Reverse Mortgages in West Michigan

Reverse Mortgages make sense from coast to coast

Elizabeth Rhodes, writing in the Seattle (WA) Times lists many of the points  which make reverse mortgages popular with seniors not only in Washington state, but across the country.

You'll be interested in knowing that the new, higher limits referred to in her article apply equally here in West Michigan.

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Thomas Watson is famous for his quote: "Think."  Like Tom, you should give careful consideration to the pros and cons of a reverse mortgage before deciding.  Call me toll free for unbiased information on the pros and cons of reverse mortgages. 877-308-1489.
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“I was crying and trying to ignore the trick-or-treaters at the door.”

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Here's a story of someone caught up  in a foreclosure mess  similar to ours here in  Western Michigan.   

Reverse   Mortgages Provide Senior Citizens Facing

Foreclosure With Options

     

(NAPSI)-Lucy Hull, a 68-year-old, wheelchair-bound widow living with her   cat Freckles and her dog Bonnie in Overland Park, Kan., had to turn her porch   lights off last Halloween because she couldn’t afford to buy candy for   the neighborhood children. Even though she had carefully planned for her   retirement, mounting economic pressure was forcing her further and further   behind in her bills and she had just received a foreclosure notice. “I   was crying and trying to ignore the trick-or-treaters at the door,” Hull   recalled. “I honestly didn’t know what to do next.”

 

Hull’s story is not uncommon. According to the National Council on   Aging, by the year 2030, retirees will be $45 billion short of the income   needed to meet basic food, shelter and medical needs. New research shows that   both foreclosures and bankruptcies are on the rise among senior citizens,   making this an even more pressing concern for seniors and their families.   Unfortunately, many seniors in situations similar to Hull’s are simply   unaware that there are compelling financing options available to them.

 

One alternative for seniors facing foreclosure is a reverse mortgage. A   reverse mortgage is a federally insured mortgage product created in 1961 by   the Federal Housing Administration that is designed to protect seniors by   helping them to recapture the equity they have built up in their homes. A   reverse mortgage allows individuals 62 years old or older who own their homes   and who have built up equity in it to secure up-front cash, ongoing monthly   payouts or a combination of the two from a lender. The only stipulation is   that the owners remain in their home and that they maintain the property   (including insurance, property taxes and critical repairs). No credit   evaluation is required. A monthly payout from a reverse mortgage can   substantially augment Social Security payments, and because a borrower will   never owe more than the current market value of the home, it protects heirs   from debt.

 

Fortunately, Hull’s story has a happy ending. She responded to a   reverse mortgage advertisement and  now, Hull now owns her home and is secure   with a guaranteed monthly income as long as she lives in her house. “It   gave me peace of mind,” she said. “I plan on staying here until I   die.”

 

Seniors in need of cash or those simply looking to augment their current   income should carefully research reverse mortgages before deciding on a   lender. For   Hull, and for millions of other senior Americans with financial burdens, a   reverse mortgage can provide financial security and peace of mind long into   what should be the best years of their lives.

 

With a reverse mortgage, homeowners can turn the value of their homes into   cash to help fund their retirement.

Source: Napsnet.com

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If you know any senior homeowner subject to a foreclosure,

please don't do another thing until you pick up the phone and

give me a toll free call at 877-308-178.

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Using our Home to Stay at Home - even when we can't!

If you're married, and in your late 60's or older, this post may contain some very helpful thoughts!

Every study I've seen says that - by a large majority - most of us want to stay in our own homes for as long as we can.

But, any Long Term Care Insurance provider has statistics that show that many of us will need either in-home care, or residential care at some time in our future.

It's expensive!

Valerie VanBooven who blogs at  IdeaMarketers   has written a well thought out article exploring the use of a reverse mortgage to fund a Long Term Care Insurance policy.

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My Standard Disclaimer: Neither First Financial Reverse Mortgages or myself sell any financial product other than reverse mortgages.  Before making any purchase we strongly advise consultation with your family and appropriate advisors.
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An Independent Life

Obviously written by a younger person, this post sums up one of the most important reasons we seniors are interested in learning more about reverse mortgages.

Read it here.

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A comfortable retirement. An independent life. Find out how a reverse mortgage can help you achieve both!

Have a mortgage? Don't have a mortgage?

Kevin Kroskey who  owns True Wealth Design near Cleveland, Ohio discusses how a reverse mortgage can benefit you in either situation.

In this story  he reports on a couple entangled in a bankruptcy who could have used a reverse mortgage to save their home.  Sadly, they weren't aware that reverse mortgages could be used in this fashion in many cases, and so lost their long time home.

If you own your home debt free, you'll  still benefit from a reverse mortgage's guaranteed income growth; your ready access to money; and you'll gain a hedge against against inflation, Kroskey said.

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While reverse mortgages aren't for everyone, could YOU benefit from money from your home with NEVER a mortgage payment?

Betty and John are in their mid 70's and are weighing the advantages and disadvantages of a reverse mortgage.

Read more here .

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Remember, you  ALWAYS own your own home and NEVER have a mortgage payment with a reverse mortgage!

Not enough money ...

A few days ago, the Newhouse News Service told the story of an 85 year old Ohio couple who called their 60 year old son to tell him they thought they were being evicted.

Their son ultimately realized that his parents were more than $80 thousand dollars in debt.

The story makes the point that older Americans are increasingly being overwhelmed by debt.

Senior debt burden began growing  in the early 1990's,  and according to the National Consumer Law Center, has only worsened since then.

One expert estimate shows people 55 and older now accounting for more than 22 percent of those filing for bankruptcy - up from less than 10% as recently as 1994.

Why?

Well, the couple who were featured in the article answered that question this way: "Because we didn't have the money to pay  the bills."

A deeper analysis might show some of the following reasons  why  some seniors  don't have  the money to pay the bills:

1. the exploding cost of health care - including prescription drugs - that either drains savings or is diverted to credit cards;
2. necessities  such as food bought on credit;
3. unrealistic expectations about how much retirement  income Social Security  would provide
4. attempts to help adult children  struggling  financially themselves;
5. the death of a spouse.

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A reverse mortgage allows qualifying seniors over 62 to remain in their home with NEVER a mortgage payment

Crooks in Hard Times (II)

Earlier I've mentioned that if anyone is having difficulty paying their mortgage they should be encouraged to call their mortgage company.

I said that mortgage companies do not want to foreclose and will try to help their customers.

Here's just one story of a lender trying to be helpful in these circumstances.

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Homeowner over 62?  Get money from your home with NEVER a mortgage payment.

Here's a common concern about reverse mortgages

What happens when my reverse mortgage is due?

If no borrower lives in the home for 12 months the reverse mortgage becomes due and must be paid, as is pointed out in this article from a recent edition of Investors Business Daily:

Only after both partners pass away do their heirs have a 12-month window to sell the house and repay the debt. They also retain any capital appreciation on the house.

Yet with the housing market going through a slump, will any appreciation be left at all? Worse, will the loan value exceed the home value, leaving heirs with additional debt?

Peskin says the latter scenario can never happen.

"Because it's a government-insured loan, it's a totally different loan than it used to be," he said. "In the event the loan amount ever exceeded the home value, the government would insure the lender so the lender cannot lose money, which means they're also insuring the borrower. So the borrower will never owe more than the house's worth."

Read the entire article here, along with comments on how the Borden's of King's Park, New York used their money to enhance their retirement.

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Extra cash for your retirement needs with NEVER a mortgage payment.

Crooks in Hard Times

It sure isn't going to surprise you if I say that we here in West Michigan are living in challenging times!

It's hard to read any paper with out seeing the effects that lost jobs are having on our communities.

And all we seniors have to do is look at our monthly bills to realize that costs of almost everything we use continues to escalate.

So I guess that the fact that we're seeing more and more mortgage foreclosures shouldn't surprise any one.

What does surprise (and anger) me are stories like this one which show crooks preying on folks who are losing their homes to foreclosure.

If you know of anyone who is having difficulty making their mortgage payment, first encourage them to pick up their phone and call their mortgage company.  Almost every financial institution will work with them to help get their mortgage payments back on track.

No bank wants to foreclose.

And the second thing to do - if they're over 62 - is to explore whether a reverse mortgage might be a solution to their problem.

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Reverse Mortgages - Cash from your equity with NEVER a mortgage payment.