John Salter is a very highly respected financial planner. He is a strong advocate for the use of a reverse mortgage as a planning tool and not a lifeboat. With all of the misconceptions, misinterpretations and downright false information out there, Salter shines not only for his understanding of the program and its successful applications, but also because he is able to express himself clearly.
An article appearing in Now It Counts, a great resource for elderly Americans, is a smart summary of one particular strategy, the Stand-By Reverse Mortgage. I recently had a couple tell me that their Financial Advisor strongly and confidently advised them not to take out a reverse mortgage “because we don’t need it”. Of course they don’t need it today! This advisor was quick to reject the idea because he did not know about the remarkable, growing line of credit. And who can blame him? There is so much to know in his position it is impossible to be well versed in every financial concept out there! Understanding how this financial tool is used as a strategy and advising this couple to consider the Stand-By version is not only sound advice, it protects their investment portfolio. Things are not always what they seem! Look at Salter’s view here, thanks!