Monthly archive for July 2016

What Financial Experts Are Saying About Reverse Mortgages

What Financial Experts Are Saying About Reverse Mortgages

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The Department of Housing and Urban Development (HUD) has implemented its final phase of the Reverse Mortgage Stabilization Act. These changes were made to make the program safer and more secure and the experts agree.

 What Financial Experts Are Saying:                               


  • “New Reverse Mortgage Rules open doors to a more secure retirement. Using a reverse mortgage is no longer just for the cash poor and house rich. Instead, reverse mortgages can be used strategically as one part of a retirement income plan or reduce cash outflow from a traditional mortgage payment” ~Forbes
  • “As more people enter retirement with modest savings and no private pension, they’re going to need some of the home equity back during their increasingly long lives.” ~ The NYTimes
  • “What a reverse mortgage can do is to increase a retiree’s flexibility to meet spending objectives by integrating an otherwise illiquid asset into an overall framework for how to best spend down assets in retirement.”

~The Wall Street Journal

Living Longer with Smart Financial Tools

Living Longer with Smart Financial Tools

older couple
The reality is we are living longer, much longer, which is great news. However, it requires the appropriate planning from a financial standpoint. There are many financial tools retirees use to supplement their income, and now a new tool has been added to your financial tool box. It’s the New Reverse Mortgage.

Recent changes implemented thru the Reverse Mortgage Stabilization Act were made to make the program safer, less expensive and more secure. The Reverse Mortgage gives you the ability to:

  • Eliminate monthly mortgage payments.
  • Receive a check each month for the rest of your life.
  • Secure a Line-of-Credit that never has to be renewed and that grows over time giving you access to more money in the future.

**For many of our clients a combination of all of the above. **

Give us a call to find out more about how this safe and secure financial tool can assist you know and through retirement.

A New Retirement Strategy

A New Retirement Strategy

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When it comes to using a reverse mortgage in retirement planning, there are several strategies that make the standby line of credit feature a must have in the eyes of financial advisors and their clients.
A few examples:

  • A Reverse Mortgage Line of Credit is a hedge against rising interest rates because the growth factor on the credit line rises with interest rates, adding that the credit line can also hedge against falling home prices. Even if home values fall in the next 10-15 years, the line of credit isn’t tied to property value in the future, so if values fall the credit line is still growing.
  •  The “standby” strategy can help retirees delay drawing from Social Security, avoid dipping into other assets and provide a cash reserve to help weather market turmoil or sudden emergencies like health care costs or home repairs.“It’s another pot of tax-free money that can be used in any number of ways to provide income, protect assets and provide liquidity in the future.

RIP Tom Marr

RIP Tom Marr

WCBM
With a heavy heart we regret to announce the passing of radio icon, community leader, and our dear friend, Tom Marr.

Location

Headquarters
614 Old Edmondson Ave., Suite 200
Catonsville, MD 21228-3360
Toll Free:
1-800-420-5515

Maryland Office:
410-788-7070

Eastern Shore Office:
410-600-0600

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Virginia:
703-879-2316

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NMLS # 179014
www.nmlsconsumeraccess.org

Maryland - Lender # 06-20057

District of Columbia - Mortgage Broker # MLB179014

Virginia - Licensed by the VA State Corp. Commission, Mortgage Broker # MC5642

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