May 15, 2023
Many older homeowners say they want to age in place for as long as possible, but as the years go by, they aren’t sure if they’ll have enough money to cover their daily expenses. They may have substantial equity in their homes: but find themselves “house-rich and cash-poor.” One financial tool to generate more cash flow, retirement experts say, is a reverse mortgage. These instruments have been around for decades but are still misunderstood by many consumers. In today’s episode, Tim Kennedy, a Certified Reverse Mortgage Specialist, explains how homeowners can use reverse mortgages as a tax-efficient retirement income tool, while he dispels the myths about these products. The host of a weekly radio show, “It's Just A Mortgage,” Tim will describe the various types of reverse mortgages, how these loans work, and how consumers can use them for different needs, including monthly expenses, renovations, or purchase of another property. And he’ll offer an update on the latest events affecting the housing and financial markets, what they mean for consumers right now— and what their impact might be on our retirement years.