One of the things having me consider a reverse mortgage is, my dad got a reverse mortgage on my childhood home many years ago. This has enabled my now 88 year old widowed mom, to stay in my childhood home. We as a family feel this has been good not just for her physical but mental health, which is what matters most to us as a family. At this date there is still equity in that home also.
Hi Jason...very informative video,thank you. Could you give me a ballpark on how much higher the interest rate on proprietary (on average ) than on hecm? Thanks
Thanks for the comment! Normally the Proprietary rates are about 2-2.5% higher than the hecm. The reasoning is that Proprietary reverses are still non recourse...and the lender has to take the risk(unlike the hecm where the risk falls on the FHA). With that said...that's why the Proprietary costs are lower...there's no mortgage insurance charged. Hope that makes sense and helps! Jason
My husband passed October of 2023, I will be 62 March of 2025 and I am sure I will reach out to you to discuss a possible reverse mortgage closer to then. Thankyou In California
I understand that a hecm is federally insured but just what exactly is the advantage to that as opposed to a proprietary reverse. What protections exactly does that provide that a proprietary doesn't ?
@@Levi.Cortesconstruction-qd4cz great question! They both offer the exact same protection...by law all reverse mortgages are non recourse. The advantage of a hecm over a proprietary are the credit line, monthly income, and being able to be "creative" with its usage.
@@Levi.Cortesconstruction-qd4cz nope. It's just the fha insurs hecms while the proprietary is insured by the lender itself(there's very strict regulation requiring all reverses to be non recourse)
Hey Jason! Thanks for yet another very informative presentation regarding changes (improvements) in Reverse Mortgages 2024. One fact that stood out to me was not being required to pay additional or another MIP charges if one elects to refinance after 2 years with a HECM. How does that work given a higher appraised value of the home? And just hypothetically, would it even be financially prudent to consider converting from a HECM to a proprietary for refinancing purposes?
Hey Ronald, basically, you're credited for the MIP that was charged the first go-around. So normally you'll have a nominal MIP charge...but it will be very low. Example; I have an attorney client who bought a house using a reverse in 2019 and then refi'd it to grab some cash for home repairs in Aug 2023. Hi original purchase price was 403k and the home was worth 710k when we redid it. His total MIP charge was $1,115(instead of $14,200). Pretty ok savings there! Next question...would it make sense to refi from a HECM to a proprietary? Depends on your goals...if you need to get more money out of the house(for whatever reason) then it makes A LOT of sense.
Greetings young man, thank you for your time. Hoe this isn't too much of an eye roller, but can you rollover a reverse from a house, to a piece of land?
Thanks for your comment! Yes, we can do proprietary reverses in Florida(I have a few going on in FL right now). Also, depending on how close you are to your 62nd bday you might be able to get rolling on a HECM. Give me a shout at (888) 309 9705 and I'm glad to assist :)
What was the absolute lowest interest rate on a reverse mortgage during the 21 2022 at that time you could’ve walked in that rate I presume say a 15 year loan was 1.99 so what was a reverse mortgage rate then?
Low 3's...i answered this question on another one of our videos about an hour ago. Wondering why you ask though...it's VERY unlikely that we won't see those rates again
Hello my Ron love your videos but u don't cover the 2024 reverse Mortgage Increase an u have a 400,00 home free an clean 65 years old what's the high percentage available
Hey Ronnie!. I think I did add in my video that the max home value for a hecm is now 1.149M. So that doesn't impact a 400k house...but in your case(a 65 year old) the loan to value would be in the 30's. Feel free to reach out if you need anything. Jason
Nothing in the money/rates game is 100%, but I'm still betting one small cut(.25 BPS) later in the year. Nothing earth shattering. I actually have a heloc on my investment property(unfortunately I'm too young for a reverse) that is tied to prime...so I guess I am betting my home on it🤪
I’m a 61 y/o, single female who just lost her job of 21 years - due to a corporate takeover. My home of 28 years is worth $550k and I owe, roughly $110k. I’d like to protect my home without poaching all of my equity, so just enough of a reverse mortgage that I don’t have to sell my home. Is this possible? Does it do serious damage to my equity, should I need my equity later?
Sorry about losing your job...that's really rough. This is definitely possible...we'd look at your expenses and see if a reverse can cover them(it would already eliminate your mortgage payment). Feel free to give me a shout over the weekend at 888 309 9705 and I'll show you your options...
Hey Mike, depends on your age and current interest rates. Feel free to drop me an email jason@keyhomelending.com with your age and address and I'll look it up for you.
It's an incredible program! In essence you'll put part of the purchase price down based on your age(the older you are the less you put down). Here's a link to a specific video that goes into depth on the reverse mortgage purchase 🏠Case Study: Buying a Home with a Reverse Mortgage for Purchase ruclips.net/video/YUyYVQvUEmI/видео.html
Nice video Wow.. I don’t have nothing close to a million dollar plus house. Do you accept emails? Or I need a reputable person or company in Savannah GA area. Because every one I contact denies me or tries to scam me.
I am a 76 year old widow- retired- and I own a home free & clear worth $2 million [ maybe even $2.5 million ]. It's a 4,000 sq foot home-15 years old. Well kept up. I have no children or debt and I think that I only want a reverse mortgage for $300K. I have pension income from my pension and I get 50% of my late husband’s pension. I do have some savings and some investments totaling about $500k Would a reverse mortgage of $300k be a good idea for me ? I’m in an affluent suburb of San Diego and home prices have increased quite a lot in last 4 years. I know I must keep the home up and pay the property taxes and homeowner’s insurance. I’m still able to do that but rising costs are causing me to worry that my expenses may exceed my income In a few years. I want to stay in my home now but I want know what I will owe if, say, I decide to move-sell my house in 3 or 4 years. Will it now be $355,000, $450,000 $ or ?? On a $300,000 loan?
Thanks for your comment! I've helped lots of widows in your situation...a half mill in the bank with alot of life to live(while living in an expensive area) isn't that comfortable. So I can just about guarantee you that you'll feel more comfortable if you have the funds lined up in a creditline(or in your bank account). Glad to give you specifics...feel free to email me at jason@keyhomelending.com or call (443) 802 5923 Jason Eichmiller
Reverse mortgages used to be better when they gave you 40 60 percent of your property now they only give you a third,and lastly these tubers never tell you your probably going to pay a least double the loan amount in 9 or 10 years-NOT GOOD!
Sorry Steven, that's a little eroneous. On the low end they give about 30% but on the high end still about 60%. Just depends on your age. Well...your second part is just how any mortgage works. Any time you have a mortgage that involves interest you pay more down the road. Check out your total payments for a "regular" mortgage over time.
Meh...I guess then don't watch it. Most folks appreciate having all the info on reverses....not just bits and pieces. I try to keep these short but I'd rather be thorough.
Hello , I am a professional digital marketer . Your content are good but you can't getting enough audience . If you want, I can help you grow your youtube channel and your videos to get more real & active audience by organically. Thank you.
@@RUclipsExpert2 No, he should just edit his videos to be more professional. Gulping water on camera is not very business like. (OK, I understand what some younger folks may think. Remember, this cat is taking to Boomers, not the Swifty generation.
@OddJobFix Hey I get thirsty. I also help scores of seniors learn about and understand reverses. These YT videos are done in my spare time, in between helping seniors...kinda opposite of most of the financial youtubers these days..
One of the things having me consider a reverse mortgage is, my dad got a reverse mortgage on my childhood home many years ago. This has enabled my now 88 year old widowed mom, to stay in my childhood home. We as a family feel this has been good not just for her physical but mental health, which is what matters most to us as a family. At this date there is still equity in that home also.
This is an awesome response. I'm so happy that a reverse helped your family!!
Called Jason ...found him sincere, honest, and more that willing to be helpful. 2 thumbs up
Thanks so much for the kind words!
Just found and watched this post, great information!
Thank you!
@@guyarnone7389 you’re welcome!
Thank you for being so candid & informative. I appreciate your casual ease, when communicating some of the reverse mortgage options/products.👏🏼
You are so welcome!
Which one is better in Minnesota
Hi Rick, it completely depends on what you need a Reverse Mortgage for? Line of credit, monthly income, or as much cash as you can get?
Jason
Great info! Is the 2nd plan availability in GA?
Sorry...the 2nd isn't in GA...yet.
Hi can you get the second option the reverse mortgage program in the state of Michigan
Thanks for reaching out! Unfortunately, the 2nd isn't available in Michigan.
Jason
Hi Jason...very informative video,thank you. Could you give me a ballpark on how much higher the interest rate on proprietary (on average ) than on hecm? Thanks
Thanks for the comment! Normally the Proprietary rates are about 2-2.5% higher than the hecm.
The reasoning is that Proprietary reverses are still non recourse...and the lender has to take the risk(unlike the hecm where the risk falls on the FHA).
With that said...that's why the Proprietary costs are lower...there's no mortgage insurance charged.
Hope that makes sense and helps!
Jason
@@ReverseMortgageReality yes, fully answered..thank you vey much
My husband passed October of 2023, I will be 62 March of 2025 and I am sure I will reach out to you to discuss a possible reverse mortgage closer to then. Thankyou
In California
So sorry about your husband. Just a FYI; there are reverse programs for folks 55+, so feel free to get in touch if you'd like to pick my 🧠
Jason
I understand that a hecm is federally insured but just what exactly is the advantage to that as opposed to a proprietary reverse. What protections exactly does that provide that a proprietary doesn't ?
@@Levi.Cortesconstruction-qd4cz great question! They both offer the exact same protection...by law all reverse mortgages are non recourse.
The advantage of a hecm over a proprietary are the credit line, monthly income, and being able to be "creative" with its usage.
@@ReverseMortgageReality so being Federally insured really doesn't mean anything then ? No advantage to that ?
@@Levi.Cortesconstruction-qd4cz nope. It's just the fha insurs hecms while the proprietary is insured by the lender itself(there's very strict regulation requiring all reverses to be non recourse)
Hey Jason! Thanks for yet another very informative presentation regarding changes (improvements) in Reverse Mortgages 2024. One fact that stood out to me was not being required to pay additional or another MIP charges if one elects to refinance after 2 years with a HECM. How does that work given a higher appraised value of the home? And just hypothetically, would it even be financially prudent to consider converting from a HECM to a proprietary for refinancing purposes?
Hey Ronald, basically, you're credited for the MIP that was charged the first go-around. So normally you'll have a nominal MIP charge...but it will be very low.
Example; I have an attorney client who bought a house using a reverse in 2019 and then refi'd it to grab some cash for home repairs in Aug 2023.
Hi original purchase price was 403k and the home was worth 710k when we redid it. His total MIP charge was $1,115(instead of $14,200).
Pretty ok savings there!
Next question...would it make sense to refi from a HECM to a proprietary? Depends on your goals...if you need to get more money out of the house(for whatever reason) then it makes A LOT of sense.
Greetings young man, thank you for your time. Hoe this isn't too much of an eye roller, but can you rollover a reverse from a house, to a piece of land?
@@loripoellot3760 thanks for the question! Unfortunately, no…you can’t roll a reverse over. And you can’t get one on vacant land.
Hello, thank you for sharing. Any new changes this year on your age in order to qualify? I’m 61years old, I live in Orlando Florida.
Thanks for your comment! Yes, we can do proprietary reverses in Florida(I have a few going on in FL right now). Also, depending on how close you are to your 62nd bday you might be able to get rolling on a HECM.
Give me a shout at (888) 309 9705 and I'm glad to assist :)
Can you get the proprietery available in Marylad?
Hi, unfortunately there are no proprietaries available in Maryland. This stings because I grew up in Howard County...MD is near and dear to my heart!
Hi,
I’m in Hawaii. What types or rev mortgages are available here?
Hi, there's the HECM and the Proprietary reverse. No 2nd...
What was the absolute lowest interest rate on a reverse mortgage during the 21 2022 at that time you could’ve walked in that rate I presume say a 15 year loan was 1.99 so what was a reverse mortgage rate then?
Low 3's...i answered this question on another one of our videos about an hour ago.
Wondering why you ask though...it's VERY unlikely that we won't see those rates again
Hey Jason, Does any of your 3 options apply to the state of hawaii? Thanks
Hey! The proprietary reverses(both fixed and varilable) are available in Hawaii right now...
@@ReverseMortgageReality good news! How about the HECM? Is that available as well in Hawaii?
@@maui-0411 yes it is!!!
proprietary available in California? can we get a second hecm on the first hecm?
Yes, the Proprietary IS available in California. You can also do the 2nd or the Hybrid. Feel free to reach out if you'd like to see your options..
What about Texas? Do you know all the options in Texas?
@@melodiehrabak1022 yes...I'm quite big in TX. Drop me a note at jason@keyhomelending.com and we can go over your options.
Hello my Ron love your videos but u don't cover the 2024 reverse Mortgage Increase an u have a 400,00 home free an clean 65 years old what's the high percentage available
Hey Ronnie!. I think I did add in my video that the max home value for a hecm is now 1.149M.
So that doesn't impact a 400k house...but in your case(a 65 year old) the loan to value would be in the 30's.
Feel free to reach out if you need anything.
Jason
other than speculation, what facts or data do you have to back that the interest rates will go down? Would you bet your home on it?
Nothing in the money/rates game is 100%, but I'm still betting one small cut(.25 BPS) later in the year. Nothing earth shattering.
I actually have a heloc on my investment property(unfortunately I'm too young for a reverse) that is tied to prime...so I guess I am betting my home on it🤪
I’m a 61 y/o, single female who just lost her job of 21 years - due to a corporate takeover.
My home of 28 years is worth $550k and I owe, roughly $110k.
I’d like to protect my home without poaching all of my equity, so just enough of a reverse mortgage that I don’t have to sell my home.
Is this possible?
Does it do serious damage to my equity, should I need my equity later?
Sorry about losing your job...that's really rough.
This is definitely possible...we'd look at your expenses and see if a reverse can cover them(it would already eliminate your mortgage payment).
Feel free to give me a shout over the weekend at 888 309 9705 and I'll show you your options...
What is the % you get from your home value is my question..if home is 350000..what it the loan value from 350k..
Hey Mike, depends on your age and current interest rates. Feel free to drop me an email jason@keyhomelending.com with your age and address and I'll look it up for you.
Is proprietary available in Montana?
Yep...I have one investor who has a proprietary in Montana
How can I buy a new home via a reverse mtg! I’m 71 next month, still work.
It's an incredible program! In essence you'll put part of the purchase price down based on your age(the older you are the less you put down).
Here's a link to a specific video that goes into depth on the reverse mortgage purchase 🏠Case Study: Buying a Home with a Reverse Mortgage for Purchase
ruclips.net/video/YUyYVQvUEmI/видео.html
Do any of the three options apply to the state of Utah?
The Proprietary is available in Utah, but not the 2nd or the Hybrid reverss
Thanks
Do you know about the options in South Dakota?
Just the HECM for now...
Nice video Wow..
I don’t have nothing close to a million dollar plus house.
Do you accept emails? Or
I need a reputable person or company in Savannah GA area. Because every one I contact denies me or tries to scam me.
Thanks Tony! Feel free to email me at jason@keyhomelending.com and I'll do my best to help
Jason Eichmiller
Are Proprietary Reverse Mortgages and Second Reverse Mortgages available in NC?
I don’t believe they are…but I will check for you tomorrow am
Are these programs in NM?
Not sure about NM(I'm not licensed there so it isn't top of mind to be honest). I'll check and let you know.
This applies only in the USA ? Canadas reverse Mortgages is far different from it.
I don't know ANYTHING about Canadian reverses(unless it's a coincidence🤪)...so can't help on this
I am a 76 year old widow- retired- and I own a home free & clear worth $2 million [ maybe even $2.5 million ].
It's a 4,000 sq foot home-15 years old. Well kept up.
I have no children or debt and I think that I only want a reverse mortgage for $300K.
I have pension income from my pension and I get 50% of my late husband’s pension.
I do have some savings and some investments totaling about $500k
Would a reverse mortgage of $300k be a good idea for me ?
I’m in an affluent suburb of San Diego and home prices have increased quite a lot in last 4 years.
I know I must keep the home up and pay the property taxes and homeowner’s insurance. I’m
still able to do that but rising costs are causing me to worry that my expenses may exceed my income
In a few years.
I want to stay in my home now but I want know what I will
owe if, say, I decide to move-sell my house in 3 or 4 years. Will it now be $355,000, $450,000 $ or ?? On
a $300,000 loan?
Thanks for your comment! I've helped lots of widows in your situation...a half mill in the bank with alot of life to live(while living in an expensive area) isn't that comfortable.
So I can just about guarantee you that you'll feel more comfortable if you have the funds lined up in a creditline(or in your bank account).
Glad to give you specifics...feel free to email me at jason@keyhomelending.com or call (443) 802 5923
Jason Eichmiller
Hot housing - inventory shortage - YOU NEVER do a Reverse -
That didn't really make much sense...
Is it possible to get over 50%
If you're in your mid/late 80s....
Reverse mortgages used to be better when they gave you 40 60 percent of your property now they only give you a third,and lastly these tubers never tell you your probably going to pay a least double the loan amount in 9 or 10 years-NOT GOOD!
Sorry Steven, that's a little eroneous. On the low end they give about 30% but on the high end still about 60%. Just depends on your age. Well...your second part is just how any mortgage works. Any time you have a mortgage that involves interest you pay more down the road. Check out your total payments for a "regular" mortgage over time.
:25 minute is not a short video
Meh...I guess then don't watch it. Most folks appreciate having all the info on reverses....not just bits and pieces. I try to keep these short but I'd rather be thorough.
Hello , I am a professional digital marketer . Your content are good but you can't getting enough audience . If you want, I can help you grow your youtube channel and your videos to get more real & active audience by organically. Thank you.
Thanks but I think the folks that reach out to me are incredible...so don't think I'll change a thing!
@@ReverseMortgageReality welcome. Your video should be do SEO
@@RUclipsExpert2 No, he should just edit his videos to be more professional. Gulping water on camera is not very business like. (OK, I understand what some younger folks may think. Remember, this cat is taking to Boomers, not the Swifty generation.
@OddJobFix Hey I get thirsty. I also help scores of seniors learn about and understand reverses.
These YT videos are done in my spare time, in between helping seniors...kinda opposite of most of the financial youtubers these days..