Attorney-CPA Joe Cordell and co-host Jill Enders are rejoined by Better Business Bureau investigator Don O’Brien. The group discusses reverse mortgages and how seniors can utilize them, in order to gain access to the equity of their home.
Don explains how the amount of cash is determined with a reverse mortgage, as well as how to navigate some of the fees and conditions that may be associated with a reverse mortgage. He cautions against the idea of seniors being charged excessive up-front fees for services that generally can be found free of charge or at a low cost through the Department of Housing and Urban Development (HUD).
Don explains how a reverse mortgage affects heirs after you die, as well as his expectations regarding seniors utilizing reverse mortgages during the economic uncertainty of the COVID-19 pandemic.
Don makes general recommendations to consider before applying for a reverse mortgage and emphasizes the importance of finding a trustworthy lender.