I don't see the logic of the point you're trying to make. That's like poking fun at the pilot who believes in airplanes, or the heart surgeon that believes in surgical procedures. I'm a retirement/financial specialist who advocates a product that's designed to help people live better in retirement, of course I believe in it. My question is, why do you believe in inheritances? For every one story you can provide where inheritance was a good thing, I could give you 10 stories where the idea of inheritances resulted in people abusing and taking advantage of their parents, sibling fights and broken relationships, and the most vulnerable part of our society (seniors) living well below the poverty line unnecessarily. So yes, I believe that no one has the right to put the burden of providing for themselves on anyone else, especially their elderly (and usually impoverished) parents. nor do I believe that elderly parents should have to sacrifice their own wellbeing because of a false duty to leave an inheritance. Seniors should have the freedom to use their own money to benefit their own lives. anything that is left as an inheritance is a Gift and should be seen as a gift. When kids see inheritances as a right, the result is nothing short of servitude on someone who has already been serving them for their entire life.

Sorry for the slow response. in the scenario mentioned, a spouse would be protected for the rest of their life even if they were only 18 at the time the mortgage was established. it's kind of a silly example but it highlights the way these loans are structured now. if an 18 year old married a 62 year old and they did a Reverse Mortgage the 18yr old would be listed as an eligible non-borrowing spouse. that means they aren't on the mortgage but they do receive the protections of the mortgage. in other words, as long as they continue to meet the requirements of the loan which are to live in teh home and pay property taxes they could stay there for the rest of their life as well. The only major difference in this situation is that a spouse that is not at least 62 does not have access to use the line of credit portion of the mortgage. but all other terms are the same. let me know if that raises or leaves any other questions.

It means that the older the homeowner is the more equity they are allowed to borrow from their home. The initial Percentage allowed is set at closing. After closing it grows automatically based on the interest rate associated with the loan. Susan, let me know if you'd like me to walk through your mom's statement with you personally. you can email or call me, I'm happy to help. [email protected] or 435 465 2882

And trevor doesn't even reply nor react to his one comment 12 days later............... lampreys.. giving Bjays no attention..

I'm sorry I'm not fully understanding your comment/question. I can't speak to the terms your getting from the lender you're talking too. if you want to email me their loan estimate I would be happy to clarify some of these things. On the mortgage insurance, FHA charges 2% of the appraised value in the upfront fees. this almost always is the largest expense of a Reverse Mortgage. they also charge .5% annually based on the loan amount which is added to your loan. homeowner's insurance and property taxes are separate from the reverse mortgage, those are just a part of homeownership so there isn't anything we can do about how much they are charging you annually. Again if you want I'd be happy to look at the estimate you're getting and give you some advice and feedback on whether or not it is a competitive offer.

you're right, I am biased, but that doesn't mean I'm wrong. I've done mortgages for 18 years. 8 years of that have been focused on just Reverse Mortgages. After doing nearly 2,000 mortgages, Reverse Mortgages are the greatest home financing tool I've found to help people live better in retirement. so yes i am biased but it's not a blind bias. I do agree that the fees are too high and as an industry its something we're actively trying to get FHA to Correct but I would still argue that for many people the benefits of the loan are still worth the high upfront costs because of the help it so uniquely provides.

If you can't trust a mortgage professional about mortgages who would you trust? Did I say anything that is not true?

Hey Shelley, that's an excellent question. your situation is becoming very common, especially for people in California. your inflation and cost of living are higher than anyone's but your home values are also higher than anyone else and this can be a real advantage in your situation. you have two basic options. you could do a jumbo Reverse which would give you access to roughly 50% of your equity but these loans have really high interest rates. the other option I'd recommend is a Standard HECM Reverse Mortgage. this will give you access to the amount of money you're asking for but it has lower interest rates and a better line of credit. So you just take the money you need when you need it. when you go to sell the home down the road you'll be paying off less and walking away with more equity to move forward with. Shoot me an email when you get a minute. I'd be happy to work up some scenarios and options for you so you can see better what it would look like and how it would improve your situation. [email protected] or you can call me at 435-465-2882

@@thehecmguru1 - thanks for your informative reply. I will email you later.

@@shelleycharlesworth5177 Awesome, I look forward to connecting. and your timing is great. it looks like interest rates are trying to come down again.

If someone says that video editing should be enhanced then I also vote "yes" 🌽

No, only they should take this decision. 🍊

In my opinion, more attention should be paid to subtitles, transitions, effects and B-Roll. I mean do subtitles, transitions, effects and B-Roll properly. 🥔

You guys are saying this today, right? I have been saying this for several weeks now that you should improve your video editing. 🧅

I'm not sure if you're actually a real person or a internet bot but I'm happy to address these issues. I am completely transparent about this loan which is why 99.9% of our clients have absolutely loved having their Reverse Mortgage. The mechanics of a Reverse Mortgage are exactly the same as a normal mortgage. You borrow money against your home and the bank charges interest based on the loan balance. the only difference is that A Reverse Mortgage allows you to defer your monthly payments for life as long as you live in the home and pay basic property expenses like taxes and insurance. So yes if you choose to not make a payment then your interest will compound like any other deferred interest loan such as a student loan. There are no tricks and gimmics. I don't understand what part of that is a rip off. The functionality of this loan allows a homeowner to own their home without the burden of a mortgage payment. For someone on a fixed income this is life changing in retirement. Please don't take this advice to sell and rent in retirement it is the absolute worst thing you could do to yourself financially. Rental rates increase at 5%+ on average. meaning if you sell your home in your 60s you'll lose the stability of being a homeowner and almost surely be bankrupted because of inflation, rising rent and the limitation of a fixed income in retirement. Renting in retirement is the most uncertain path you could take, PLEASE DO NOT GIVE UP HOMEOWNERSHIP. Finally on Costs. Most Reverse Mortgages are guaranteed by the Government. All Government backed loans have higher costs than non-government backed loans. This claim is false, Reverse Mortgage Rates are almost exactly the same as Standard FHA loans. Slightly less than VA mortgages and only slightly more than USDA loans. If you're considering a Reverse Mortgage, please don't listen to Internet Trolls who get paid to tear the world down. Meet with multiple professionals and specialists who actually know what they are talking about. You're intelligent and can learn the truth for yourself and make the best decision to help you and your family live better. Talking to at least a few professionals will help you see how uncomplicated these loans really are.

Thanks for your question. It's hard to go into a complete answer here but if you'd like more info send me an email and we can dive in. Right now interest rates are pretty high. based on today's rates in the 7% range, your age of 62, you'd only be able to access around 30% of your home's equity. the pro of this is that you are leaving most of your equity in the home. the downside is that if you want more than 30% you'd have to wait for rates to come down. My advice would be, that if having access to 90-100k would make a meaningful difference in your life then I'd say absolutely. but if it doesn't, then I'd say wait for interest rates to come down which will allow you to access more of your equity. Let me know if I can do anything else to help. [email protected]

Great question Nick. 1. Yes the heirs inherit the home and become the new owners. if Bob didn't borrow anything they don't have anything to pay back. however to keep the loan active there must be a minimum balance. I recommend $1,000 to my clients. so in this case when Bob passes away the kids would pay off the $1,000 balance and they would then own the home free and clear. Let me know if I can answer any other questions for you

@@thehecmguru1 Thank you very much. If I have any other questions I'll ask here.

So glad it was helpful Manny. let me know if you ever have any questions I can help answer.

Thank you for this comment. Since I started my company I've always said that a Reverse Mortgage isn't the right thing for every person but it could be absolutely life changing for far more people than are using it now. Education is the key. the more people understand it the more they love it and can make the decision of whether or not it fits their needs and goals.

What have you heard about Reverse Mortgages that make you feel like this is a lie? I wouldn't consider a FHA insured mortgage, with a flexible repayment option, where you still own the home, where the beneficiaries are still able to inherit the equity left in the home once you pass, and the main requirement is to pay property taxes and homeowners insurance, a lie. Reverse mortgages aren't meant for every situation. However, accurate information should be available to everyone.

Can you give us specifics on a few of your friends and how they were scammed? We've received a few comments on this video that Reverse Mortgages are scams but no one will explain how they were scammed or elaborate on the situation. If you can give us details on the situation we can see if they were really scammed or if you're just using that word as a scare tactic. I also find it interesting that everyone that claims scam is always a third party. If this were a legitimate scam wouldn't we be hearing more from people that were actually scammed? and not just their acquaintances?

Sorry I don't fully understand what you're saying. Can you clarify? I've never seen a county consider a Reverse Mortgage in determining tax exemption for property taxes But of course every county is different. If the State foreclosed then it must have been for State income taxes which would have no connection to the Reverse Mortgage. I'm really sorry for what your cousin experienced but I don't understand how the Reverse Mortgage could have been the cause.

@@thehecmguru1 A widow’s exemption refers to a reduction of tax burdens on a taxpayer following the death of a spouse. State laws vary but generally allow for a reduction in taxes for a surviving spouse for a certain period, which often comes in the form of a reduction in property taxes. This can help survivors and their dependents financially after a death that may cause internal economic turmoil in a household.

@@aolvaar8792 Thanks for clarifying. I am aware of the tax abatements and from what I've seen most counties offer them. Every county is different but from my experience I've found that Veterans, especially those with disability ratings often also qualify and non veterans and widows usually are eligible based on their income and assets but not their marital status. I'm surprised that her county would have made the determination based on her marital status and the type of mortgage she had. I'm sorry to hear her lender didn't fully educate and take care of her.

Really good questions Mr. Bill. let me try to answer each of them. 1. full disclosure, no I don't believe in inheritance (as an entitlement). I've seen too many people abused and mistreated by their kids who feel entitled to a parent's money. I believe the parents should use as much of their own money as they want and need including the money in their home. what's left over after someone passes away should definitely be given as inheritance. but it should be seen as a gift not entitlement. 2. The bank doesn't take the inheritance. the bank is only entitled to the money the homeowner borrowed and any interest payments they didn't pay while the loan existed, all remaining equity always belongs to the heirs. 3. HECMs are guaranteed until age 150. As long as the homeowner lives in the home and pays basic property expenses like taxes they won't outlive the loan. Even if they were to live to be 125 and the mortgage were $1mm upside down the loan protects their right of ownership and allows them to stay in the home until they pass away or leave the home. At that point the home is sold by the family to pay off the mortgage. Neither the family nor home owner is ever held responsible for any losses on teh mortgage if the home were to go upside down. 4. Yes you're right, it would make more sense in many situations to sell an existing home and downsize to something more affordable. however, given the average prices for homes in America today this option is becoming less and less possible so I don't think we can count on this being an option for most people. My follow up question to this would be, to what end? Why shouldn't seniors be allowed to use and spend their own money to improve their standard of living? (and that includes the money from their home's equity) Why have inheritances become less of a gift and more of an obligation? I don't think people should have to die feeling indebted to their children.

@@thehecmguru1 1 - There's no substitute for wise estate planning, including assets like the house. A good financial planner and lawyer can help with the big issues. 2 - Borrowing off the house incurs fees and other costs that wouldn't be necessary if the house was sold outright, the expenses for those who are cash strapped should not have to afford. 3 - Costs of maintaining a home too large or expensive in the first place will only get worse as time goes on. Those looking to ease a financial burden only get in a worse situation when adding the costs of a loan on top of all the other expenses they have. 4 - Selling a larger house typically supplies the money required for a smaller house or condo plus money left over, and in addition making the fixed income more realistic and capable of covering the reduced expenses in the first place. This also offers the opportunity for the elderly to move closer to the kids. A win for everyone. 5 - I like to think considering the family to be a positive attribute, including leaving an inheritance if possible. If the kids have a greed problem, the estate can be set up to keep them from getting into further troubles and still be able to help them. On the flip side there are too many elderly outliving their money. Any way they can save their money is a help.

​@@thehecmguru1 Unhide my second reply and give us an honest answer. Do note I can also reply on one of Dave Ramsey's Reverse Mortgage videos with our recourse here and why he is right and actually telling the truth.

@@mrbill6765 I don't see a second reply. Can you repost and I'll be happy to answer honestly.

Maybe in this one instance you're right. but pay attention next time you go out to how many people you see working at walmart, restaurants, clothing stores, etc that are likely 65+ years old. I think if you pay attention it might surprise you. Considering 78% of Americans 62 or older are homeowners I'd say there's a good chance that a lot of these people could experience a much better life by eliminating $1000-$2000 a month in mortgage payments. My experience is the opposite of what you're implying. most people I've helped in this situation are working to make sure they don't lose their home. Usually people who are renting in retirement have a better chance of getting government assistance on their bills vs those who own their homes.

In what way is it a scam??? With a regular mortgage, you pay interest with the money in your checking account. with a Reverse Mortgage, you pay the interest with the equity in your home. Either way, your money is paying the interest on your mortgage. One gives you a home with less liquid cash in the bank. the other gives you a home with more liquid cash in the bank. Where is the scam? And to your point. If you are car-less. than a monthly car loan is an investment in a better way of life. by your logic, you're telling someone to not buy a car until they can pay cash for it. Are you arguing that owning a car doesn't improve someone's way of life?

Could you provide examples? My experience is the opposite. Life Insurance, IRAs, 401ks, etc do require quality explanations if you want to maximize your benefits. If you want a .25% return on your investment then you're probably right. a video on a standard savings account would probably take about 20 seconds.

I've wondered about this myself Scott because of the 1200+ Reverse Mortgages I've done 99.9% of my clients love them. What I've learned is that Reverse Mortgages are kind of like Viagra. Millions of people benefit from the little blue pill but you don't really see your friends and family jumping on Facebook to share the good news. Unfortunately I think there is still a perception that Reverse Mortgages are a last resort and people are embarrassed to admit openly that they were in a position financially to need it. However, I do see this changing, more and more people are turning to HECMs as a financial planning tool to avoid letting it get to a last resort situation. But let me redirect your comment a little, because the majority of opponents of Reverse Mortgages are usually wealthy people like Dave Ramsey or children who are banking on an inheritance and care more about the money than their parent's well being. I've yet to run into an opponent of the product who has a legitimate claim as to why these are bad loans as opposed to any other mortgage out there. If you have legitimate examples I'd love to address them.

RV worked for me. I am not in the business 😄

That 99.9% figure must not take into account the 1/5 of these that default. "I don't have the figures" means you have an opinion, not a fact. Nobody thinks reverse mortgages are a good idea except: A.) Gullible old people who didn't plan well enough for retirement. B.) The people who sell reverse mortgages.

@@metalface7777 1/5 of HECMs don't result in default, that's a false claim. there are only 2 reasons a Reverse can default. 1. the homeowner doesn't pay property taxes or 2. the homeowner no longer lives in the home because they've passed away or moved out and did not sell or refinance the home. Anyone who doesn't pay property taxes will lose their home. And anyone who leaves their home vacant will also eventually lose their home to the bank if they don't sell or refinance. We don't live in the 1800's, banks don't benefit by foreclosing on people. Banks benefit by homeowners keeping the terms of their mortgage. The only difference with a Reverse Mortgage and a regular mortgage is that on a regular mortgage your checking account pays the monthly interest payments. on a reverse mortgage the equity in the home pays the monthly interest payment. There are no other major differences.

@@thehecmguru1 I understand even if you pay the taxes and still live there, they can take it if you don't maintain it to thier requirments. Also aren't you paying interest on interest every month that you're not paying it back that adds up to a small fourtune?

Thank you for your comment. I don't disagree with you. It is always wise to talk with a Lawyer when making big decisions like this but let me simplify the risks of a Reverse Mortgage. there are only 3 reasons someone could lose their home with a Reverse Mortgage. 1. they don't pay their property taxes for an extended period (usually around 5 years in most counties) 2. They no longer live in the home because they've moved into a care facility or with family and are no longer using the home. 3. the home becomes condemned or otherwise unlivable. If any of these situations occurs then the homeowner would need to sell or refinance the home. but this is actually true for just about every mortgage, not just reverse mortgages. There are no other reasons a person could lose their home with a Reverse Mortgage. If you've heard of any other reasons I'd love your feedback so I can research it.

@ag-om6nr I advise people to talk to a good financial advisor, CPA, lawyer, and real estate broker before making such life-changing financial decisions. Most of these RM companies' prey upon people who have a lot of equity in their homes but feel like there are no other resources that they can turn to for advice when their financial situation is not ideal. Enter these RM companies and so-called RM Specialists and they are their knight in shining armor. Purportedly an answer to their (financial) problem. These companies are no better than those overseas refund; Microsoft, IRS or Amazon scammers bilking people out of their life savings.

Thanks for taking the time to watch the video and comment but I have to address your points. If you're buying Reverse foreclosures you must be buying Mortgages that are 15+ years old. the old Reverse Mortgage was a train wreck, I totally agree with that. The old Reverse allowed homeowners to borrow too much money against their home and the resulting interest charges almost always caused the mortgage to go upside down. this is why families usually don't step in to prevent foreclosure, the homeowner used all of the equity and there was nothing left for the kids to inherit so they turn it back to the bank. However, the New Reverse Mortgage is not the same. The New Reverse is designed to protect the home's equity and the homeowner. The vast majority of Reverse Mortgages now will leave tens - hundreds of thousands of dollars to their heirs in addition to giving the homeowner more financial freedom and flexibility. I'd be willing to bet there hasn't been a single reverse mortgage closed after 2017 that has ended in foreclosure for any other reason than 1. The homeowner moved out of the home, 2. the homeowner stopped paying their property taxes. 3. the home was no longer safe for the homeowner to live in. those are the only reasons a Reverse Mortgage could be foreclosed on. So again, I don't understand your point to never get one. I've done over 1200 of these mortgages in the past six years and almost without exception my clients absolutely love them. the only exceptions are cases where the kids find out mom/dad has money and they start knocking down the door to get it.

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Thank you for that Feedback Tina, I have been meaning to re-record this video anyway as a few things have changed on most statements so I'll make sure the new version is easier to see. in the meantime, if you'd like help reading your statement please let me know. I'd be happy to jump on a call with you. my email is [email protected]. my direct number is 435-465-2882

Really good questions Luke. let me try to briefly clear those up. Recessions do typically raise unemployment, and unfortunately those most at risk are lower level employees. For example I've been hearing rumors of many national big box stores and restaurants who are planning store closings and layoffs because of slowing business. So most unemployment usually affects lower wage earners, not people making 70k+ a year. For people who have professional careers, salaries or more stable jobs recessions create a great opportunity because the costs of goods and services usually fall, and with the lowering of interest rates it also makes it more affordable for them to purchase new properties and assets. You are right though, in that Unemployment is something to always watch in a Recession because if the job losses reach beyond the lower wage earners and hit the middle to upper classes that would result in more foreclosures and home selling which could affect home prices but as I've mentioned, that is much less likely looking back and basing our assumptions off of the last 9 recessions. thanks again for your comment. let me know if you have any other questions.

Hey Water Bug, thank you for your comment and I'm glad you're finding the Reverse is a good thing for you. I've helped around 1200 people do a HECM and almost without exception they all love it. the exceptions are people who either didn't like having access to their equity because they had needy kids, or people who didn't like the home they bought using the Reverse. It is a really great product. However, I do want to offer some clarification on a few things you mentioned to make sure people aren't confused. HECM's are mortgages. the mechanics of a HECM is exactly the same as any other mortgage. I.e. the homeowner borrows money from the bank and the bank files a lien against the home to insure repayment. The bank also charges interest against the balance of the loan until it is repaid. the only difference with a HECM is that payments are optional. So when interest is charged it is added to the balance of the mortgage and usually paid off when the homeowner sells the home or passes away and the kids sell the home. One important element of the new HECM is that the loan is designed to grow at or slower than the rate of appreciation. meaning that for most people the amount of interest being added to their loan is actually less every year than the amount of value they gain from home appreciation. this is fantastic because it means the vast majority of Reverse Mortgages will likely have roughly the same or more equity in the home when they pass away as what they had when they set the loan up. HECM's are the future of retirement. SS, Pensions, and 401k's alone are not going to be enough to help people retire. Reverse Mortgages are the key to financial freedom and flexibility after retiring.