Reverse Mortgages- Understanding the Pros and Cons
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 3 April 2023
⏱️ 41 minutes
🧾️ Download transcript
Summary
"Is a reverse mortgage a good idea? It could be but there are certainly some pros and cons to think about before signing those papers. In today's episode, we break down what you should know."
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:11.0 | Hey, everyone, welcome to the Big Picture Retirement Show. |
| 0:13.9 | I'm your host, Devin. |
| 0:14.8 | Join today by my co-host, John Ross. |
| 0:17.6 | Howdy. |
| 0:22.7 | John, retirement income is a quest that a lot of people are on. |
| 0:27.2 | They want to be able to increase their retirement income. |
| 0:30.1 | And it surprises a lot of people when they retire, right? |
| 0:32.5 | They figure out that, hey, my million bucks isn't going to quite get me the level of |
| 0:37.2 | income I thought it would. Yeah, |
| 0:38.7 | I need some more money. You know, when we were growing up, if you were a millionaire, |
| 0:42.8 | you know, we would hear that term thrown around, oh, they're a millionaire. And it was just like, |
| 0:46.3 | you know, they were just some sort of God. We expected them to go everywhere in their helicopter |
| 0:51.9 | if they were a millionaire, or at least in the |
| 0:54.4 | straight limo with a driver, they're millionaires. |
| 0:57.1 | Right. |
| 0:57.6 | But now we see people that's retiring all the time with a million. |
| 1:02.1 | Oh, yeah. |
| 1:02.7 | Two million. |
| 1:03.7 | It's just not that much money in as compared. |
| 1:08.6 | Comparatively. |
... |
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