I was recently joined by special guest and reverse mortgage specialist Carlos Camargo to talk a little bit about reverse mortgages, including what they are and when using one is advantageous.
Here’s an outline of what we talked about, with timestamps so that you can skip ahead to the section(s) that interest you the most:
1:00- What is a reverse mortgage?
1:55- How someone on a fixed income can benefit from refinancing with a reverse mortgage.
3:00- How a reverse mortgage can be used to actually purchase a home.
5:58- The age requirements for a buyer to obtain a reverse mortgage.
7:10- The role that equity plays in terms of qualifying for a reverse mortgage.
9:10- The most confusing part about reverse mortgage qualification.
10:30- How interest rates play a role in reverse mortgages and home values.
12:55- Who benefits most from a reverse mortgage?
15:15- How a reverse mortgage can provide monthly “income” to homeowners.
22:30- Why fixed-income retirees aren’t the only ones who can benefit from reverse mortgages.
24:50- Why sitting down with someone like Carlos in a free consultation to go through your options is important in the process of making the right decision.
27:00- How lenders like Carlos calculate equity different in reverse mortgages than with traditional mortgages.
28:30- Why the current market is very conducive to reverse mortgages.
33:10- Some final thoughts from Carlos for anyone considering a reverse mortgage.
If you have any questions for me about reverse mortgages or about anything else related to real estate, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.