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March 28, 2025
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Featuring Scott Roseveare from Live Better Financial, in conversation with Elder Law Attorney Heather Chubb
Reverse mortgages have long had a questionable reputation—but they’ve come a long way. Today, the new reverse mortgage is a highly regulated financial tool that can unlock valuable cash flow for older homeowners.
To explain how it works (and when it makes sense), elder law attorney Heather Chubb sat down with Scott Roseveare of Live Better Financial for a clear, honest conversation about leveraging home equity in retirement.
Heather Chubb: “Scott, thank you for joining me today. Reverse mortgages are something I’ve always wanted to understand better. Let’s start with the basics—what exactly is a reverse mortgage?”
Scott Roseveare: “Great question. A reverse mortgage is a loan for homeowners 62 or older that lets them turn a portion of their home equity into cash—without making monthly payments. It’s based on your age and the value of your home. There are no income requirements, and even people with poor credit can often qualify if they have enough equity.”
Unlike the myths you may have heard, most reverse mortgages today function as a line of credit. Homeowners can borrow what they need, when they need it, and repay later—usually when the home is sold.
Heather: “So many people have heard scary things about reverse mortgages. What’s changed?”
Scott: “Before 2017, reverse mortgages lacked regulation. People were taking out huge portions of their equity at once, racking up fees and interest. Many lost equity quickly—and that upset their heirs.
But that’s all changed. The government capped fees, lowered how much homeowners can borrow, and put stronger protections in place. Now, about 90% of borrowers still pass away with equity in their homes.”
Heather: “Can you share a situation where a reverse mortgage really made a difference?”
Scott: “Absolutely. One that hits home is my own father-in-law. After a stroke, he needed expensive, long-term rehab. We used a reverse mortgage to fund an intensive therapy program—and a year later, he was walking again. It also helped pay for home modifications and a new roof. These loans can truly restore quality of life.”
Whether it’s paying for care, supplementing retirement income, or simply living more comfortably, reverse mortgages can be tailored to fit real needs.
Heather: “What happens if the home’s value drops after someone takes out a reverse mortgage?”
Scott: “That’s a common fear—but with reverse mortgages, you’re protected. If the home is worth less than what’s owed when the homeowner passes, the heirs are never responsible for the difference. The loan is insured by the government.”
Heather: “If someone is interested, what’s the first step?”
Scott: “Start with an equity analysis. I just need a few key pieces of info: the home’s value, the mortgage balance, and the birthdate of the youngest spouse. From there, I can generate options within 15 minutes.”
Scott regularly works with adult children and financial advisors to help families explore whether a reverse mortgage fits their overall plan.
If you or a loved one are 62+ and want to explore new ways to improve cash flow, pay for care, or plan for the future, a reverse mortgage may be the solution.
📞 Call Scott Roseveare at (916) 365-2520.
🌐 Visit www.livebetterfinancial.com
And if you need help protecting your family, home, or legacy, contact Chubb Law Firm, PC at 916-241-9661 to schedule a Discovery Meeting.
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