Reverse Mortgage Questions

Reverse Mortgages Questions by Forbes Magazine. Personal Finance. The Little Black Book of Billionaire Secrets.

Next Avenue. Where grown-ups keep growing. Opinions expressed by Forbes Contributors Richard Eisenberg are their own. This piece is hopefully a beginning to answer your questions about Reverse Mortgages.

You’ve likely seen the TV commercials for reverse mortgages, with the late Fred Thompson, Henry Winkler and, lately, Tom Selleck. But just between us: Do you really understand how a reverse mortgage works? If not, don’t feel bad — in a March 2017 National Council on Aging survey, 66% of older homeowners said they’d need to do more research to understand a reverse mortgage line of credit.

But I can offer some assistance to help explain reverse mortgage questions and how they work and cautions about them, based on a reverse mortgage webinar I just hosted.

The one-hour Reverse Mortgage Questions with Reverse Mortgage Experts — which you can download here — featured answers to questions from Next Avenue readers and others. The webinar was one of six from the National Reverse Mortgage Lenders Association (NRMLA) as part of Reverse Mortgage Education Week. The four webinar experts were: Peter Bell, president and CEO of NRMLA; Lance Canada, a Certified Reverse Mortgage Professional with First Bank; Tera Guy, vice president for operations at James B Nutter and Company, a reverse mortgage lender; and Phil Stevenson, owner and principal of the reverse mortgage lender PS Financial Services and a Certified Reverse Mortgage Professional.