In the past, reverse mortgages have had a negative connotation associated with them due to high fees and a lack of understanding of what they were and why they are being purchased. Nowadays, we see a rise in popularity among older adults and seniors who have equity in their homes and want to help supplement their income.
In a new episode of Absolute Trust Talk Live, Kirsten welcomes Home Equity Retirement Specialist Russell Doi to the studio. Russell has over 30 years of experience in the lending industry, ranging from private money, conventional lending, and reverse mortgage lending. He has seen firsthand how the incorporation of a reverse mortgage in retirement has had a dramatic positive impact on the lives of over a million senior homeowners. Today you will hear more about what a reverse mortgage is, how it can be used as a smart financial tool, how to determine how much is available to you, and more. Tune in now, and share this episode with your friends!
Big Three from Episode #054:
- Many laws and regulations are governing reverse mortgages that protect consumers and ensure transparency.
- Reverse mortgages are a useful tool to help solve a variety of financial problems like enabling seniors to remain in their homes, pay for in-home care, and more.
- Take the time to educate yourself on reverse mortgages. It is worth it to find out if this is a smart tool for you.
Time-stamped Show Notes:
4:43 – What is a reverse mortgage?
5:56 – What are some of the reasons why people do reverse mortgages?
9:16 – 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?
Free Resource: Reverse Mortgage FAQs
Do you have even more questions about reverse mortgages? We have answers. Today’s guest, Russell Doi, has provided us with a Q&A answering some of the most frequently asked questions about reverse mortgages. Download your free copy now!
Ways to get in touch with Russell:
Visit his website for more information: www.RussellDoi.com
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