A recent piece from Reverse Mortgage Daily explored the importance of reverse mortgage professionals, understanding the significance of long-term care for older Americans.
The report revealed that understanding long-term care can make for a more lucrative reverse mortgage business. Luckily for reverse mortgage professionals, there are a few paths to obtaining the necessary knowledge, though one stands out among the many.
"While there are multiple routes to gaining knowledge about LTC, the Certification for Long-Term Care (CLTC) is a designation that was created in 1999 and is supported by the CLTC Board of Standards, Inc., which states that it is not affiliated with or funded by any insurance sales or marketing organization," according to RMD.
"Its aim is to help clients of financial professionals and organizations understand what their needs will be beyond just the accumulation of wealth, and what a client’s potential long-term care needs can look like. While not the only route available to learn about LTC, it has the potential to be an efficient way to learn about the concept."
The CLTC Board of Standards believes that protecting families from potential devastation of long-term care does not involve selling a product. Instead it suggests that professionals offer advice that could help offset the consequences of long-term care, according to the report.
Steven Sless, Reverse Mortgage Division Manager at Primary Residential Mortgage, Inc. in Finksburg, Md., revealed that reverse mortgages were actually suggested as a way to help fund long-term care during his time in the CLTC course, according to RMD.
The RMD report would later dive into why information on long-term care is important to reverse mortgage professionals, how to use education as a networking opportunity and as a competitive advantage over competition in the space.
To learn more about the relationship between long-term care and the reverse mortgage industry, click here.