Unlock Your Home's Equity With A Reverse Mortgage

Рет қаралды 19,420

Күн бұрын

www.financialf... Reverse Morgage Explained
Don Graves, RICP®, CLTC®, CSA® Certified Senior Advisor is a special guest of Lane Martinsen. To find out more about reverse mortgages or to work with Don and his team, please go to hecmadvisorsgr...
To view the complete Masterclass, please go to www.HousingWeal...
email contact: askdongraves@gmail.com

Пікірлер: 29

@EvanCarmichael 4 ай бұрын

Great breakdown on reverse mortgages, very informative and helpful! - Lhiamel

@karinmottola9227 4 ай бұрын

Is this true about a reverse mortgage? The lender actually makes payments to you: you can choose to receive a lump sum, monthly payments, a line of credit. The interest and fees associated with the loan get rolled into the balance each month. That means the amount you owe grows over time, while your home equity decreases. You also have to pay an upfront insurance premium. Usually, this is 2% of your home’s appraised value. You’ll also pay origination fees at closing. You do have the option of rolling these costs into your loan balance, but that means you receive less money.

@yosephworku1701 5 ай бұрын

Lane and Don, thank you so much for such inspiring conversation! I learned a lot about reverse mortgage today and got bright view about it. Lane, when possible, please also invite someone who can explain the use of life insurance as a retirement tool.

@AskDonGraves 5 ай бұрын

Lane, thank you so much for having me on your podcast! It was a pleasure discussing the importance of incorporating reverse mortgages into retirement planning conversations. I hope our discussion provided valuable insights for your audience of financial advisors. Looking forward to connecting again soon! - dg

@OneEclecticStyle 5 ай бұрын

Thanks Lane and Don.

@danielhuntington2116 5 ай бұрын

Baloney...my parents had a reverse mortgage....the fees were steep and it sucked a huge amount of their equity out of there house. A simple equity loan would have worked far better for them for getting their hurricane windows.

@AskDonGraves 5 ай бұрын

I absolutely agree that a reverse mortgage used ONLY to get windows is a mistake. Better to have the children chip in a buy the windows or if eligible, get a traditional home equity loan or line of credit and make the small monthly payments. There are 52 retirement income strategies for which a HECM makes sense when incorporating it with other assets. But a Single Use Reverse Mortgage is not one of them.

@AZ-bx8yi 5 ай бұрын

Daniel, it sounds like your parents made a decision based on their specific circumstances, which might not be fully apparent. It's hard to believe they would choose a reverse mortgage solely for hurricane windows. I'm curious about a couple of things: Firstly, did they own their home outright? It seems unlikely someone would extract hundreds of thousands in equity just for windows. And if they still had a mortgage, perhaps they were looking to relieve the burden of monthly payments in their later years, prioritizing their comfort over inheritance considerations. It's natural for people to look out for their own interests, especially if they feel unsupported by their family. Maybe if you had been in a position to contribute towards the windows, they might have opted for a different solution. I don't mean to upset you with my questions. My background in finance, insurance, and mortgage has shown me various reasons why people make such choices. And you, being a thoughtful person, probably understand this too, even if it's tough to acknowledge sometimes.

@Life_of_A_Man 3 ай бұрын

@@AZ-bx8yi Many older folks take out the loans have no financial sense whatsoever. They're grown and it's their right to do whatever. Sometimes the heir can chip in but they can still do things on their own volition. I personally couldn't put myself or my heirs through a reverse mortgage. I suggest you do the same as me. They come with many stipulations. I'm down to passing on generational wealth. They government should out law them. I'm not about to spend all these years paying for a home only for me to die and they come take the home back. Oh hell no. My children and my grandbabies will reap my benefits. Whose to say if I take one out and get sick. I might have to spend a lengthy stay in the hospital. If I get better...I would come home to nothing but my stuff to the curb. If you are away from your home to long and the reverse mortgage company founds out about it, they will foreclose.

@imtherapycat 14 күн бұрын

I'm 67 and have a $105K balance on a home valued at $255K. Am I eligible for a reverse mortgage? What is the interest rate on one? Even if I don't take any money out of the home, will I have any payments to make while I continue to live there?

@al77288 Ай бұрын

I took a line of credit, and my CU gave me 80% of the value. The closing cost was in house and very cheap.

@wildhorses6817 5 ай бұрын

Yes, a Gray Divorce at 70. Not expected, husband took all of the monies. What a mess, married over 36 years and he has a wealthy widow.

@wildhorses6817 5 ай бұрын

A Reverse Mortgage allowed me to remain in my home for now.

@imtherapycat 14 күн бұрын

@@wildhorses6817 I appreciate hearing about your experience. I am looking at trying to stay in my home in retirement by delaying the monthly mortgage payments. I too lost all of my assets in a domestic situation not in my control.

@dennisvega6311 3 ай бұрын

Do you guys have an office to call to? Do you guys help people to get out of reverse mortgage?

@FinancialFastLane 3 ай бұрын

Your opions would be to refinance into an new mortgage or to sell the home and pay off the mortgage balance. You could contact Don Graves office to discuss further. hecmadvisorsgroup.com/contact...

@relicofgold 5 ай бұрын

If it's a mortgage, do they pay you monthly? If they pay you monthly, are those monthly payments mostly interest and minuscule principal so it takes 30 years to pay you off? Do they pay a penalty if late? Are they required to buy mortgage insurance? It's not a mortgage at all.

@FinancialFastLane 5 ай бұрын

It’s a mortgage with special terms. You don’t know what you don’t know.

@richardwilliam-alt768 4 ай бұрын

I do not understand why people don't just listen to what Graves and others are saying. It is really all there is to be said to get a great understanding of the product and what it does for a borrower. Instead, they take all of their preconceived ideas about reverse and only try to understand them under that lense. Maddening.

@bailey9r 2 ай бұрын

@@richardwilliam-alt768 Government schools. ;