’s passion for the insurance industry is unmatched. After high school, each day, he spent his time setting appointments for his mother, who worked with Medicare insurance products. In 1982, Dan started his first insurance agency at the age of 18 and immediately began networking for growth.

David McKnight, a retirement planning expert and best-selling author of The Power of Zero and other books, told May 4 NAIFA Town Hall attendees about the tax “freight train” heading our way and how the COVID-19 crisis affects the tax implications of retirement planning.