Kirby Bradley, an ESPN award-winning film producer, known for Real Sports with Bryant Gumbel and 30 for 30, has recently produced a short documentary on one of the most misunderstood retirement products available, a reverse mortgage loan. This informative documentary covers true stories from families who used a reverse mortgage in a sensible, smart, and safe way that has enhanced their lives in a life-changing way. Feel free to watch the video below or read the transcribed text below. If you’re interested in learning more about a reverse mortgage, you can request your free book here or reach out to your local reverse mortgage planner.
Most but not all, reverse mortgages today are federally insured through the Federal Housing Administration’s Home Equity Conversion Mortgage (HECM) Program. This blog and video talks about HECM loans only.
Someone such as Carol is in a position of having a lot of equity in their home, but no cash
Harlan Accola: ()Hi, I’m Harlan Accola, with Fairway Independent Mortgage Corporation. You’re about to watch a short documentary about one of the most misunderstood financial retirement products available, reverse mortgages. These are true stories told by real people who, at one time, didn’t even like the idea of reverse mortgages. But they did their research and eventually concluded that reverse mortgages are a sensible, smart, and safe part of retirement planning for a broad range of people. I trust you’ll find the stories informative and ily.
Carol Tavares: ()I’m Carol Tavares, and I’m 76 years old, although I don’t feel like it inside, I look like it on the outside. My husband and I were married in 1993. It was not our first time around. I had three children, and he had 1. Life is a challenge. I’ve had some more severe problems in the last few years. Eric is my middle boy, and he is disabled, and he’s 56. He uses a wheelchair and has been for 35 years. Then I had my mom here for a while living with me, and she passed away in June, and she was a handful. And then I have Joe, my husband, who is diagnosed with early Alzheimer’s. I seem him slipping away.
Carol Tavares: ()Eric has always been my responsibility. I try and help him as often as I can. His van was in real bad shape. It was coughing and choking and not getting him where he needed to go, and if he didn’t have a van, he wouldn’t be able to go anywhere. He’s housebound. We knew we had to do something, and I was so frustrated. I didn’t know which way to turn.
She didn’t have access to the cash value available in her home
Carol Tavares: ()We have a mortgage. I was struggling to pay the house off because my idea and my dream or my thoughts were that you should have a house paid for if you want to retire. Joe wanted me to get the reverse mortgage, and I fought him every step of the way. I didn’t think he understood the ramifications of a reverse mortgage, so I kept saying no, no, no. And Joe kept seeing Tom Selleck on television selling reverse mortgages, and my thought is, you’re kidding click over here now me, Tom Selleck surely doesn’t have a mortgage, let alone a reverse mortgage. My daughter called me, and she says, “Mom, I think you should look into it again. Things are different. A reverse mortgage is you’re taking your money out of your house, and you have access to that money. If something happens to you, the house is still in your name, and your beneficiaries can still sell the house and have whatever money’s left after they paid the reverse mortgage off.”