Reverse Mortgages Used as a Smart Financial Strategy - not the loan of last resort from the past
So how old do I have to be, to take advantage of a reverse mortgage? Generally speaking, we say 62 years old because the FHA product, which is the most commonly used program today requires one of the homeowners to be 62. However, we also have non-FHA programs that will allow clients as young as 55 years old to get into a reverse mortgage. Nicole asked Gabe Bodner, Retirement Mortgage Specialist on The Rueth Team, "What's the biggest benefit to a homeowner to want to look into this further? And, what is the advantage to me and why should I look into this right now? If I'm 55 to 65 years old?"
I think that we're finally starting to see the transition and the mentality shift between our realtor partners and our financial advisor partners, where they're starting to see that, WOW!, this is such a powerful tool that it shouldn't be utilized and viewed as if I'm running out of money. Then I should look at doing a reverse mortgage. It is now being viewed as a smart financial strategy where we're seeing clients with millions of dollars of assets under management, look at doing a reverse mortgage because of the tax benefits. It is no longer the loan of last resort. This is a smart cash flow tool for anybody looking at tapping into their home equity to preserve their assets under management.
Tune in to this 9-minute episode to learn more.
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