Unlocking Your Assets - 8.11.18

Saturday, August 11th

Reverse Mortgage Funding, LLC                                                                                           
1805 S Bellaire St #300                                                           
Denver, CO 80222                                                                                                               
Office: 303-773-3077                                                              
www.HECMCO.com                

Larry Armstrong / NMLS#387204                                                
Arizona Mortgage Banker License #0927682
[email protected]                                             

Ron Meier / NMLS#1371657
[email protected]

Many mature home owners don’t know they can enhance their retirement by accessing the locked-up equity in their homes. Recent research from the American College of Financial Planning shows that taking out a reverse mortgage early in retirement (at 62) significantly increases the probability to have enough money to last someone’s lifetime. The borrower retains home ownership while converting home equity into Income Tax Free* cash to supplement a retiree’s budget. As with any mortgage, the borrower must meet their loan obligations by keeping current with property taxes, maintain homeowner’s insurance, regular home maintenance and pay any homeowner’s association (HOA) fees if living in a covenant neighborhood.

Each week, radio hosts Larry Armstrong and Ron Meier, will dispel myths, share facts and talk with borrowers and their advisors about why they chose to use this premium financing tool. Larry and Ron will interview a variety of experts who’ve learned how reverse mortgages can help clients accomplish their financial goals: Financial Advisors, Realtors, Home Builders, Remodelers, In-Home Caregivers and Estate Planning Attorneys. Tune in each week to discover how your home can help assure your successful retirement!

00:27:44

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Unlocking your assets. Life in retirement but you might reverse mortgage funding now we hear your posts and Larry are strong online. Minimalist number 38720. For ten on Ron Meyer. And MLS number 1371657. And welcome to unlocking your assets to thrive in retirement on K easy W Chris and 1430. Larry and I are licensed long loan originators who specialize in helping the tour homeowners. Discover how they can try and retirement by unlocking their homes equity using a reverse mortgage these. We our goal is to dispel myths about reverse mortgages insured facts about how the new and improved version of reverse mortgages. Is benefiting millions of mature homeowners around the country. You can reach us at 3037733077. Again our office number is 303. 7733077. Where can visit our website at www. HE CMC. Open dot com. Or you can register for our Saturday morning group informational seminars. We invite you to register to attend the free seminar at www. HE CM CO. Dot com. Larry the topic I'd like to discuss this week is buying a more appropriate home. Using a reverse mortgage for purchase. Studies and research show that many people choose not to move during the recession because of losing jobs. The value of their retirement investments dropped significantly. Plummeting home values. Mature homeowners who could qualify oftentimes refinance their homes with lower interest rates. And then they pulled a lot of cash out of their home to survive during the recession. The financial uncertainty have the recession caused many mature homeowners to decide to stay put and Livan place. We've already discussed some of the challenges people face to live in place and listeners if you missed that episode you can find the podcasts on this radio station website at WW Ed Debbie. Crews in 1430. Dot radio dot com. Forward slash shows. Well now the real estate market is again flourishing. Bull markets and values are reached and there were exceeded the high is detained in 2006 and seven before the housing crisis. Many mature homeowners who chose to live in place are now considering options to move. Into a more appropriate home. They may feel overwhelmed because that big two story homes become too much to cure for. Too hard to go open down the stairs. Are difficult to manage your show all the snow or not close enough to fit children and grand children. Down those are who are still making a mortgage payment each month realize they may not qualify for a traditional mortgage because they now have a fixed income. They believe their only option is to be cash for a whole. Well this means a drastic change to downsize to a much lower quality home and often times it may mean the neighborhood they really don't wanna live them. If they only knew. There is an FHA insured solutions that they can use to purchase that more appropriate home for about 60% of the purchase price. And never make another mortgage payment as long as they live in their new home. A home equity conversion mortgage for purchase or H repeat. Is a little known finance alternative that enables mature homebuyers. To afford their best choice for a appropriate home while keeping more money in their pocket. Or let's give an example. Let's say a seventy year old couple have a current homes valued at 500000 dollars and have no mortgage. There wanna buy a brand new home near the grandchildren and children. The new home cost 400000 dollars. Estimated cash purchase using the proceeds from the soon their current home after selling costs of purchasing the new home. That get to keep up and proceeds approximately 70000 dollars in their bank. Well most people would be pretty very well pleased with the scenario I'd say so yeah. But if they were used that FHA insured if age for. There one time down payment for the new home is around 238000. Dollars. They finance the remaining portion of this for. And now they'll be able to keep approximately 230000. Dollars in the net proceeds in their bank working for them. 230000. Dollars in the bank may end. All of us that are retired. Believe cash is king right right. Now which would you rather have in your bank account 70000 or 230 cows that's kind of a no brainer question brutally Caracas artists how can you see how purchasing. Poll using a nature. Keep more money in your pocket at the same time. Now we must state that like all homeowners. Mature home buyers using NH repeat loan has an obligation. To pay their off on going property taxes homeowner's insurance. Maintain the home and pay any homeowners association dues if they live and a covenant community. Now these taxes and fees are not paid out of an escrow account like you do in a traditional mortgage they are the responsibility. Of the homeowner to pay. And there's no account that's created to pay those monthly or those fees out of an escrow account. Well and that's you know ironically that's no different than if we owned our home free and clear we still had to pay our property taxes and maintain the proper end. That is always a homeowners are or obligation responsibility is make sure those are paid regardless and recently actually that feature is allowed to. Boot blenders and these circumstances to create. What we call life expectancies set aside to cover those housing cost me. Yeah so that if she if someone is concerned that they might forget to pay their taxes or insurance those can be in fact page from. If portion of funds that are set aside just the beginning of the at the beginning of the spectrum for purchase of mortgage program. You know centrists say we continue to learn how flexible this particular tool can be and helping people to achieve. Just so many different aspects of death financial planning and goals that they want to be able to have a life. But one of the things that I thought was extraordinarily valuable when we use an example earlier of the couple that had the 500000 dollar home. And ultimately ended up only paying about 238000. Dollars out of pocket. That money could in fact stay in the in May have come line of credit growth growing oh sure and could be growing through as much as you know currently. This obviously rates change regularly. But which could be growing right now tax free for anywhere from four to 6%. Tax free and that is a tremendous option as opposed to just that 70000 dollars they would have had queued they've paid. Cash absolutely anybody who's gonna keep that 230000. Dollar example and they're in their bank. Is gonna try to make it work for them some way shape or form why not create that line of credit that grows within the mortgage. Out of that followed those funds again they don't have to use all of it before they should could sure could use. 507500000. Amateur and really make that money grow for them to be able to have for future needs and emergency phone. Well and we all know that as we get older unanticipated. Unanticipated expenses to come up. And they can be of medical expenses they can be any number of things that aren't covered by Social Security or Medicare. We want to make sure that that we have enough peanut butter and jelly to last as long as the toast so. Well we're about ready to us. To move into a commercial so when we come back after the commercial break we're going to interview to professional real estate agents who specialize in working with mature home owners. As your local Beckham reverse mortgage specialists. Will be happy to discuss your situation and a private appointment. Hope you and your family discover how a reverse mortgage to purchase particularly if it benefits you or perhaps you'd prefer to attend one of our weekly. Group information seminars that are free to the public on Saturday morning. You can reach us at 3037733077. To schedule a private appointment or reservists seat per 1 of our Saturday morning information seminars that 303773. 3077. Or visit our website at WWW. Dot HE CM CO dot com. Where you can reserve your seat for our Saturday morning information seminars. That's WWW. HE CM CEO dot. Com. Unlocking your assets. Teaching you how to drive in retirement lunch you might reverse mortgage bonds and now we hear your hosts Larry Armstrong and Ron Meyer. Which they don't guess or not a good. They're just decomposition put other sinners from the other provide extra educational effort. The hearing should be constructed as an endorsement consumers to shop for any applicable settlement service providers and I'm very Armstrong minimalist number 387204. And I'm Ron Meyer and MLS number 1371657. Welcome to unlocking your assets to thrive in retirement on K easy W crouse and 1430. Larry and I are licensed long loan originators who specialize in helping the tour homeowners. Discover how they can thrive in retirement by unlocking their homes equity using a reverse mortgage these. We are goals dispel myths about reverse mortgages insured facts about how the new and improved version of reverse mortgages. Who's benefiting millions of mature homeowners around the country. You can reach us that 3037733077. Again our office number is 303. 7733077. Where can visit our website at www. HE CM so the old dot com. We're you can register for our Saturday morning group informational seminars. We invite you to register to attend the free seminar at www. HE CM CO. Dot com. Larry the topic I'd like to discuss this week is buying a more appropriate home using a reverse mortgage for purchase. Studies and research show that many people choose not to move during the recession because of losing jobs the value of their retirement investments dropped significantly. Plummeting home values. Mature homeowners who could qualify oftentimes refinance their homes with lower interest rates. And then they pulled a lot of cash out of their home to survive during the recession. The financial uncertainty have the recession caused many mature homeowners to decide to stay put and Livan place. We've already discussed some of the challenges people face to live in place and listeners if you missed that episode you can find the podcasts on this radio station website at WW had the idea. Crews and 1430. Dot radio dot com. Forward slash show us. Well now the real estate market is again flourish and bull markets and values have reached and there were exceeded the high is detained in 2006 and seven before the housing crisis. Many mature homeowners who chose to live in place are now considering options to move into a more appropriate home. They mission you'll overwhelmed because that big two story homes become too much to cure for. Too hard to go open down the stairs. Are difficult to manage your show all the snow or not close enough to keep children and grand children. Beyond those are who are still making a mortgage payment each month realize they may not qualify for a traditional mortgage because they now have a fixed income. They believe their only option is too big cash for a whole. Well this means a drastic change to downsize to a much lower quality home and often times it may mean the neighborhood they really don't wanna live them. If they only knew. There is an FHA insured solutions that they can use to purchase that more appropriate home for about 60% of the purchase price. And never make another mortgage payment as long as they live in their new home. A home equity conversion mortgage for purchase or H for. Is a little known finance alternative that enables mature homebuyers. To afford their best choice for appropriate home while keeping more money in their pocket. All right let's give an example. Let's say a seventy year old couple have a current home valued at 500000 dollars and have no mortgage. They want to buy a brand new home near the grandchildren and children. The new home cost 400000 dollars. Estimated cash purchase using the proceeds from the soon their current home after selling costs of purchasing the new home. That get to keep up and proceeds approximately 70000 dollars in their bank. Well most people would be pretty very well pleased with that scenario I'd say so yeah. But if they were used to FHA insured if age for. There one time down payment for the new home is around 238000. Dollars. They finance the remaining portion of the age for fuel alone and no mortgage payment is required as long as they live in the home. And now they'll be able to keep approximately 230000. Dollars in the net proceeds in their bank working for them. 230000. Dollars in the bank man. All of us at that are retired believe cash is king right right. Now which would you rather have in your bank account 70000 or 230 cows that's kind of a no brainer question don't turn Caracas artists how can you see how purchasing. Poll using a nature. Keep more money in your pocket at the same time. Now we must state that like all homeowners but tour homebuyers using NH repeat loan has an obligation. To pay their off on going property taxes homeowner's insurance. Maintain the home and pay any homeowners association dues if they live and a covenant community. Now these taxes and fees are not paid out of an escrow account like you do in a traditional mortgage they are the responsibility. Of the homeowner to pay. And there's no account that's created to pay those monthly or those fees out of an escrow account. Well and that's no. Ironically that's no different than if we owned our home free and clear we still had to pay our property taxes and maintain the proper. That is always a homeowners are or obligation responsibility is make sure those are paid regardless and recently actually that feature is allowed to. Lou blenders and these circumstances to create. What we call life expectancy set aside to cover those housing caulking yes so that if she. If someone is concerned that they might forget to pay their taxes or insurance. Those can be in fact page from. If portion of funds that are set aside just the beginning of the at the beginning of the spectrum for purchase of mortgage program. You know centrists say we continue to learn how flexible this particular tool can lead and helping people to achieve. Just so many different aspects of the financial planning and goals that they want to be able to have a life. But one of the things that much thought was extraordinarily valuable when we use an example earlier of the couple that had the 500000 dollar home. And ultimately ended up only paying about 238000. Dollars out of pocket. That money could in fact stay in the in a heck come line of credit growth growing oh sure and could be growing true as much is no currently. This obviously rates change regularly. But which could be growing right now tax free for anywhere from four to 6%. Tax free and that is a tremendous option as opposed to just that 70000 dollars they would have had queued they've paid. Cash absolutely anybody who's gonna keep that 230000. Dollar example and they're in their bank. Is gonna try to make it work for them some way shape or form why not create that line of credit that grows within the mortgage. Out of that followed those funds again they don't have to use all of it before they should could sure could use. 507500000. Amateur and really make that money grow for them to be able to have for future needs and emergency com. Well and we all know that as we get older unanticipated. Unanticipated expenses do come up. And they can be of medical expenses they can be any number of things that aren't covered by Social Security or Medicare. We want to make sure that that we have enough peanut butter and jelly to last as long as the toast so. Well we're about ready to us. To move into a commercial so when we come back after the commercial break we're going to interview to professional real estate agents who specialize in working with mature home owners. As your local Beckham reverse mortgage specialists. Will be happy to discuss your situation and a private appointment. Hope you and your family discover how a reverse mortgage to purchase particularly the benefits you or perhaps should preferred to attend one of our weekly. Information seminars that are treating the public on Saturday morning. You can reach us at 3037733077. To schedule a private appointment or reservists seat per 1 of our Saturday morning information seminars that 303773. 3077. Or visit our website at WWW. Dot HE CM CEO dot com. Where you can reserve your seat for our Saturday morning information seminars. That's WWW. HE CM CEO dot. And unlocking your assets. Life in retirement but you might reverse mortgage bonds and now we hear your hosts Larry Armstrong and Ron Meyer. Welcome back to unlocking your assets to thrive in retirement. I'm Larry Armstrong in MLS number 387204. And I'm Ron Meyer in a mile last number 13716. 57 so we're going to continue our conversation with any when doors and Gretchen Heppner two professional real estate splice Israel's state. Brokers that. Specialize in that 55 plus housing market. Helping people to move into something that's more appropriate as they decide they're needing to retire. So picking up on those questions ladies I'd like to just. Kinda get your thoughts what are some your mature home buyers looking for a more appropriate home is said. Right sizing downsizing ups icing. Well that's good question. Those fires are looking for a low maintenance home. Many are looking for remains or masters they do not have to climb the stairs on a daily basis. But. Everybody still wants space for the family and friends to be able to visit or you know just based to have. Hobbies. That's nice to have a grand kids come over and spend the night I occasionally there's not much more fun than you and that. Right. Non a lot of them that is. They're grandchildren are very very important to them and they want the space and the time to enjoy them. So what other opportunities are there in the housing market that you find. You know I know that there is resell opportunities new construction opportunities. You know what's out there or for that particular customer that you specialize wit. Over the last ten years we've actually seen the new building industry they've acknowledged the need for a lower maintenance main level living. And you know these homes do take a little bit more room up on a lot of little bit more space and soak in the past we just haven't seen them being built like they are today. And but it's great that they're acknowledging that extra worse seeing new construction of patio homes. Which is basically a low maintenance home and that the homeowners association wall managed. And the exterior of the home so it's the what a lot can leave situation. And of course more town homes are being built with main level masters and we're seeing more single family homes come into play. So our ability over. You know to find these homes with in the new market and the resale market is you know it's poured gasoline they're meeting the needs surged they're stepping up to the plate. And there's also you know if they wanna live downtown gritty action is there's highrise condos with elevators and underground parking. If they prefer to city lifestyle. So do you find there's a gratification towards feet. Age qualified communities. Or do you find that many of your clients don't wanna just Lebanon right your neighborhood. You know it's I think it's really all over the board I think it really depends on me individual. And some people we find they want to. You know completely be rid of any sort of exterior maintenance and they might be looking for that town homer patio home we have some people that they love being in a neighborhood where they can watch children and then be a part of that maybe they don't have their own grandchildren or maybe they want their grandchildren to have children to play with when they come offer but it was in Denver there's wonderful 65 plus any there must choose from. Yeah we're seeing more and more those come online as well. So what's the attraction of some of those 55 plus qualified communities. There's just tons amenities for people who live there. Whether it be golfing tennis. This. Every day there's activities that and the building arts Solana keep busy lot of social. Interactivity thinly and it keeps I know that studies show that the more social people can be in retirement. The better their brain function on and bettering their. Ability death. I think and interact isn't everything so some really interesting studies coming out of that. They say we actually even live longer as a more that the happier that we are in the more than we interact and a lot of these communities say allow that they allow old wonderful classes if you may not know anyone when you move in Naira but. And not long after you're gonna have lots of friends and activities going on. Chair so tell us a little bit about some of your services have a big differ from other brokers. Who primarily work with younger buyers and sellers. Aging is so. It's really complicated process senile between the medical and the social issues so Gretchen and I oh we really have a greater understanding of these issues and we have wonderful people who specialize in the different fields to better help our clients Seoul were willing to take. And able not just willing but able to take the extra time to work through these issues to come to a much better resolve. And really you know sometimes that means spring in the entire family together to create a plan that is in the parents' best interest. So a lot of realtors are geared to get right down to the business of real estate and rightfully so. But Gretchen and I have of Arab theory different perspective and education and this is really too. It to better help our clients. And because his cholera seniors as a team effort and eater and your myself are always available during the transaction to answer questions. And we even meet contractors that are clients' homes if they're not comfortable having strangers come in their home. You know we go out of our way to make it as simple as possible. Wow sounds like yours I'm gonna just use. And often used phrase that sounds like pitcher you have a very holistic practice. But what should be able to try to bring to each of your clients. I I believe so I I think Gretchen you probably due to the borrower really in assists this show lasts. Feeling as we grow in this sense sad the more we get into the symbol sighing to that's. Maybe we need to emphasize on a particular thing at clients. We're finding may be this age demographic needs something more and we. Because this is our business week and pulls that we can make that work. And and just you we continue to build our resource group so that's. And the clients they don't have to use our resources but if they don't wanna go out there and do all of the work confining these resources we've put it altogether for them. I think any unite both but we provide the service that we would want for our own parents. Absolutely. Sure sort of two or three items that you really feel like that you have to focus on when working with mature. Homebuyers. I would say the first would be case. The the world moves very fast these days and sodas real estate. Many of our clients are not comfortable with emails to Eckstein electronic signatures but that's OK any and I week we still do business the old fashioned way he might say and we will take the paperwork. To them all my ball and the only thing that really but that's absolutely. And that's way a lot of people feel comfortable and we want them to feel comfortable we don't want we want take away anything that might be challenging for them and we wanna make the process is simple Lizzie and easiest possible and and the first thing will actually do is we'll start with the timeline will sit down with them and create a plan of action and this is really the investigative process so it helps to better educate us and our clients. On their needs and their desired outcome this is really all about them this isn't about us. Any Gretchen thanks so much for being on our show this week we really appreciate the time that you took out of your busy schedules to come into the studio with this and now we have a share or to slow very well here in the Alley really thank you for having us so next week will be back with more information about. Howell a home equity conversion mortgage can be a Smart option to purchase a more appropriate home. I'm Larry Armstrong and MLS numbers 387204. When my colleague Ron Meyer. And MLS number 1371657. We are licensed local. Reverse mortgage specialist with a reverse mortgage funding LLC. Serving Colorado would be happy to discuss your situation and a private appointment. To help you discover our reverse mortgage can benefit you or maybe you'd prefer to return one of our weekly group education seminars each Saturday morning. You can reach us at 3037733077. To schedule a private appointment or even reserve a seat for our Saturday morning group information seminars. That's 303773. 3077. Or you can visit our website at www. HE CE m.'s CEO dot com. Where you can reserve your seat for our Saturday morning seminars. That's WWW. HE CM CEO dot com so until next week I'm Larry Armstrong and I'm Ron Meyer hoping that you be able to thrive in retirement.
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