When is a Reverse Mortgage a Good Idea? [Ukm0LTES1Re]
I was recently asked for my thoughts on reverse mortgages. The topic can bring up strong feelings and troubling stories of family members who took out a reverse mortgage and had a bad financial outcome. But, like many financial products, reverse mortgages are a tool. They can do a lot of damage in situations where they are used incorrectly. And they can be a great solution for a retiree who meets a number of important criteria. In today’s video I am going to: 1. Briefly explain what a reverse mortgage is 2. Explain how it differs from other lending options 3. Explain the pros and cons of the product 4. Explain situations where it can be used improperly and create conflict 5. Outline a scenario where I think a reverse mortgage could be a very elegant solution for retirees. LINKS and Resources: 📬📬📬 Send Mark your Retirement Question for a Future Mailbag Video - Email Mark : [email protected] 📅 Book an Introductory Call with Mark 🗞️😄 RETIREMENT ROUNDUP🗞️😄 To get a weekly video newsletter with retirement news, planning insights, and investment lessons, consider subscribing to "Retirement Roundup" below: 📓📋 Retirement Spending Planner TIMELINE: 0:00 - Intro 1:01 - Overview and Benefits 2:52 - Pros and Cons 5:30 - Improper Use of Reverse Mortgage 7:55 - Positive Use of Reverse Mortgage 9:03 - Closing