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?
- 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”.
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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.