Should You Get a Reverse Mortgage?

Money Tree Investing

Money Tree Investing Podcast

Stockmarket, Valuestocks, Investing, Finance, Passiveincome, Wealth, Business, Personalfinance

4.6 • 658 Ratings

🗓️ 8 January 2021

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

Are you considering a reverse mortgage as a part of your retirement plan?

Are you worried these products are still the black sheep of retirement planning?

You might be surprised that things have changed a bit in the reverse mortgage market.

Check out this interview with Steve Resch where we discuss the ins and outs of reverse mortgages, why they have improved over the original products, and when it makes sense to consider for your retirement planning needs.

For more information, visit the show notes at https://moneytreepodcast.com/reverse-mortgage-steve-resch

^{Today's Panelists:}

^{Kirk Chisholm | Innovative Wealth}
^{Barbara Friedberg | Barbara Friedberg Personal Finance}
^{Megan Gorman | The Wealth Intersection}

Transcript

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0:00.0	Welcome to the Money Tree Investing Podcast.
0:04.7	Stock market, wealth, personal finance, value stocks, invest in your life.
0:11.2	Hello, Smart Money Tree Podcast listeners.
0:13.5	Welcome to this week's show.
0:15.1	My name's Kirk Chisham and I'm going to be your host.
0:17.8	So today we are talking with Steve Resch.
0:19.8	How you doing today, Steve?
0:22.2	Good, Kirk. How are you?
0:28.5	Good. Good. So Steve is with Finance of America Reverse. Steve, tell us a little bit about yourself and your background. Kirk, I actually wear two hats. My role with Finance of America Reverse is I'm head of the
0:34.8	Retirement Strategies Division. And in that position, what I do is talk to
0:40.0	financial advisors around the country about using a reverse mortgage as part of a comprehensive
0:46.1	financial planning tool. The other hat I wear as I am also a financial advisor. I started a wealth
0:52.2	management company about 25 years ago, and I'm still a partner
0:55.8	in that firm, but I was introduced to reverses about 15 years ago, and I just thought they were
1:01.7	a phenomenal way to bring home equity into that planning process, and I've kind of been an advocate
1:07.6	for the program ever since. Can you talk about the reverse mortgage space?
1:12.8	It got a bad rap a while ago, and I'm sure there were some changes made. So can you kind of talk
1:16.7	a little bit about that? One of the initial, let's say, misconceptions that I do want to talk about
1:22.0	is, you know, and I hear this all the time, everyone always asks me this, does the bank own the home?
1:27.0	There's an assumption that when you do a reverse, the bank owns the home. Everyone always asked me this, does the bank own the home? There's an assumption that when
1:28.4	you do a reverse, the bank owns the home. And that honestly has not been the case since the 1960s.
1:34.9	So I just want to clear that one misconception up right from the start. A reverse mortgage is a
	...

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