Archive for the Blog Category

Roses Are Red, Violets are Blue, Today is Your Day to Give Into Your Sweet Tooth!

Roses Are Red, Violets are Blue, Today is Your Day to Give Into Your Sweet Tooth!

If you can smell all the love in the air this Valentine’s Day, then so can we. Reverse Mortgage Answers is back at it again with another delicious recipe that you can make for your sweetheart, family, or friends for this wondrous occasion. Oh, and if you were wondering if this dessert is sugar-free for those who want to stay healthy, we have got you covered!

Instructions:
1) Whisk the coconut flour, cocoa powder, salt, and baking powder together.
2) In another bowl, whisk the milk, eggs, vanilla extract, stevia, and food coloring.
3) Add the dry ingredients to the wet ingredients.
4) Stir until combined.
5) Adjust food coloring to the redness you desire.
6) Spray two ramekins or safe microwave mugs with cooking spray.
7) Pour the batter evenly into each dish.
8) In the center of each batter, insert the broken chocolate pieces.
9) Microwave one cake mug at a time for about 1 minute and 30 seconds.
10) Enjoy your hot dessert right from the dish! (Note: Handle with caution!)

Reverse Mortgage Answers wishes you, and your loved ones a fantastic Valentine’s Day! We hope that you enjoy this recipe.

P.S. Got a handful of chocolate and other sweets piling up already from your loved ones? This recipe can be made anytime you are craving something sweet but without a lot of sugar or calories.

Feel free to leave us a comment below on what kind of recipes you will be making for Valentine’s Day. We would love to hear from you.

Have questions about a Reverse Mortgage? Give us a call at 1-800-420-5515.

Think You Know All About a Reverse Mortgage? Check Here to Confirm the Facts!

Think You Know All About a Reverse Mortgage? Check Here to Confirm the Facts!

What is a Reverse Mortgage?

A Reverse Mortgage is just like a line of credit without a monthly mortgage payment.  It is a program that allows homeowners age 62 and older to convert the home value into tax-free cash while maintaining homeownership.

In other words, the home pays back the homeowner so that the money received can open new financial opportunities. Best of all, the homeowner is never forced to leave the security of the home as long as they continue to live there.

What are Qualification Requirements?

To qualify for a Reverse Mortgage:

  • One homeowner must be at least 62 years old,
  • Occupy the property as their primary residence,
  • Pay off any existing mortgages at the time of settlement, and
  • Attend a HUD-approved housing counseling session.

 How Can the Money be Used?

Money obtained from a Reverse Mortgage can be used for any reason. Some of the most common uses include:

  • Paying off existing mortgages
  • Paying off credit card debts
  • Making home improvements
  • Purchasing a new home
  • Supplementing income
  • Paying for in-home health care
  • Traveling
  • Buying long-term care insurance
  • Helping family members

How Much Money is Available?

The amount of money available depends on three factors: the age of the borrowers, the appraised value of the home, and current interest rates. 

How is the Money Disbursed?

The Reverse Mortgage offers flexible options, so the homeowners decide exactly how they want to receive the money.  They may combine any or all of these options and change payment plans whenever necessary to customize a program that best meets their needs.  The payment options include:

  • Lump Sum Payment: All or a specified amount of the money is available at once.
  • The line of Credit: The money remains in an account until a need arises. When left in the account this money will grow, giving the borrower access to more funds in the future.
  • Tenure Plan: A certain amount of money is available monthly for as long as the borrower lives in the home.
  • Term Plan: A certain amount of money is available over a specified number of years.

 How is the Reverse Mortgage Repaid?

The loan becomes due with interest when the borrower no longer lives on the property. The borrower, or the estate, may pay back the loan by either selling the property or refinancing the mortgage.

 If a Current Mortgage is in the Home, Can a Reverse Mortgage be Done?

Yes, in fact, many homeowners do a Reverse Mortgage to free them from this monthly obligation.  The only condition is that there must be enough money from the Reverse Mortgage to pay off the current mortgage.  Any money that is left over goes to the borrower for any purpose.

Can a Reverse Mortgage be Used to Purchase a Home?

Yes!  It can be a great option when downsizing.  Contact Reverse Mortgage Answers, LLC for more details.

 How is the Government Involved?

The Federal Housing Administration (FHA) insures the loan.  If the loan balance is greater than what the property is worth, the borrower is not responsible for the money beyond the current market value of the home.  FHA will pay for any shortfall.  In contrast, if the loan balance is less than the value of the home, the homeowner or the estate will only have to pay the loan balance, and the remaining money goes to them.

 What Happen When One Spouse Passes?

If one spouse has passed and the surviving spouse is listed as a borrower on the Reverse Mortgage, he or she can continue to live in the home, and the terms of the loan do not change.

Do You Shy Away When You Hear the Term ‘Reverse Mortgage’ Due to Its Reputation? Find out the Truth Today!

Do You Shy Away When You Hear the Term ‘Reverse Mortgage’ Due to Its Reputation? Find out the Truth Today!


It is no secret that when people hear the term “Reverse Mortgage,” they usually tend to reject or shy away from it.  Is it the name or the actual product that causes them to turn away?  Much discovery has lead to the conclusion that it is most definitely in the name.

In fact,  Nobel prize-winning economist and finance professor at MIT’s Sloan School of Management, Robert C. Merton, states that “Americans have wrongly steered clear of a Reverse Mortgage“ even after studies indicate the numerous benefits of the Reverse Mortgage in a retirement income plan.

According to 2011 U.S. Census data, the average American couple’s (at age 65) home equity is more than two-thirds of their total wealth. The median net worth for married couples who are 65 and older is $284,790. How much of this amount is in their home equity? At least $192,552. The other estimated $92,238 is found in non-equity assets, including IRA’s,  savings, and personal property. This proves that many retirees are facing a retirement income shortfall.

American College of Financial Services professor, Jamie Hopkins, emphasizes that “if many Americans who face a retirement income shortfall have much more home equity than IRA or 401(k) savings, incorporating the Reverse Mortgage into a retirement income plan makes sense.” Reverse Mortgages deserve a hard look because many retirees remain in their home in retirement, and need more retirement income.

Another reason to consider the Reverse Mortgage is that it offers payout flexibility to borrowers. For example, through the line-of-credit, the Reverse Mortgage can be accessed when the need arises. Best of all, the money grows when left in the account so that there is more money available in the future.

Since the Reverse Mortgage is a federally-insured product, the government has made frequent adjustments to the regulations and program within the past decade.  In part, the provisions focus on streamlining the product so that it is simpler and less expensive. With protections made for non-borrowing spouses and other aspects of the loan, borrowers can feel at ease after deciding to look into it.

When people receive the right education on a Reverse Mortgage, they can make the best decision for themselves on whether or not it is for them.  They know now that this is a product designed to be an excellent tool for increasing one’s retirement income.

Ready to explore the possibilities of how a Reverse Mortgage can change your retirement income? We invite you to give us a call today at 1-800-420-5515 so that our dedicated and knowledgeable professionals can further educate you about the product, and how it can increase your retirement.

Dispelling Some of the Myths about a Reverse Mortgage!

Dispelling Some of the Myths about a Reverse Mortgage!

Reverse Mortgages have been around for almost 30 years. However, there are still many misconceptions about it. This week I am going to dispel some of these fallacies.

Common Myths and Facts about the Reverse Mortgage Program:

MYTH: If I do a Reverse Mortgage, the bank owns my home.
FACT: The Reverse Mortgage is a lien on your home just like any other mortgage you would have. You are not giving up the ownership of your home. With the Reverse Mortgage, the loan comes due with interest when you no longer live in the home. However, as a homeowner, you always have the option to sell your property and pay off the loan. You can move at any time, and you can leave your home to your heirs.

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 loan. 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. The bank does not want your home; they want the money they lent you back.

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.

The Reverse Mortgage is like any other loan you have taken out throughout your life. It is a contract, you must qualify for it, and you are required to pay it back with interest when the loan comes due. The major difference between the Reverse Mortgage is you defer repayment until the time you no longer live in the home. Like anything in life, a Reverse Mortage is not for everyone. Some people just don’t need the additional money. However, many people have a majority of their assets tied up in their home. These are the people that can use the extra money. As a result, the Reverse Mortgage is a tool for those people. Rest assured, the Reverse Mortage is a federal loan and the government sets the guidelines, so you, your home and your heirs are protected.

Find out if the Reverse Mortgage is the right tool for you. Call us at 1-800-420-5515.

Dreading the New Year? Same Money Problems? Here’s How a Reverse Mortgage Can Kick Off Your 2018!

Dreading the New Year? Same Money Problems? Here’s How a Reverse Mortgage Can Kick Off Your 2018!

As the holiday season comes to a close, you may be in awe of how fast 2017 flew by us! While many of us are preparing New Year’s celebrations, others are making resolutions. Then, there is still some of us who created goals this year but had obstacles that prevented us from achieving them.  The great thing is that those goals are still achievable! Perhaps you intended to obtain financial freedom or to work on projects to fix up your home. You may have even planned on a dream vacation.   Whatever your goals may have been, there are still steps you can take that can help to make your new year’s wishes come true. The joy of it is that we can help you!

Reverse Mortgage Answers has proudly been the Reverse Mortgage resource for thousands of homeowners, aged 62 and over, who needed a solution to alleviate financial burdens. If you have faced problems with revolving credit card debt, medical bills, or not having enough money to live off each month, you should look to the Reverse Mortgage to help you in the incoming year.

A new year does not have to equal additional stress from unsettled burdens that may impede you from living the lifestyle you deserve.  Our goal is to help you achieve financial stability and, more importantly, age gracefully in your home.

Our staff has over 25 years of experience assisting homeowners with this federally-insured program. The requirements are that you must be 62 or over, own your home, and live in your home as your primary residence.  The Reverse Mortgage enables your home’s value to pay you back. Best of all,  Reverse Mortgage Answers does in-home consultations and will walk you through every step of the process. We are here to answer any of your questions or concerns.

We encourage you to give us a call at 1-800-420-5515 so that you can kick off 2018 on the right foot! Our expertise, commitment, and professionalism will guide you through each step and guarantee your satisfaction with us.

Reverse Mortgage Answers wishes you and your loved ones a  Happy and Healthy New Year! May your year be filled with amazing people, places, and things.

In Need of Last Minute Christmas Gift Ideas? Don’t Worry! We’ve Got You Covered!

In Need of Last Minute Christmas Gift Ideas? Don’t Worry! We’ve Got You Covered!


The Christmas holiday is right around the corner, and many of us will be busy spending these last few days wrapping gifts and preparing for the holiday festivities. However, some of us may be scratching our heads wondering what to buy as last minute gifts.

Reverse Mortgage Answers wants to give the gift of giving this year by helping last-minute shoppers with an out-of-the-box gift guide. Whether you are searching for that ideal gift for your teenage granddaughter, children, or even your son/daughter-in-law, we have got you covered!

Holiday Last Minute Gift Guide:

  • Gift Cards and E-Gift Cards – When in doubt, you can never go wrong with a gift card! Teenagers and even younger children tend to love them; however, they are great for anyone. This option gives loved ones the opportunity to purchase whatever they want. You can buy gift cards for movie theatres, restaurants, and fast-food restaurants as such as Chick-Fil-A. The best thing about gift cards is that you set the dollar amount that you want to put on them. Gift cards can be purchased at local retail stores, grocery stores,  pharmacies, and even online!

 

  • Skin Care Face and Body Brush – This gadget is particularly great for teenagers and young adults: male or female. It is also great for those hard-to-get-for adults, too.This brush is an electronic gadget that deep cleans the skin and can be used with one’s favorite face wash. These brushes are waterproof and can be used right in the shower. You can buy them at your local Walmart, Walgreens, Rite-Aid, and online at Amazon for under $40.00. A good option:  ToiletTree Products Water-Resistant Skin Care Face and Body Brush System $35.00 on Amazon.

 

  • Home Made Dessert or Family Favorite Dish – Whether you are a parent or grandparent, your children and loved ones would be touched by a favorite holiday dish of yours! This is an excellent option if your funds are limited, but you want to give something that all of your loved ones can enjoy. Whether it is baking Christmas cookies or another family favorite – everyone will be merry (and full afterward).

 

  • Memories or Photographs in a Jar With Olive Oil – If you have some fresh olive oil around the home or is willing to purchase some, you can store pictures in a clean mason jar filled with the oil. You can print out or use a photograph that you would like to, and the oil will create an artistic, yet unique way to give your loved ones a way to remember those special times. Oh, and if you are hesitant about using oil,  other objects can be used as such as sand and seashells.

 

  • Cutting Board for Chef Lovers – This is another cool idea for loved ones, and this could be for your spouse who loves to cook, siblings, or children and grandchildren. You can even get creative and see if you can have the cutting board carved with individual notes, recipes, or symbols that the recipient would hold great value. This personalization is sure to be appreciated by a loved one, and it would not be as expensive.

 

Reverse Mortgage Answers would like to wish you and your family a Happy Holiday season! We hope that these last-minute gift ideas are helpful and may even spark other creative ideas.  Feel free to comment below if you have used any of the ideas above, or was able to think of another last minute gift idea. Our staff would love to read your responses!

 

 

 

 

 

 

 

 

 

 

 

 

Oh no! Worried About a Monthly Mortgage Payment While Retired? Here is Your Solution.

Oh no! Worried About a Monthly Mortgage Payment While Retired? Here is Your Solution.

Today, many retirees are worried about whether or not they will ever be able to pay off their mortgages. According to American Financing’s 2017 Retirement and Mortgages Survey, 44% of 60-to-70-year old retirees have a mortgage in retirement. Another 32% thinks that it will take them more than eight years to pay off their mortgage.

Another survey taken by Fannie Mae revealed that baby boomers are carrying mortgage debt into retirement more than previous generations.  Carrie Niess, Business Analyst at American Financing, states, “Part of the American dream, and homeownership, is the expectation that after years of hard work, you can retire with financial security, but the unfortunate reality for many of today’s baby boomers is that their debt burden remains high.” He continues his statements by proclaiming that there are “many untapped options, such as refinancing and Reverse Mortgages, which many folks could benefit from.”

The survey data also revealed that 64% of 60-to-70-year olds plan to remain in their current home, while another 62% of retirees plan to leave their home to their children or their estate.  Out of the 800 participants surveyed,  a small percentage plans to refinance. However, 19% of participants do not know or do not understand the Reverse Mortgage.

With the results of this survey, it is certainly not hard to see that times have changed for today’s retirees.  Our economy is different, and retirement strategies/rules have changed how senior homeowners can ultimately enjoy their retirement while being debt free and comfortable within their home. Therefore, a Reverse Mortgage is an excellent option.

The Reverse Mortgage is a great program that allows senior homeowners, aged 62 and over, to convert their home value into cash that can be used to pay off their current mortgage while giving them the opportunity to age comfortably in their home. This is a great tool for a diverse range of senior homeowners with unique situations and backgrounds.

Whether a senior homeowner is struggling with debt, putting groceries on his/her table, or wanting to help their children or grandchildren out financially, the Reverse Mortgage provides relief and stability.   Best of all, the federal government insures the loan. If more and more seniors were properly educated about the Reverse Mortgage, more would be able to enjoy the financial freedom a Reverse Mortgage provides.

At Reverse Mortgage Answers, we have successfully been the local resource for thousands of senior homeowners to turn to when straddled in debt and needing another solution. We are happy to be the solution that you need, too. Call us toll-free at 1-800-420-5515.

 

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.

 

 

 

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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