American Advisors Group (AAG) is marking the Veterans Day holiday with an event explaining the benefits of a reverse mortgage for seniors who have served in the United States military.
The lender was recently featured in Ameriforce Media’s Military Families magazine and saw an opportunity to inform senior veterans about how a reverse mortgage could impact their retirement plans, according to a report in Reverse Mortgage Daily. Robb Charles, a Nevada-based originator for AAG and a US Army veteran, spoke on how reverse mortgages can serve this unique community.
“Having survived the dangers of military life myself, from wars in Southeast Asia, to Iraq and Afghanistan, I know firsthand the unique difficulties that veterans are faced with,” Charles said to RMD. “Many senior veterans don’t like to ask for help and can be suspicious of products or companies that they don’t fully understand. Additionally, it’s no secret that veterans, aged 62-plus, have a tough time gaining employment, which they may need to ease their financial burdens. To that end, reverse mortgages may be the best solution to overcoming the difficult financial situations that senior veterans are faced with.”
Charles stressed that securing a reverse mortgage for these veterans comes down to education. He says originators need to take the extra time to understand the unique circumstances veterans face to contextualize the information they’re presenting about reverse mortgages.
A report from the Housing Assistance Council points to the group’s demographics, with veterans totaling 9% of the US population. Two-thirds of that group, or 13 million people, are over 55. Of veterans over 65, 60% have some kind of disability.
AAG’s event is a webinar, being held tomorrow (November 12), which will focus on how veterans looking to borrow can benefit from a reverse mortgage.