by Maggie Callahan Big-name pitchmen like Tom Selleck and Henry Winkler have graced reverse mortgage ads for large national lenders for years, but local originators also have also found their own paths to success using TV, radio, and the internet. Michael Banner, the president of Professional Mortgage Alliance LLC in Clearwater, Fla., is no stranger…

 by Maggie Callahan As adult children become less debt-adverse and more involved in their parents’ finances, originators are noticing more receptivity and engagement from borrowers’ children during the reverse mortgage loan process. Laurie MacNaughton, a reverse mortgage specialist with Atlantic Coast Mortgage in the Washington, D.C. area, says more adult children are picking up the…

by Maggie Callahan Yet another poll reveals that all generations feel unprepared when it comes to retirement savings — with 21% of baby boomers lacking adequate savings to cover one month of basic expenses, according to AARP. Co-commissioned with the Association of Young Americans, the “Three Generations Survey” asked baby boomers,Generation Xers, and millennials, a…

By Maggie Callahan Fewer than a quarter of high-net-worth individuals have a firm plan for long-term care, but nearly all of them suggested a preference to age in place independently, a poll from Key Private Bank revealed last month. Key Private Bank, the wealth management arm of bank-based financial services company KeyCorp, surveyed more than…

by Alex Spanko Less than 40% of Americans say their retirement plans are on track, and non-retirees report widespread confusion about some common financial tools and concepts, according to a new report from the Federal Reserve. Three-fifths of working people with 401(k)s, IRAs, and traditional savings accounts reported “little or no comfort” with managing them, the Fed…

By Alex Spanko A recent survey found that 10% of seniors aging alone plan on using reverse mortgages to pay for long-term care costs — a number that lags behind other sources, but still represents a potential area of opportunity for the industry. The vast majority of respondents — 68% — identified savings and investments…

by Alex Spanko The Bureau of Economic Analysis released updated statistics last month showing a sunnier savings outlook for Americans than previously estimated — but some commentators note that not everyone may be sharing in the success. After releasing first-quarter data showing the personal savings rate sat at 3.3%, the BEA recently amended its estimate…