While reverse mortgages have carried a negative reputation over the years, Laurie Gallegos, the Reverse Mortgage Specialist at Zenith Home Loans has seen firsthand how beneficial they can be for the right individuals. Her goal is to help people understand what reverse mortgages are, how they work and who they work best for—so they can determine whether this option could truly improve their retirement years. We asked her a few questions to identify the benefits of a reverse mortgage and also her passion behind her work.
Could you please share a little bit about yourself?
I’ve been in the mortgage and real estate industry for over 20 years, beginning my career with reverse mortgages. From the start, I saw how powerful this program could be for older adults when used correctly. My very first reverse mortgage was for a family member, and from there it naturally grew into helping other family members and friends navigate the process.
My mother’s experience truly solidified my passion for this work. She has completed two reverse mortgages with me, including purchasing a home using a reverse mortgage—where the buyer brought in a larger down payment and, after closing, were never required to make monthly mortgage payments.
I obtained my real estate license in 2013, expanding my ability to better serve senior clients who may be looking to downsize—something that, in today’s economy, can often be a smart solution. In 2022, I decided to return my primary focus to reverse mortgages because I genuinely love working with the senior community, especially those searching for real solutions to real challenges.
What is a reverse mortgage and what are the benefits of it?
A reverse mortgage is a unique loan designed for homeowners aged 62 and older (55 and older in some cases) that allows them to access a portion of the equity they’ve built in their home as tax-free cash. Instead of making monthly mortgage payments, the loan is structured to ease financial pressure and provide more flexibility during retirement.
The funds can be used in whatever way best supports the homeowner’s lifestyle—whether that means supplementing monthly income, paying off existing debt, covering medical expenses or simply having a financial cushion for peace of mind. The home must be the borrower’s primary residence, and homeowners continue to maintain their property taxes, homeowners insurance and any HOA dues.
For many individuals, a reverse mortgage can be a comforting solution—one that allows homeowners to stay in their home, maintain independence and enjoy their retirement years with greater confidence and security.
What is your encouragement for homeowners or even future homeowners?
My encouragement to senior homeowners is to take the time to learn about all of the options available to them. Without fail, when I speak with people about reverse mortgages, most don’t truly understand how they work and are often influenced by long-standing myths and misconceptions.
Having access to a portion of the equity they’ve built over a lifetime can provide the financial support needed to stay current on monthly bills and ease everyday stress, especially with the cost of living continuing to rise—often faster than Social Security benefits.
A reverse mortgage can offer peace of mind, helping seniors maintain their independence and remain in the home they’ve loved for so many years. For anyone who is curious or unsure, I encourage them to reach out to me via email to request information on the most common myths and misconceptions surrounding reverse mortgages. There is absolutely no obligation—just clear, honest information to help determine whether this option could be the right fit.
For many, it’s not about spending—it’s about security, stability and the comfort of knowing there is a safety net in place.