Taxes

S4: Episode 9 – How A Reverse Mortgage Can Enhance Your Retirement With Gabrielle Welter

Listen Later

Are there better uses for your home equity? In today’s episode special guest Gabrielle Welter, along with host Stephen Stricklin, discuss everything reverse mortgages. Gabrielle is a reverse mortgage specialist in the Chicago area, and with 11 years experience in the financial industry, she has a lot to share. 

Gabrielle debunks the negative connotation that a reverse mortgage is the “loan of last resort.” She gives an in depth look into how a reverse mortgage can enhance your retirement portfolio overall. 

She answers questions like; How does a reverse mortgage work if you still have a mortgage payment? What is the cost/value? What happens when you sell your house but there’s still equity in the home? 

Gabrielle Discusses: 

  • Uses for a reverse mortgage, and how it can benefit the retiree- a way to pay for long term care.  
  • Different scenarios for a reverse mortgage and how it would work- even if you still owe money on your mortgage, you can still qualify. 
  • HECM- home equity conversion mortgage
  • Why a reverse mortgage is valuable- Closing costs are high because it is FHA insured, and it is a non-recourse loan, they cannot pass any debt to any errors.
  • Benefits of being FHA insured
  • Explains the scenario of selling the house, still having equity in the home- leaving remaining equity to beneficiaries, “passing money”. 
  • The scenario of not taking equity out of the home, but instead buying a new home, “HECM for purchase” or “H4P”. 

    • Resources:

    Do you have a question to ask for an upcoming podcast episode, or want a FREE copy of our book, Simplify Your Retirement? If so, email:
    [email protected]
    http://www.simplifyyourretirement.com/book
    Myhousecounts.com

    Connect With Gabrielle Welter:

    Myhousecounts.com
    LinkedIn: Gabrielle Welter 

    Connect With Stephen Stricklin:

    [email protected]
    WiseWealth.com
    Simplify Your Retirement
    LinkedIn: Stephen Stricklin
    LinkedIn: Wise Wealth LLC

    About Our Guest:

    Gabrielle Welter is a reverse mortgage specialist in the Chicago area. She has 11 years of experience in the financial industry, and has even owned her own Allstate agency for 5 years. She is passionate about her work, going beyond just a customer-relationship, to a client-relationship, educating her clients and countless others on her social media platforms. Gabrielle is also married, and the mother of three boys and one golden retriever.

    ...more
    View all episodesView all episodes
    Download on the App Store
    TaxesBy Stephen Stricklin, CFP®