1 Reverse Mortgage Explained: Financial Solutions for Aging Parents

95% of baby boomers have a high goal to stay in their own home and find ways to be safe, or maybe downsize into a smaller place if you've got a home that is too big for you. If you are interested yourself, aging in place, or maybe you have a parent that says 'I am not I am not going to senior living, I want to stay at home as as I age,' this episode is for you. Kevin Guttman from C2 Financial joins Suzanne Newman on the Answers for Elders podcast to discuss the ins and outs of reverse mortgage. C2 Financial is the third largest mortgage broker in the country and the number one reverse mortgage broker in the country with 1,200 loan officers.

Kevin says, "I think about the first book I wrote, called A Swiss Army Knife for Retirement Cash Flow. And basically what I did is I interviewed my clients and just asked, how has a reverse mortgage helped you? There's just so many stories of how it's allowed them to have a better quality of life. And some of the stories, honestly, were heartbreaking, because people were living a substandard existence in retirement because they're on a fixed income. Inflation has been a real thing in the last few years. Prices have gone up, and then we get small little increases from Social Security that don't really cover the higher expenses they have.

"And so here's the struggle. The number one fear a senior has is outliving their money, because baby boomers are healthy, they're living longer. They have a fixed amount of money. They don't know how long that's gonna last. They're not sure if they're going to run out of money. So what I tell people is, no, you may never need it, but why not get it and let it just sit there. And if you ever do need it – in fact, there's a lady and her husband closed today, and that's exactly what she said. This is just the safety net for us. They may never need it. Well, good for you for planning ahead and being ready just in case life smacks upside the head. Now you need a new roof, or you have a medical thing. Something happens where now you've got a chunk of money to access if you need it."

💠 Connect with Kevin Guttman and C2 Financial at 877.251.9729.

💠 Visit C2 Financial's website for research, essays, videos, interviews

💠 Ebook: Betty’s Story: A Prudent Senior Citizen’s Guide to A Reverse Mortgage Loan

✨ Visit Answers for Elders online

Mentioned in this episode:

Walk to End Alzheimer's

Learn more about the Walk to End Alzheimer's at https://www.alz.org/walk.

Chateau Retirement

Chateau Retirement