The Truth About Reverse Mortgages, Part 1

In this episode of Protecting and Preserving Wealth, we sit down with Rob Kanyur, a reverse mortgage expert from Fairway Mortgage, to break down the facts, misconceptions, and real benefits of using reverse mortgages as a strategic financial planning tool in retirement. Bruce Hosler opens the conversation by reminding us how reverse mortgages have evolved and highlights updates since he first wrote about them in his book Moving to Tax Free.

📚 Get Bruce’s Book: Moving To Tax-Free (on Amazon) https://amzn.to/4msRo2k

⏱️Chapters & What You’ll Learn:
00:00 Introduction & Guest Welcome
01:17 Reverse Mortgage Requirements
07:59 Challenges & Equity Considerations
09:01 Financial & Tax Benefits
10:40 Misconceptions & Legacy Planning

We begin by laying out the basic requirements to qualify for a reverse mortgage. Rob explains that homeowners must be at least 62, own their primary residence, have enough equity, and prove they can cover ongoing costs like taxes, insurance, and maintenance. He clarifies that only one spouse needs to be 62, a change that protects surviving spouses—a major improvement that came after issues in earlier versions of the product.

Rob dives into how the industry learned from past mistakes, adding important safety features and FHA protections to keep homeowners secure. We explore the difference between qualifying the homeowner and the home itself. He breaks down what types of properties qualify—from single-family homes to condos—and what requirements must be met, like permanent foundations for manufactured homes and FHA-approved condo lists.

One key point we dig into is how reverse mortgages eliminate house payments, freeing up cash flow. Bruce points out how this can help retirees reduce taxable income by lowering the need to draw from IRAs, which can prevent them from triggering higher Medicare premiums through IRMAA penalties. Rob explains that many clients use this tool to improve cash flow, extend their portfolio longevity, and create more flexibility in retirement spending—whether it’s travel, visiting family, or home improvements.

We address common myths that persist today: the fear that banks take the house, the notion that reverse mortgages are too expensive, and the misconception that kids get left with nothing. Rob debunks these clearly, noting that reverse mortgages are nonrecourse loans and are safer than many people think. He stresses that cash or life insurance often make for a better legacy than home equity alone.

This first part sets up the second half of our series, where Bruce plans to unpack the tax side of reverse mortgages in more detail. We wrap up by reminding listeners that leveraging home equity wisely can protect cash flow, minimize taxes, and preserve wealth for future generations when done thoughtfully and safely.

Rob's Contact Info:
Email: [e-mail]
Phone: [phone]
Website: https://robkanyur.com/

For more information about anything related to your finances, contact Bruce Hosler and the team at Hosler Wealth Management: Visit us online at https://www.hoslerwm.com/

Contact Our Team: https://hoslerwm.com/contact-us/

Or call them in their Prescott office at [phone] or their Scottsdale office at [phone].

For more podcast episodes, visit our podcast website at https://hoslerwm.com/protectingwealthpodcast/

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