Nikki Foley:
Your home might be your biggest asset, but most people don’t make decisions about it with a strategy. They make it based on emotion. And with that, we’re unpacking how we turn the emotion into a smarter plan. Welcome to Paladin Financial Talk. I’m your host, Nikki Foley, and I’m joined by featured guest Ben Bina of J.D. Acey Mortgage.

Ben is a reverse mortgage consultant with a long history of serving the Twin Cities as a specialist in property and casualty insurance. But this is the part I like even more — Ben has high emotional intelligence and IQ. He’s Kolbe certified, and we’re going to dig into that today.

Welcome, Ben. I’m glad you’re here with us today.

Ben Bina:
Thank you for having me. I appreciate the opportunity.

Nikki Foley:
Let me brag on you for a moment. You specialize in helping retirees use home equity as part of a broader financial strategy. You’ve been in the industry for over 20 years, primarily on the insurance and risk management side of financial services.

You’re also a certified Kolbe consultant, and I’m going to have you explain what that is in just a moment. You focus on helping individuals and teams understand how their natural instincts influence decision-making, communication, and performance.

And where I first met Ben was through our kids’ school. He’s been the MC at our annual gala the last couple of years and is absolutely captivating to listen to.

So let’s start with Kolbe. Spell it for us and explain what it is.

Ben Bina:
Absolutely. Kolbe is spelled K-O-L-B-E. It was founded by Kathy Kolbe.

The Kolbe assessment articulates how people take action. It’s innate, unchanging, and objective. What really drew me to it is that it’s not just a snapshot in time. We can use it our entire lives.

Kolbe focuses on the conative part of the mind — that’s how we naturally take action. Cognitive is what we do. Affective is why we do it. Conative is how we do it.

It’s really your gut instinct — your first thought or reaction — even when you can’t explain why.

Nikki Foley:
For people who love the behavioral side of things, you’ve already captivated me.

How has Kolbe benefited you in your career in insurance and reverse mortgages?

Ben Bina:
I first found Kolbe when I was hiring and wanted to make sure the right people were in the right roles.

Over time, it evolved into understanding how people best receive communication and process information. Some people need all the details. Others glaze over if you give them too much.

So I ask questions upfront to understand how someone processes information and how we can make sure what was said is actually what was heard.

Nikki Foley:
I love that.

This is a financial planning podcast, and when people think about financial planning, they think about 401(k)s, investments, Social Security — the basics.

But people often forget about their home and the role it plays in retirement planning. That’s why we’re bringing housing and real estate into the conversation.

Today, I want to define what a reverse mortgage is and reframe it as a planning tool.

There’s been some negative connotation around reverse mortgages, so I’m hoping you’ll help bring some clarity to that.

Let’s start with Reverse Mortgage 101.

What is a reverse mortgage, and what are people getting wrong about it?

Ben Bina:
A lot of people think a reverse mortgage is a last resort — that it means financial trouble or no other options.

But the truth is, it can actually create more flexibility and more options.

It’s really a one-size-fits-one product.

For some people, eliminating a monthly mortgage payment gives them flexibility to repurpose funds or preserve investment assets.

Others might use it strategically for things like Roth conversions because reverse mortgage proceeds are income-tax-free.

It’s a very consumer-protective product.

Nikki Foley:
Who is a reverse mortgage right for?

Ben Bina:
To qualify, at least one homeowner has to be 62 or older.

The biggest group it’s not ideal for is people who don’t plan to stay in the home long-term.

There are upfront fees involved, including a 2% FHA insurance fee that creates all the consumer protections associated with the product.

If someone plans to move in a year or two, it may not make sense.

But for many people 62-plus, it’s absolutely worth exploring.

Nikki Foley:
Compare it to something like a HELOC.

Ben Bina:
Great example.

Let’s say you and I both have $500,000 homes and both access $100,000.

I choose a HELOC, and you choose a reverse mortgage line of credit.

With the HELOC, I have to qualify based on income and credit. The lender can freeze the line if property values drop.

With the reverse mortgage line of credit, once it’s established, it cannot be frozen because of falling home values.

Even better, the line of credit grows over time at the same rate as the interest rate.

That growth feature is one of the unsung heroes of the reverse mortgage.

Nikki Foley:
One word that comes to mind is control.

Ben Bina:
Absolutely.

And there are four “nevers” we discuss:

• You never have to make a payment.
• You never give up title or ownership.
• You never owe more than the home’s value.
• Your heirs never owe more than the value of the property.

That last protection comes from the FHA insurance component.

Nikki Foley:
I’m having one of those “aha” moments where you realize there’s so much more to this than you originally thought.

Talk to me about downsizing or selling.

Ben Bina:
There’s actually a reverse mortgage for purchase.

If someone sells a $500,000 home and wants to move to Florida, instead of buying another $500,000 property outright, they could potentially buy an $800,000 home with no monthly mortgage payment.

That can create opportunities for hosting family and maintaining lifestyle without draining liquidity.

Nikki Foley:
You’ve really reframed this from a bailout tool to a retirement planning tool.

And you’re tying it back to lifestyle, family, and experiences.

Do you have an example that stands out?

Ben Bina:
We had a woman come into the office recently who said, “I don’t want to hear anything about reverse mortgages.”

She literally plugged her ears.

But we simply said, “Before you say no, let’s make sure you know why you don’t like it.”

As we walked through the strategy and numbers, her guard came down.

She eventually asked, “What’s the catch?”

And the answer was: there isn’t one.

Everything is disclosed upfront.

Interestingly, she preferred having a zero mortgage balance, so she chose to make payments voluntarily.

Those payments increased her available line of credit.

Nikki Foley:
Do you show people projections and numbers right away?

Ben Bina:
Absolutely.

At the first meeting, we typically already have proposal numbers prepared.

We just need:

• Date of birth
• Address
• Home value
• Current mortgage balance

Then we walk through the emotional side, concerns, misconceptions, and ultimately the strategy.

Nikki Foley:
Let’s talk about behavior and financial decisions.

How does someone’s natural wiring impact decisions around their home?

Ben Bina:
The home is deeply emotional. It’s tied to identity, family, memories, hardship, and joy.

I try to help people see that their home has served them for years — and now it can continue serving them in a different way.

A lot of the work is recognizing how people best receive information.

I ask questions like:

“When you’ve made your best financial decisions, what was present?”

Do they want details? Predictability? Flexibility? Options?

Once I understand that, we can personalize the conversation.

Nikki Foley:
What you just did was beautiful.

You took an emotional decision and made it strategic.

Let’s talk about legacy.

Many people think of a home as a legacy asset, but for heirs it can become a burden.

How do you help families navigate that?

Ben Bina:
I always ask two questions:

1. Do you have an estate plan?
2. Do you have a long-term care plan?

Those conversations make everything easier.

Then we walk heirs through four simple scenarios:

• Yes, keep the home / Yes, there’s equity
• Yes, keep the home / No, there’s no equity
• No, don’t keep the home / Yes, there’s equity
• No, don’t keep the home / No, there’s no equity

In every case, the process is straightforward.

And importantly, heirs are never personally responsible for any shortfall.

Nikki Foley:
Anything else you’d like listeners to know?

Ben Bina:
Be open to learning something new.

Whether someone chooses a reverse mortgage or not, the willingness to explore options is important.

Retirement planning is comprehensive. Reverse mortgages shouldn’t exist in a silo.

Talk with your advisor and understand how it fits into the broader plan.

Nikki Foley:
What resources would you recommend?

Ben Bina:
I write a weekly newsletter at LargerLegacy.com.

I also recommend retirement researcher Wade Pfau, who provides excellent nonpartisan research on reverse mortgages.

Nikki Foley:
Before we wrap up — should people pay off their mortgage early?

Ben Bina:
If someone is approaching 62, I’d say maybe not.

A reverse mortgage may allow them to preserve liquidity and flexibility.

But generally, it depends.

If paying off a mortgage prevents fully funding retirement accounts, I’d prioritize the retirement accounts.

Nikki Foley:
That’s exactly why we created our “Should I Pay Off My Mortgage Early?” flowchart.

Ben, thank you so much for joining us today.

Ben Bina:
Thank you. I appreciate it.

Nikki Foley:
If you’d like to learn more, visit:

• LargerLegacy.com
• PaladinFinancial.com

Thanks for listening, and we’ll see you on the next episode.