Education for the professionals who advise older homeowners
Reverse mortgages for financial advisors, CPAs and attorneys
Your clients 62 and older (55 and older for some loans) often have much of their wealth in their home. A reverse mortgage is one way to use it, and it's often misunderstood, even by professionals. I'll give you the facts, the downsides and the cases where it's the wrong choice, so you can advise your clients with confidence.
I've spent 40 years in the mortgage business, and I used to teach finance and economics at Mt. San Antonio College. I'd rather your clients make an honest, educated decision than a fast one.
What's in the free guide
- Where a reverse mortgage fits a client's plan, and where it doesn't
- The tax and benefit rules, each with its source (IRS, SSA, California law)
- Trusts, title, spouses and powers of attorney
- The heirs' timeline and the 95% rule
- Working with older clients, and a checklist for your file
Education only. I don't pay or accept referral fees or anything of value for referrals, and your clients are always free to choose any lender.
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Written for your work
The rules, the timelines and who does what
Step-by-step pieces for planners, CPAs and estate attorneys. Each one links to the family guide you can share with your client.
For agents and attorneys
Listing or settling a home after the last HECM borrower dies
For listing agents and estate attorneys: the servicer's notice, the 30-day and six-month clocks, extensions, the 95% rule, and who can sign in California.
Read it
For planners and CPAs
Where a reverse mortgage fits in a retirement plan, and where it doesn't
For financial planners and CPAs: where a HECM can fit a client's income plan, how the IRS and SSA treat it, the costs, the effect on heirs, and a file checklist.
Read it
For estate attorneys
Trusts, life estates and title with a reverse mortgage
For estate planning attorneys: HUD's HECM rules on living trusts, life estates, co-owners, non-borrowing spouses and powers of attorney, with sources.
Read it
Fit, honestly
Where it can fit, and when it's the wrong choice
Where it can fit in a retirement plan
Paying off a mortgage in retirement, a standby line of credit, a set-aside for taxes and insurance, or buying a home that fits later years. With no required monthly mortgage payment, property taxes, homeowners insurance, HOA dues and upkeep still stay the client's.
The details, the tax and benefits rules, and the questions to ask a lender
When it's the wrong choice
- The client isn't retired and can comfortably make a mortgage payment. A forward loan may cost less.
- They plan to move in a few years. The upfront costs are hard to justify over a short stay.
- They can't keep up with taxes, insurance and upkeep, even with a set-aside.
- Leaving the home itself to heirs matters more than using its equity.
I'll tell your client plainly if one of these applies. See is a reverse mortgage a good idea and the alternatives.
For your file
How the money is treated
Benefits (SSI, Medi-Cal), the line of credit and the costs are covered in the planner's guide.
For estate attorneys
Trusts, title and powers of attorney
Trusts, life estates, powers of attorney and title questions can come up with a reverse mortgage. These guides cover what lenders look for.
The myths your clients have heard
"The bank takes the house." "It's a scam." "My kids lose their inheritance."
I've heard them, even from professionals. The honest answer is that the client keeps the title, the loan has real costs, and the balance grows, so there's usually less equity left for heirs. See myths, scams and red flags and what it costs.
Required protections. Every reverse mortgage in California requires independent counseling before the client can apply, and a 7-day wait after counseling before a final application or any fees. Clients can bring you, a family member, or both to every conversation with me. See counseling near Diamond Bar.
A HECM is insured by FHA, and that insurance protects the lender, not the borrower. New American Funding is not acting for HUD, FHA or any government agency.
HECM for Purchase and refinance flyer
HECM for Purchase and refinance flyer. Two pages for clients 62 and older (55 and older for some loans): buying a home with a HECM for Purchase on one side, paying off a mortgage with a reverse mortgage on the other. Each side has my contact details and a QR code to the free family guide. Download the flyer (PDF).
A class for your office
I can bring a short class to your office: where a reverse mortgage fits, what's true and what's myth, and when it's the wrong choice. Hear about classes or request one.
When to call me
If a client is weighing a reverse mortgage, you're welcome to call me with them, or have them call me directly. I'll go over the costs first and tell them plainly if it isn't a fit.
Call Tom: (909) 869-6588 Email Tom
This page is education only. I don't pay or accept referral fees or anything of value for referrals, and your clients are always free to choose any lender.
Sources (read November 3, 2026)
- IRS Publication 936, Home Mortgage Interest Deduction (reverse mortgages): irs.gov/publications/p936
- CFPB, reverse mortgages: consumerfinance.gov
- HUD, Home Equity Conversion Mortgages for Seniors: hud.gov
- eCFR, 24 CFR Part 206 (HECM rules): ecfr.gov
- California Civil Code 1923.2 (counseling and the 7-day wait): leginfo.legislature.ca.gov
