Reverse Mortgages and How to Use Them in Retirement with Mitch Cooper, CRMP®, CRPC® | The Matt Feret Show Podcast | #023
This episode will give you an insider’s guide to reverse mortgages, the myths vs. the facts, a breakdown of the up-front and ongoing costs of reverse mortgages, whether or not the reverse mortgage process and products have evolved, and how and when to use them as part of a comprehensive retirement plan for you or your loved ones.
Mitch Cooper is a Reverse Mortgage Advisor for Mutual of Omaha Reverse Mortgage. In 2021, he became the youngest person in history to earn the Certified Reverse Mortgage Professional (CRPC®) designation.
“For most retirees, two-thirds of their wealth is in their home or the average American retiree. So proportionately there's all sorts of networks but still around a lot of their wealth is in their home and that's great except for, one, it's your last home it just becomes this piggy bank you can't really touch, you have to refinance or sell it to get access to it. And if you sell it, you still got to live somewhere and so you got to have a roof over your head. And so that's where we go, "Can we keep the main purpose of the home?" Which is to have a roof over your head; shelter. There's a lifestyle there depending on where they're at in that range and then draw some of that wealth back out in a way that secure, meaning you get to still live there...
Even if 2008 happens, as long as they're living there, paying the property taxes, homeowner's insurance, it doesn't matter if the loan balance has gone over the value of the home because it's FHA insured and it's a true non-recourse loan, meaning we cannot come after any other assets to collect that shortfall. So they still have a roof over their head, same home, and that kind of thing.”
- Mitch Cooper, Certified Reverse Mortgage Professional CRPC® and CRCP®
Be sure to check out Prepare for Medicare - The Insider's Guide to Buying Medicare Insurance.
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