Bill Nass, vice president of Gershman Mortgage and a reverse mortgage specialist returns to Elder Talk with Joe Cordell to discuss how reverse mortgages can help seniors meet their financial needs. Attorney-CPA Joe Cordell and co-host Susan Arthur ask him about the finer details of the process.
Bill explains HUD insured reverse mortgages and how the qualifications of a credit report, debt, the recipient’s age, the homeowner’s insurance costs and property taxes affect whether or not an HUD insured reverse mortgage can be given.
Bill talks about the two different types of reverse mortgages with an adjustable rate and a fixed rate, as well as whether or not people who utilize a reverse mortgage see it as a loan. He talks about the counseling process that is required for those seeking reverse mortgages.
Bill also explains to Joe and Susan how the reverse mortgage process can affect your estate planning, as well as the individuals who are most likely to benefit from reverse mortgages.