8 Myths About Reverse Mortgages with Mitchell Cooper
from On Life With Helen
There are a lot of myths about reverse mortgages. Some think they can lead a person and their heirs to lose everything, have tax issues, or lose their social security benefits; none are true. Still, horror takes over clients' faces whenever we suggest a client consider reverse mortgages. In this episode, I'm really excited to welcome Mitchell Cooper back to the show. Mitchell is a Certified Reverse Mortgage Professional at Mutual of Omaha Mortgage, passionate about educating and guiding clients on the strategic and responsible use of home equity and retirement income planning. In this first part of a two-part series, we go through 8 of the most popular myths on reverse mortgages. Listen to this episode of On Life With Helen to learn how truthful the myths about reverse mortgages are. In This Episode, You Will Learn: Is it true that lenders own the homes they have a mortgage in (5:15) Are funds received from a reverse mortgage taxed? (6:32) How risky reverse mortgages are (7:27) Can the borrower end up owing more than the home is worth? (9:21) What happens if a borrower outlives their expectancy? (14:08) Can a reverse mortgage impact your social security benefits? (17:29) Connect with Mitchell Cooper LinkedIn Let's Connect! Email LinkedIn Website - Ornellas Insurance Facebook Page - Ornellas & associates insurance services Facebook Profile Helen Ornellas Lanham
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