Lori Ioannou
speaker
179 appearances
3 recordings
1 series
first heard Mar 2022
last heard Feb 2025
Lori Ioannou’s voice in public audio — every appearance, attributed to the second.
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Appearances
due the first year, then about half a percentage of the mortgage balance charged annually over the life of a loan.
According to many reverse mortgage brokers, for a 65-year-old couple to open a $250,000 HECM on a house worth $500,000, total upfront costs could reach $18,000 or more under certain circumstances.
That's a heavy hit for consumers, especially today with the high cost of inflation.
Correct, yes.
Another point I want to make is that after you take a reverse mortgage out, you have to keep in mind that you must also have the amount of income needed to pay home insurance, taxes on the dwelling.
These are not included in the reverse mortgage.
So you must, as a senior, be sure that you have enough cash on hand to be able to pay these additional expenses.
I know a lot of times children are worried and upset if their parents opt for a reverse mortgage because they think they'll be cheated out of their inheritance.
And what they have to keep in mind is if they wanted to keep the home, they could pay off the loan, the remaining portion, upon the death of their parent or parents, and they can keep the property if they wanted to.
They don't have to.
It's not required.
Most of them are variable rate, and they fluctuate according to how interest rates rise and fall.
And in today's environment, as interest rates rise, some would say, well, this is not a good time to get a reverse mortgage.
But a lot of retirement planners say the opposite.
They say, if you don't really need the money...
you can actually use a reverse mortgage very creatively.
You can take out a reverse mortgage and you can let it sit there without tapping into it.
And it could actually appreciate in value as interest rates rise.
And for a small minority of seniors who can afford to do this, they're using this right now as a strategy in this time of inflation and rising rates.
My pleasure.
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