Quantum Leap Podcast Episode #5: “The Mortgage Industry and Reverse Mortgage Options During COVID-19 w/ Guest Cheryl McCarthy”

By David Kersten, Creator of Quantum Leap
 
In this interview Cory Nott and I interview banking and finance expert Cheryl McCarthy who shares her insights on the mortgage industry and why reverse mortgage options are a critical lifeline for many homeowners during the time of COVID-19.  
 
We discuss the impacts that COVID-19 has had on Cheryl’s professional life, how she has adapted and what it means going forward.  Cheryl is a reverse mortgage advisor for Mutual of Omaha Mortgage.    
 
Cheryl provides a series of key insights on emerging trends in the economy and society and what they mean for the mortgage industry as well as the residential and commercial real estate markets. 
 
Such insights include:
 
--Why reverse mortgages represent a critical lifeline of support for many homeowners, particularly Seniors, during COVID-19.
--A drop in the inventory of homes for sale during COVID-19 has created a seller’s market and an increase in sales prices in the Bay Area particularly Alameda, Contra Costa and San Jose counties. 
--Large banks have “frozen” access to home equity and refinances and a number of them are not accepting new applications.  Increased qualifications for jumbo RM’s, both of which have slowed refinances despite record low interest rates.  
--A steep increase in divorces, which leads to housing changes, and a need for reverse mortgages.  
 
Cheryl states that people should consider a reverse mortgage during these times due to the following reasons:  
 

1. Unexpected income loss
2. Retiring early
3. Uncertain income stream
4. Record low interest rates
5. If you plan on downsizing/rightsizing/moving

 
Thanks to Cheryl for your participation in the broadcast and all your important and useful insights.  
 
To get in touch with Cheryl to discuss these trends and potential solutions, she welcomes you to contact her:
 
Cheryl’s Phone: (510) 507-5616
Website:  www.cherylmmcarthy.com
Email: cmccarthy@mutualmortgage.com

To find out more about the Quantum Leap Podcast and access previous episodes click here.
 
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