Washington, DC – August 4, 2011 – In an economy fraught with fear about the future, the National Reverse Mortgage Lenders Association has announced its 2011 Annual Meeting & Expo will focus on the role reverse mortgages can play in retirement planning and the emerging opportunities for realignment of the industry following the departure of such entities as Bank of America and Wells Fargo. “We view this as a time of great opportunity,” says Peter Bell, NRMLA president and CEO. “As a result of the recession, home equity has emerged as the primary source of wealth amongAmerica’s seniors and needs to be considered an essential retirement planning tool. And as some companies exit the sector, it creates room for others to enter and grow.” Always the largest annual gathering of reverse mortgage professionals, this year’s event, entitled “Assuring America’s Seniors: Expanding Confidence in Reverse Mortgages,” will be held October 24-26 at the Renaissance Boston Waterfront Hotel. A highlight will be the unveiling of NRMLA’s new industry-wide messaging plan to help prepare consumers for everything they can expect when they explore obtaining a reverse mortgage. “We have reached out to experienced members and asked them to share their most helpful and informative moments with clients,”Bellsays. “Now we will share those experiences with the industry and create a model for the highest level of service. Sharing everyone’s best work is a strong motivation to gather.” In the past few months, volume and share has increased among the remaining top ten reverse mortgage lenders, an indication of an opportunity for participating companies to grow and new companies to enter the field. The high level of anticipation for this meeting is indicated by the fact that all sponsorship opportunities sold out before the event was officially announced and put on public sale. Additional information can be found at nrmlaonline.org.
About Reverse Mortgages: Reverse Mortgages are available to seniors 62 years-old and older with significant home equity. They are designed to enable elderly homeowners to borrow against the equity in their homes without having to make monthly payments as is required with a traditional "forward" mortgage or home equity loan. Under a reverse mortgage, funds are advanced to the borrower and interest accrues, but the outstanding balance is not due until the last borrower leaves the home, sells or passes away. Borrowers may draw down funds as a lump sum at loan origination, establish a line of credit or request fixed monthly payments for as long as they continue to live in the home.
About the National Reverse Mortgage Lenders Association: The National Reverse Mortgage Lenders Association (NRMLA) is a membership organization comprised of over 300 companies and more than 1,000 people participating in the reverse mortgage industry. NRMLA serves as the national voice for the reverse mortgage industry. It serves as an educational resource, policy advocate and public affairs center for lenders and related professionals. NRMLA was established in 1997 to enhance the professionalism of the reverse mortgage business.
