Fantastic! I am and have been a licensed Insurance Agent for over 20 years. It has been over 10 years since I assisted clients with this program. Your presentation is one of the best I have heard in years. Why? Because you spoke slowly and clearly so that one could understand what you were explaining. Also because you gave real true information on how the Reverse Mortgage program actually works. Thank you.
Thanks for this excellent presentation pertaining to educating a prospective borrower of a Reverse Mortgage (HECM). In my layman opinion, being completely educated about this financial product determines how beneficial it will be to an individual(s).
very nice and genuine lady . top info !! helped us protect our future ,highly recommended . thankyou for everything !!! she made time for our calls and was there . worth every dime .again ty
Thank you so much for taking the time to make these very well done videos with such great information, you present it so well in a manner that anyone can understand. Totally demystified, so grateful. Just one question: what happens when you use up all the loan but are still living in the home (live too long!)? Do you have to move out? Does the loan become due? Seriously considering this for my in-laws who are retiring this year. Are you licensed in California? Residing in Los Angeles. Thanks again!
Hi there! Thank you for that feedback! I am so happy you have found our videos helpful. To answer your question, no, they do not have to move out and the loan does not become due. If the money runs out, then that is all that happens. The borrowers still are able to stay in the home until they choose not to or pass away. They simply will just have no more money to pull from unless they refinance. More than happy to discuss things further with you at any time. We are licensed in CA. :-)
Your videos on reverse mortgages are valuable. I feel that a reverse mortgage really is a good a fit for me and I’m seriously considering getting into one. I may be contacting you soon for further guidance. Thank-You! 😊
THANK YOU for sharing this in this manner --- am seeking a brokerage (not a correspondent lender) here in South Florida because I want to put my NMLS # to work - I will continue to learn from your salient and germane points -- thank you - muy agradecido
one requirement is to live at least 6 months a year in home so what happens if i decide to live abroad for more than 6 months at any given time how will lender know how long ive been out of country
Hi George! The lender will send out an occupancy certificate once a year. You are required to sign that form and send it back within a reasonable period of time. If they don't receive it back, they will assume you are no longer occupying the residence. Hope that helps.
Hello from Texas 😊 new sub. I like the way you present the information. I have some questions about Uncle Sam. Can you go into detail about what taxes may or may not be owed please? Thank's in advance. Are you licensed in Texas yet?
Hi there! Because reverse mortgage proceeds are considered “loan” proceeds, they are not taxable. However, we are obligated to inform you that you can and should consult with a CPA or tax professional as we are not tax professionals. And yes, we are licensed in Texas finally! 😊
As an MLO of almost 30 years, I've only done a handful of these loans. As my customer base ages, I'm getting more and more questions about these loans. Other than reading through my Lender's guidelines. What do you feel is the best way to better educate myself on this product? Are there courses offered specific to MLO's on this product? Just curious. Great videos and thanks for your time.
Hi there! Many lenders also have training material for you to learn. Videos, live training, etc. If you are able, get partnered up with the big Reverse Mortgage Lenders (Longbridge Financial, Finance of America Reverse) wholesale channels and they will have training through there. If you are unable to do that, I would recommend finding someone at your company with experience and asking them to possibly mentor you. I hope that helps!
You addressed something that's been confusing me lately: in the best calculator I've found (one that doesn't solicit for contact info 😀) it doesn't prompt for equity, only appraised home value. This is really confusing. So do I understand that YES, you must have some minimum equity... that seems to be around 50%... but that is not calculated into the amount you can borrow... it is simply a qualification requirement??? So this also explains why the max you can get is also (I think) between 40 and 60% of your appraised value, even if you have 100% equity (own your home outright)? Thanks
Hi Jack! You are correct. That’s why I tend to explain this product a bit differently, because all the equity talk can be confusing. Ultimately, you qualify for a percent of the homes appraised value (I’d say right now it’s generally between 30%-60% depending on age). Then, the goal, is to at least have the amount you qualify for be enough to pay for any mortgage(s) you currently have and closing costs for the loan.
Thank u, excellent! Liked subscribed and belled. What if I own my home outright free and clear - I would like to do some projects over the next few years, and would like to borrow 50 to 100K. I have good retirement funds, but I strongly prefer not to spend that down....I think, I'd rather have the loan, and use my funds to generate monthly interest income. Residing in California. Or is there similar loans that is a better fit; I only ask as the example for this video was a borrower who still owes on their mortgage?? 🧐 Oh, and my other concern: is the interest that accrues over the life of the loan excessive.
Hi James! Glad you are enjoying the videos! If you own your home free and clear, this just means you would have more proceeds available through the reverse mortgage to do with what you want/need. If there is no mortgage to pay off, the homeowner simply gets access to those funds because they are not being paid out. As far as if there is a better product out there for you, that is something you can only determine once you investigate the reverse mortgage and all other potential options. A HELOC or a traditional cash out refinance would probably be the other options you have for what you are trying to accomplish. All three options, of course, have pros and cons. Here is a link to my videos I did on reverse vs helocs and reverse vs. cashout refis. HELOC: ruclips.net/video/Fs-xz4jmnx0/видео.html Cash out Refi: ruclips.net/video/65b57ljnEY8/видео.html Lastly, how much interest the reverse mortgage incurs over it's life, is extremely dependent on many factors. How you structure the loan initially, how much money you withdraw from the loan and when, how long you live or are in the reverse mortgage. The interest can certainly add up over time, and in my opinion, interest on all mortgages is excessive. :-) But understanding the compounding nature of the interest on a reverse mortgage and what you can do to mitigate that interest over time is key to helping you determine if it's something you would find acceptable. I would certainly recommend giving me a call and we can run through your particular scenarios and you can see a projection of interest over time, costs, benefits, etc. That way you'll be better able to decide if this may be a good fit or not. (888) 982-0475.
We live in Florida and have no mortgage on our home (probably would be appraised close to 2 million). We want to use a reverse mortgage to buy a class A Rv worth about 500k and use the same amount for repairs or unexpected costs that come up on our home. My husband is 68 and I am turning 65. Since you are not licensed sin Florida, (too bad!), Who would recommend in Florida?
Hi Richard, we should be ready to go in Florida very soon.😊 Although, please feel free to give me a call and I’d be more than happy to answer any questions and refer you. (888) 982-0475.
Hi there. Reverse mortgages have the option of a fixed rate or adjustable rate. There are certainly pros and cons to both. I’d recommend watching this video that explains in more detail about those options. m.ruclips.net/video/SxEdgobfrTY/видео.html As well, the ongoing costs would consist of the interest rate and what is called a mortgage insurance premium (mip), which currently, is .5% on all federally insured reverse mortgages. Hope that helps!
Hello. Just found your channel and I have a question. My wife and her brother share ownership of the house we live in. He doesn't live here and we want to use a reverse mortgage to help pay what is needed to buy his share and take ownership of the house. I talked to a reverse mortgage guy who told be he could increase my payout if I did something called a buyout agreement. This was a quick consult over the phone and I wasn't quite clear on all the details. Have you heard of this and is it something I should consider? Thank you so much for your time.
Hi there! The “buyout agreement” would be to get around the FHAs limitation on first year proceeds. So this may be smart to consider if you need more than what the loan would allow, year one. But, if your wife’s brother wouldn’t mind taking one payment at closing and a second and final payment one year later, then maybe the buyout agreement wouldn’t be necessary. Hope that helps!
For the federally insured reverse mortgage, the minimum age across the US is 62. Proprietary (also known as Jumbo) reverse mortgages do allow for homeowners to be as young as 55 in certain states. Although, those reverse mortgages are more geared towards higher valued homes (at least over $1,100,000).
Are reverse mortgages and HECM's the same thing? They don't seem to be, to me, so far. If not, do you have a video comparing a HECM to a reverse mortgage?
Hi Brett. A HECM is a type of reverse mortgage. There are different types, but the HECM is by far the most common. It is the federally insured reverse mortgage. The other most common reverse mortgage is the Jumbo or Proprietary Reverse Mortgage. This is similar to the HECm except it is not federally insured and is more geared towards higher priced homes. Typically 1.5mil or above. Hope that helps!
Hey there! We are still here! :-) We have been working on some exciting things internally, which has taken time away from our videos. But, we are gearing up to begin shooting again so stay tuned. Thanks for the comment! :-)
Fantastic! I am and have been a licensed Insurance Agent for over 20 years. It has been over 10 years since I assisted clients with this program. Your presentation is one of the best I have heard in years. Why? Because you spoke slowly and clearly so that one could understand what you were explaining. Also because you gave real true information on how the Reverse Mortgage program actually works. Thank you.
Thank you Janice! Very much appreciate the amazing feedback and so happy you enjoyed the video. 😊
lady you are a genius this was the first time i had this mortgage relayed to me in a comprehensive format. thank you.
😊 Appreciate the amazing compliment. Thank you! Im happy you found it helpful.
You are a true educator. An angel of knowledge on this topic. Crystal clear, calm and composed. Bravo 👏 👏 👏 ❤❤❤❤❤❤❤❤❤❤❤
Really appreciate that amazing feedback. Thank you so much!
Thanks for this excellent presentation pertaining to educating a prospective borrower of a Reverse Mortgage (HECM). In my layman opinion, being completely educated about this financial product determines how beneficial it will be to an individual(s).
My pleasure Ronald! Appreciate the comment and happy you enjoyed the video. 😀
Thank you so much for helping me to understand this financial platform. Blessings to you.❤☮😇
Happy to help! 😊
very nice and genuine lady . top info !! helped us protect our future ,highly recommended . thankyou for everything !!! she made time for our calls and was there . worth every dime .again ty
Thank you!
Thank you so much for taking the time to make these very well done videos with such great information, you present it so well in a manner that anyone can understand. Totally demystified, so grateful. Just one question: what happens when you use up all the loan but are still living in the home (live too long!)? Do you have to move out? Does the loan become due? Seriously considering this for my in-laws who are retiring this year. Are you licensed in California? Residing in Los Angeles. Thanks again!
Hi there! Thank you for that feedback! I am so happy you have found our videos helpful. To answer your question, no, they do not have to move out and the loan does not become due. If the money runs out, then that is all that happens. The borrowers still are able to stay in the home until they choose not to or pass away. They simply will just have no more money to pull from unless they refinance. More than happy to discuss things further with you at any time. We are licensed in CA. :-)
Your videos on reverse mortgages are valuable. I feel that a reverse mortgage really is a good a fit for me and I’m seriously considering getting into one. I may be contacting you soon for further guidance. Thank-You! 😊
My pleasure! I’m so glad they’ve been helpful for you. And I will look forward to chatting with you when you’re ready.😊
THANK YOU for sharing this in this manner --- am seeking a brokerage (not a correspondent lender) here in South Florida because I want to put my NMLS # to work - I will continue to learn from your salient and germane points -- thank you - muy agradecido
My pleasure George! Thank you for your feedback and so glad you are finding the videos helpful.
one requirement is to live at least 6 months a year in home so what happens if i decide to live abroad for more than 6 months at any given time how will lender know how long ive been out of country
Hi George! The lender will send out an occupancy certificate once a year. You are required to sign that form and send it back within a reasonable period of time. If they don't receive it back, they will assume you are no longer occupying the residence. Hope that helps.
Hello from Texas 😊 new sub. I like the way you present the information.
I have some questions about Uncle Sam. Can you go into detail about what taxes may or may not be owed please?
Thank's in advance.
Are you licensed in Texas yet?
Hi there! Because reverse mortgage proceeds are considered “loan” proceeds, they are not taxable. However, we are obligated to inform you that you can and should consult with a CPA or tax professional as we are not tax professionals. And yes, we are licensed in Texas finally! 😊
As an MLO of almost 30 years, I've only done a handful of these loans. As my customer base ages, I'm getting more and more questions about these loans. Other than reading through my Lender's guidelines. What do you feel is the best way to better educate myself on this product? Are there courses offered specific to MLO's on this product? Just curious. Great videos and thanks for your time.
Hi there! Many lenders also have training material for you to learn. Videos, live training, etc. If you are able, get partnered up with the big Reverse Mortgage Lenders (Longbridge Financial, Finance of America Reverse) wholesale channels and they will have training through there. If you are unable to do that, I would recommend finding someone at your company with experience and asking them to possibly mentor you. I hope that helps!
Great info
Thank you. Glad it was helpful!
You addressed something that's been confusing me lately: in the best calculator I've found (one that doesn't solicit for contact info 😀) it doesn't prompt for equity, only appraised home value. This is really confusing. So do I understand that YES, you must have some minimum equity... that seems to be around 50%... but that is not calculated into the amount you can borrow... it is simply a qualification requirement??? So this also explains why the max you can get is also (I think) between 40 and 60% of your appraised value, even if you have 100% equity (own your home outright)? Thanks
Hi Jack! You are correct. That’s why I tend to explain this product a bit differently, because all the equity talk can be confusing. Ultimately, you qualify for a percent of the homes appraised value (I’d say right now it’s generally between 30%-60% depending on age). Then, the goal, is to at least have the amount you qualify for be enough to pay for any mortgage(s) you currently have and closing costs for the loan.
Thank u, excellent! Liked subscribed and belled. What if I own my home outright free and clear - I would like to do some projects over the next few years, and would like to borrow 50 to 100K. I have good retirement funds, but I strongly prefer not to spend that down....I think, I'd rather have the loan, and use my funds to generate monthly interest income. Residing in California. Or is there similar loans that is a better fit; I only ask as the example for this video was a borrower who still owes on their mortgage?? 🧐 Oh, and my other concern: is the interest that accrues over the life of the loan excessive.
Hi James! Glad you are enjoying the videos! If you own your home free and clear, this just means you would have more proceeds available through the reverse mortgage to do with what you want/need. If there is no mortgage to pay off, the homeowner simply gets access to those funds because they are not being paid out. As far as if there is a better product out there for you, that is something you can only determine once you investigate the reverse mortgage and all other potential options. A HELOC or a traditional cash out refinance would probably be the other options you have for what you are trying to accomplish. All three options, of course, have pros and cons. Here is a link to my videos I did on reverse vs helocs and reverse vs. cashout refis.
HELOC: ruclips.net/video/Fs-xz4jmnx0/видео.html
Cash out Refi: ruclips.net/video/65b57ljnEY8/видео.html
Lastly, how much interest the reverse mortgage incurs over it's life, is extremely dependent on many factors. How you structure the loan initially, how much money you withdraw from the loan and when, how long you live or are in the reverse mortgage. The interest can certainly add up over time, and in my opinion, interest on all mortgages is excessive. :-) But understanding the compounding nature of the interest on a reverse mortgage and what you can do to mitigate that interest over time is key to helping you determine if it's something you would find acceptable. I would certainly recommend giving me a call and we can run through your particular scenarios and you can see a projection of interest over time, costs, benefits, etc. That way you'll be better able to decide if this may be a good fit or not. (888) 982-0475.
We live in Florida and have no mortgage on our home (probably would be appraised close to 2 million). We want to use a reverse mortgage to buy a class A Rv worth about 500k and use the same amount for repairs or unexpected costs that come up on our home. My husband is 68 and I am turning 65. Since you are not licensed sin Florida, (too bad!), Who would recommend in Florida?
Hi Richard, we should be ready to go in Florida very soon.😊 Although, please feel free to give me a call and I’d be more than happy to answer any questions and refer you. (888) 982-0475.
Are reverse mortgages fixed rate? What are the automatic fees incurred through the life of the loan?
Hi there. Reverse mortgages have the option of a fixed rate or adjustable rate. There are certainly pros and cons to both. I’d recommend watching this video that explains in more detail about those options.
m.ruclips.net/video/SxEdgobfrTY/видео.html
As well, the ongoing costs would consist of the interest rate and what is called a mortgage insurance premium (mip), which currently, is .5% on all federally insured reverse mortgages. Hope that helps!
@@reversemortgageeducation
Many thanks for this information. It is very informative.
My pleasure!
Hello. Just found your channel and I have a question. My wife and her brother share ownership of the house we live in. He doesn't live here and we want to use a reverse mortgage to help pay what is needed to buy his share and take ownership of the house. I talked to a reverse mortgage guy who told be he could increase my payout if I did something called a buyout agreement. This was a quick consult over the phone and I wasn't quite clear on all the details. Have you heard of this and is it something I should consider? Thank you so much for your time.
Hi there! The “buyout agreement” would be to get around the FHAs limitation on first year proceeds. So this may be smart to consider if you need more than what the loan would allow, year one. But, if your wife’s brother wouldn’t mind taking one payment at closing and a second and final payment one year later, then maybe the buyout agreement wouldn’t be necessary. Hope that helps!
Fabulous job as always !!!
Thank you! 😊
Does the age requirement vary from state to state? I have heard that it may be 55 in certain areas.
For the federally insured reverse mortgage, the minimum age across the US is 62. Proprietary (also known as Jumbo) reverse mortgages do allow for homeowners to be as young as 55 in certain states. Although, those reverse mortgages are more geared towards higher valued homes (at least over $1,100,000).
Are reverse mortgages and HECM's the same thing? They don't seem to be, to me, so far. If not, do you have a video comparing a HECM to a reverse mortgage?
Hi Brett. A HECM is a type of reverse mortgage. There are different types, but the HECM is by far the most common. It is the federally insured reverse mortgage. The other most common reverse mortgage is the Jumbo or Proprietary Reverse Mortgage. This is similar to the HECm except it is not federally insured and is more geared towards higher priced homes. Typically 1.5mil or above. Hope that helps!
Do you have a video that covers how a reverse purchase works?
Hello! Yes. You can copy/click on the link below to see the video I did on this topic. ruclips.net/video/8UR6_00ayQg/видео.html
Great job
Thank you!😊
Where did you go??? We need more videos!! Great info!!! 😢
Hey there! We are still here! :-) We have been working on some exciting things internally, which has taken time away from our videos. But, we are gearing up to begin shooting again so stay tuned. Thanks for the comment! :-)
Great info!!!!❤
Thank you! Glad you found it helpful. :-)
Can you tell me about the non borrower spouse which iam right now my hubby is 58 was thinking about proprietary reverse as well
Hi there! I would be more than happy to go over that with you. Feel free to give me a call anytime to discuss. (888) 982-0475.
Do you have an office in Birmingham, Alabama?
Hi there! Unfortunately, we do not. We are currently only licensed in Arizona, California, Colorado, and soon to be Florida and Texas.
Reverse mortgages are federally insured?
Yes they are.