Ben McCabe is the founder of Bloom Finance Company, a finance company that provides reverse mortgages.
In our interview, we dive deep into the topic of reverse mortgages and detail how they work, misconceptions and eligibility. Ben answers common questions like what happens when the home value appreciates, what happens when clients pass on and whether it’s still possible to pass the house down to family members.
Video Contents:
00:00 – Intro
1:07 – Ben’s Professional Journey
3:08 – What Is A Reverse Mortgage & How Does It Work?
4:38 – Misconceptions About Reverse Mortgages
6:28 – What Happens If The Home Appreciates in Value?
7:22 – What Happens If Owed Mortgage Balance Exceeds The Value Of The Home?
9:45 – Eligibility & The Process of Getting Approved
10:57 – How Much Money Are You Eligible For?
11:27 – What Happens When Client Passes On
12:30 – Advice For People Approaching Retirement
13:49 – Thoughts On Downsizing
14:37 – Reverse Mortgage and Passing Down a House To Family
15:36 – Are The Proceeds Taxable?
16:00 – What Can You Do With Money From a Reverse Mortgage?
17:33 – What’s Next For Bloom?
18:07 – New Products
18:53 – Where To Find More Info
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Video by:
Amy Orr is a professional writer and editor with over 10 years of experience in the Canadian, U.S. and U.K. financial markets. She has written for numerous publications on topics as diverse as economic literacy, corporate finance, and technical analysis of numerical data. Prior to transitioning to full-time writing, she worked in the hedge fund sector. Her academic background is astrophysics, and she has a Masters in Finance from the University of Edinburgh Business School.
