Episode 320: The Truth Behind Reverse Mortgages

[@CollinSoderholm]

CAN NOT WAIT to listen to this! Reverse Mortgages are awesome! Glad to have people like you looking into them :)

[@TheLoanOfficerPodcast]

❤

[@anthonystefanko7205]

I have a realtor partner asking me to partner with her for Reverse Mortgages so thank you! I am excited for this podcast!!!!

[@TheLoanOfficerPodcast]

Got you Anthony! Make sure you check out the website too: www.TLOPonline.com! 👍

[@honeychile1112]

This was great info. So much I had no knowledge of. Thank you Cindy.

[@fujiijuf601]

I'm 63 thinking of doing a reverse mortgage..does Cynthia help homeowners out of state with this reverse mortgage process

[@weneedsaving515]

Great information. But needed to state before interviewing starts..."please, keep your hand from tapping the table."

[@ninacook9162]

Just listen to her don’t watch her..

[@weneedsaving515]

@@ninacook9162 I'm listening and she tapping!!! Even if I'm not watching...SHE'S STILL TAPPING" (In the voice of the fallen grace Robert De Niro.) "Whats rong wid you."

[@jstratten5326]

What is the cost for the counselor that I gather the customer is required to pay for, including the closing costs, are they rolled into the mortgage, and what is your recommendation? Also if you pick a mortgage person can they do a bait and switch when it comes to servicing the loan to a subordinate?

[@aprilvancleve9463]

Wow! What great information! Thank you- I really appreciate it.

[@MyBigdaddy20]

At Bingo! I love the new setup! Can't wait until London session! 🎉

[@virgiemuster5509]

I would like to hear more about paying property tax n homeowners insurance, please and thank you.

[@TheLoanOfficerPodcast]

Thanks for the suggestion - we can def. make some content around this! Check out some of our older episodes where we talked about these topics! 👂

[@Makinja]

@28:15 shouldn't $50,000 @ about (7 % = $3,500), be about $53,500, not $52,000 as you stated? Either fuzzy math or maybe we're missing something in the calc details?

[@dustinowen1191]

Correct! Good catch. The quick math in my brain failed me. 😞...Now technically, it would be $53,561 if it was 3.5% growth each year as it would have compounded.

[@nohivega]

What I understand is. You the home owner is selling them your house to them. Still you have all the responsibilities of a home owner, pay taxes, hoa fees, renovations as if it belongs to you. When you die "your house" has to. be sold to pay them the loan. Your. kids. do not inherit the house because it's not yours you are not a home owner only have the responsibilities of a home owner. The loan your money goes to renovate their house. What a brilliant malevolent plan. If you don't have kids, ok do it, but do not renovate their house, use the money for you.

[@SteveVarga]

Get to the pint

[@TheLoanOfficerPodcast]

FACTS

[@annaskyy6476]

15:13 it’s not hidden wealth it’s sacrificing wealth for later

[@sergiodelgadillo8624]

Let her speak you talk too much

[@judiecollins7128]

After 35+ years in the real estate industry, in a wide variety of capacities, I just recently decided I wanted to get my NMLS, which I did. And I'm like Cynthia.... I only want to learn one product and that's Reverse Mortgages. In 2004 I sold a home to a couple in their 80s. They paid cash but didn't have a whole lot in the way of monthly income. I arranged for them to get a Reverse Mtg and it has been a godsend for them. It's allowed them to travel, to get nice hearing aids, etc. They are still enjoying the lifestyle they wanted and she's at 100 yrs old now. I've seen how these programs can help people & that's what I want. Learning all the ins and outs of it isn't easy, but I think it will be worth it.

[@qzorn4440]

It is creepy to watch Tom Selleck's mortgage rant commercials. Just turn the channel please. 🤣 The words of Gomer Pyle: "Shame! Shame! Shame!" on Scams. Bad Tom! This sounds like something Trump would do. 🙈🙉🙊