Following a column published late last week by Fox News’ Bob Massi, the network also produced a video segment featuring reverse mortgages this week.
In his look into reverse mortgages, “How to Have a Reverse Mortgage Success Story,” Massi interviews two couples who have successfully used reverse mortgages to improve their retirement situations. In one case, a married couple is using the reverse mortgage as a way to delay drawing down on stock market investments, and in the other case, the borrowers have used the reverse mortgage for medical expenses, among other items.
Massi also interviews reverse mortgage professional Josh Shein of Home Point Financial; a lender that acquired Maverick Funding in a deal announced late last year.
The reverse mortgage is “one of the most misunderstood items in real estate,” Massi says in the segment, which covers specific misunderstandings such as the idea that the bank takes the home from the borrowers.
“When it comes down to it, it’s just a loan,” Shein says. “… the balance of that loan grows over time.”
Massi also covers recent reverse mortgage changes, including willingness and capacity requirements that apply through the financial assessment that is now part of the origination process.
Written by Elizabeth Ecker