Are there better uses for your home equity? In today’s episode special guest Gabrielle Welter, along with host Stephen Stricklin, discuss everything reverse mortgages. Gabrielle is a reverse mortgage specialist in the Chicago area, and with 11 years experience in the financial industry, she has a lot to share. 

Gabrielle debunks the negative connotation that a reverse mortgage is the “loan of last resort.” She gives an in depth look into how a reverse mortgage can enhance your retirement portfolio overall. 

She answers questions like; How does a reverse mortgage work if you still have a mortgage payment? What is the cost/value? What happens when you sell your house but there’s still equity in the home? 

Gabrielle Discusses: 

• Uses for a reverse mortgage, and how it can benefit the retiree- a way to pay for long term care.  
  
• Different scenarios for a reverse mortgage and how it would work- even if you still owe money on your mortgage, you can still qualify. 
  
• HECM- home equity conversion mortgage
  
• Why a reverse mortgage is valuable- Closing costs are high because it is FHA insured, and it is a non-recourse loan, they cannot pass any debt to any errors.
  
• Benefits of being FHA insured
  
• Explains the scenario of selling the house, still having equity in the home- leaving remaining equity to beneficiaries, “passing money”. 
  
• The scenario of not taking equity out of the home, but instead buying a new home, “HECM for purchase” or “H4P”. 
  

Resources:
Do you have a question to ask for an upcoming podcast episode, or want a FREE copy of our book, Simplify Your Retirement? If so, email:
info@simplifyyourretirement.com
http://www.simplifyyourretirement.com/book
Myhousecounts.com

Connect With Gabrielle Welter:
Myhousecounts.com
LinkedIn: Gabrielle Welter 

Connect With Stephen Stricklin:
stephen@wisewealth.com
WiseWealth.com
Simplify Your Retirement
LinkedIn: Stephen Stricklin
LinkedIn: Wise Wealth LLC

About Our Guest:
Gabrielle Welter is a reverse mortgage specialist in the Chicago area. She has 11 years of experience in the financial industry, and has even owned her own Allstate agency for 5 years. She is passionate about her work, going beyond just a customer-relationship, to a client-relationship, educating her clients and countless others on her social media platforms. Gabrielle is also married, and the mother of three boys and one golden retriever.