BRYN MAWR, Pa., Sept. 28, 2016 /PRNewswire-USNewswire/ -- The American College of Financial Services, the nation's largest nonprofit educational institution devoted to financial services, and the Funding Longevity Task Force announce a partnership designed to expand the body of knowledge on issues related to reverse mortgages and home equity in retirement planning.
Since its inception in 2012, the Task Force has championed groundbreaking research focused on reverse mortgages. Now aligned with The College and all of its resources, its goal is to develop and advance an objective understanding of the role that housing wealth can play in retirement income planning.
The seven-member task force is comprised of prominent thought leaders and researchers in the financial planning profession: Shelley Giordano, Chair; Marguerita Cheng, CFP®; Thomas C. B. Davison, MA, PhD, CFP®; Wade D. Pfau, PhD, CFA®; Barry H. Sacks, PhD, JD; John Salter, PhD, CFP®, AIFA®; and Sandra Timmermann, Ed.D.
Jamie Hopkins, Associate Professor of Retirement Income and Co-director of The American College New York Life Center for Retirement Income, is spearheading the collaboration between the Task Force and The College. As Hopkins explains, "We will utilize this group of bright and talented individuals to promote, discuss, and conduct research that can help improve the retirement income security of Americans by increasing the effective use of home equity in a retirement plan."
The Funding Longevity Task Force was co-founded by Torrey Larsen and Shelley Giordano. Ms. Giordano notes that, "Our Task Force took as its mission an exploration of a rational and objective understanding of the role that housing wealth can play in prudent planning for retirement income. We have been pleased that our efforts have permanently changed the conversation about reverse mortgages. We look forward to expanding our reach by joining forces with this respected and energetic institution."
This new relationship between the Task Force and The American College is made possible through the generous help of four strategic partner organizations: Retirement Funding Solutions, One Reverse Mortgage, Longbridge Financial, and TMAC.
"The Funding Longevity Task Force was designed to bring together a group of thought leaders to evaluate senior housing wealth and how it could positively impact retirement. The work done by this team has been remarkable and has been instrumental in better understanding longevity risk and how housing wealth can serve as a tool. There is no better time than now and no better partner than The American College for the transition of this initiative that will broaden and increase the group's impact."
- Torrey Larsen, CEO of Retirement Funding Solutions
"There are many financial options for retiring Americans, but unfortunately misunderstanding and misinformation about some of the most useful sources of retirement income is prevalent. We've offered our support to help The American College and the Funding Longevity Task Force take an objective look at how home equity can be responsibly accessed as part of a retirement plan. An academic perspective is essential to educating both seniors and financial advisors on all retirement options and we look forward to the partnership's findings."
- Gregg Smith, President, One Reverse Mortgage
"While many older Americans own a home that might help them afford a more comfortable retirement, they are justifiably nervous about getting the best possible advice. The American College and members of the Longevity Task Force have strong track records of pursuing new and independent research and disseminating the findings to a broad audience of consumers and financial advisors. We are very proud to support this new initiative."
- Christopher Mayer, PhD, CEO of Longbridge Financial, LLC
For its first meeting in October in Cambridge, MA, the newly constituted Task Force will be hosted by Deborah Lucas, Sloan Distinguished Professor of Finance, Director of the MIT Golub Center for Finance and Policy.
About The American College of Financial Services
The American College of Financial Services is the nation's largest nonprofit educational institution devoted to financial services. Holding the highest level of academic accreditation, The College has served as a valued business partner to banks, brokerage firms, insurance companies and others since 1927. The American College faculty represents some of the financial services profession's foremost thought leaders. For more information, visit TheAmericanCollege.edu.
SOURCE The American College of Financial Services