#331 Reverse Mortgage Pros and Cons
Yes, this is still here, and it will be for a while longer to serve as a reminder that there's a new place for Jill on Money content - YouTube! Seems like a no-brainer, but sometimes it takes a little outside help (h/t to JOM friend, Joe A!) to recognize the obvious. So don't freak out. Going forward, we're going to put all our radio and podcast content on YouTube! It'll be easier for you to navigate and listen to past shows, because everything will be in one place. Just click any of the links below and you'll be able to listen to this week's show as well as anything else you see that might interest you, including all the Better Off podcast content if you haven't been listening. Let us know what you think by emailing us at askjill@jillonmoney.com.
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After a weekend off to celebrate Independence Day, we're back in the saddle! We started the show with Diana in Washington who had some not so easy to answer questions about an old insurance policy she's still hanging onto.
Next up was Steve from North Carolina who wanted to chat about the pros and cons of annuities, perhaps the trickiest of insurance products. According to Steve, the biggest con may be the person who sold it to you...definitely one of my favorite lines in the history of the show!
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In hour two we dove into the world of reverse mortgages with Sandy Jolley. Don't let the last name fool you. While Sandy is lovely, she's not so jolly when it comes to the home equity loan for older homeowners. She even named her website Elder Financial Terrorism.com. This woman means business.
Sandy's passion about the subject started when were her parents were sold a reverse mortgage they didn't need. At the time, her father was in the last month of his life with terminal cancer and taking narcotics to manage his pain, while her mother had Alzheimer's Disease and was unable to complete a sentence.
I don't want to give away the whole story, but just know that during the entire process, Sandy's parents were never told to speak with their financial advisor nor were the advised to seek the counsel of an attorney about the consequences of a reverse mortgage to their lives.
It's an incredibly tragic story, but the experience prompted Sandy to dedicate her life to making sure others don't have to endure similar situations.
Thanks to everyone who participated this week, especially Mark, the Best Producer/Music Curator in the World. Here's how to contact us:
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