Could you possibly talk about reverse mortgages as a finacial tool. For example my parents home was purchased 30 years ago, is worth $400,000 more than purchase price and is paid in full. My understanding the capital gains tax will require me to pay 30% tax when they pass on the proceeds of their house. I was told if they did a reverse mortgage and did a one time payout and gave it my sister and I as a gift now we would only pay the tax on the remaining balance of the reverse mortgage. I could pay off the balance with the gift money. Does all this make sense? I could of course do a borrower paid loan for a lower rate. If you did an episode on reverse mortgages I would find it beneficial if you just explained them in general.
Thanks, Jolene Saiz
Reverses are high up on our list. However, I need to find a dynamic person to guest host that day in person as I am not a SME and neither is JC. Regarding your situation, I am neither an estate attorney nor a CPA and my advise would be to consult with both regarding your personal situation. It would be an awesome networking opportunity for you as well.
Finally, as LO’s we need to be learning reverse and have the ability to provide the product. My company has recently launched an entire Reverse Division.