Steve Resch (VP of Retirement Strategies at FAR) is our resident guru when it comes to retirement planning. He works closely with financial advisors nationwide, providing prospective customers with more options and flexibility as they plan for the future, on top of running his own wealth management company himself.
Recently, Steve was featured on the “Money Savage” podcast, where he and host George Grombacher discussed how we at FAR are erasing the misconceptions on reverse mortgages and helping retirees leverage their home wealth into equity that can enhance retirement.
Show Highlights
“We want to change the conversation.”
(3:25) Steve and George breakdown the misconceptions related to reverse mortgages, debunking the myth that they’re just “loans for poor people” down to their last resort. They also discuss the loan safety features and government safeguards that protect borrowers from being taken advantage of, including the requirement of completing independent counseling before entering into a loan.
“I view reverse mortgages as a retirement risk-management tool.”
(5:45) Steve walks through the options, flexibility, and peace of mind that reverse mortgages can bring to the retirement financial planning phase. He explains how the value of a home, often a significant piece of a person’s wealth, can serve as an excellent safeguard against rising care expenses, unexpected life events, and economic downturns that could disrupt even the best retirement plan.
“How a reverse mortgage works.”
(11:50) Steve and George get into the nuts and bolts of how reverse mortgages work, outlining the ways home wealth can be turned into usable cash, depending on personal needs and goals. They also cover the unique way traditional costs are covered in this type of loan, how taxes are handled, and how FAR’s exclusive and innovative products (like HomeSafe®) can be personalized to fit a borrower’s specific financial situation.
Check out the full episode here for an easy, informative introduction to reverse mortgages!
This article is intended for general informational and educational purposes only, and should not be construed as financial or tax advice. For more information about whether a reverse mortgage may be right for you, you should consult an independent financial advisor. For tax advice, please consult a tax professional.
I WANT TO KEEP UP TO DATE ON RETIREMENT TRENDS
Follow Us.