Unlock Your Home's Equity With A Reverse Mortgage

[yosephworku]

Lane and Don, thank you so much for such inspiring conversation! I learned a lot about reverse mortgage today and got bright view about it. Lane, when possible, please also invite someone who can explain the use of life insurance as a retirement tool.

[AskDonGraves]

Lane, thank you so much for having me on your podcast! It was a pleasure discussing the importance of incorporating reverse mortgages into retirement planning conversations. I hope our discussion provided valuable insights for your audience of financial advisors. Looking forward to connecting again soon! - dg

[EvanCarmichael]

Great breakdown on reverse mortgages, very informative and helpful! - Lhiamel

[karinmottola]

Is this true about a reverse mortgage? The lender actually makes payments to you: you can choose to receive a lump sum, monthly payments, a line of credit. The interest and fees associated with the loan get rolled into the balance each month. That means the amount you owe grows over time, while your home equity decreases. You also have to pay an upfront insurance premium. Usually, this is 2% of your home’s appraised value. You’ll also pay origination fees at closing. You do have the option of rolling these costs into your loan balance, but that means you receive less money.

[imtherapycat]

I'm 67 and have a $105K balance on a home valued at $255K. Am I eligible for a reverse mortgage? What is the interest rate on one? Even if I don't take any money out of the home, will I have any payments to make while I continue to live there?

[danielhuntington]

Baloney...my parents had a reverse mortgage....the fees were steep and it sucked a huge amount of their equity out of there house. A simple equity loan would have worked far better for them for getting their hurricane windows.

[wildhorses]

Yes, a Gray Divorce at 70. Not expected, husband took all of the monies. What a mess, married over 36 years and he has a wealthy widow.

[al]

I took a line of credit, and my CU gave me 80% of the value. The closing cost was in house and very cheap.

[dennisvega]

Do you guys have an office to call to? Do you guys help people to get out of reverse mortgage?

[relicofgold]

If it's a mortgage, do they pay you monthly? 
If they pay you monthly, are those monthly payments mostly interest and minuscule principal so it takes 30 years to pay you off?  Do they pay a penalty if late?  Are they required to buy mortgage insurance?
It's not a mortgage at all.

[ttfweb]

They are horrible- broke my parents. The people who need these are not of the bent to leverage them well.