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.

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Bill Nass, vice president of Gershman Mortgage and a reverse mortgage specialist returns to Elder Talk with TuckerAllen to discuss how reverse mortgages can help seniors meet their financial needs. Attorney-CPA Joe Cordell and co-host Susan Arthur ask him about the finer details of the process.

Bill explains HUD insured reverse mortgages and how the qualifications of a credit report, debt, the recipient’s age, the homeowner’s insurance costs and property taxes affect whether or not an HUD insured reverse mortgage can be given.

Bill talks about the two different types of reverse mortgages with an adjustable rate and a fixed rate, as well as whether or not people who utilize a reverse mortgage see it as a loan. He talks about the counseling process that is required for those seeking reverse mortgages.

Bill also explains to Joe and Susan how the reverse mortgage process can affect your estate planning, as well as the individuals who are most likely to benefit from reverse mortgages.[/vc_column_text][/vc_column][vc_column width=”1/3″][vc_empty_space height=”25px”][vc_widget_sidebar sidebar_id=”sidebar”][/vc_column][/vc_row]

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Bill Nass, vice president of Gershman Mortgage and a reverse mortgage specialist joins attorney-CPA Joe Cordell and co-host Susan Arthur to discuss the benefits of a reverse mortgage in obtaining the financial resources to supplement your income after retirement.

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