#046: Is A Reverse Mortgage Right For You?
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 13 November 2017
⏱️ 39 minutes
🧾️ Download transcript
Summary
A reverse mortgage is an agreement that a bank or other financial institution will loan you money against the value of the house, and you don't have to repay that money until the property transfers ownership, often due to death of the homeowner.
There is lots to be said about reverse mortgages. If you want more information, go to our show notes at http://www.bigpictureretirement.net/046
Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide specific tax, legal, or financial advice. |
| 0:05.1 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:12.5 | Hello everyone and welcome to the Big Picture Retirement Show, where we deliver insight on what you need to know for a meaningful and successful retirement. If you are planning for |
| 0:22.8 | or living in retirement, this is the show for you. I'm Devin Carroll and with me today, as he always is, |
| 0:30.5 | John Ross. Hey, John. Howdy. So, John, if you watch TV very often, you'll see some commercials |
| 0:35.7 | come on and talking about these reverse mortgages. Oh, yeah. They're all over the place. Yeah, so I've had quite a few clients come in that have said, you know, Devin, I could use a little bit more retirement income. So what do you think about a reverse mortgage? Yeah, talk to me about these reverse mortgages. I get this question all the time in the office. In fact, to the extent that I've |
| 0:54.9 | probably done two or three radio programs on this, I've done speeches devoted to this topic. |
| 1:01.3 | Well, good. It's a popular topic. Because I'm going to pick your brain today on this topic. |
| 1:05.3 | Because people come in and they think that, wait, it makes sense on the surface. So I have this |
| 1:10.7 | house that's sitting there. |
| 1:11.9 | I have this equity that I've built up in it. But I can't access that equity to give me additional |
| 1:17.7 | living expenses. So the commercials really appeal to that need for additional income because it makes |
| 1:24.7 | sense, right? Sure. It does. Yeah. Until you get to the details. Right. So if we could, John, if we could get started by just telling me a little bit more about what a reverse mortgage actually is. You know, it's funny because I always, I'll start my presentations and stuff on this and I'll say, I'll say, okay, let me tell you what a reverse mortgage is. All right, Devin, here's what we're going to do. You and I, we're going to make a trade. |
| 1:48.3 | Okay? and stuff on this and I'll say, I'll say, okay, let me tell you what a reverse mortgage is. All right, Devin, here's what we're going to do. You and I, we're going to make a trade, okay? |
| 1:59.4 | I want you, I want you to give me $10. Okay. All right. All right. And in exchange, I'm going to give you $6. |
| 2:01.8 | Yes. |
| 2:03.1 | All right. |
| 2:06.4 | So far, it sounds like a heck of a deal to me. |
| 2:06.8 | That's right. |
| 2:08.6 | Now, here's the catch, though. |
| 2:11.0 | You don't have to give me your $10 today. |
| 2:11.6 | Ah. |
... |
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