Financial advisors can now access valuable educational resources to learn about HECMs and reverse mortgages and their overlooked role in retirement income planning
Cleveland, Ohio, Mar. 10, 2022…CrossCountry Mortgage (CCM), one of the nation’s largest and fastest-growing retail mortgage lenders, and the Society of Financial Service Professionals (FSP) have announced they will provide additional free educational resources to financial advisors on Home Equity Conversion Mortgages (HECMs)/reverse mortgages. These useful resources will help advisors better manage portfolios of clients nearing or at retirement age and, who, collectively, have billions of dollars tied up in their home equity that often represents an untapped asset.
While these types of loans offer numerous potential benefits to homeowners as they plan for retirement, HECMs and reverse mortgages are largely overlooked and misunderstood by both homeowners and financial advisors. Building on a relationship with FSP that was initiated in 2021, CCM will help educate advisors about HECMs/reverse mortgages and how these loans can help their clients utilize housing wealth in retirement income planning.
Through the partnership, CCM’s HECM team is working with FSP to provide valuable educational resources including webinars, articles, and other content for FSP members and non-members through FSP’s e-commerce site, FSPgo.
For 2022, CCM and FSP are teaming up to offer a series of free quarterly webinars for FSP members, hosted by Susan A. Pomfret, RICP®, senior vice president, HECM Lending Division, for CrossCountry Mortgage.
The first of these webinars, “Housing Wealth Versus Assets Under Management – Why You and Your Clients Can Utilize HECM/Reverse Mortgages to Improve Financial Wellbeing,” will be on Wednesday, March 23, at 12 p.m. ET. Those attending the webinar will be eligible to earn continuing education credits. To register for this webinar, visit this webpage.
CCM has a dedicated HECM team of lending professionals with over 50 years of combined HECM/reverse mortgage experience. The HECM Division is headed up by Susan A. Pomfret, RICP®, who was one of the first to originate a HECM in 1989 as part of the FHA Pilot Program.
“We are excited to advance our partnership with FSP, and to help demystify HECMs and reverse mortgages, which allow homeowners to access a portion of the equity in their homes that they may have built up over many years,” said Pomfret, who holds a Retirement Income Certified Professional (RICP®) Designation from The American College of Financial Services.
“Our members place a high value on information that grows their knowledge to better serve their clients,” said David Maola, JD, MBA, Chief Executive Officer, FSP. “CrossCountry Mortgage has so much expertise and experience when it comes to these loans. They are an exceptional partner and information source for our members, and are arming them to consult with their clients on these loans with the highest degree of knowledge and integrity.”
Pomfret added, “HECMs and reverse mortgages offer so much flexibility, from providing retirement income, to extending retirement savings over additional years, to providing a safety net to cover unexpected expenses to even making it possible for the homeowner to purchase a new home that may better fit their needs during their retirement years. But, despite these advantages, we find that there is also a lack of understanding about these loans. By educating financial advisors, they can, in turn, provide trusted guidance to their clients about the risks and benefits associated with these loans, and help them make informed decisions.”
About CrossCountry Mortgage:
CrossCountry Mortgage (CCM) is one of the nation’s largest retail mortgage lenders, with 7,600 employees operating nearly 600 branches across all 50 states. Our company has been recognized eight times on the Inc. 5000 list of America’s fastest growing private businesses and has received many awards for our standout culture. We offer more than 100 mortgage, refinance and home equity solutions – ranging from conventional and jumbo mortgages to government-insured programs for Veterans and rural homebuyers – and the company is a direct lender and approved seller and servicer by Freddie Mac, Fannie Mae and Ginnie Mae. Through our dedication to getting it done, we make every mortgage feel like a win. Visit www.crosscountrymortgage.com.
About Society of FSP (www.SocietyOfFSP.org):
The Society of Financial Service Professionals (FSP) is a distinctive association in financial services; membership is a multidisciplinary community of accomplished professionals—including CPAs, attorneys, insurance experts, and financial advisors from all disciplines—reflecting the collaborative nature of financial services today. FSP has a long history of providing high-caliber education in a variety of formats (webinars, live programming, audio programs) and authoritative publications, including the Journal of Financial Service Professionals, while offering a robust member benefit portfolio that evolves to maintain relevance. As the home of today’s experts and those who aspire to be tomorrow’s thought leaders, FSP remains true to its core values of education, relationships, and ethics, delivering access to the world-class resources that are critical to success for advisors and their clients.
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