In this Retirement Daily Learning Center webinar, Shelley Giordano of Mutual of Omaha Mortgage and founder of the Academy for Home Equity in Financial Planning at the University of Illinois at Urbana-Champaign, provides a description of reverse mortgages, the pros and cons of reverse mortgages, and the big three retirement challenges (longevity, market turbulence, and household shocks) reverse mortgages can mitigate.
During the webinar, Giordano also addresses the safety of reverse mortgages, who qualifies for a reverse mortgage, and how the proceeds are distributed.
Giordano also described the typical profile of a person who might use a reverse mortgage: someone who is falling short on secure monthly income; someone for whom monthly mortgage payments are a burden; someone who needs a temporary source of income to protect invested funds from sequence of return risk; and someone who would like to move but not use all their savings or have a monthly mortgage payment.
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