The Senior Zone
The Senior Zone is the DMV’s #1 weekly radio program dedicated to empowering adults 50+ to live fuller, healthier, and more informed lives — now available on demand as a podcast.
Hosted by Shawn Perry since 2012, The Senior Zone features thoughtful conversations with trusted experts, community leaders, advocates, and everyday people doing extraordinary work in aging, health, finance, caregiving, and purposeful living. From timely resources and consumer protections to inspiration, wisdom, and real talk — this is where experience meets opportunity.
Whether you’re planning your next chapter, supporting a loved one, or simply committed to thriving beyond expectations, The Senior Zone delivers insight, clarity, and encouragement — one meaningful conversation at a time.
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📍 Originally broadcast on WYCB 1340AM (Washington, DC)
The Senior Zone
Ep. 721 | Your Home, Your Choices | Deeds, Family Wealth & Reverse Mortgages
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Your home may be one of the most valuable assets you’ll ever own—but making the right decisions about that asset becomes especially important as we grow older.
On this edition of The Senior Zone, Shawn Perry examines two major homeownership questions facing older adults and their families.
First, Legal Counsel for the Elderly, Attorney, Mahsa Alaeian joins The Legal Zone to discuss the potential consequences of adding a child or grandchild to a property deed, including ownership rights, estate planning considerations and protecting generational wealth.
Then, licensed reverse mortgage specialist Laura Phillips offers a balanced, consumer-focused explanation of reverse mortgages: how they work, what they cost, who may benefit and when another option might make more sense.
Plus, we close with Birthdays of the Week, Dear Grave Woman with Joelle Simone, and the Later Life Lowdown.
The Senior Zone has served the DMV’s 50-plus community since 2012. Listen Mondays from 10:00–11:00 AM ET on WYCB 1340AM, stream live at MySpiritDC.com, or listen on demand wherever you get your podcasts.
Thank you for listening and until we meet again…keep your head high, your heart full, and always — be someone who makes someone else look forward to their tomorrow.
Welcome to The Senior Zone & Weekly Vitamin
SPEAKER_03Welcome to The Sing Your Zone, where we connect older adults with the organizations and resources that serve them.
SPEAKER_10The Senior Zone's goal, forward, aims to educate, empower, enlighten, entertain, and engage older adults with the tools and information to stay healthy, happy, and secure.
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SPEAKER_03It's now time for the senior zone.
SPEAKER_08Good morning, family, and welcome to the Senior Zone, the DMB's number one weekly radio program serving our 50 plus community. I am your host, Sean Perry, and as always, I'm glad you chose to spend part of your Monday with me. And here's your weekly vitamin. Everything you've worked for deserves thoughtful protection. Your home, your savings, your relationships, your peace of mind, and yes, your future. Getting older doesn't mean having fewer choices. Sometimes it means finally having the wisdom to make better ones. And that brings us right into today's conversations. In segment one, it's time for the legal zone on the senior zone, brought to us by legal counsel for the elderly. Then we'll continue the home ownership conversation from another angle. Licensed reverse mortgage specialist Laura Phillips joins us for a balanced look at reverse mortgages, how they work, what they cost, and when they may or may not make sense. And later, we'll share Birthdays of the Week, followed by Dear Grave Woman, featuring Joelle Simone, and then it's your later life lowdown, news, events, and resources you can use. And remember, when Monday mornings don't cooperate with your schedule, the senior zone goes where you go. Catch the podcast on demand after the show on your favorite podcast platform. And before we take this quick break, I gotta show some love and gratitude to our sponsors and partners. So thank you, Legal Counsel for the Elderly, AARP of the District of Columbia, AARP of the state of Maryland, Compassion and Choices, Jewish Council for the Aging, Mary Center, and the DC Department of Aging and Community Living. Folks, we'll be right back after this short break, brought to you by Legal Counsel for the Elderly, providing free legal and social work services to D.C. residents most in need. Don't change a dial, I promise, I'll be right back.
SPEAKER_05Legal Counsel for the Elderly champions the dignity and rights of DC elders by providing free legal and social work services to those in need. Worried about eviction or foreclosure? Need help obtaining Social Security or Veterans Benefits? Call Legal Counsel for the Elderly at 202-434-2120. Income eligibility applies. LCE is an affiliate of AARP 202-434-2120.
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SPEAKER_08Welcome back,
The Legal Zone: Should You Add Family to Your Deed?
SPEAKER_08family. It's now time for the legal zone on the senior zone, brought to you by Legal Counsel for the Elderly. If you own a home in Washington, D.C., you already know that the real estate market has been on a historic, steady climb for decades. For many older adults, their home is not just a place to live, it's their most valuable financial asset. With that kind of value on the table, and when we think about preserving generational wealth, it is incredibly common for family members or their financial advisors to suggest a simple piece of advice. Why not just add your child or grandchild to the deed? It sounds smart, but is it? Masa, welcome.
SPEAKER_07Thank you so much, Sean. Hello, everyone. Thank you so much for having me. Um I am an attorney with Legal Counsel for the Elderly. I have been an attorney here for the past three years. I'm part of the economic healthcare securities practice team. I help um older DC residents specifically with probate and their um estate planning needs. However, um, a lot of the individuals on our team who have been here previously on the show, we help individuals focus on Social Security, Medicare, Medicaid, and SNAP and veteran benefits, and a lot of other, a lot of variety of things. So a lot of work we do is making sure we leave no value on the table for a lot of our clients. So I'm so excited to be here today to share a lot of the important um topics we're about to unpack here for the listeners today.
SPEAKER_08Well, I am excited as well, Masa. This is your first time here on the scene to zone. So I appreciate you sharing what you do over at Legal Counsel for the Elderly. So let's just jump right into it. You know, we're going to begin by describing uh three co-ownership options a homeowner might use to place a family member on a deed. We'll get into the pros and cons in just a moment, but let's start with joint tenancy with rights of survivorship. What exactly does that mean?
SPEAKER_07Great. So the easiest way to kind of think about um what joint tenancy with the right of survivorship is when two or more people own a home together equally, um, if one of those owners were to pass away, their share will automatically go to the other owner. It doesn't have to go through a court process which we call probate when someone passes away. Um that sounds appealing to some families, and it it is, but here's the part um people sometimes miss, and that's the minute you add someone to the deed, that owner um will automatically have legal rights to the property while they're still living. So that's something that you want to keep in mind.
SPEAKER_08Yeah. So in that situation, again, uh ownership automatically passes to the surviving owner, and that's joint tenancy with rights of survivorship. Another option, as I understand it, is uh what's called tenancy and common. You know, how does that arrangement work?
SPEAKER_07Correct. So this one's a little bit different. So in tenancy and common, this one gives each owner their own separate share of the property. So those shares don't have to be equal. The biggest difference here, however, is what happens when someone passes away. Their share doesn't automatically go to the other owner. Instead, it goes to whoever is named in a will or a trust. Um, however, if that individual passed without a will or a trust, it will go based off of the laws of intestacy um in DC. Now, a lot of people might be wondering, and listeners and/or you, Sean, is why would someone want to pick this option? And the reason is it gives the owner um a lot of flexibility in who they want to leave their share with. If you have multiple family members or children, um you might want to not automatically leave it to the other joint owner you have. So the flip flexibility um portion here is the biggest reason someone will pick a tenancy in common.
SPEAKER_08Yeah, so in in this case, you know, son number one can get 25%, daughter number two can get, you know, 35%, and so on until they get to 100%. You can break it down just that way.
SPEAKER_07Exactly, exactly, Sean.
SPEAKER_08All right, so that's a different kind of ownership and potentially a very different outcome after someone passes. And folks, that is tenancy in common. There's also a third type of co-ownership known as tenancy by the entirety. Now break that down for us. What does that mean and who may use it?
SPEAKER_07Okay, so with the tenancy by the entirety, this option is only available for married couples. You are not allowed to use this option if you are not married. Um, it works very similarly to a joint tenancy with a ride of survivorship in the sense that if one spouse passes away, the surviving spouse will automatically become the full owner here. And this is just to protect essentially spouses so that you don't have to worry about your property when your loved one passes away and going through court and probate, um, you know, when you essentially are mourning. And so that is tenancy by the entirety.
SPEAKER_08Gotcha. So now that we understand the three basic options of co-ownership, one being joint tenancy with rights of survivorship, and the second one was tenancy in common, and the third one was tenancy by the entirety. Let's talk about why someone might consider them, uh Masha. What benefits might an older homeowner gain by using one of the co-ownership options that you've described?
SPEAKER_07Okay, so um there are a lot of really good reasons. A lot of people want to add someone to the deed. And a lot, you know, a lot of people want to avoid probate. And probate, as I mentioned above, is a court pro it's a court proceeding. It can take a lot of time and it costs a lot of money. A lot of times you do have to hire an attorney, it's really complicated. Um, others simply want to make sure the house stays in the family. Sometimes a a child or family member is already helping pay a mortgage or property taxes, um, is helping with repairs and upkeep on the house. So you may think adding them to the deed, it just seems like the next logical step. And while this may be true and all of these are all understandable goals, the important thing is making sure the way you reach those goals don't create new problems you weren't expecting. And so these are things that I just want to um, you know, we want to leave here today with just at least planting these little seeds for people to understand.
SPEAKER_08Yeah, absolutely, because those benefits, you know, they may sound attractive, but every decision involving a deed, as you already know from the work that you do, they all carry some sort of risk, some kind of risk. So let's discuss the possible downsides, uh, Masha. What should DC homeowners carefully consider before adding another person to their deed?
SPEAKER_07So this is where I always tell people to just take a breath and just slow down. You know, your home is probably your biggest asset. And um, once you add someone to the deed, you're you're not just adding them to inherit the house later, you're making them the owner right away. And that means if they get a divorce, if they have financial problems, if they owe money to creditors, those issues could affect the property. It also creates essentially could also potentially create a family disagreement. So if you ever want to sell the house or refinance the house, everyone who is on the deed has to agree. So there's just so many more hands kind of in this, you know, this metaphorical bucket or, you know, however you want a bag that you want to put in it. So there it just starts, you know, essentially with a simple family decision can just become more and more complicated legal and financial situation. Um, you weren't essentially expecting when you thought like what you said, Sean, earlier, a simple simple decision just kind of essentially blew up into something more than you were anticipating.
SPEAKER_08Yeah, and like you said, these are consequences, though. Some of those could be consequences that can, you know, just extend well beyond, you know, ownership of the home itself. My next question, uh, Masa is are there uh tax implications that a homeowner or the person being added to the deed should also understand?
SPEAKER_07Great question. Yes. Um this is something people don't always think about. Um and part of it is because you just, you know, this isn't something you always are aware of. And part of that could be there's these programs that aren't really um, they're not maybe because people, you know, they don't want you to know about it. So they're not really avoc they're not really advertising it that hey everyone, there's you know, you can lower your property taxes. And part of that is the homestead detection for um for DC homeowners. And there if you're also senior, there's a senior property tax relief program as well. If you add um, so changing um who owns the property can also affect how you qualify for those benefits. So that's why I always tell people don't assume adding someone to the deed is just, you know, quote, paperwork. It can also have real financial consequences as well.
SPEAKER_08Yeah, I mean, and you stole uh what I was my my transition to the next question off my lips, Amasha, because I was gonna say just changing a deed should never be treated as a simple paperwork uh decision. It's a huge, huge decision. You know, after hearing these pros as well as cons, a homeowner may decide that adding a family member to the deed is not their best option, not their best choice. With that being said, what alternatives are available for transferring or protecting one's property?
SPEAKER_07Sure. So the good news is that we there are a lot of options. You know, there are some good options that we have available, and one of them is called a transfer on death deed. Um, and a transfer on death deed is this powerful tool that DC has available where you can essentially name um a beneficiary to your home. And as a homeowner, you know, it's uh at first it kind of sounds a little bit scary. It's like, what am I doing? I'm naming someone, are they gonna have ownership again? The same fear that you may have. But as the homeowner, you have full ownership and control of your property for the remainder of your life while you're still living. The owner may continue to live in the home, sell it, refinance it, or even transfer it to someone else at any time while they're still living. Um, the name, however, the name beneficiary holds no legal claim to the property until the homeowner passes away. Um once the homeowner passes away, then the property automatically will be then transferred to the name beneficiary once, you know, there's additional steps that need to be taken, but then the beneficiary will become the owner of the house. You have full ownership. Um so simply put, I want to just kind of give a recap because I feel like I said a lot of things, but simply put, the homeowner has full ownership of the property. You will be able to name someone again as the beneficiary. They will then get the property outside of probate. They don't have to go through the probate process. I think that's the most important thing to note here. Um and I know I would I've been told you all have a lot of Maryland residents who aren't listening. Um, this also applies to Maryland listeners. While LCE does not, um, we don't represent any Maryland, we just do DC residents. Um Maryland for the Maryland listeners uh in October of 2026, um Maryland also passed um legislation authorizing Maryland residents to also um be able to record transfront death dees, which is huge now for Maryland residents, which is a powerful tool as well to be able to avoid probate. So that's a fantastic, fantastic thing for Maryland residents. Another option I want to talk about is a revocable living trust. Now, for living trust, this option I will say is a good option for those who might have more than just the house. If you have more assets that you might want to consider, you know, potentially talking to an attorney about setting up a trust. I don't want to go into the ins and outs, maybe we'll have another segment about that, Sean, about an estate plan, but um about an irrecable trust of potentially how if you want to title your home in a trust. But if you have multiple homes, then a revocable living trust is a good thing. Another thing I do want to note um that I've noticed people have a common misconception of is just having a will alone isn't enough to avoid probate. Um I've I I've had a lot of clients unfortunately come to me and say, My parents have passed away, I had a will, what's going on, why is it the property mine? So that is something I do want to know is a good catch-all, but um, it's not something that automatically means you get the house. So you do need to have additional steps, you know, things in order for the property to pass your loved ones.
SPEAKER_08Absolutely great advice, a lot of information, uh, Masa, and that's why we have you back, uh Elsie, that is each and every month, and we have this conversation at least once a year, every uh year. And because there are safer ways to accomplish the same goal, and you've touched on several of them, depending on a homeowner's circumstances, of course. But if there is one one piece of advice a DC senior should remember before signing any deed to paperwork, what would that be?
SPEAKER_07The one takeaway and advice that I would really like listeners to you know remember is don't sign a new deed just because someone tells you it's the easiest thing to do. Ask questions first. Every family situation is different. What worked for your neighbor or cousin or family member may not be the right choice for you. And since, again, like I mentioned, often your home is your biggest investment, it's worth taking a little extra time to understand all your options before making a permanent decision. So that is my biggest takeaway here.
SPEAKER_08Yeah, and that is one important uh piece uh of advice. Uh there, understand, folks, exactly what you are signing and how it could affect your home, how it can affect your finances, as well as your family uh dynamics. Great, great information, uh Masa. Before we go, please share with our listeners uh the legal counsel for the elderly's uh hotline number. They should know it by heart by now, but just in case they don't, uh you know, explain, you know, uh share that number and explain how LCE uh will be able to assist them if in fact they do call.
SPEAKER_07Sure. So if um if you are a DC resident, six-year-old, or have questions um about your home or anything we discussed today, um please give us a call at 202-434-2120. Again, our hotline number is 202-434-2120.
SPEAKER_08MASA Alien, you know, attorney with Legal Counsel for the Elderly. Thank you, thank you, thank you. First time visitor here. You know, thank you for joining us and helping our listeners better understand the benefits, the risk, and the alternatives associated with joint property ownership and family. Remember this adding someone to your deed is not simply adding a name to a piece of paper. It is a major legal and financial decision. Before making any changes, speak with a qualified attorney who can review your individual circumstances. For assistance from LCE, again, their number is 202-434-2120. That's 202-434-2120. Masa, thank you again for joining us here on the Senior Zone, my new friend.
SPEAKER_07Thank you so much, Sean, for having me here. And thank you to the listeners out there. Um, I hope you found some you know useful information, and it was wonderful being here. I'm excited to be back on the show.
SPEAKER_08You are welcome back uh anytime. Folks, this next break is brought to you by Compassion and Choices, empowering everyone to chart their own end of life journey. Don't change that doll. I promise we'll be right back. In life, choices matter.
SPEAKER_12Compassion and choices is here to support you on your journey. Our organization provides a wealth of resources to help you navigate difficult decisions with compassion and understanding. Need guidance on end of life choices? Visit Our website at compassionatechoices.org for a range of informative articles, toolkits, and personal stories. Our compassionate team is just a call away, ready to assist you. Because let's face it, talking about death is not gonna kill you. Compassionate Choices, empowering you to make choices that reflect your values.
SPEAKER_02Hi, neighbor. I'm inviting you and your wife to my husband's 65th birthday party next week.
SPEAKER_01Great! Has he applied for Medicare yet?
SPEAKER_02Not yet. It's very confusing.
SPEAKER_01Call Montgomery County Ship. They help me with questions about my Medicare coverage.
SPEAKER_02What's Montgomery County Ship?
SPEAKER_01It's Ship like a boat. Montgomery County State Health Insurance Assistance Program. They help seniors like us, or people with disabilities, or caregivers and families with Medicare insurance questions.
SPEAKER_02Can anyone call them?
SPEAKER_01Sure. As long as you live in Montgomery County. You can call them at 301-255-4250. Or check out their website at www.medicareabcd.org.
SPEAKER_02What's that number again?
SPEAKER_01Montgomery County Ship. 301-255-4250. Made possible with a grant from the U.S. Administration for Community Living through the state of Maryland and Montgomery County.
SPEAKER_11Growing older shouldn't mean giving up your independence, connections, or the life you love. The DC Department of Aging and Community Living supports district residents with nutritious meals, transportation, caregiver assistance, benefits counseling, and resources to help you remain safe and independent at home. For more information, call 202-724-5626 or visit dhcl.dc.gov. The DC Department of Aging and Community Living, helping older adults, people with disabilities, and caregivers live well in the communities they call home.
Understanding Reverse Mortgages
SPEAKER_08Welcome back, family. This is the Senior Zone, and I am your host, Sean Perry. Before the break, attorney Mesa Alien helped us understand the benefits and risk of joint property ownership and why protecting your home and family legacy requires careful planning. Now we continue that broader conversation about home ownership from a different angle. For many older adults, the home is their largest financial asset. And when additional income is needed, one option that often comes up is a reverse mortgage. But how do these loans really work? What do they cost? And when might they help or create more problems? We are not here to promote reverse mortgages. We are here to provide balanced consumer education so older homeowners and their families can make informed decisions. With that being said, joining us now is Laura Phillips, a licensed reverse mortgage specialist with more than 25 years of experience in real estate lending. Laura, welcome to the Senior Zone, my new friend.
SPEAKER_06Thank you so much. I'm really glad to be here.
SPEAKER_08It's a pleasure to have you here. So, Laura, let's begin with the basics. When people hear the words reverse mortgage, many still picture an older homeowner signing away the family home. In plain language, what exactly is a reverse mortgage? And does the homeowner continue to own the property?
SPEAKER_06Absolutely. It is designed, it is a mortgage. We're going to start with that. It is a lien, it's a mortgage. The homeowner, you currently stay entitled, you currently own your home. It's no different than any other loan you've had. So you're never going to lose your ownership. A lot of people say the bank owns it. The bank doesn't own your home any more than any other mortgage companies out there. They have a lien against it, but you are 100% entitled to your home. So what is it used for? It's to allow seniors, people over 62 years old, to be able to access some of their equity using it now instead of later without having to pay a mortgage payment.
SPEAKER_08Yeah, well that distinction. Yeah, I'm just I'm glad you cleared it up because that distinction is important because there are still many, you know, and plenty of myths, you know, out there, misunderstandings around these sorts of loans. You know, you said that reverse mortgages have changed considerably over the years, or at least I've learned that. What protections, Laura, are in place, requirements that exist today that may not have existed during what some people call their grandmother's version of reverse mortgages?
SPEAKER_06I love that. I actually say that that the current reverse mortgage is not your grandmother's reverse. And the protections out there are phenomenal. To start out with, the the client, the person that wants to get the reverse mortgage, actually has to take a one-hour counseling session by a neutral third party to make sure that they understand exactly what they're doing so that there's we're not, you know, not we're trying to I don't even know how to say it politely. Uh we're not trying to pull wool over somebody's eyes. I can't think of any other uh analogy at this point, to that to mislead a senior. And so that is actually required on all reverse mortgages. It doesn't matter um how old you are, how young you are, within that age 62 and up. It is a full requirement to do that. After that, we are a heavily, heavily regulated mortgage uh loan product. We have easily a hundred plus pages of disclosures and documents that you have to sign to make sure that you understand that you are in ownership of your home, you are gonna use it as your primary home, and that you are gonna be responsible for your own property taxes and insurance. Those are the big keys in the disclosures to making sure that that homeowner doesn't lose their home. Um so there's no misrepresentation on what's gonna happen.
SPEAKER_08Gotcha. And I may ask the same question twice, just a different way. You know, we frequently hear the phrase, uh, Laura, you can remain in your home without making a monthly mortgage payment. It has me scratching my head, right? That sounds so attractive, but it does not mean living in the home is free. What expenses? You just talked about a few of them, what expenses and responsibilities must a homeowner continue paying if they have a reverse mortgage?
SPEAKER_06It would be the same if you had no loan against the home. You'd still be responsible, as we said, property taxes, insurance. If you live in an HOA community, you would need to pay that regardless of whether you have a loan or not. But you're also responsible for the upkeep. Now, nobody's gonna come in and ask you to remodel to 2025's, you know, I don't know, decor. But they do want you to have health and safety. So if you are missing a handrail, that you would, you know, think to put that on your home for your own safety if nobody else's. So health and safety issues are always gonna be a concern. Uh and those are really it.
SPEAKER_08Uh I mean, I we could go down really minute, you know, but but those are taxes and HOA and insurance, those things that you would maintain anyway if you had a traditional mortgage, correct?
SPEAKER_06Correct, correct.
SPEAKER_08Gotcha.
SPEAKER_06Or no mortgage.
SPEAKER_08Oh wow, wow. I would love to have no mortgage. Let's talk candidly about price, uh, Laura. What closing costs, lender fees, mortgage insurance charges, interest should consumers understand? And how does the amount owed typically grow over time?
SPEAKER_06Absolutely. So there is an elephant in the room, and whenever you're talking to a mortgage person about a reverse mortgage, be sure that to actually address the elephant in the room, and that is the mortgage insurance that's on the home, on the loan, not the home, but it's on the loan. What does that mean? Well, it means that that mortgage insurance is going to turn the loan into a non-recourse loan, and that is going to allow you and your heirs to not be responsible if the balance is higher than the home value. Thus, there's no recourse coming back to you or your heirs to look up for the difference. So in that particular case, it is an expensive piece of insurance and it protects the homeowner 100%. Um the other closing costs are going to be very, very typical to a traditional loan. You're going to have an appraisal, you're going to have title work, you're going to have closing costs. Um, all of those things are involved in any loan that's done. So those numbers are not different. The biggest piece is going to be the mortgage insurance. Um I don't remember the second part of the question. I apologize.
SPEAKER_08Well, I'll I'll probably come come back to it. You know, uh, you know, and this is good information, you know, uh, because we haven't had this discussion on the senior zone ever. Uh, you know, once homeowners understand the true cost, they also need to think carefully about how they receive and use the money when they have a reverse mortgage, right? And I'm learning here as well. I understand that reverse mortgages, you can get the monies either via lump sum, uh monthly payments, or a line of credit. With all of that being said, why can taking a large lump sum be dangerous? And when might smaller payments or a line of credit be the more responsible choice?
SPEAKER_06Well, if you take the lump sum and you don't have an immediate use for it, then you're going to be paying the interest on that lump sum that you've just taken out. The fixed rate is the only loan, well, it's not the only loan, but it is the loan that has the lump sum involved with it. The line of credit, which is a HUD product also, is about 90% of all of the loans being done in the reverse mortgage world. So it's a very popular loan. And the reason for that is that you only take out what you need. It grows in balance. It grows, it's like giving you a little bit more credit on your credit card each year. Your line of credit is going to grow also separate from your loan balance, so it allows you to have more availability the following year. And that keeps growing at about the same interest rate as the interest rate on the loan. They are two buckets, two separate buckets going on. Um, but and that's kind of confusing. I have a hard time wrapping my head around it in the beginning, also, just to understand. Wait, what does it do? But but the line of credit allows you to take out what you need in the beginning and not all of it. If you need all of it, if it's absolutely 100% what you need is all of what's available to you. The fixed rate load is going to allow that. It's going to leave more equity in the house than if you do a line of credit.
SPEAKER_08Yeah, yeah. You know, this is this is all new to me, I'm sure to many of our listeners, uh, because it's it's a reverse mindset. Reverse mortgage seems to be like a reverse uh mindset. But you know, many of our older adults, as I said in my intro, uh, their home is their biggest, largest financial asset. And I just want to make sure that they have an understanding, an understanding, an option uh to consider. With all of that being said, who might reasonably benefit from a reverse mortgage, Laura?
SPEAKER_06Well, I've I've started a you were asking me earlier if I was doing a book, and I guess I'm in the baby steps of creating something. I I am the creator of the equity shift. And what that's about is thinking about using your equity in a different way than we've seen happen in the past. We're all living longer, and in some cases it's been very difficult for us to save what it's gonna take to support our life and our medical bills when we're in our 90s. And so the home, as you said, is the biggest asset for probably easily 75-80% of all of us boomers out there. It is our biggest asset. And um why not consider using it, obviously prudently, to make life better? Um who's who's a good person? I would I think it would be better to tell you who's not a good person because I think it just about everybody's a good person for it. But where this loan doesn't work is if you're 100% set on giving the house to a child, a nephew, a niece, somebody in your family to give that home to them and you want to give it to them as low as free and clear, no loan against it, or a very low loan balance, the reverse mortgage is not a loan that's gonna it's not gonna work. It's that's not gonna be that's not gonna be the best, to be honest with you. Um so so that's probably the only thing I can think about not working.
SPEAKER_08So then what should adult children and other heirs uh understand about what happens when the homeowner dies or permanently leaves the property or moves into long-term care, right? What options might the family have if they want to keep the home?
SPEAKER_06If they want to keep the home, remember it's a lien, it's got a loan balance, so the home's gonna have a loan balance on it. If they can afford to do it, they can take out a new loan and per you know, pay off the old land balance and take possession of the home. Just taking title. That's it's like buying it like any other real estate. You're just buying it from quote mom and dad or that other party. Um, so that's one way of doing it. Um, another way is that if you can't mom and let's just say that that your relative has gone into nursing care, full-time nursing care, and is no longer occupying the property, but they could use the funds to help pay for that. You know, th those costs are fairly high also. You can excuse me, you can sell the home and recoup the difference between the balance and what the sales price is and help that support them living in that home, in that retirement home or that health care situation.
SPEAKER_08Yeah. You know, before considering or using a reverse mortgage, and thank you for that, uh Laura, before using a reverse mortgage, what um what alternatives should an older homeowner uh compare, uh including downsizing, refinancing, a home equity line of credit, etc. What should they be thinking about?
SPEAKER_06I I'm a big advocate on the more the more information, the more knowledge you have, the better decision you that person make for yourself. It's not one size fits all. It is literally what works for you in your situation. I would look into a home equity line of credit. I would look into refinancing and seeing if that was an option. I would look into downsizing and seeing if selling the house and maybe using a reverse to buy a house more appropriate to your current needs and also eliminating the need to pay a mortgage, all of those options are out there for you. I would definitely look into all of them. I would work with professionals that have worked in these fields currently so that you're getting the best information to be able to make a decision for yourself.
SPEAKER_08Yeah. And this is a question I may circle back. Uh I think I am right now. Uh to in order to have a reverse mortgage, does one have to have a certain amount of equity already in the home or not?
SPEAKER_06It's really good if you have at least 50% or higher. Anything less would mean that you would probably need to bring money to the closing table. Now, I have seen people do that because of the elimination of a very high mortgage payment. So that maybe they needed to bring in ten or fifteen thousand dollars to the closing table to be able to get the reverse, but they were eliminating a three or four thousand dollar mortgage payment. Now, those payments are out there still. Not everybody got the three percent interest rate. So um, you know, those are still out there, and that was it made sense to them. It made sense to their financial advisor to look at that and consider it.
SPEAKER_08Yeah. And if uh and if someone is in their home and they're they're comfortable and they're sitting on a lot of equity, right? Because this is their largest financial ass asset, uh, does it behoove them to, you know, go the reverse mortgage route or just you know, uh maintain, you know, what they have and stay where they are and just ride it out that way? Is it like I'm trying to compare, you know, if you're sitting on if your house rich and cash poor, right? Is does reverse mortgages work for that sort of individual?
SPEAKER_06Oh, it definitely works for that sort of individual. I I feel, and this is gonna sound self-serving, and I don't really believe it is. You make better decisions when you're not in a crisis mode. I think that's probably true for all of us. So if you were to look at the reverse mortgage and say, hey, this is interesting, I don't want to use it, but I'm willing to put it on the house for a first a future situation, then it's gonna help you a lot better than if you're in a crisis mode. Let's just say you can't pay your property taxes. Um and we all know that if we don't pay our property taxes sooner or later, the the government, the the county or the state or the city entities are gonna come and take possession of your home. Well, you don't want that. You want you want to keep your home. In that position, you're kind of operating in a more panicked, frantic stage. Um can you make good decisions then? Yes, but you're also really stressed. And it's a good thing.
SPEAKER_08So if you can't pay your mortgage or your taxes and but your house rich, cash poor, reverse mortgages is a way to stay in your home, right? Yes. Uh and and and and even though you're cash poor, but you know, you can still stay there in your home, but just in a different way, and and we and with no payment.
SPEAKER_06Well, you can stay in your home and it could help pay your taxes. I I I've seen several people have used that. They they have enough equity, they use the line of credit every time tax season comes up, which is every year, by the way, that they are able to write that check comfortably without taking it away from their Social Security and the other funds that are coming into the house that cover day-to-day costs. I've seen people use it because they needed to replace a hot water heater and a roof in the same month. Very expensive situation for a senior to have to look at, and they didn't want to dip into their savings or sell any assets. So the reverse mortgage, it was already in place, the line of credit was already there. It just was a breath of fresh air for them to just say, this isn't a problem. I we can handle it.
SPEAKER_08Yeah, Laura, two more questions for you, my friend, before I have to let you go. What warning signs should older adults and their families watch for when speaking with a lender or responding to a reverse mortgage uh advertisement?
SPEAKER_06Wow, there's a lot of stuff out there. Uh and there are there should be warning signs. I don't want to diss my profession uh and say bad things about it. But let's just say, you know, there are people out there that may not be as scrupulous or or as honorable as we would like them to be. Definitely work with somebody who's licensed. I would say when you ask the question, do you do the reverse mortgages? And someone says, Yeah, I can do it, versus yes, I do it all the time. That's two different answers. The yes, I do it all the time is somebody like, yeah, I I function in this world on a day-to-day basis. The person who says, Yeah, I can do them may not be familiar with the rules, regulations, guidelines. And as I said earlier, this is a heavily guide uh regulated loan in my project.
SPEAKER_08Are the accreditations one should ask for when they are having a conversation around reverse mortgages?
SPEAKER_06There are I there are quite a few. I don't always carry all of them. Sometimes I feel like um the cost doesn't necessarily outweigh the benefit, but there are definitely lots of organizations, Normala, the which is N I believe it's NMLA, is probably the most nationwide organization. Highly, highly recommend them. Um there are other organizations that carry equal certificates. I would look for that in a lender, just like you would look for a realtor to be a part of the real estate association. Those are all good things.
SPEAKER_08Gotcha. And my last question before signing anything, which independent professionals should one consult with and what information should they insist on receiving in writing? Oh, that was a great question.
SPEAKER_06Great question. You definitely want to have. Um we don't call them HUDs, and but that's but in essence, it's it's a guideline of all the numbers. What's going to be a cost? What are all the costs? Here's a breakdown of them. This is here are the programs. There are several programs that anybody could be qualified for. Are that are they showing you all of them, or are they just showing you one or two? And then you'd say, are there more, or is this it? I can guarantee there's at least two or three programs that everybody could have opportunity to look at before you sign any of these documents. Now, the nice thing about this loan is even though you've signed these documents for a loan application, you are not under any obligation, and I'll repeat that, any obligation to close the loan. At any point, all the way through to actually the right of rescission, which is three days out that the loan sits in a cooling off period where you can back out of this loan. If you're being pressured, I would definitely think that would be a red flag in my in my arena.
SPEAKER_08Yeah. Well, Laura Phillips, thank you, thank you, thank you for joining us and helping us take a balanced look at reverse mortgages. My last question, this is my last question. How can our listeners uh reach out to you if they so choose to?
SPEAKER_06Well, again, then you can reach out to me at Laura Phillips. Um my email is Laura at lauraphillips.com. So that I hope is going to be pretty good. Easy for myself.
SPEAKER_08Laura Phillips.com. LauraPhillips.com.
SPEAKER_06Laura at Laura Phillips.com. Yeah. And obviously the the web address is LauraPhillips.com. And again, my personal number, um, I'm not licensed in every state, but I can answer some basic questions and maybe point you in the direction of finding somebody that might be able to help you is 303-8817-4611.
SPEAKER_08Great stuff, great stuff. Thank you again, uh, my new friend. Family, the important takeaway is that a reverse mortgage is not free money, and it is certainly not the right answer for every older homeowner. It is a loan secured by your home with costs, responsibilities, and long-term consequences that must be clearly understood. Before making a decision, slow the process down. Compare your alternatives. Include trusted family members when appropriate. Speak with independent housing counselors and make sure you understand exactly what could cause the loan to become due. Your home may represent decades of work, sacrifice, security, and family memories. Any decision involving that home deserves careful consideration, not pressure, not fear, or a rush signature. Laura Phillips, thank you once again for sharing your expertise with us here on the Senior Zone.
SPEAKER_06Thank you, Sean. I really enjoyed being here.
SPEAKER_08You are quite welcome, my friend. Folks, this next break is brought to you by AARP DC, your wise friend and fierce defender in Washington, D.C. When we return, it's birthdays of the week, followed by Dear Grave Woman, featuring Joelle Simone, and then is your later life lowdown, news, resources, and events that you can use. We'll be right back.
SPEAKER_12Today is your day to connect with AARP and DC. AARP is here in the District of Columbia working hard to make it an even better place to live, work, and play for people of all ages, and you can help. Put your skills and talents to good use as an AARP volunteer where you can help lead local events or become an advocate for the issues that matter in your community, like funding for programs that help district residents age with dignity and independence. AARP is also helping you get the most out of life. Check out their educational workshops where they can help you grow as a caregiver, find a job, and teach you about the latest technology, or enjoy a night out at any of their exciting local events, like their happy hours and free movie screenings. Today is your day to connect with your community and with AARP. So let's take on today and every day. Learn more at AARP.org slash DC.
SPEAKER_04Happy birthday to you! Happy birthday to you! Happy birthday!
Birthdays of the Week
SPEAKER_08This week. So let's get the celebration started. First up, we have Sadie Smith, 84. Today, Monday, August 31st from Fort Washington, Maryland. Happy birthday, Sadie. Mark Spence is 66. Today as well, Monday, August 31st from Bowie, Maryland. Happy birthday, Mark. Donna Jinn, 78. Tuesday, September 1st from Miami, Florida. Happy birthday, Donna Wendy Bridges. This one is special to me. She is the 2015 Miss Senior DC. She turned 72. I don't believe it. On Tuesday, September 1st from Washington, D.C. Happy birthday, Wendy. Brian Austin is 65. Medicare eligible on Wednesday, September 2nd from Mitchellville, Maryland. Happy birthday, Brian. Brenda Pearson Scantling is 72 on Thursday, September 3rd from Jacksonville, Florida. Happy birthday, Brenda. Valdonia Mallory. Haven't seen you in a while, Valdonia. Hope you're okay, my friend. 70 Years Young on Friday, September 4th from Washington, D.C. Happy birthday, Valdonia. Angela Sims, 69, on Friday, September 4th from Landover, Maryland. Happy birthday, Angela. Emmett Queen, 73 on Saturday, September 5th from Akaki, Maryland. Happy birthday, Emmett Pauline Gibbs. Pauline Gibbs 62, Social Security eligible on Saturday, September 5th from Olney, Maryland. Happy birthday, Pauline, and many more. And last but not least, David Gam, 75 on Sunday, September 6th from Frederick, Maryland. Happy birthday, David. Happy birthday again to each and every one of you from all of us here at the Senior Zone. May your new year of life bring you good health, good people around you, plenty of laughter, and plenty more memories worth making. And remember, family, a birthday isn't about counting the years behind us, it's about appreciating the life we've lived and recognizing that there is still more life ahead of us to experience. To have your birthday mentioned here on the senior zone, it's real easy. Send that email to info at thesing the zone.com. That's INFO at thesing the zone.com. Please include your full name, your birth date, the age that you were turning, as well as your city and state. And
Dear Grave Woman with Joelle Simone
SPEAKER_08speaking of experiences, memories, and stories that make each life unique, our next weekly feature reminds us why stories matter. Every week, Joelle Simone gives us something to think about. Sometimes something comforting, sometimes something challenging, but always something deeply human. And this week, she reminds us that the story of our lives is bigger than dates, photographs, or a few lines in an obituary. Our memories, traditions, lessons, and experiences are part of the legacy we leave behind. So now let's turn to this week's Dear Grave Woman featuring Joelle Simone. Joelle, the mic is yours, my friend.
SPEAKER_00Hello, everybody, and welcome back to Dear Grave Woman. I am your host, Joelle Simone. I am known all over the world as the Grave Woman. And as you know, I spend my life helping families and communities honor those they love. Because of that, I am always looking for meaningful ways to preserve our stories before they become memories. One thing that I've learned through this work is that our legacy is so much more than an obituary or a few photographs. It's our stories, our traditions, our laughter, our lessons, and our culture and the moments that made us who we are. That's one of the reasons I chose to partner with Keeper Memorials. When I learned about what they are creating, I immediately recognized it as a beautiful tool for preserving things that matter most. What Keeper does is allows you to create a living digital legacy, or what I call a digital altar, which is a place where you can safely preserve your photographs, your videos, your life stories, your family histories and memories long before they're needed. And what I love most is that we don't have to wait until someone dies to celebrate a life. What you can do is to begin documenting your stories today, adding your milestones, sharing your wisdom, and inviting your loved ones to contribute memories along the way. So by the time your family needs it, you've already given them the greatest gift imaginable, which is a piece of yourself that they'll be able to revisit for generations. Now, as someone who has walked aside thousands of families, whether in person or online, I can tell you this the stories are often what people fear losing the most. And what Keeper does is helps to ensure that those stories are never forgotten. I believe that Keeper is valuable, especially for those of us that are either in the pre-planning stage or thinking about what we want to leave behind. Number one, it allows us to tell our stories in our own words while we're here to share it. Umber two, the keeper allows us to preserve family recipes, traditions, photographs, and cherished memories all in one secure place. It allows us to organize important memories so that our families don't have to search through boxes of photographs or try to break into our phones after we pass away. Last but not least, keeper is a way to build a meaningful legacy that reflects who you are, not just the day that you were born and that you died. And so what I'd encourage you to do is give your family the comfort connection and something that they can return to when they miss you the most. If you'd like to learn more, please visit mykeeper.com and use code TGW to receive 10% off of your subscription.
SPEAKER_08Thank you, thank you, Joel. Family, that's a good reminder that we don't have to wait until the end of life to think about legacy. Tell your stories, preserve the memories, share the lessons because the people who love us should know not only that we lived, but something about how we lived and what mattered to us.
Later Life Lowdown
SPEAKER_08Now, from preserving the stories of our lives to sharing information that can help us live those lives even better right now. It's time for your later life lowdown, our weekly look at current information, helpful resources, and upcoming opportunities designed to help you live a little better, stay connected, and make the most of life throughout the DMV. And remember, everything we're highlighting today is happening after today's broadcast. So you'll have time to put it on your calendar and make plans. First up in Washington, D.C., September is Falls Prevention Awareness Month. And here's an opportunity that could help you or someone you love remain safer and more independent. The DC Department of Aging and Community Living will hold its Falls Prevention Awareness Days on Monday, September 21st and Tuesday, September 22nd from 10 a.m. until 1 p.m. The events will take place at 899 North Capitol Street, Northeast, and will include balanced screenings, medication reviews, home safety education, and other resources aimed at helping people remain active, independent, and less likely to experience a fall. Over in Maryland, Montgomery Parks has an outdoor opportunity designed specifically for adults 55 and better. The 55 plus kayaking, yes, kayaking for beginners program will be offered on Wednesday, September 2nd from 2.30 to 4.30 p.m. at the Black Hill Discovery Center. It's a chance to learn the basics of kayaking while enjoying some fresh air, gentle movement, and the beauty of one of Montgomery County's local parks. Now let's cross over into Northern Virginia, where older athletes are once again proving that staying active does not come with an expiration date. The 2026 Northern Virginia Senior Olympics will take place from September 9th through October 4th, with more than 70 events scheduled throughout the region. The competition includes longtime favorites as well as newer events such as rock climbing, weightlifting, and darts. Even if you're not competing this year, you can still support the participants and perhaps find a little motivation to get you involved next time. And family, before we wrap up today's later life lowdown, here's that one resource I want you to keep in your back pocket benefitscheckup.org. It's a website. It's a free, confidential resource from the National Council on Aging that helps older adults and people with disabilities identify benefit programs for which they may qualify. Those programs may help with things such as groceries, health care, prescription medications, utilities, housing costs, and other everyday expenses. Simply visit benefitscheckup.org, enter your zip code, and see what assistance may be available in your area because there may be help available that you've earned, you qualified for, or simply didn't know existed. And that, ladies and gentlemen, wraps up this week's Later Life Lowdown where the information is fresh, the love is always real, and the goal is always to enrich your journey.
Closing Thoughts & Podcast Reminder
SPEAKER_08Family, that's going to do it for another edition of the Senior Zone. As always, thank you for spending a little of your Monday morning with me. Whether you've been riding with us for years or you just discovered the program today, I never take your time nor your trust for granted. We're going to keep bringing you conversations to inform you, challenge you, encourage you, and every now and then hopefully make you smile. And one more thing, the senior zone has always been about more than a moment. It's about building something meaningful that lasts beyond the hour we spend together each Monday. That's why we're now available as a podcast. So these conversations they can live on, they can be revisited, and they can be shared with the people in our life who may need to hear them. Just search the senior zone with Sean Perry wherever you listen to podcasts. Until next Monday, take care of yourself and don't forget to check on somebody else as well. A telephone call, a text message, a knock on their door, or simply taking a few minutes to sit and listen. What may seem like a small gesture to you could mean more to someone else than you'll ever know. So until we meet again, keep your head high, keep your heart full, and always be someone who makes someone else look forward to their tomorrow. Love you. Peace.
SPEAKER_10Be sure to join us on our next broadcast. Until then, live simply, love generously, care deeply, speak kindly, and leave the rest to God. Have a wonderful week, and God willing, the senior zone will be here for another informative and entertaining hour next Monday morning at 10 a.m.
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