Reverse Mortgage Radio Show
One question Bruce has been receiving mor often lately is “Can I refinance my current reverse mortgage?” The answer is “It depends”. It depends upon your situation. There is a lot that goes into it. The lender must increase the amount of money available to you by five-times the closing costs. The good news is that closing costs on a refinance are typically much less than the first time you did the reverse mortgage.
What happens when a Home Equity Conversion Mortgage (HECM) ends? Today Bruce talks about an article that appeared a few weeks agon on USA Today highlighting some folks who had trouble paying off the reverse mortgage when their loved ones passed away. These situations are rare, but you should be aware of what is supposed to happen.
What is in store for the reverse mortgage industry in 2020. I don't have 20/20 vision (but I do have 20/20 hindsight), but here is my best guess - more change. Actually, I think interest rates remain low with some slight fluctuations and portfolio programs continue to get better taking a larger share of the reverse mortgage market. Listen now for more details on what to expect!
On Reverse Mortgage Radio today, Bruce talks about the “Top Six Reverse Mortgage Industry Events of 2019”. These are the events that affected the industry, and customers the most in2019 and beyond.
Why is there so much paperwork with reverse mortgages?
In a word…Regulations. Both state and federal. And it is only getting worse.
On the show today, Bruce talks about some of the requirements he has to go through…and put his customers through. All for the sake of regulations.
Last week FHA announced that they are increasing the lending limit for FHA insured reverse mortgages, called Home Equity Conversion Mortgages (HECM), from $726,525 to $765,600. What does this mean and how might it effect you? Listen now to learn the answers.
On the show today, Bruce talks about a recent article in the Wall Street Journal that tells why retirees should consider using reverse mortgages. He also discusses an a research paper released by the Brooking Institute that states how reverse mortgages are beneficial for retirees and why more people don’t take advantage of them.
Happy Thanksgiving! We all have a lot to give thanks for. On the show today, Bruce gives thanks for “Portfolio” reverse mortgage (formerly known as “Proprietary” reverse mortgages). These are reverse mortgages that are NOT insured by FHA. This might be just what you’re looking for.
Are reverse mortgages too complex? You can get into the minutia of anything and it can become complex – nutrition, genetics, exercise or taxes. The biggest complication with reverse mortgages are all the government regulations. Listen now and Bruce will keep it simple for you.
A new research paper was released in October from two Ohio State University professors discussing how they would change/improve the Home Equity Conversion Mortgage program. These include "streamlining product offering to make them more appealing to specific consumer segments, using risk based pricing to help processing the file and preventative servicing". These are not policy proposals, just items for discussion. That's what Bruce is doing on today's show...discussing them.
On today’s show, Bruce talks about aging in place and the importance of home equity. There was a recent survey that showed The costs associated with “homemaker” services – helping older adults with cooking, cleaning, and running errands – and “home health aides” – who assist older adults with bathing, dressing and eating – are rising at a faster rate than nursing home care, making assistance with basic tasks more expensive. A reverse mortgage can help with these and many other costs.
There is no reason to be frightened of reverse mortgages on this scary day! For Halloween, Bruce talks about the scary subject of “Maturity Events”. However, once you learn the facts about reverse mortgages and how they work, you’ll find out that they don’t contain any tricks, but are all treats!
On the show today, Bruce answers two questions for his listeners:
1. Why not wait until I need a reverse mortgage to get one?
2. How does a HECM work with "advanced financial planning" options?
Listen now to learn the answers!