We recently closed on a reverse mortgage that was set up for us by Angella Conrard. We had also considered 2 local reverse mortgage brokers, but after receiving presentations from all 3 and then corresponding and talking to them, it became obvious that Angella was the most knowledgeable and more effective at looking out for our best interests. Interestingly, the fees were all essentially the same which made the decision even easier. I think our situation is different than most in that we have a more than adequate income in retirement and did not need a reverse mortgage for additional income. We plan to primarily use our reverse mortgage line of credit for long term care if we need it in the future. It is much better than buying long term care insurance like my mother had purchased that she could never use because of the policy restrictions. In the interim, for the next 5 years we will use the line of credit to pay the taxes on Roth conversions from our IRAs, instead of taking money from the investments to pay the taxes. At age 70 when we start to take Social Security and our income increases, we will then start to repay the reverse mortgage line of credit back down to $1,000 so that it can grow more quickly to the 1.5x maximum, in case we need to use it for long term care. And since reverse mortgage draws are income tax free and don’t affect Medicare or Social Security payments, it was an easy decision. Discussions with Angella verified this somewhat unusual plan and we proceeded to get our reverse mortgage through Angella. It was an educational process for us and Angella greatly helped with the information she provided and books she recommended. We would both strongly recommend contacting Angella Conrard if you are considering getting a reverse mortgage and we have recommended her to 2 friends already.
We recently closed on a reverse mortgage that was set up for us by Angella Conra...
W H & E H, Washington State
