Retiring out of state? We are licensed for reverse mortgages in 17 states
Between 2007 and 2016 16 million residents moved out of California; many of whom were seniors retiring to different states. The HECM for purchase program allows seniors to take the equity from their current home sale and purchase a new home with a large down payment. They move in and…
Options that will increase your social security check
American retirees today are less prepared than previous generations. Many retirees believe that you need over $1 Million dollars saved to properly retire. Yet, according to a BankRate survey in 2017 those aged 56 to 61 only have $163,577 set aside for their golden years. This indicates a huge dependence…
HECM Reverse Mortgage fees have dropped
The Home Equity Conversion Mortgage (HECM Reverse Mortgage) program was signed into law by President Reagan in February 1988. Prior to this date, this was a bank run program and they had the power to foreclose on homeowners if they ran out of equity. Unfortunately, some seniors ended up homeless…
Best Savings On Prescription Drugs
As outpatient prescription drugs are not covered by Medicare, those costs can be a severe drain on income in retirement. Some estimates have seniors spending about 3.1% of their annual income, just to cover medications. Erin Fox, who directs the Drug Information Center at the University of Utah explains: “The…
Savvy realtors help more people buy homes using the HECM for purchase
Patti did a HECM (Home Equity Conversion Mortgage) reverse mortgage years ago; it was a great fit and saved her home. She was thinking about moving and called me to go over the details of how that would work. Patti was surprised to hear that she could buy a home…
Downsize to apartment or smaller home in retirement? Look back 15 years to anticipate the future
I recently met with “Helen” as she was in the process of selling her home she had purchased in LA County 30 years ago. Her home value went up a whopping $600,000 of which she will be able to keep about $300,000 after paying off mortgage and realtor fees. Helen…
40 years later, High School Sweethearts reconnect and buy home with a reverse mortgage for purchase
On my testimonials page you will see a picture of my good friend Patti. I did a reverse mortgage for her a few years back. She had been in a tough situation and was about to sign her house over to a company in exchange for no longer having mortgage…
Journal of Financial Planning: During market drops, using this strategy extends retirement survival by decades
For retirees with substantial investments in the stock market, February was a scary ride. On the 5th investors held their collective breath as the Dow Jones Average free fell almost 1,600 points; marking the biggest single-day point drop in stock market history. For those living on their stock market returns, February…
You may qualify for 6% compound growth on your Reverse Mortgage Line of Credit!
You are of Reverse Mortgage (RM) age but, you don’t need the money. You should get a RM anyway. There is a powerful tool in a RM called a Line of Credit Growth Rate. On the HECM(Home Equity Conversion Mortgage) Annual program with an initial rate of 4.35% (plus monthly…
What you can do to prevent Alzheimer’s
Perhaps you are always searching for your keys, or you go into a room and forget why you walked in, this scenario has happened to all of us, but does it mean you are at risk for Alzheimer’s? Are there any medicines being developed to prevent or cure this disease? …
