Reverse mortgages are receiving a lot of attention today, due in part to positive changes made to the program and a growing body of academic research that has meticulously scrutinized how the use of reverse mortgages can help clients enhance the probability of meeting their retirement goals.
It is this academic research that has led leading retirement researchers to advise: "Financial advisors need to revisit the facts about reverse mortgages so they can make informed decisions when assessing how they may benefit their clients."
Background: Since its inception in 1989, over 932,000 Americans have used a Home Equity Conversion Mortgage, more commonly referred to as a "reverse mortgage," to access their home equity. The Home Equity Conversion Mortgage, hereinafter referred to as "HECM," is backed by a $105 billion insurance fund overseen by the Federal Housing Administration ("FHA").
This quiz is designed to help you assess your knowledge of HECMs, and measure the likelihood your clients can benefit from them. Your answers will be scored, and the correct answer will be provided for each question.
As a thank you for your participation, you will be offered a chance to win a $100 Amazon gift card at the conclusion of this quiz.
