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Kleenex on Hand? After Reading These Reverse Mortgage Success Stories, You May Need One.

Kleenex on Hand? After Reading These Reverse Mortgage Success Stories, You May Need One.

It is not often that Reverse Mortgage success stories are heard or shared in the media. Although Reverse Mortgage loan originators typically receive positive feedback from both their clients and the family members of borrowers,  these experiences are not always captured publicly to show the many benefits of what a Reverse Mortgage can do for a borrower and his/her family.

However, at the National Reverse Mortgage Lenders Association’s annual conference in San Francisco last month, several family members of Reverse Mortgage borrowers used this platform to speak openly about their experiences. The commentary shared was inspiring and touching.  It also captured the Reverse Mortgage in a different light: one that will inspire prospective borrowers to seriously consider how the Reverse Mortgage can transform a senior’s life from being burdened with debt to financial freedom.

One of the children of a borrower, Nora Rodriguez,  spoke highly of the Reverse Mortgage and cited her awe-touching story at the conference.  For Nora’s father, the Reverse Mortgage enabled him to recover from his massive medical bills due to a heart attack that he suffered and increased his household cash flow. “My parents are happy now because they are stable, increased their ‘income’ and he is recovering and doing very well,” Nora stated during the conference panel.

Before her father’s heart attack, Nora stated that her father had never considered the Reverse Mortgage. Even though he had little income or pension after retiring from work at a local college, he initially objected against tapping into his home equity. However, several months later, a friend’s mother who had a Reverse Mortgage, said it was the “best thing that she had ever done.” This friend referred Nora and her parents to a lender and introduced them to their originator.

Nora further continued her story by stating that, “my parents are so happy now and don’t have to pinch.”

Another relative of a new borrower, Anita Chan, is an Oakland, California based financial advisor. She was included in the process of assisting her family member, an elderly uncle, with obtaining a Reverse Mortgage. Because he did not have any children and his income was limited, Chan’s uncle discussed the idea at a recent Thanksgiving dinner. “Before that conversation, we had never talked about finances,” Chan remarked. Although Chan was profoundly interested, he had two obstacles standing in his way: he is a native Chinese speaker, and his local community bank did not offer Reverse Mortgages.

With little help and assistance, he then turned to his niece. Chan continued her story by sharing that in the past, financial advisors have been historically reluctant to recommend Reverse Mortgages. However, Chan knew something had to be done to relieve her uncle’s situation.  As a result, she did some research and found that the Reverse Mortage was what her uncle needed.   She was able to assist her uncle and now recommends Reverse Mortgages to her friends and clients.  In fact, Chan now considers herself an enthusiastic advocate for the Reverse Mortgage and takes advantage of any opportunity to proclaim the benefits of the program for retirees.

The family members all weighed in on the sentiment that if your parents or relatives have equity and want to enjoy it, they should be able to access it safely. Even though there are a lot of unanswered questions for seniors, the Reverse Mortgage is a product that deserves a hard look. Best of all, the Reverse Mortgage is federally insured so skeptics should be aware that this is, in fact, a safe program.

With the positive remarks shared at the conference, borrowers were shown real-life examples of how the Reverse Mortgage can improve their lives. At Reverse Mortgage Answers, we have shared in on the positive impact that the loan has had on thousands of borrowers that we have assisted in the past 25 years.

If you or someone you know has questions about the Reverse Mortgage, we are here to be your Reverse Mortgage resource.  We can be reached toll-free at 1-800-420-5515.

Protect Yourself from Various Forms of Fraud and Abuse

Protect Yourself from Various Forms of Fraud and Abuse

Senior woman using mobile phone while holding credit card

In today’s digital world, there are many scams affecting thousands of people worldwide, young and old alike.  However, studies indicate that financial elder abuse is rising as scammers devise tactics to target vulnerable seniors.  Although there is increased security via the Internet for fraud prevention, our personal information can be easily jeopardized, if not careful.

With these great tips,  one can be sure to avoid financial elder abuse in the future:

1) General Tips/Reminders to Prevent Fraud

  • Never give out your personal information to anyone on the phone, mail, or Internet.
  • Never respond to an offer that you do not understand.

2) Healthcare & Health Insurance Fraud

  • Be sure to guard your cards (Medicare, Social Security, and Credit Card Numbers).
  • The personal information found on these cards should not be given to just anyone.

3) Investment Scams

  • Always research or call a representative before responding to unsolicited requests.
  • In general, be wary of anyone offering a free deal.

4) Funeral & Cemetary Fraud

  • Understand contract terms, basic fees, and extra services.
  • Do not allow salespeople to pressure you into immediate purchases.

5) Telemarketing/Internet Fraud

  • As it concerns telephone and computer scams, hang up or log off if it sounds too good to be true.
  • Be alert for phone scams where the caller masquerades as your grandchild/IRS saying they are in trouble or you owe back taxes.

6) Charity Scams

  • Do not disclose any personal or financial information.
  • Confirm that the charity is state registered. Qualified charities will not ask for too much confidential information.

With more and more people devising ways to take advantage of seniors, it is essential that seniors be aware of them so that they can avoid running into a devastating situation.

Feel free to comment on any additional tips that you follow for fraud prevention. We will be happy to read your response.

How Reviewing Your Finances Before the Year Ends Can Bring in the Next One Even Better!

How Reviewing Your Finances Before the Year Ends Can Bring in the Next One Even Better!

Now that the holiday season for 2017 has officially arrived, it is easy to become wrapped up in gifts, parties, and all of the exciting festivities of this season.  Although these times bring about a lot of excitement and joy, it can also leave you with a “financial hangover by the beginning of the year,” states Melanie Lockert, personal finance writer and author of “Dear Debt.” With all of this planning and spending for gifts and holiday-themed parties, how can one even think about personal and financial goals?

Well, don’t wait for the new year to hit “reset” on your personal and financial goals.  According to Lockert,  financial review and goal-setting should never begin at the jumpstart of a new year.  She remarks, “to be successful, consider getting your finances in order now so that you can be on the right foot when the new year begins.”  She recommends these five quick steps to jumpstart your finances before the  year ends:

1)  Perform a Financial Review –  Lockert states that you cannot just look ahead to be successful, you have to look back as well.  Before creating financial goals for the new year,  perform a financial review and assess how your year went. This way you can find out where your strengths and weaknesses lie.

Questions to consider:

  • Did my income go up or down this year?
  • What percentage of income did I spend on my expenses?
  • How much debt did I pay off?
  • How much was I able to save in a savings/401(k) accounts?
  • Does my credit score make sense? Be sure to check for suspicious/fraudulent activities on your report.

2)  Change it Up – Make little changes to your finances by experimenting with cash-only budget categories instead of a debit/credit card. For example, using cash for monthly food and drink spending can successfully shave off $100-$200/month on expenses.  Continue to experiment until you find something that works for your unique situation.

3) Set Aside 30 Minutes Per Day – Sandy Smith, personal finance blogger, recommends spending 30 minutes per day for 30 days in December to review finances before the new year. She says, “check your bank accounts, update life insurance beneficiaries, get tax documents together, update 401(k) allocations, and carefully review your credit report.” This way you will be in shape to tackle everything coming your way financially by the start of the new year!

4) Make Year-End Donations – If you are feeling in the holiday spirit, consider making tax-deductible donations to qualified charities. It can help in two ways by a) causing you to help a cause you believe in, and b) having the opportunity to deduct that contribution from your taxes. According to the IRS’ website, “ a taxpayer must have a bank record or a written statement from the charity to deduct any donation of money, regardless of amount. The record must show the name of the charity, the date, and amount of the contribution.”

5) Set Those Financial Goals for the New Year – During the new year celebration, many people tend to focus on health and wellness, but ignore their financial health and standing. However, Lockert reinforces that “your finances impact the rest of your life, so it is key to set those financial goals too.”

With these great tips and suggestions, Reverse Mortgage Answers is confident that you will be in good financial standing.  If you want to make a Reverse Mortgage part of your financial plan, please give us a call toll-free at 1-800-420-5515.

 

 

 

Happy Thanksgiving! Here is a Pumpkin Pie Recipe For You!

Happy Thanksgiving! Here is a Pumpkin Pie Recipe For You!

With the Thanksgiving holiday just a few days away, many of us are planning our menus as we gather our loved ones to celebrate this joyous occasion. At Reverse Mortgage Answers, we have decided to join in on the celebration by sharing a traditional famous pumpkin pie recipe. It makes eight servings and is only 283 calories. Here are the ingredients:

Directions:

  1. Preheat oven to 425 degrees F.
  2. Combine sugar, salt, cinnamon, ginger, and cloves in a small bowl.
  3. Beat eggs lightly in a large bowl.
  4. Stir in pumpkin and sugar-spice mixture.
  5. Gradually stir in evaporated milk.
  6. Pour into pie shell.
  7. Bake for 15 minutes.
  8. Reduce temperature to 350 degrees F; bake for 40 to 50 minutes or until knife inserted near the center comes out clean.
  9. Cool on wire rack for 2 hours.
  10. Serve immediately or refrigerate. (Do not freeze as this will cause the crust to separate from the filling).
  11. Enjoy!

We hope that you enjoy this recipe. Feel free to comment below if you have chosen to make this dish or another traditional recipe for Thanksgiving.  We would love to read your comments.

Reverse Mortgage Answers is thankful to have happily served thousands of clients for the past 25 years.

Happy Thanksgiving to our family, friends, and clients!

 

Looking to Stay Healthy This Holiday Season? Check out These Tips for Seniors

Looking to Stay Healthy This Holiday Season? Check out These Tips for Seniors

Senior woman and a small girl making cookies.

As the Holiday season approaches, many of us are looking forward to spending time with our loved ones, enjoying homecooked meals, and unwinding with fun, holiday-oriented activities.  Although the holidays are a time of happiness, they can also be a time of stress, especially for seniors.  Since staying healthy is a challenge for most, it is important that seniors and their caregivers take the time to manage the Holiday festivities ahead properly.

Because Reverse Mortgage Answers happily serves a clientele consisting of homeowners age 62 and over,  we want to ensure that our clients enjoy this Holiday season while also taking the time to stay healthy, reduce stress, and avoid the holiday blues.  Licensed clinical social worker and owner of The Elder Expert, Amy Fuchs, states that “one of the difficulties of the holiday season is not knowing an elder adult’s limits. You can anticipate that they might need help, but they might not express that they have slowed down.” Therefore, we have put together some helpful tips for seniors.

Tips for Senior Homeowners to Stay Healthy During This Holiday Season:

  • Make Healthy Food Choices – With rich meals and desserts, many of us will be tempted to overindulge. Plan meals with other events in mind, as such as eating a lighter lunch of salad or soup before a large dinner with friends and family. It is also crucial that seniors continue to follow their dietary restricts as advised by their medical professionals.  Keeping healthy options like fresh fruit and vegetables on hand is advisable.

 

  • Stay Hydrated – Drinking water is vital, especially for those seniors who will travel out of town during this season. “Senior citizens, especially, need to drink plenty of fluids, as not drinking enough water could cause hospitalization,” Fuchs says. Carry a portable water bottle when running errands, or even while staying indoors alone.

 

  • Rest After Traveling – For those seniors who are traveling long distances to visit family and friends,  getting proper rest is essential.  After arriving at their destinations, seniors may want to recharge by taking a nap instead of shopping, or immediately spending time with loved ones.

 

  • Shake Up Those Traditions – Most seniors are happy to help clean and to be involved in cooking. However, hosting a large holiday meal can be stressful. If a senior homeowner traditionally hosts holiday meals, consider passing the tradition down to the younger generation. Fuchs recommends that “ if the senior insists on cooking, younger family members can at least volunteer to clean or help out in other ways.”

 

  • Decrease Gifts – Holiday season can be financially challenging for seniors, especially those on a fixed income. Purchasing gifts for family and friends may be difficult. To reduce stress from paying for gifts, consider having a “family grab bag” where everyone contributes one gift.

 

A few preventative measures and the willingness to tweak traditions can allow seniors to stay healthy and enjoy the upcoming holiday season.

Not Sure Which Method Is Best to Fund Your Home Improvement Projects? Take a Peek Here!

Not Sure Which Method Is Best to Fund Your Home Improvement Projects? Take a Peek Here!

As soon as the month of October ends,  most senior homeowners quickly shift gears to focus on the upcoming family-oriented holidays, the winter season, and unfortunately, how to pay for home improvements. Travel costs, gift shopping, and preparing for unexpected winter expenses can make one feel anxious and completely overwhelmed.

Although there are several ways to finance all these expenses, especially home improvement, senior homeowners must ultimately choose the most beneficial option for them. At the end of the end of the day, no one wants to be still paying for home improvements long after the shine and excitement have worn off.  According to Casey Fleming, author and mortgage professional, “the biggest mistake that people make is that they finance their home improvements for a longer time than the improvements will last.”

Here are a few options that one can look into for funding major home improvements:

  1. Cash – It is the easiest way to cover the costs of home improvement. You would not have to worry about future payments, and it is always more financially sensible to wait. If you can manage to complete one project at a time, starting with safety improvements first, this would be a good However, this may not be feasible when living on a fixed income.

 

  1. Credit Cards – Using your credit card would allow you to cover a smaller renovation, or at least purchase the materials needed. However, one has to consider interest rates and the overall maximum limit carefully.

 

  1. Borrowing from 401(k) – The truth is that most 401k programs allow an individual to borrow from their account and pay back the loan over five years via payroll deduction. Although you pay interest to yourself, the balance would be due immediately when you complete the job.

 

  1. Contractor Financing – Some contractors do have relationships with finance companies and will offer ways to help arrange to fund the project, but it is typically not the best idea. Also, it is more expensive in the long run.

 

  1. Reverse Mortgage – If a homeowner is 62 or older, a Reverse Mortgage is an excellent option. It is based on the percentage of equity in the home and is a loan. The loan is only due back when the homeowner dies or no longer lives in the house. The cash is tax-free and could be immediately used to fund all home improvement projects.

 

With a Reverse Mortgage, you can choose to do one or all projects with tax-free money. Reverse Mortgage Answers has successfully helped thousands of senior clients with this federally-insured loan. Our professionals have a passion for assisting senior homeowners and giving them the facts about the Reverse Mortgage.  Call Reverse Mortgage Answers with any questions at 1-800-420-5515.

 

Too Old for Trick Or Treating? Well, We Can All Say ‘Boo’ to all of the Myths About a Reverse Mortgage

Too Old for Trick Or Treating? Well, We Can All Say ‘Boo’ to all of the Myths About a Reverse Mortgage

studio shot of smiling pumpkin and corn candies on white background

“Well, I have heard about a Reverse Mortgage,  but I just don’t think that it is a good idea.”  We hear this sentiment often from consumers because they are unsure of a Reverse Mortgage due to all the “myths” about it.  Like all products in the market, the Reverse Mortgage is not without its myths and misconceptions.  As discussed in a previous blog, there is a lot of information out there about a Reverse Mortgage via advertising. However, most consumers may not understand the truth about the Reverse Mortgage fully.

At Reverse Mortgage Answers, we provide clear and concise information about all of the things you need to know about a Reverse Mortgage.  We address the myths and misconceptions, so you have the facts to make the decision that is right for you.  Additionally, our company has had over 25 years of experience delivering high-quality customer service to our clients due to our integrity.  Whether you are reading this post at home, at work, or even while enjoying Halloween candy with your grandkids, we honestly care about clearing up any confusion or objections you may have about a Reverse Mortgage. We know that considering something new and financially rewarding may seem more intimidating, or “good to be true” upfront.  As a result, we want to ease your mind and give you confidence throughout every step of the process.

Let’s begin by clearing up any confusion about this program:

Common Myths and Facts about the Reverse Mortgage Program:

MYTH:                      If I do a Reverse Mortgage, the bank owns my home. 

FACT:                       You never give up ownership.  The Reverse Mortgage is a lien on your property just like any other mortgage.

MYTH:                      I cannot do a Reverse Mortgage because I already have a mortgage on my home.

FACT:                  Paying off a current mortgage is the first thing most people do with the proceeds from this program.  By getting rid of your mortgage obligation, you can put all of that money back in your pocket each month. 

MYTH:                      If I do a Reverse Mortgage, I cannot leave my house to my children when I die.

FACT:                       Since you always maintain homeownership, you have the freedom to leave your home to anyone you choose. 

MYTH:                      If I do a Reverse Mortgage, I cannot sell my home.

FACT:                       As a homeowner, you can sell your home at any time.  If you choose to sell your home, you must pay off whatever you owe.  The remainder of the money is yours to keep. 

MYTH:                      The money I receive from the Reverse Mortgage will adversely affect my Social Security and pension.  Also, it may put me into a higher tax bracket forcing me to pay more taxes.

FACT:                       The money you receive from the Reverse Mortgage is TAX-FREE because it is considered a loan, not income.  As a result, it will not affect your Social Security or pension.

MYTH:                 My spouse will be forced to pay back the money if I die first.

FACT:                       The loan becomes due only when BOTH original borrowers no longer live in the home.

Reverse Mortgage Answers strives to be one of the first professionals a client, business professional, or family member turns to when needing the right advice about the Reverse Mortgage.  Our success over the last 25 years speaks for itself.

Call us now and let us help you.  Also, keep us in mind that next time you hear someone talk about the Reverse Mortgage.  We are here to give you the right Reverse Mortgage Answers.  Call us at 1-800-420-5515.

 

Help! How Do I Know if A Reverse Mortgage Is Truly Right for Me?

Help! How Do I Know if A Reverse Mortgage Is Truly Right for Me?

It’s no secret that more and more consumers are becoming aware of what a Reverse Mortgage is, how it works, and who qualifies for it. Between television commercials, brochures, blogs, and online advertising, the Reverse Mortgage is becoming extremely popular. However, some consumers may still not feel as though it is “right for them.”

This hesitation can be due to some factors including not having the right resource to turn to for guidance and accurate information. Here is how Reverse Mortgage Answers can happily be your guide! With over 25 years of professional experience, Reverse Mortgage Answers has successfully been the ideal source for thousands of clients, aged 62 and over, to turn to for guidance when financial burdens are heavy. If a senior homeowner feels overwhelmed with their current mortgage or just needs more cash, a Reverse Mortgage is the answer.

A Reverse Mortgage can be a safe and secure option to access the equity one has stored within their home. Since Reverse Mortgages are highly monitored and regulated by the Department of Housing and Urban Development, a senior homeowner is protected.  A Reverse Mortgage is merely a “secure source of revenue.” Since the government insures it, there is no need to worry about whether or not it will place you in financial trouble.

The Reverse Mortgage was designed for senior homeowners to have access to something that they have already spent years paying for: the accrual of their home equity through monthly mortgage payments.  Here is how to know if a Reverse Mortgage is right for you:

  • You are 62 and over, and at least half of your home loan is paid off
  • You want to stay in your home
  • You would like to make improvements to your home
  • You are on a fixed income and need help with expenses
  • You want to travel or pursue other interests
  • You are interested in a possibly downsizing

“That sounds good and all, but if I did this how much would I receive?”

The amount one can receive depends on the home value, current interests, and the client’s age.  Reverse Mortgage Answers would be happy to help you with the process if you feel ready to move forward and gather more information.  We can do a free, no-obligation analysis so you can find out how much you may be able to receive.  Call Reverse Mortgage Answers now at 1-800-420-5515.

HUD Reveals Pressing Problem of Senior Housing. A Reverse Mortgage Can Solve It!

HUD Reveals Pressing Problem of Senior Housing. A Reverse Mortgage Can Solve It!

Close up of a senior couple dancing

A recent publication by the Department of Housing and Urban Development states ”Reverse Mortgages may be one solution to the pressing problem of senior housing that many aging homeowners will soon face.” According to the publication, older populations face a wide range of housing challenges including affordability, physical accessibility, and access to medical services in/around their home. Even though the older population projects to multiply over time, senior housing problems will make it difficult for many seniors to remain inside their homes for as long as they can.

How is the Reverse Mortgage one of the best solutions to address housing matters with our aging population? With the Reverse Mortgage, aging homeowners can access their home equity, which is often their “largest asset” according to HUD’s publication. The federal government insures Reverse Mortgages through the Home Equity Conversion Mortgage program. The homeowner must continue to pay home insurance, property taxes, and ongoing maintenance of their home. With the different payout options of the loan, senior homeowners would have the funds made available to age more comfortably within their home and alleviate homeownership costs.

With the current challenges that the senior population faces, a Reverse Mortgage can be the solution one needs to end headaches associated with mortgage debt, increasing living costs, and health care costs. Additionally, a Reverse Mortgage would decrease the economic pressures that seniors encounter due to declining or fixed incomes. The funds made available from the current home equity could convert into accessible resources that could not only alleviate the burdens of debt and expenses but keep seniors safe in their home.

Reverse Mortgage Answers is here to provide more details along with 25 years of professional experience to serve our clientele. Please call us toll-free at 1-800-420-5515, and we will be more than happy to help. We look forward to your call.

Are You a Senior Homeowner? Reasons Why You Will Rejoice After Second Quarter’s Results…

Are You a Senior Homeowner? Reasons Why You Will Rejoice After Second Quarter’s Results…

During the second quarter of 2017, senior homeowners saw an increase in their home equity grow by $150 billion.  How can homeowners age 62 and older take advantage of this increase?  The answer is the federally-insured Reverse Mortgage.

According to the National Reverse Mortgage Lenders Association (NRMLA), this increase in home equity means great things for senior homeowners.   Since health care spending is increasing, “seniors can benefit from the rise in their home equity to help fund this and other costs of aging” remarked NRMLA’s president and CEO, Peter Bell.  He continued his statement by including that “housing wealth provides older homeowners with an available source of funds to manage the costs of caregiving and other expenses incurred in the last third of life.”

However,  there is still a large percentage of senior homeowners who are unaware about how to access their home’s equity value.  The solution is the Reverse Mortgage.  NRMLA revealed that more than one million seniors have a Reverse Mortgage, and 14% took out the loan to fund ongoing health or disability expenses.  Fourteen percent equals 140,000 out of one million seniors who turned to a Reverse Mortgage to experience the liberation of having the money to afford medical bills, medication, and healthier food options.  With more and more Americans taking their health care more serious,  this report is excellent for the remainder of America’s seniors who do not know about a Reverse Mortgage, and what it can do for them financially.

Alternatively, there may be senior homeowners who have heard the term “reverse mortgage,” but have received false information about what it is.  It is indeed true that there is a wealth of information from various sources about Reverse Mortgages. However, misconceptions are still out there about the Reverse Mortgage.   For example, a common misconception is that taking out a Reverse Mortgage means that a senior is “giving up their home.” That is not true; the individual will only owe what they borrowed plus interest. They will still own their home.  This type of false information may make seniors hesitant to take out this loan.  As a result, their mortgage debt has increased along with other expenses while they manage to live on a fixed income.   Seniors need to get the facts for themselves from a trusted resource that has experience in the field.

A Reverse Mortgage gives a senior the opportunity to continue living in their home while having access to funds so they can have the type of retirement they deserve.   It is the perfect opportunity to enjoy this stage of life with the funds acquired from being a homeowner.  If you have questions along with a piqued interest in how to achieve the financial liberation you have been hoping for,  look no further! Here at Reverse Mortgage Answers, LLC we have over 25 years of professional experiencing helping thousands of senior clients. Give us a call today at 1-800-420-5515.

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

District of Columbia:
202-719-0625

Virginia:
703-879-2316

Licenses

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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