In this episode of Not Ready Yet: Curating Conversations for the Aging Journey, Lisa Harper speaks with Michael Pankow, a seasoned mortgage professional, about reverse mortgages. The conversation aims to demystify reverse mortgages and encourage proactive financial planning for aging individuals and their families. They discuss the fundamentals of reverse mortgages, including eligibility, benefits, and common misconceptions. Michael emphasizes the consumer protections in place, the importance of planning ahead, and the options available for heirs.

Takeaways

• A reverse mortgage is a non-recourse loan, meaning borrowers will never owe more than the home's value.
• Reverse mortgages can help cover home modifications and in-home care costs.
• A reverse mortgage allows seniors to tap into home equity tax-free.
• Eligibility for a reverse mortgage requires being 62 or older and living in the home.
• HUD counseling is a requirement to ensure understanding and prevent elder abuse.
• Consumer protections are in place to safeguard seniors and their heirs.
• Heirs have multiple options when the borrower passes or moves into care.
• The timing of obtaining a reverse mortgage can be crucial for financial security.
• Many misconceptions about reverse mortgages stem from outdated information.
• Proactive planning can prevent financial distress in later years.

Chapters

00:00 Introduction to Reverse Mortgages
08:18 Myths vs. Facts about Reverse Mortgages
13:14 Using Reverse Mortgages for Home Modifications
17:33 The Financial Benefits of Reverse Mortgages
26:35 Understanding Reverse Mortgages and Common Misconceptions
30:01 Financial Assessments and Eligibility for Reverse Mortgages
34:26 The Importance of Timing and Proactive Planning
38:31 Empowering Families: Conversations About Future Planning

Connect with Michael

Michael Pankow, CEO
NMLS# 220611

Veterans Mortgage of America
Licensed in all 50 States
Company NMLS #407536

916.296.7765 Cell

Email: michaelpankow@veteransmoa.com
Web: veteransmortgageofamerica.com