Reverse Mortgage Radio Show
What does it take to qualify for a reverse mortgage? Today, we are going over more than the typical, age 62 and above, have equity in your home answer you so often hear. Today, we are talking about underwriting and what they look at as far as income and credit.
More people are inquiring into reverse mortgages this year than last. Why is that? Like most answers, it is a combination of factors: Lower interest rates; people looking for stability; not wanting to take money out of the market after a loss. On the show today, Bruce will discuss these factors and explain why now is a great time to get a reverse mortgage.
On the show today Bruce talks about the mystical, magical world of "underwriting". What does it mean when you hear that your file is in "underwriting"? What do underwriters look for? What do they want? Listen to the show to hear all about it.
Why do some people cringe when they hear the words “Reverse Mortgage”? What is the stigma with these words? On the show today, Bruce talks about this issue and whey some people in the reverse mortgage industry think we should change the name of reverse mortgages to something else.
How will this lock down & governments closing businesses affect the real estate market? Some say it can have a very negative effect on a national scale, but people in Colorado may see it differently. Listen now for the details.
On the show today, Bruce talks about seniors with mortgages on their homes and how they are impacted when financial shocks (like COCID-19 or stock market losses- or both) happen. He also discusses how having a reverse mortgage can help.
What happens if you cannot pay your property taxes or homeowners insurance during the COVID-19 pandemic? HUD recently issued a ruling on what HECM servicers are supposed to do to help you out. Also, Financial advisers explain why now is the best time to have a reverse mortgage.
Here is the update on the evolving reverse mortgage industry in the age of COVID-19: Two big changes. The first is how the appraisals are conducted. HUD has approved drive-by appraisals or in some cases desktop reviews for HECM loans. This means the appraiser does not have to enter the home. The other change is around Portfolio (proprietary) reverse mortgages. Two lenders have stopped offering these loans because of the uncertainty in the secondary markets. Listen to the podcast of Reverse Mortgage Radio for all the details.
How is COVID-19 affecting reverse mortgage interest rates? Bruce takes a deep dive and attempts to explain factors that impact the reverse mortgage market and rates.
The good, the bad and the possible with Caronavirus. On the show today Bruce talks about what is good (low rates) and what is bad (everything else) as for the impact of COVID-19 on the reverse mortgage market. He also talks about ways you can still get a reverse mortgage while being safe.
Today Bruce discusses unique situations that some of his borrowers have faced as well as the unique rule that HUD has in place. If you think your situation might be unique, please listen the podcast.
How do interest rates affect reverse mortgages? What is the “Initial” interest rate? What is the “Expected” interest rate? How do these rates affect me if I want to use a reverse mortgage to buy a home? All of these questions and more are answered on the show today.
On the show today, Bruce talks about how the reverse mortgage “Line of Credit” program works in detail. This is a very popular way for most people to have reverse mortgage funds available to them without worrying about being charged interest. In fact, Bruce explains how the reverse mortgage line of credit actually grows over time.
The Home Equity Conversion Mortgage (HECM) is nothing if not incredibly flexible. Do you need monthly income from the reverse mortgage? We can do that. How about a line of credit? Check. Do you need a lump sum of cash? Double check. But you say, “I want it all. Give me all of the above” I say Triple check and mate! The reverse mortgage has the ability to do it all…depending upon your situation.
This week’s show is all about statistics. What does the average reverse mortgage borrower look like? What percentage of women take reverse mortgages compared to men and married couples? Bruce answers these questions and more on the show today.
What do financial advisors think about reverse mortgages? Do they think it’s a good idea for their clients to use a reverse mortgage. Some do and some don’t, but you can hear Bruce’s thoughts on the subject by listening now.
A decade of change. What has happened in the world of reverse mortgages since 2010? Bruce tells you on today’s show – From the HECM Saver program to Collateral Risk Management and everything in between.
On the show today, Bruce has a special guest. Liz Alvarez is a very accomplished real estate agent who worked with Bruce last year to help a customer find the perfect retirement home. Liz is very professional and smart and you will enjoy the interview.
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!