Podcasts about home equity conversion mortgage

Did you know there's a way to tap into your home's equity for tax-free cash—without having to make monthly payments? It's true.It's called a Home Equity Conversion Mortgage, or HECM—what many of you know as a reverse mortgage. But today's reverse mortgage isn't what it used to be. Harlan Accola is here to help us unpack how they work and whether one might be right for you.Harlan Accola is the National Reverse Mortgage Director at Movement Mortgage, an underwriter of Faith and Finance. He is also the author of Home Equity and Reverse Mortgages: The Cinderella of the Baby Boomer Retirement. What's Changed? A Safer, Regulated OptionWhen you hear the phrase reverse mortgage, you might think of outdated financial tools with a bad reputation. However, home equity conversion mortgages (HECMs) significantly differ from those in the past.Reverse mortgages today are not the “Wild West” products of decades past. Since major reforms were enacted during President Reagan's term in 1988, HECMs are now heavily regulated under the Federal Housing Administration (FHA).No one can lose their house or have it taken away, provided they're working with a reputable lender and stay in the home while meeting basic obligations. Ownership doesn't change, and homeowners are protected.These changes addressed the risks that once made reverse mortgages controversial. Now, with strict oversight, they provide a reliable option for seniors wanting to tap into their home equity without selling.Are Reverse Mortgage Interest Rates Too High?It's a common misconception that reverse mortgage interest rates are significantly higher than traditional mortgages. But that comparison isn't apples to apples. Interest rates on HECMs are actually tied to the 10-year Treasury rate and are heavily regulated.Right now, interest rates for reverse mortgages are about the same as traditional mortgages—around 6.5%. This means homeowners aren't sacrificing much, if anything, in interest when compared to forward mortgages.What About Costs and Obligations?The closing costs for reverse mortgages are nearly identical to traditional mortgages, with one key difference: the addition of FHA mortgage insurance.This insurance offers three essential guarantees:You can remain in your home as long as you want (up to age 150!).Thanks to non-recourse debt protections, you will never owe more than the home's value.Your heirs won't be left with a bill.Yes, this insurance adds about 2% of the home's value to the upfront costs, but it's well worth it—just like homeowner's insurance is worth it if your house burns down.What Happens When the Borrower Passes Away?A major concern many have is what happens to the home after the homeowner dies or permanently moves out.The key is proper planning. Without a will or trust in place, any mortgage—reverse or traditional—can create problems for heirs. In most cases, the home is simply sold, and any remaining equity belongs to the heirs. For instance, if the reverse mortgage balance were $100,000 on a $400,000 home, the heirs would receive the remaining $300,000.Sometimes, grandchildren may want to keep the home, in which case they can buy out other heirs. Either way, the process can be managed with clear planning.Flexible Payout OptionsOne of the most attractive features of a HECM is its flexibility. Homeowners can choose to receive their funds in a variety of ways:A lump sumA line of creditMonthly income paymentsOr even a combination of these optionsThe big idea? Your home is not just a place to live—it's also a financial asset that can be used strategically, especially in retirement.Every financial situation is different. However, a reverse mortgage could be a wise part of a broader financial plan for older homeowners. When used correctly, it offers flexibility, security, and peace of mind without jeopardizing their home.Visit Movement.com/Faith to learn more about reverse mortgages or speak directly with Harlan Accola at Movement Mortgage.On Today's Program, Rob Answers Listener Questions:My husband has taken a new job, and we have been contributing to an HSA. He wants to contribute $1,000 a month to the HSA. We still own a home and are nearing retirement age. Should we work on paying off the home or continue to put dollars into the HSA?A week or two ago, I caught part of your program about freezing credit scores. I didn't catch the whole explanation. We've never really taken out loans except for our first house 45 years ago. Is there any downside to freezing my credit?I recently received a large amount of money from a dear loved one who passed away in January. I know I'm going to tithe and pay taxes on the amount. I have an appointment with my bank to set up a CD account, but I want to know what other types of investments I can make with the money. I just want to make sure I'm doing the right thing.Resources Mentioned:Faithful Steward: FaithFi's New Quarterly MagazineMovement MortgageBankrate.comChristian Community Credit Union (CCCU)Wisdom Over Wealth: 12 Lessons from Ecclesiastes on Money (Pre-Order)Look At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.

Is the Home Equity Conversion Mortgage for Purchase (H4P) the game changer it promises to be, or just another potential pitfall? Historically, reverse mortgages have had a bad reputation due to a lack of regulation and unfavorable terms. However, the landscape has changed significantly. So, what exactly is H4P? What are its advantages for retirees? Phil and Marc are here to answer your questions and share the pros and cons of this tool in today's episode.   Here's some of what we discuss in this episode: 0:00 – Intro 0:36 – What is the H4P and its benefits? 5:56 – Reverse mortgages with rising housing prices 7:26 – Is this a viable retirement strategy?   A Loan Product Poised to Revolutionize Retirement Article https://www.nar.realtor/magazine/real-estate-news/sales-marketing/a-loan-product-poised-to-revolutionize-retirement   For more, visit us online: http://philstaxhacks.com   Watch the video podcast on YouTube: Phil's Tax Hacks and Other Retirement Facts

Managing Associate K.C. Smith, CFP®, CEPA, and Associate Adam Stadalius, CFP®, and Chief Investment Officer Troy Harmon, CFA, CVA, provide insight for a widow whose late husband took out a reverse mortgage on their home nearly 15 years ago. They discuss what a reverse mortgage is and what it means for her assets and estate going forward. Read the Article: https://www.henssler.com/reverse-mortgages-making-informed-decisions-on-home-equity 

Henssler Money Talks – January 20, 2024Season 38, Episode 3This week on “Money Talks,” Chief Investment Officer Troy Harmon, CFA, CVA, is joined by Managing Associate K.C. Smith, CFP®, CEPA, and Associate Adam Stadalius, CFP® to cover the week's market action, the Producer Price Index, Retail Sales, and Industrial Production. Planners K.C. and Adam provide some insight for a widow whose late husband took out a reverse mortgage on their home nearly 15 years ago. They discuss what a reverse mortgage is and what it means for her assets and estate going forward. The experts also advise an investor on what assets in his portfolio he should sell to fulfill his required minimum distribution. Timestamps and Chapters00:00 Market Roundup: Jan. 15 – Jan. 19, 202424:00 Case Study: Understanding a Reverse Mortgage34:48 Q&A Time: What to sell when taking an RMDFollow Henssler:  Facebook: http://bit.ly/HensslerFacebook  Twitter: http://bit.ly/HensslerTwitter  LinkedIn: http://bit.ly/HensslerLinkedIn  Instagram: https://www.instagram.com/hensslerfinancial/YouTube: http://bit.ly/HensslerYouTube   “Money Talks” is brought to you by Henssler Financial. Sign up for the Money Talks Newsletter: https://www.henssler.com/newsletters/ 

Shanne Sleder - Mortgage Expert - explains how to use a HECM to safely access home equity. CA Attorney Gary Quackenbush explains the importance of good documentation.Support the show: https://www.gqlaw.com/See omnystudio.com/listener for privacy information.

SUMMARY In this episode of Messy in the Middle, hosts Ed Billings, and Jefi Moultrie talk with Jeremy Patterson, a lender at Fairway Mortgage in San Diego. Jeremy shares his passion for educating people about financial literacy. He talks about the benefits of having home ownership in your financial portfolio and how it can be a way to protect your family for generations. Jeremy also discusses the current real estate market and how to help clients navigate fears amid a recession.   QUOTES “Equilibrium is six months. So it is still a very healthy market. It is just not pants on fire hot. It's hot. So it's resetting expectations.” - Ed Billings [13:23]   “These things are all so intertwined. It's beautiful because you are leveraging an amazing asset, which is your home, to do something that sets you up for your future.” - Jefi Moultrie [20:33]   “My job is not knowing mortgages. It is serving people and helping people make great decisions. I don't care what the decision is. I think it is more important to give them the data.” - Jeremy Patterson [10:11] TIMESTAMPS [00:30] Intro [01:00] Jeremy's “why?” [03:17] Buydowns [08:09] Recession and the real estate market [11:03] The current state of loans and the ability to qualify for them [14:06] Home Equity Conversion Mortgage [20:11] Financial planning [24:25] Starting the conversation: Reverse Mortgages [27:54] Jeremy's market predictions [29:37] Outro   RESOURCES The Peak Experience The U.S. Housing Market Has Peaked Why Rising Mortgage Rates Push Buyers off the Fence The One Thing Every Homeowner Needs To Know About a Recession   CONTACT Messy in the Middle: messyinthemiddlepodcast.com Ed Billings: edbillings.com Jefi Moultrie: jefisrealestate.com

On today's episode, Editor in Chief Sarah Wheeler talks with Chris Clow, the editor of Reverse Mortgage Daily, about the increased volume of reverse mortgages in March and the implications of the Biden administration's 2023 budget on HECM products. The two also discuss the progress the reverse industry is making to reform its image.HW Media articles related to this episode:Reverse mortgage volume in March hits highest monthly total in over 10 years, HMBS issuance remains healthyWhite House predicts strong reverse mortgage performance in 2023 budget, makes new legislative recommendationsReverse mortgage progress for borrowers visible during pandemic, says NCLC attorney

Do you understand what a reverse mortgage is? In this twelfth episode, I am joined by Mitchell Cooper to talk all about his insights, advice, and perspective as a Certified Reverse Mortgage Professional. Through his work, Mitchell provides education to professionals and homeowners about the strategic use of the Home Equity Conversion Mortgage in retirement income planning. Throughout this conversation, Mitchell talks about the biggest misconception about reverse mortgages, what the Reverse for Purchase program is, common mistakes that people make when it comes to reverse mortgages, what goes into the loan process, and examples of client situations he has worked on. If you have been confused about the ins and outs of reverse mortgages, Mitchell's expertise will help answer the basic questions you may have. Tune in to this episode of On Life With Helen to learn from Certified Reverse Mortgage Professional, Mitchell Cooper! In This Episode, You Will Learn:What the biggest misconception is about reverse mortgages (2:27)What happens when the last resident passes or goes into a long term care facility (16:00)About the Reverse for Purchase program (20:30)Mitchell's explanation of the loan process (28:27)Mitchell's vision for the future of the reverse mortgage industry (35:31)Connect with Mitchell LinkedInLet's Connect!EmailLinkedInWebsite - Ornellas InsuranceFacebook Page - Ornellas & associates insurance servicesFacebook Profile Helen Ornellas Lanham Hosted on Acast. See acast.com/privacy for more information.

Discussing The Home Equity Conversion Mortgage from a Forward Point of View

Creating or finding a home to age in place can be difficult. You may feel you don't have options to move. You could pull equity out of your home, but you still need that age-appropriate home. Enter the Home Equity Conversion Mortgage for Purchase (HECM). Let's say you are living in a home with a $750,000 value. Your mortgage balance is around $150,000. That leaves you with $600,000 of equity, minus closing fees and costs nets you around $550,000 profit upon sale. It can be tough to find an age-appropriate home for $550,000 today. Nicole's guest, Gabe Bodner, Reverse Mortgage Specialist at The Rueth Team Fairway Mortgage, gives an example of how this works. BUT, if you take the $550K, find a home for $650K to buy. You are able to put 50% as a down payment - that's $325,000. If you walked away from your previous home with $550,000, that's a boatload of cash AND a new age-appropriate home And, there is no required mortgage payment with the HECM.  When the loan comes due, the home is sold to pay off the loan. Since your home will continue to build equity, you or your heirs will still end up ahead and you will have made no mortgage payments.

Imagine waking up with no mortgage payment. Does it sound like a castle in the sky? A reverse mortgage allows our retirees to enjoy the remaining days of their lives without getting stressed in paying the large monthly mortgages for their homes. Today's guest is an expert and a true professional from Mutual of Omaha Mortgage. No other than Jerry Garner, also known as “Home Equity retirement specialist”. He is a loan officer for 20 years. He graduated from East Carolina University, majored in business, and spent most of his professional career in the conventional traditional mortgage world. In 2004, he was relocated back here in Charleston, where he lived on James Island, and started working specifically with baby boomers and retirees. He helped find the right house for someone and allowed our retirees to age in place. Staying in your own home as you get older is called "aging in place." These are common issues for older people. With Home Equity Conversion Mortgage or HECM, aka reverse mortgages, older people age 62 years of age or older, help them refinance their homes into the reverse mortgage and eliminate the monthly payment. The Home Equity Conversion Mortgage was created in 1988 by the Department of Housing and Urban Development (HUD), a government program that's been in 30 years. Wanna know more? Listen and discover how you can live a comfortable retirement. Let's Get Started! What You'll Learn From This Episode: How to help your parents as they retire How can to help people to be able to age in place What is HECM (Home Equity Conversion Mortgage) What are its benefits, its primary purpose, and how to qualify with HECM How you can leverage HECM to purchase a home Know what longevity risk in the financial world means Learn the #1 use of aging in place Two ways to pull these equities out of the house Three primary reasons people are relocated & buying a house Three ways to buy a house How you can leverage your downpayment so you can buy what you really want Hear our success stories Connect with Corwyn @: Contact Number: 843-619-3005 Instagram: https://www.instagram.com/exitstrategiesradioshow/ FB Page: https://www.facebook.com/exitstrategiessc/ Youtube: https://www.youtube.com/channel/UCxoSuynJd5c4qQ_eDXLJaZA New Website: https://www.exitstrategiesradioshow.com AnchorFm: corwyn-j-melette Soundcloud: https://soundcloud.com/corwyn-j-melette/exit-strategies Website: https://corwynmelette.com/ Connect with Jerry to claim your FREE Consumer Guides

Today's HousingWire Daily features a crossover episode with the RMD Podcast, a monthly podcast covering hot topics in the reverse mortgage industry. The podcast is hosted by Chris Clow, editor at HousingWire's latest acquisition, Reverse Mortgage Daily. The episode features an interview with John Lunde, president of Reverse Market Insight (RMI). Lunde joins Chris to discuss the state of the reverse mortgage industry, including how COVID-19 has increased business and changed the industry over the past year. He also discusses where the reverse mortgage industry is headed in the future. 

Today's episode of HousingWire Daily features an interview with Chris Clow, the editor of HousingWire's newest acquisition Reverse Mortgage Daily. During the interview, Chris gives some background on himself, his work at Reverse Mortgage Daily and his plans for HousingWire.Additionally, he shares some insight on the current state of the reverse mortgage space and how it is faring under current market conditions.

Jim and Martin talk about tax advantages and tax planning specifically relating to HECM which is the acronym for the Government's federally insured mortgage program called the Home Equity Conversion Mortgage.The guest on today's show explains HECM in more detail he has experience in many different kinds of tax work. Jim explains if the HECM mortgage interest is taxable and how to navigate that when leaving a HECM mortgage to your heirs.  Jim answers common questions such as what happens if you have not been making payments this year and what that means in the long run for your loan.Jim explains to Martin what bunching is and how that can benefit you.Martin and Jim discuss why you should consider converting to a Roth IRA because it would not be considered a taxable income. Jim talks about what happens when you die what happens to all of your HECM mortgage interest and how to best prepare. They talk about what it looks like to refinance your HECM and what the pros and cons of doing that are.     Martin asks Jim how to tell if your tax advisor is knowledgeable in this subject and the right questions to ask them to get the answers that you are looking for.Maritn is going to have articles about all of this in more detail on his website. You can look there to get more information about these topics. 

This Week on Sage AgingThis week we talk about Home Equity Conversion Mortgages (HECM). Also referred to as a Reverse Mortgage, this type of loan can be a good option for some who find themselves falling short.  My GuestMy guest this week is Jane Hammond, a licensed Mortgage Loan Officer at Compass Mortgage in Lakeland, FL. What makes Jane uniquely qualified for this conversation is her years spent serving older adults in the nonprofit world. She understands the needs of older adults and their families and she's spent so much of her life advocating for them.  Links & resourceshttps://www.compassmortgagellc.com/staff-member/janehammond-2-2/ (About/Contact Jane Hammond) https://www.compassmortgagellc.com/ (Compass Mortgage) https://www.hud.gov/program_offices/housing/sfh/hecm/hecmabou (HUD.gov) - How the HECM program works https://www.irs.gov/individuals/seniors-retirees/frequently-asked-questions-for-seniors (IRS FAQ for Senior Taxpayers) National Council on Aging guide- https://www.ncoa.org/article/use-your-home-to-stay-at-home (Use Your Home to Stay at Home) Are You Receiving Our Weekly Newsletter?Get weekly Sage Aging episodes sent straight to your inbox when you http://eepurl.com/dAyuxg (register for our weekly newsletter.) In addition to the latest episode of Sage Aging, you'll also get bonus content, tips, suggested reading, and more. Let's Get Social!Connect with us on social media for daily updates, videos, tips, and more. Look for us on https://www.instagram.com/sageaging/ (Instagram), https://www.facebook.com/sageagingpodcast (facebook), TikTok, andhttps://twitter.com/SageAging ( twitter).

Harlan Accola, Director of Fairway Reverse Mortgage Division, speaking on exciting new changes and updates with the Home Equity Conversion Mortgage Utilizing housing wealth in retirement is more essential than ever before!

What is a home equity conversion mortgage? It is often revered as a reverse mortgage and is a benefit provided to senior citizens to offer them the opportunity to have a higher cash flow. If you are approaching your 62nd birthday, then a reverse mortgage might be just up your alley. Scott Jardine, a loan officer with RōBUS Mortgage, answers these questions and more as he discusses the requirements of the pros and cons of reverse mortgage loans. The post Scott Jardine | HECM (Home Equity Conversion Mortgage) appeared first on Utah Real Estate Podcast.

While they aren't for everybody, reverse mortgages are no longer a program of last resort. A Home Equity Conversion Mortgage, or HECM, can increase retirement spending and provide for a larger legacy when used strategically throughout retirement. The post Not Your Father’s Reverse Mortgage appeared first on Retirement Income Center.

While they aren't for everybody, reverse mortgages are no longer a program of last resort. A Home Equity Conversion Mortgage, or HECM, can increase retirement spending and provide for a larger legacy when used strategically throughout retirement. The post Not Your Father’s Reverse Mortgage appeared first on Retirement Income Center.

Jay Garvens has Ken Smith in the studio this week. Ken is Jay's reverse mortgage specialist. In this show Jay and Ken will explain all the in's and out's of the "Home Equity Conversion Mortgage" or HECM. (pronounced HEKUM).

Did you know the HECM was put in place back in the Regan administration? At that time, they were called a Reverse Mortgage. Before you stop listening, these loans have some new rules in place to help 62+ years of age homeowners. Let's start by finding out what is a Home Equity Conversion Mortgage and when it is the best time to use them? This is a Mortgage that is insured. This loan is a nonrecourse loan, what does that mean? this means the insurance funds protects you from any debt against the home above the value of the home, this is an insurance policy that will not put you in a debt situation. If for some reason the value of the home drops below what is owed, the homeowner can stay in the home without payment. Many Seniors are house rich and cash poor. What does this mean to many of my Senior clients? This means that the funds they need are in the home they live in. To age in place, our senior population needs to get the equity out of the home to pay for things like home healthcare or just subsidy their monthly income. One great strategy for my seniors has been to sell their large homes and buy a home using the HECM for purchase this way, they do not have a house payment and might get money in their pocket.There are so many great strategies using the HECM, I invite you to listen in to hear what Ted and Aimee have to say about these strategies.

Ken talks with Don Graves, who is a RICP®, CLTC®, CSA® Certified Senior Advisor, President and founder of the Housing Wealth Institute, author, and Instructor of Retirement Income at The American College of Financial Services. He is considered one of the nation’s leading educators on incorporating housing wealth into retirement income planning. Today, they share insights about home equity conversion and reverse mortgage. Enjoy! Ken Greene transitioned from being a Professional Engineer (P.E.) to the “Engineer of Finance.” His goal is to help people become financially independent and earn better yields with less risk by investing Off Wall Street. Links and Resources from this Episode For resources and additional information on this episode go to http://engineeroffinance.com  Connect with Ken Greene http://engineeroffinance.com  Office 775-624-8839 https://www.linkedin.com/in/ken-greene  https://business.facebook.com/GreeneFinance    Connect with Don Graves https://www.linkedin.com/in/askdongraves https://hecmadvisorsgroup.com/ Book a meeting with Ken If you liked what you’ve heard and would like a one-on-one meeting with the Engineer Of Finance click here Show Notes What are reverse mortgages? - 2:30 Reverse mortgage and retirement - 4:54 The history of reverse mortgages - 5:28 Preparing for retirement - 6:31 Taking money from a reverse mortgage - 7:58 Requirements for a reverse mortgage - 9:00 Losing a home for a reverse mortgage - 9:30 Consequences of not paying your home taxes - 10:01 Reverse mortgages are not a product - 12:11 Making your retirement better - 13:57 Money flow - 15:14 Reverse mortgage as a powerful tool  - 15:55 The ideal candidate for a reverse mortgage - 20:52 Most Americans’ biggest asset - 27:11 Understanding more about home equity - 29:00 Get in touch with Don Graves - 29:36 Review, Subscribe and Share If you like what you hear please leave a review by clicking here Make sure you’re subscribed to the podcast so you get the latest episodes. Subscribe with Apple Podcasts Follow on Spotify Subscribe with Stitcher Subscribe with RSS

So just what is a reverse mortgage and how does a reverse mortgage work? Well, more technically referred to as a home equity conversion mortgage, Don Graves discusses what they are and how they work. The term “reverse mortgage” has been known to make retirees cringe at its mention, yet Don Graves, president and founder of HECM Institute for Housing Wealth Studies, says a reverse mortgage can serve as a valuable additional stream of income during the decumulation phase of life. If there were a proven resource that allowed you to increase cash flow, reduce your risk, preserve your assets, enhance your liquidity, and even add retirement dollars back into your savings account, wouldn’t you be interested? Don joins the Wealth Summit to show you how to utilize the reverse mortgage to accomplish these retirement objectives. KEY POINTS-What is a reverse mortgage?-How does a reverse mortgage work?-Home equity conversion mortgage synonym-Who can qualify? -How much money can you get?-How do you get the money? Widely known as a home equity conversion mortgage (HECM), a reverse mortgage is a federally insured home equity loan that allows those age 62 years or older to convert a portion of their mortgage to tax-free money. As the life expectancy of humans continues to increase, the initial 3 buckets of money—social security or pension income, investments, and insurances— aren’t lasting long enough to sustain the retired lifestyle many want and planned for. The reverse mortgage adds an extra asset retirees can draw money from to supplement their other 3 streams of wealth. To qualify for an HECM or reverse mortgage, you must be at least 62 years old and the house must be your primary residence. Additionally, you must take a financial assessment test to make sure you have good credit and enough money left over at the end of the month to cover property-related expenses. Once you get the loan, you must maintain the upkeep of the house, hazard insurance, and pay property-related taxes. The amount you receive depends on a triangle of factors: the age of the youngest borrower, the value of the property, and the interest rate. A typical 62 year old is eligible for about 50% of the value of the home, up to a home value of $636,150. This low interest rate environment we’re experiencing currently gives you more money with less interest, as opposed to a high interest rate environment which means more interest and less money. So if you’re considering taking the reverse mortgage route, now is the time. It’s important to receive the money in the manner that suits your situation the best. It can be distributed in a lump sum or through a line of credit. You can also get monthly tenure payments, which lend a certain amount of money every month as long as you live in the house, or you can elect to receive monthly term payments, which distribute a certain amount of money for a select period of time. Finally, you can choose a combination of the two monthly payment options. Unlike many common misconceptions, a reverse mortgage doesn’t mean you lose your home. The government doesn’t want your house—just repayment of the loaned money when the house is sold. The proceeds offered by the HECM’s line of credit give you an additional stream of money that will help you enjoy retirement the way you always planned.

Senior Salute Radio brings timely information to leading age Boomers and Seniors addressing the issues of aging, care-giving and maintaining quality of life. Learn from both professionals and regular people going through the process with their families. Daniel Wolbe/Liberty Home Equity Solutions Since 2004, Liberty Home Equity Solutions has stayed true to their mission of […] The post Explaining Reverse Mortgages for Seniors appeared first on Business RadioX ®.

Reverse mortgages are a great solution that many buyers in our market might not consider, simply because they don’t understand it. To better illustrate what reverse mortgages are and how they can be useful to certain buyers in our market, I recently asked Fernande Bencze of the Attorney Action Club to share her thoughts. You can check out our full conversation in the video above.  Essentially, a reverse mortgage is a loan that allows homebuyers aged 62 and up to purchase a property and, instead of making monthly payments, receive payments from the lender.  Though the loan balance can be paid off at any time, a reverse mortgage loan only comes due when a homeowner permanently leaves a residence or passes away. This makes it a good option for buyers with equity to spare. There are actually two types of reverse mortgages available in our market. First, there’s the Home Equity Conversion Mortgage (or HECM), which are insured by the Federal Housing Association.  “Reverse mortgages offer the benefit of allowing you to live in a home without a monthly mortgage payment, while simultaneously boosting your retirement nest egg.” There is also the High-Value (or Jumbo) Home Equity Conversion Mortgage. These loans are designed for properties valued at or above $800,000.  The way you leverage these loans can also be highly flexible depending on your goals. Many buyers may choose, for example, to decide to set aside some of their equity to apply toward their retirement, rather than using 100% of it toward their next loan. Reverse mortgages offer the benefit of allowing you to live in a home without a monthly mortgage payment, while simultaneously boosting your retirement nest egg.  The most important thing to remember when seeking this, or any other, home loan is to partner with a real estate professional who can help you develop a plan that suits your specific circumstances. If you have any other questions or would like more information, feel free to give me or my team a call or send us an email. We look forward to hearing from you soon.

Episode Eight of The Tipping Point would like to welcome our guest, Ryan Blaise Smith. Ryan is currently the Senior Reserve Mortgage Loan Officer at Waterstone Mortgage Corporation. His specialty is the new Home Equity Conversion Mortgage, or better known as the Reverse Mortgage. This loan has been a great solution for people aged 62 and older. Ryan will be talking to us today about how learning about this great financial tool can benefit us! Alongside the Reverse Mortgage, we will also be tackling the following items: Reverse Mortgage Who Qualifies? Individual Property-Type Suitability Cost Heirs Distribution Repayment Terms Taxation Non-Taxable No Effect on SSA Case Studies For Purchase If you like today's episode, don't forget to like, share, AND subscribe!  To watch the full video podcast interview, click the link below to watch: https://youtu.be/Iu0UnAdaV9w!  

I’m so excited to tell you all about a new purchase program called the Home Equity Conversion Mortgage! Looking to buy a home in the Houston area? Get full MLS accessConsidering Selling your Houston area home? Get a market analysis of your homeI just learned about a new program called the Home Equity Conversion Mortgage (HECM), and I’m excited to share the details with you today. HECM is a purchase program that enables those of retirement age, 62 or older, an incredible opportunity to purchase a very nice home and never have to make a mortgage payment. Let’s say you’re 68 years old and selling your home to move to a different one, and now that your home sold, the different home you want to purchase costs $175,000. That would require an $84,836 premium to close. With HECM, you could purchase that $175,000 home with just $84,836 and never have to make another mortgage payment. This is the best program for the retirement age group I have seen to date.As another example, if you were 78 years old and wanted to purchase a $400,000 house, it would require just $159,013 and you would never have to make a monthly mortgage payment. There are no income requirements for this program, and it’s one of the best I’ve ever seen for people of this age group in all my years of experience. If you have any questions, please feel free to reach out to me with a phone call or a quick email. I look forward to hearing from you!

The Home Equity Conversion Mortgage (HECM) is FHAs reverse mortgage program which enables you to withdraw some of the equity in your home. The borrower chooses how they want to withdraw their funds, whether in a fixed monthly amount or a line of credit or a combination of both. Borrowers can also use a Home Equity Conversion Mortgage to purchase a primary residence if the borrower is able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property that is being purchased.   As the demographics of the nation continues to trend towards older homeowners, this could be an area of high growth for mortgage originators and investors. Joining the broadcast to discuss Home Equity Conversion Mortgages is David Fontanilla, Founder and Managing Partner of Madison Paige Capital and Pioneer Analytics.  David has been involved in an array of residential mortgage capital markets activities, ranging from structuring, negotiating and executing portfolio Acquisitions, dispositions and securitizations to company acquisitions and public policy formulation.

TEAM of Experts and Guests       - Your Host, Robert Helms       - Co-Host and Financial Strategist, Russell Gray       - The Godfather of Real Estate, Bob Helms       - Certified Mortgage Planner Mark Coach Soto On this week's show we'll discuss:       - Who Should Consider a Reverse Mortgage and Who Qualifies       - The Nuts and Bolts of a Home Equity Conversion Mortgage       - Understanding FHA Insurance and Third Party Counseling       - Common Misconceptions About Reverse Mortgages       - Ways to Use the HECM as an Investment ToolPlease give us some feedback - write a review and rate us on our itunes page!