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Пікірлер
@coorslighticecold Ай бұрын
Happy to see a New Video ! You allways provide great info !!
@reversemortgageeducation Ай бұрын
I appreciate that!😊
@stevenrodriguez3035 Ай бұрын
Question: we are about to purchase a new home using a reverse mortgage for purchase. Would it be better to buy the home out right with a regular mortgage and then once in the home do a reverse mortgage? Does that free up more cash that way? as is stands now if we do a purchase with a RM we stand to get a ton of money to spend in upgrades or whatever. Just wondering if it's smarter to do it once you're in the home. or is it sixes. We have read a ton on this and asked so many questions but I feel like we will never know enough to take the plunge. Thanks for any reply. Steve
@reversemortgageeducation Ай бұрын
Hi Steve! I would say it’s generally better to do the reverse mortgage for purchase. This way, you are not having to pay 2 sets of closing costs and going through 2 separate transactions. There isn’t really any tangible benefit in waiting until after to do the reverse. I hope that helps!
@stevenrodriguez3035 Ай бұрын
Thank you
@7ceasers 2 ай бұрын
Since this is a loan, would it be correct to say that the proceeds are not considered income when on social security?
@reversemortgageeducation 2 ай бұрын
The proceeds are generally not considered to be income. However, for anyone who is trying to qualify for any means based programs, the proceeds may affect that. Hope that helps.
@emmettmortgage 2 ай бұрын
Great job. 👏
@reversemortgageeducation 2 ай бұрын
Thank you!😊
@RosaA-bq4md 2 ай бұрын
Thank you very clear menssage.
@markdalymortgage 2 ай бұрын
I am a loan officer in South Florida and have been providing reverse mortgage loans since 2009. I just wanted to let you know that your videos are the best I have seen. Very informative and presented in a way that is relatable.
@reversemortgageeducation 2 ай бұрын
Thanks so much for the feedback! Really appreciate it.
@demetrios3232 2 ай бұрын
Does the direct lender have a greater ability, by working with it's own in house underwriters, to bypass potential LESA triggers?
@reversemortgageeducation 2 ай бұрын
Hi there. They do not have more ability. They have to follow federal regulations just like the rest of us.
@ginabush6103 2 ай бұрын
Can I keep my current mortgage and get a reverse mortgage ?
@reversemortgageeducation 2 ай бұрын
For the federally insured reverse mortgage, you would not be able to. However, there are other types of reverse mortgages called proprietary/private reverse mortgages and there is one of those that would allow you to keep your 1st mortgage under certain circumstances. Please feel free to give me a call to discuss further. (888) 982-0475.
@joepacheco7979 3 ай бұрын
Can you still do a reverse mortgage if there are no heirs or you want no one involved? Is it required?
@reversemortgageeducation 3 ай бұрын
Hi there! Yes, you certainly can still do a Reverse Mortgage if you have no heirs. It does not matter if you do or don’t. Hope that helps!
@EBMB21 3 ай бұрын
I finally understand how reverse mortgage equity line of credit works. Thank you for sharing such valuable information. I am more convinced now that this is what I’m going to do. Thanks again!
@reversemortgageeducation 3 ай бұрын
My pleasure! So happy to see this. Glad the video was helpful.😊
@soniaunstoppable4862 4 ай бұрын
Can you explain how reverse mortgage works for a parent who is mentally incompetent and has a court appointed guardian and no will left for heirs.
@reversemortgageeducation 4 ай бұрын
Hi there. This is a bit more complex than I could explain via text. I’d be more than happy to discuss further over the phone. Please feel free to reach out anytime. (888) 982-0475.
@RooseveltPee 4 ай бұрын
Good evening, you have given me a great deal of information about this product, but I think I need to call to see if you think this will be a great product and opportunity for my spouse and I. Thanks Roosevelt Pee
@reversemortgageeducation 3 ай бұрын
My pleasure Roosevelt. 😊
@Pastelriz05 5 ай бұрын
Hi Taryn where are you located?
@reversemortgageeducation 5 ай бұрын
Hi! We are in Gilbert, AZ.😊
@ashasmeh7160 5 ай бұрын
Hi Taryn, I am in desperate situation and wanting to get your advice on 3 of my properties that would need reverse mortgages. I am listening to your videos and you just brought to my attention you can only have one reverse mortgage. So I have 3 properties that I want to reverse the mortgages does this mean I could roll over all 3 properties on one loan.
@reversemortgageeducation 5 ай бұрын
Hi there! Unfortunately, you’d only be able to do one reverse mortgage on your primary residence. The home you reside in. That is the only property that would be eligible for a reverse mortgage.
@snakecharmer51 5 ай бұрын
Hello. Just found your channel and I have a question. My wife and her brother share ownership of the house we live in. He doesn't live here and we want to use a reverse mortgage to help pay what is needed to buy his share and take ownership of the house. I talked to a reverse mortgage guy who told be he could increase my payout if I did something called a buyout agreement. This was a quick consult over the phone and I wasn't quite clear on all the details. Have you heard of this and is it something I should consider? Thank you so much for your time.
@reversemortgageeducation 5 ай бұрын
Hi there! The “buyout agreement” would be to get around the FHAs limitation on first year proceeds. So this may be smart to consider if you need more than what the loan would allow, year one. But, if your wife’s brother wouldn’t mind taking one payment at closing and a second and final payment one year later, then maybe the buyout agreement wouldn’t be necessary. Hope that helps!
@lesliemaness999 5 ай бұрын
Hello from Texas 😊 new sub. I like the way you present the information. I have some questions about Uncle Sam. Can you go into detail about what taxes may or may not be owed please? Thank's in advance. Are you licensed in Texas yet?
@reversemortgageeducation 5 ай бұрын
Hi there! Because reverse mortgage proceeds are considered “loan” proceeds, they are not taxable. However, we are obligated to inform you that you can and should consult with a CPA or tax professional as we are not tax professionals. And yes, we are licensed in Texas finally! 😊
@RobertHinkle-ju6iz 5 ай бұрын
Can you do a RM on a second home?
@reversemortgageeducation 5 ай бұрын
Unfortunately, you cannot do a reverse mortgage on a second home. It must be your primary residence.
@698gris 5 ай бұрын
Excellent, great explanation!
@reversemortgageeducation 5 ай бұрын
Glad it was helpful!
@ronstevenson5087 5 ай бұрын
As an MLO of almost 30 years, I've only done a handful of these loans. As my customer base ages, I'm getting more and more questions about these loans. Other than reading through my Lender's guidelines. What do you feel is the best way to better educate myself on this product? Are there courses offered specific to MLO's on this product? Just curious. Great videos and thanks for your time.
@reversemortgageeducation 5 ай бұрын
Hi there! Many lenders also have training material for you to learn. Videos, live training, etc. If you are able, get partnered up with the big Reverse Mortgage Lenders (Longbridge Financial, Finance of America Reverse) wholesale channels and they will have training through there. If you are unable to do that, I would recommend finding someone at your company with experience and asking them to possibly mentor you. I hope that helps!
@sunlite9759 8 ай бұрын
Would a Deed in Lieu or foreclosure avoid probate?
@reversemortgageeducation 8 ай бұрын
Hi there! I think I’d need a bit more information about this situation to help here. Please feel free to give me a call to discuss. (888)982-0475.
@JScott-wz2ug 8 ай бұрын
Fantastic videos. Thank you for the great information. One question that I can't find the answer to. Is a reverse mortgage forever or does it expire once there is no equity remaining? I don't want cash out or a line of credit.
@reversemortgageeducation 8 ай бұрын
Hi! Great question. A reverse mortgage will remain until the last remaining borrower leaves the home permanently. Which, would be for the rest of that persons life if they want it. There is no term and no expiration, even if there is no longer any equity. I hope that helps.
@mollions 8 ай бұрын
Thanks, great video, very informative. Do appreciate your time and efforts.
@reversemortgageeducation 8 ай бұрын
Hey there! So glad you are enjoying the videos. 😊 Thank you for the feedback!
@lastgaspd 8 ай бұрын
So you can't rent the home and rent something else to live in? How do they know? Do they check periodically? and how do they check?
@reversemortgageeducation 8 ай бұрын
Correct. You cannot rent out the whole property and live elsewhere. The home must be your primary residence. However, you can rent out a portion of the home, just not a majority of it. The way lenders make sure you are still residing in the home is by sending out a yearly occupancy certificate in the mail. They require you sign and send that back every year. Hope that helps! :-)
@marjoriegeorge8288 8 ай бұрын
If your house is in a living trust can you get a reverse mortgage?
@reversemortgageeducation 8 ай бұрын
Yes, you most certainly can.😊
@a.merico7016 9 ай бұрын
Great info
@reversemortgageeducation 9 ай бұрын
Thank you. Glad it was helpful!
@Cb489 9 ай бұрын
Great job
@reversemortgageeducation 9 ай бұрын
Thank you!😊
@grcerosa 9 ай бұрын
Fabulous job as always !!!
@reversemortgageeducation 9 ай бұрын
Thank you! 😊
@carrieraymond6621 9 ай бұрын
Thank you for this info! Other videos on this topic was like drinking from a fire hydrant! I couldn't keep up with the details. Thanks again for sharing your knowledge on reverse mortgages!
@reversemortgageeducation 9 ай бұрын
My pleasure! So happy it was helpful.😊
@vickiemassengill8277 10 ай бұрын
I was told the interest "cap" would be 12.5%. Why would it be different than the 10% you stated?
@reversemortgageeducation 10 ай бұрын
Hi there! The interest rate cap is not the same for every loan. It is simply 5% on top of whatever your initial interest rate starts out at. The rates mentioned in the video were meant as examples to help you understand how it works. Not give definitive numbers on what your cap would be. Hope that helps!
@MarchenaHomeTeam 10 ай бұрын
Great info!!!!❤
@reversemortgageeducation 10 ай бұрын
Thank you! Glad you found it helpful. :-)
@ColleenC-n5v 10 ай бұрын
Thank you so much for helping me to understand this financial platform. Blessings to you.❤☮😇
@reversemortgageeducation 10 ай бұрын
Happy to help! 😊
@BlueSageJake 10 ай бұрын
I hate pushy salesmen. The harder that someone tries to sell me something, the faster I run away. What I LOVE about your highly informative videos is this: You are not pushing your business. Instead, you simply explain in plain English the various features of the reverse mortgage. I am seriously considering a reverse mortgage, but since I am at the beginning stage of my research, I know absolutely nothing about it. Your videos have been a tremendous help in my education. I truly appreciate that. Thank You!
@reversemortgageeducation 10 ай бұрын
Thank you! I’m so glad the videos have been helpful.😊
@protekrc 10 ай бұрын
Can I still qualify for a reverse mortgage at 61 years old . I have a medical condition which permits me from doing my job anymore and I can't wait for disability to kick in because Im in fear of getting behind on my house payments and losing my home?
@reversemortgageeducation 10 ай бұрын
Hi there! There are, what are called, Proprietary or Private Reverse Mortgages. These are not federally insured, but instead, are offered and backed by the lender themselves. These loans are generally geared towards higher valued homes and you will sometimes hear them referred to as Jumbo Reverse Mortgages. Depending on your state and circumstances, you can be as young as 55 for these. But, unfortunately, for the federally insured reverse mortgages, you must be 62 at the time of closing. Although you may begin the process up to 90 days prior to your 62 birthday. If you'd like to see if the proprietary option may work or have any more in depth questions, feel free to give us a call anytime. (888) 982-0475.
@EdGallaher-d2e 10 ай бұрын
We are just getting started, learning a great deal from your videos, perhaps about 50+% done at this point. We may do a reverse mortgage, or may sell our house and downsize; this remains to be seen. Even though not dealing with the technical nuts and bolts, in my opinion this video addresses one of the most important concepts of all. Assuming we identify an experienced and competent broker, the advantage of working with one individual (or perhaps a small, cohesive team), is overwhelming. We've all had experiences with "call centers" for computer support, cell phone plans, cable TV, internet, etc., etc. Ask yourself, "How satisfying are these encounters?" In my experience, I have had root canals that pale in comparison to the agony of dealing with call centers. They ALWAYS tell you they are taking notes and saving all the relevant information in your on-line file. Except there is NO RAPPORT established, and even their best intentions (rarely executed adequately) leave out dozens of details that inevitably come into play during the NEXT encounter. And once again, the Inexperienced on-call employee methodically trudges through their scripts and algorithms. (My blood pressure goes up just thinking about it.) Our very experienced ("Top 1%") real estate agent was the first to admit that reverse mortgages are beyond his expertise. (He often deals with the other end of the process, helping families work through the disposition of a property when a parent has moved into assisted living or passed away.) However, he has longstanding relationships with traditional mortgage brokers, and we asked him to ask them for THEIR recommendations. They take his request seriously, and this has led us to a respected local RM broker. The relationship is in its infancy, but this video gives me confidence that we are on the right path. Two thumbs up!
@reversemortgageeducation 10 ай бұрын
So glad to hear this and very happy our videos have helped!! And thank you so much for sharing!
@geraldinetobin6516 11 ай бұрын
Thank you for this video, very helpful.
@reversemortgageeducation 11 ай бұрын
My pleasure! Glad is was helpful.😊
@janiceestes4479 11 ай бұрын
Fantastic! I am and have been a licensed Insurance Agent for over 20 years. It has been over 10 years since I assisted clients with this program. Your presentation is one of the best I have heard in years. Why? Because you spoke slowly and clearly so that one could understand what you were explaining. Also because you gave real true information on how the Reverse Mortgage program actually works. Thank you.
@reversemortgageeducation 11 ай бұрын
Thank you Janice! Very much appreciate the amazing feedback and so happy you enjoyed the video. 😊
@U2BER2012 11 ай бұрын
So... home owners with a HECM are only responsible for paying the homeowner's insurance and taxes every year and not the mortgage insurance premium, because it is included in the loan, correct?
@reversemortgageeducation 11 ай бұрын
Hi there! That is correct. Only responsible for paying property charges, which would be property taxes, homeowners insurance, HOA dues (if you have them), etc.
@U2BER2012 11 ай бұрын
@retirementhomeequityadviso4210 Thank you so much: your answer took a huge burden off of me!
@U2BER2012 11 ай бұрын
@retirementhomeequityadviso4210 I really appreciate your answer; I wasn't sure, but now I know🙂!
@reversemortgageeducation 10 ай бұрын
My pleasure! Always happy to help. :-)
@mermulle5388 11 ай бұрын
what if after signing loan time goes by ,say 6 months and Stuck living in continual nurse home facility, for rest of life, and they only borrowed 40% of value & only placed 16% in LESA
@reversemortgageeducation 11 ай бұрын
Hi there. The borrower will have up to 1 year, if they need to go into a facility for physical or mental needs, before the lender can call the loan due. At that time, whatever is owed on the loan, will need to be repaid. And whatever equity is left, will remain the borrowers. The amount owed is only funds that have been used. So, if any money is left in a line of credit and any money left in the LESA, would not be part of the repayment as it was not used yet. I hope that makes sense.
@ChristyC.Crehan-DPSCS 11 ай бұрын
My mothers husband took out a reverse mortgage. He died and I had to move my mother in with me. What options are there to do. Can we still sell the house even though she is not dead
@reversemortgageeducation 11 ай бұрын
Yes, you absolutely can still sell the home. There is never any prepayment penalties for reverse mortgages. So, if she is either a borrower on the loan or she is the heir to the property, she should be able to sell the property at any time, repay the reverse mortgage, and keep whatever equity was still left in the home.
@funksaulbrotha 11 ай бұрын
Thank you so much for taking the time to make these very well done videos with such great information, you present it so well in a manner that anyone can understand. Totally demystified, so grateful. Just one question: what happens when you use up all the loan but are still living in the home (live too long!)? Do you have to move out? Does the loan become due? Seriously considering this for my in-laws who are retiring this year. Are you licensed in California? Residing in Los Angeles. Thanks again!
@reversemortgageeducation 11 ай бұрын
Hi there! Thank you for that feedback! I am so happy you have found our videos helpful. To answer your question, no, they do not have to move out and the loan does not become due. If the money runs out, then that is all that happens. The borrowers still are able to stay in the home until they choose not to or pass away. They simply will just have no more money to pull from unless they refinance. More than happy to discuss things further with you at any time. We are licensed in CA. :-)
@robartrealtygroup7097 11 ай бұрын
Where did you go??? We need more videos!! Great info!!! 😢
@reversemortgageeducation 11 ай бұрын
Hey there! We are still here! :-) We have been working on some exciting things internally, which has taken time away from our videos. But, we are gearing up to begin shooting again so stay tuned. Thanks for the comment! :-)
@glennabushe39 11 ай бұрын
Thank you for breaking it down in layman’s language.
@reversemortgageeducation 11 ай бұрын
My pleasure! Happy it was helpful.😊
@esteeb42 Жыл бұрын
I'm not sure if it was the case at the time of this video but in California where I live, they require that you have a discussion with a professional as to what a reverse mortgage means before they will approve you for one. I am happy they do that as I'm sure it can provide answers to any questions I might have😊
@reversemortgageeducation Жыл бұрын
Yes, that is the case in all states and is certainly a good safeguard for those considering a reverse mortgage. :-)
@esteeb42 Жыл бұрын
Really appreciating all these videos. My husband passed away October 2022. Because of my financial situation now, I am considering a reverse mortgage. My parents got one on their home years ago and it has enabled my mom to stay in the house I grew up in after Daddy passed.
@reversemortgageeducation Жыл бұрын
I'm so sorry to hear about your husband. But am glad you are finding the videos helpful!
@SkipinlLA Жыл бұрын
great content
@RichardZimmerman-yh8ml Жыл бұрын
Very useful information
@jamesk8s1 Жыл бұрын
Fantastic! 🙌 👏
@reversemortgageeducation Жыл бұрын
Thank you.😊
@jamesk8s1 Жыл бұрын
🙌 👏👍👊🌟