What You Might Not Know About Reverse Mortgages as a Financial Tool

Many people have a negative reaction to the term ‘reverse mortgage’. Years ago, they often involved very high fees and were sold to consumers who didn’t really understand what they were buying.

Nowadays, there are many laws and regulations governing reverse mortgages that protect consumers and ensure transparency. As a result, reverse mortgages have become a very useful tool that can be used to solve a variety of financial problems, including enabling seniors to remain in their own homes and pay for in-home care as they age.

Join me as I talk to Russell Doi of Mutual of Omaha and learn some important information you probably didn’t know about reverse mortgages.

Timestamped Show Notes:

00:00 Introduction
04:43 What is a reverse mortgage?
05:56 What are some of the reasons why people do reverse mortgages?
09:16 Russell discusses one surprising way you can use money from a reverse mortgage – to buy a home.
10:42 Kirsten and Russell talk about the qualification requirements for a reverse mortgage.
12:53 Did you know that one major misconception about reverse mortgages is that the lender will own your home?
14:31 What are the different ways that people can take their reverse mortgage money?
17:24 Russell shares how borrows can determine how much is available to them.
19:35 Does credit score affect eligibility for a reverse mortgage?
20:12 If you have a reverse mortgage, who is paying for the taxes, insurance, etc.?
20:46 Are there any requirements to maintain the home?
22:10 What the costs and fees involved in a reverse mortgage?

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