Utah's Hope

Reverse mortgages continue to carry a negative reputation, but faithful stewardship means evaluating financial tools based on how they work today. On the next Faith & Finance Live, Rob West and Harlan Accola explain why many Christians remain hesitant. They also discuss how a modern, FHA-insured reverse mortgage could fit into a thoughtful retirement plan. Then, it’s on to calls. That’s Faith and Finance Live . . . biblical wisdom for your financial decisions. That’s weekdays at 4pm Eastern/3pm Central on Moody Radio.

Faith & Finance Live is a listener supported program on Moody Radio. To join our team of supporters, click here.

To support the ministry of FaithFi, click here.

To learn more about Rob West, click here.

To learn more about Faith & Finance Live, click here.

See omnystudio.com/listener for privacy information.

Reverse mortgages have carried a negative reputation for years, especially among Christians who are cautious about debt. But as with any financial tool, faithful stewardship calls us to understand how it works before deciding whether it belongs in a financial plan.

Harlan Accola leads the reverse mortgage team at Movement Mortgage, a FaithFi underwriter. He joined the show today to explain why reverse mortgages remain controversial, how today’s Home Equity Conversion Mortgage (HECM) differs from older products, and when it might play a useful role in retirement planning.

For many believers, the hesitation begins with debt itself. Scripture repeatedly encourages wisdom, contentment, and caution in financial matters, so borrowing against a home's equity can feel contrary to good stewardship.

There is also the lingering reputation of earlier reverse mortgage products. Many people remember stories involving high costs, confusing terms, or homeowners facing difficult circumstances later in life.

Accola says those concerns are understandable. “I felt the same way in the past before I understood them,” he said.

But he argues that many people are evaluating today’s federally insured reverse mortgages based on older versions of the product—or confusing them with other home-equity arrangements that work very differently.

That makes it important to understand exactly which product is being considered and how its protections, costs, and obligations work.

The most common type of reverse mortgage is the Home Equity Conversion Mortgage, or HECM, which is insured by the Federal Housing Administration.

Unlike a traditional mortgage, a HECM generally does not require the borrower to make monthly principal and interest payments. Instead, the loan balance typically grows over time and becomes due when the borrower no longer occupies the home as a principal residence, sells the property, or dies.

The homeowner still retains ownership of the home and remains responsible for obligations such as property taxes, homeowners insurance, and property maintenance.

HECMs also include protections designed specifically for older homeowners. Borrowers must complete independent counseling before obtaining the loan, and the loans are non-recourse, meaning the borrower or heirs generally will not owe more than the home's value when the loan is repaid.

Certain eligible non-borrowing spouses may also be able to remain in the home after the borrowing spouse dies, provided they meet program requirements.

Those features make today’s HECM significantly different from some of the products that contributed to reverse mortgages’ poor reputation in earlier decades.

For many retirees, a home represents one of their largest assets. Yet that wealth is often difficult to use without selling the property or taking on more debt.

A reverse mortgage can potentially convert a portion of that equity into accessible funds.

One possible benefit is improved monthly cash flow. Eliminating a required mortgage payment could help a retiree living on reduced income balance a budget without turning to credit cards or other higher-cost borrowing.

Reverse mortgage proceeds may also provide additional resources for expenses such as home repairs, healthcare, or long-term care.

A HECM line of credit can offer another form of flexibility. For example, retirees may be able to draw from home equity during a market downturn rather than selling investments after they have declined in value. Used carefully, that could give an investment portfolio more time to recover.

Home equity might also help preserve

See cru.org/us/en/about/privacy FamilyLife’s Privacy Policy

Ever lose your electricity at home? It’s surprising how much we depend on it. We know the power’s out but, when we walk into a room, what do we automatically reach for? The light switch. Muscle memory. We take that connection for granted. Today on A NEW BEGINNING, Pastor Greg Laurie points out the connection we each have with God through prayer. And when we ignore that connection, it starts to feel like the lights are out in our faith. Good encouragement coming from the book of Acts today.

—

Become a Harvest Partner today and join us in knowing God and making Him known through media and large-scale evangelism, our mission of over 30 years.

Explore more resources from Pastor Greg Laurie, including daily devotionals and blogs, designed to answer your spiritual questions and equip you to walk closely with Christ.

Support the show: https://bit.ly/anbsupport

See omnystudio.com/listener for privacy information.

Tim Goeglein inspires parents to help their children gain appreciation for the history and civics in this great country that have made us the envy of the world.
Receive a copy of the "What Really Matters" bundle and an audio download of "Teaching Our Children What Makes America Great" for your donation of any amount! Plus, receive member-exclusive benefits when you make a recurring gift today. Your monthly support helps families thrive.
Get more episode resources 
Do you have a story or comment on how Focus on the Family impacted you or your family? Leave a message for Jim Daly!
If you enjoyed listening to Focus on the Family with Jim Daly, please give us your feedback.

Do you consider yourself a rule-follower or a go with the flow type? Melissa Hannigan joins Jim Daly to encourage moms and dads to be more flexible. Also, John and Danny provide some encouragement to parents who are more bent towards following the rules. Find us online at focusonthefamily.com/parentingpodcast. Or call 1-800-A-FAMILY.
Inconvenient Parenting
Parenting Styles Quiz
Instilling God-Given Qualities into Your Children (Digital)
Speak to a counselor
Take the 7 Traits of Effective Parenting Assessment

Reap the benefits of a life fully yielded to the Holy Spirit.

Donate: https://store.intouch.org/donate/general

See omnystudio.com/listener for privacy information.

Topics: 

Love Your Enemies, Parking Ticket, Shock Jock, Loneliness, History Segment, Revenge


BONUS CONTENT: Dilemma Street…New Friends

Quotes:

"Living God's way results in a changed us."

"Brace yourself to be shocked."

"The Pringles Guy is a guy. It's a real guy. He's alive."

"Leave God room to judge. He has better insight than we do."
.
.
.
Holy Ghost Mama Pre-Order!

Want more of the Oddcast? Check out our website!

Watch our YouTube videos here.

Connect with us on Facebook!