Reverse Mortgage strategies

Another bucket of funds to dip into
Face-to-Face meetings are crucial
Jeff Mandels

Face-to-Face Meetings

After the initial telephone conversation, Jeff prefers meeting with people face-to-face. Except for the snowiest winter months east of the mountains, Jeff will travel to almost anywhere in the state to meet with potential mutual clients.

This accomplishes three matters:

  1. All questions they may have are answered. If I don’t have the answer, I will get back to them within one business day with the correct answer.
  2. Their concerns are thoroughly addressed, discussed and reviewed for understanding.
  3. These folks are provided with a realistic timeline including the required one-hour HUD counseling class by phone, credit check, appraisal procedure, personal responsibilities, and anticipated closing date.

Have You Considered a Home Equity Conversion Mortgage for Your Clients?

With a HECM you can:

  1. Pay off the current mortgage
  2. Have no monthly mortgage payments
  3. Create a growing Line of Credit
  4. With a divorce scenario, a HECM can pay the departing spouse their equity while the remaining spouse remains in the home, mortgage payment free
  5. Replace the much needed roof
  6. Help the grandkids with down payment money for their first home
  7. Do the needed improvements and age in place at their own home
  8. Pay the taxes on the Roth conversions
  9. Send some money to the grandchildren
  10. Pay for those needed medical expenses
  11. Payoff credit card debt
  12. Take the entire family to Disneyland
  13. Leave a greater legacy
  14. Donate to their favorite charities
  15. Pay for an emergency
  16. Allow the investment portfolio to bounce back and grow
  17. Care for an aging parent
  18. Pay for long-term care
  19. Supplement the income before Social Security kicks in
  20. Have a cash reserve established

Points to Consider:

  1. Title always remains in the borrower’s name
  2. Must live in the home as the primary residence for 6 months and one day every year
  3. They are responsible for property taxes and homeowners insurance
  4. They may sell their home anytime they wish
  5. They may leave their home to their heirs