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Thanks so much for the feedback! Really appreciate it.

Hi there. They do not have more ability. They have to follow federal regulations just like the rest of us.

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.

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!

My pleasure! So happy to see this. Glad the video was helpful.😊

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.

Yes, they are. 😊

My pleasure Roosevelt. 😊

Hi! We are in Gilbert, AZ.😊

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.

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!

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! 😊

Unfortunately, you cannot do a reverse mortgage on a second home. It must be your primary residence.

Glad it was helpful!

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!

Hi there! The home would need to be appraised by an appraiser. The lender/broker will order the appraisal through an appraisal management company and that company will find an appraiser in the area to do the appraisal.

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.

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.

Hey there! So glad you are enjoying the videos. 😊 Thank you for the feedback!

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! :-)

Yes, you most certainly can.😊

Thank you. Glad it was helpful!

Thank you!😊

Thank you! 😊

My pleasure! So happy it was helpful.😊

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!

Thank you! Glad you found it helpful. :-)

Happy to help! 😊

Thank you! I’m so glad the videos have been helpful.😊

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.

So glad to hear this and very happy our videos have helped!! And thank you so much for sharing!

My pleasure! Glad is was helpful.😊

Thank you Janice! Very much appreciate the amazing feedback and so happy you enjoyed the video. 😊

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.

@retirementhomeequityadviso4210 Thank you so much: your answer took a huge burden off of me!

@retirementhomeequityadviso4210 I really appreciate your answer; I wasn't sure, but now I know🙂!

My pleasure! Always happy to help. :-)

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.

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.

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. :-)

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! :-)

My pleasure! Happy it was helpful.😊

Hi Patrick! I don’t necessarily believe there is a “best age”. With the understanding that as you get older, you do qualify for more, the most you can ever get out of a reverse mortgage is around age 92. But most folks aren’t going to wait that long. My recommendation is usually to wait until it accomplishes your goals, whatever those may be. As well, the reverse mortgage, for many, is not a one and done situation. You can refinance once a year, if beneficial for you. And yes, the home would still remain your wife’s primary residence and the loan would remain if you had to go into an assisted living home. I hope that helps!😊

Yes, that is the case in all states and is certainly a good safeguard for those considering a reverse mortgage. :-)

I'm so sorry to hear about your husband. But am glad you are finding the videos helpful!

Thank you.😊

Hi there. Unfortunately, no. Reverse mortgages are not assumable. Although, payments can be made towards the loan, if the borrower chooses. But borrowers cannot change. Hope that helps!

Hi James! Glad you are enjoying the videos! If you own your home free and clear, this just means you would have more proceeds available through the reverse mortgage to do with what you want/need. If there is no mortgage to pay off, the homeowner simply gets access to those funds because they are not being paid out. As far as if there is a better product out there for you, that is something you can only determine once you investigate the reverse mortgage and all other potential options. A HELOC or a traditional cash out refinance would probably be the other options you have for what you are trying to accomplish. All three options, of course, have pros and cons. Here is a link to my videos I did on reverse vs helocs and reverse vs. cashout refis. HELOC: ua-cam.com/video/Fs-xz4jmnx0/v-deo.html Cash out Refi: ua-cam.com/video/65b57ljnEY8/v-deo.html Lastly, how much interest the reverse mortgage incurs over it's life, is extremely dependent on many factors. How you structure the loan initially, how much money you withdraw from the loan and when, how long you live or are in the reverse mortgage. The interest can certainly add up over time, and in my opinion, interest on all mortgages is excessive. :-) But understanding the compounding nature of the interest on a reverse mortgage and what you can do to mitigate that interest over time is key to helping you determine if it's something you would find acceptable. I would certainly recommend giving me a call and we can run through your particular scenarios and you can see a projection of interest over time, costs, benefits, etc. That way you'll be better able to decide if this may be a good fit or not. (888) 982-0475.

Hi Brett. A HECM is a type of reverse mortgage. There are different types, but the HECM is by far the most common. It is the federally insured reverse mortgage. The other most common reverse mortgage is the Jumbo or Proprietary Reverse Mortgage. This is similar to the HECm except it is not federally insured and is more geared towards higher priced homes. Typically 1.5mil or above. Hope that helps!