How Reverse Mortgages will add security your Financial Planner has not told you about. Pt. 1/3. Ep.09.

In this first of 3 episodes, we address Reverse Mortgage myths, define the programs and how they works, and delve into the HECM Line of Credit. You will be surprised.

Approximate Time Stamps

2:15- Three ways to use Reverse Mortgages

3:20- What is a Reverse Mortgage?

5:01- How much money will you receive and how long will it last?

6:09- Factors that determine how much you can borrow.

6:54- Obligations of the borrower.

7:53- When banks can consider you in default.

8:25- Celebrity endorsements.

8:52- Who owns the house?

10:20- Internal amortization rate.

11:13- Can you check your loan balance?

12:58- Can you get out of a Reverse Mortgage without dying?

13:28- Who you are working with.

14:40- TRID, Loan Estimates, and Closing Disclosures.

15:20- Will this be a hardship on the adult children?

15:35- Are the adult children responsible for selling the home?

16:10- Can surviving spouse be evicted from home if not on mortgage?

18:40- New legislation for Reverse Mortgages.

20:30- Do financial planners know about using Reverse Mortgages in their planning?

21:55- Many financial planners seeing that incorporating a Reverse  Mortgage EARLY in can create 90-95% success rate of not running out of money.

23:40- Myth of equity sharing with the bank.

25:20- What if borrower dies within 5 years, do they lose money?

26:22- Types of RM lenders. Celebrity spokes people, call centers.

30:00- How expensive are RM closing costs?

31:00 – FHA mortgage insurance premium.

34:00- When can you get out of a RM?

35:50- Very flexible payment options that you can change as needed.

37:20- You can pre-pay without penalty.

38:41 – Creative ways to use a RM. Is this a loan of last resort?

40:15- Early use in retirement planning.

42:00- Unlike a forward Line of Credit, a RM Line of Credit cannot be canceled.

43:05- RM Line of Credit loan amount will continue to increase automatically.

Be sure to subscribe so you will receive next weeks episode automatically.

In Part 2, we will have Ron’s favorite music, his looking back from age 95, and his death thoughts.

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