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@@JamesMilne-v6r thanks for your comment. The federally insured reverse mortgage was signed into law by President Reagan in 1989, and it has remained insured by FHA since then and never has the seal of approval been removed. Obviously, the product would not have survived or remained insured by FHA for that long if it wasn’t of benefit to senior homeowners. It may not be the right financial decision for every senior homeowner, but certainly not a scam. If you have more questions or would like to learn, reach back out to us or visit FHA’s site on reverse mortgages.

Realtors need to be sure they vet and continuously update their referral partners. And under no circumstances accept a kick back-it’s illegal and you can lose your license.

Thanks Kenneth. This was just a short clip of the full length interview and video with “The Probate Killer”. Check out our channel for the full video.

Thank you for sharing your experience and success with a HECM! It’s always great to hear how this product has positively impacted someone’s financial situation. While interest rates certainly play a role, reverse mortgages can offer unique benefits regardless of the rate environment. For example, they can help eliminate other high-interest debts, purchase a home, increase monthly cash flow, or create a growing line of credit that’s available when needed. It’s all about tailoring the solution to fit individual goals and needs. If you have any questions or want to discuss how these options work in today’s market, I’d love to chat further!

@@dobnerk Thank you! I really appreciate it. As far as your situation, without knowing all your details, I cannot advise you with certainty that you should do the RM ASAP. However, in most cases, it will make financial sense to open the LOC as early as possible to begin experiencing the monthly compounding growth. Whenever you would like, I will run an analysis using my EquityWorks software which will forecast the growth of the LOC and the impact to the retirement savings over time. Reach out to me directly to discuss further. My Best!

Thanks for the comment. If you would like to learn more about the HECM reverse mortgage and the biggest misconceptions, reach out to us. This is far from a scam and the most protected mortgage in America. Backed by the Federal Government since 1989.

Thank you for your question. If you use up all the equity, nothing happens with the reverse mortgage. You remain the Title owner of the property, and continue living in the home with the optional payment feature for as long as you live in the home as your primary residence. When the day comes that you are no longer living in the home, and if the home is upside down (i.e. you owe more than the home is worth) then the FHA Insurance covers the shortage 100%. The person inheriting the property will have the authority to sell the home or refinance the home to pay off the reverse mortgage balance. If the home is upside down, they can also choose to allow the reverse mortgage lender to handle the sale/liquidation of the home to satisfy the reverse mortgage lien. As a result of the FHA Insurance, there is no personal liability for the reverse mortgage loan imposed on either the homeowner or beneficiary. Let us know if you have any further questions.

Hello @mbords01. Thanks for your comment. One of the biggest misconceptions about the Home Equity Conversion Mortgage (aka reverse mortgage) is that you will lose your home. This type of reverse mortgage, the HECM - which has been insured by the Federal Government since 1989, is just a mortgage lien against the property and does not effect title rights. The homeowner continues to own the home and have full control over selling and paying off the HECM loan at any time without any restriction or penalty. The requirements of the homeowner are to continue paying their property taxes and homeowner's insurance, and keeping up with maintenance of the home. Once the homeowner is no longer living in the home as their primary residence or has passed away, then the HECM loan is due in full in which the homeowner and/or beneficiaries will be given up to 1 year to pay back. Simply put, this is an optional payment mortgage that allows a homeowner over the age of 62 to decide whether they would like to make a mortgage payment or not. This flexibility provides greater control over your mortgage as well as your liquidity, which research has shown can lead to a greater net worth. One of the leading retirement income researchers, Dr. Wade Pfau, has written several books now on the topic of how the reverse mortgage can be implemented into your retirement plan to increase liquidity, further grow net assets and even decrease income taxes. Please reach out to us with questions, and if you are still unsure how you won't lose your home with a HECM.

Yes. The payoff is comprised of the amount actually used (withdrawn from the line) plus of course interest on the amount borrowed. The unused portion of the line is part of the equity in the home. Important to note: any unused amount in the line of credit will grow at the same interest rate as on the loan balance. This growth of the line could possibly outpace real estate appreciation and surpass home equity creating a buffer asset against market declines.

@@reversemortgages Awesome that is why having a reverse mortgage is beneficial due to the growth rate. Thank you for sharing!

@@CharlesButler Yes, it’s very awesome! We just need more people to understand how it works and this aspect of the growing line of credit, and we will be able to change how retirement is done in this country.

When selling the home, the amount that has been borrowed on the reverse mortgage loan is paid in full. That amount is dependent on how much was liquidated, the interest rate and whether payments were made or not. When analyzing a reverse mortgage, an amortization schedule is used to provide an estimate of the amount owed year after year. The owner can use proceeds from line of credit to help fund the transition to assisted living. However, once the homeowner is no longer living in the home as their primary residence, then the loan must be repaid in full.

Thank you for sharing your experience. We need to raise more awareness on how a reverse mortgage can help increase the success of one’s retirement and provide more liquidity to last a longer period of time. We appreciate your feedback in helping more homeowners understand.

@@reversemortgages I also think its a great way to payoff the HECM by socking away the monthly mortgage payments you would have paid with interest until you save enough to payoff the HECM No brainer

@@Rockinthehill Yes. Giving one more flexibility and options to further grow their liquidity and net assets. You get it Tod!

The amount of a reverse mortgage loan is based on three factors: home value, age and interest rate. The older one is the more they qualify, and the higher interest rates rise the less they qualify. What is your age?

76

@@huey362 Based on your age, you would qualify for just enough to pay off the existing mortgage and eliminate the mortgage payments. You then have the option of making payment towards your reverse mortgage which would begin to fund the LOC at which those funds would be growing at current interest rates. For more details, please reach out directly to me at rick.rodriguez@fairwaymc.com or (702)460-6222. Thank you!

Yes. The funds in the line of credit are liquid and can be redrawn at any time. Also, while the funds are in the line of credit they will be growing at the same interest rate as the loan balance accrues.

Thank you for feedback, and sorry for the delayed response. The upfront mortgage insurance is 2% of the property appraised value or FHA lending limit, whichever is less. This is financed into the initial closing costs. The annual mortgage insurance is .5% of the ongoing loan balance and that rate is fixed for the life of the reverse mortgage.

@@reversemortgages Thanks! I am 10 years away from 62 but I am making my plans now.. No kids to leave the house to. Why leave all that money to no on e? lol

@@leweezo33 My pleasure. I plan on still being in the business 10 years from now, so I look forward to hearing from you then!

@@reversemortgages Will do.. You are in my youtube subs! I like someone who answers question as you did

@@leweezo33 Thank you! Let me know if I can answer any other questions. I’ll be standing by to assist.

Our pleasure. The mortgage insurance is what allows a lender to offer a growing line of credit, and what also protects the homeowner from being personally liable for the debt. The lender will always be paid 100% of the total loan balance, and this is guaranteed by the mortgage insurance. If you have any other questions, you can reach us at lasvegasbranchreverse@fairwaymc.com or call us at (702)460-6222. Thank you!

I imagine that not too many people live to the ripe age when their LOC exceeds their home value. Then they have to have borrowed more than the HV. Yet everyone is paying .5% on their loans. It has to be profitable for them or they would offer the insurance. Unless it turns into a scenario like the long-term care insurance plans. They used to be affordable. Insurance companies have adjusted the premiums to unaffordable levels.