Take a Stand for Reverse Mortgages
Over the last few months I’ve received a number of questions about reverse mortgages. Since the interest is high, I thought I’d go to one of my experts. Paul Martin is a Business Development Manager with the Security Title Reverse Mortgage Division. Paul has agreed to be a guest blogger regarding this critical topic. The decision to seek a Reverse Mortgage is a serious matter. Please make sure you only work with credible professionals. If you have questions about this post or about Reverse Mortgages, Paul can be contacted at 303–889–8104. I can also assist if you are looking for a mortgage loan professional to help you or your family member.
It’s all yours Paul.
I’m blogging today to create a basic understanding of Reverse Mortgages. We will go into more information in detail in future articles, but for now, let’s talk about what they are and the value they may bring to select homeowners.
Who here has a friend, family member, neighbor, someone in your life that you really care about who is 62 or older? If so, please stand. Yes, stand. If you have to close the door so no one thinks you are nuts, go ahead and do so.
Good…now I am going to ask you a series of simple “Yes or No” questions. If you answer “No” to any of these questions, please take your seat. However, if you answer “Yes”, please remain standing. OK? Let’s begin.
1. Does the person who came to mind own their own home? By ownership, I mean are they on the title even if they have a mortgage. If “No” take your seat.
2. Does the person you are thinking of live in that home as their primary residence? If “No” take a seat. The person you are thinking about right now may qualify for a Reverse Mortgage at this very moment. Yes, qualifying can be that easy. But what makes a reverse mortgage such a life giving / freedom giving opportunity for a senior homeowner? Let me ask a couple more yes or no questions following the same stand up or sit down format.
3. Do you feel the person would appreciate a loan the doesn’t require them to verify income? No W-2s or pay stubs to submit. No debt to income ratios to worry about. If “No”, please be seated.
4. Do you feel the person would also appreciate a loan that didn’t require them to be working? No employment verification what so ever? If “No”, please be seated.
5. Do you feel that person would also appreciate a loan where their credit score, good or bad, doesn’t matter? Late payments don’t count against them. They could have judgements, be in foreclosure or even bankruptcy. If “No”, please be seated.
6. Do you feel that the person would also appreciate having a loan where no monthly payments would ever be required as long as they live in their home? They can make payments if the want, but aren’t required to. And, the money drawn out on the loan doesn’t affect their Social Security or Medicare benefits. If “No”, please take your seat.
7. Do you feel that the person would also appreciate using the proceeds from such a loan for anything they want – medical expenses, home improvements, paying off an existing mortgage, helping their kids get out of an adjustable rate mortgage when payments are increasing, travel, long term care insurance, life insurance, a new car, even a face lift? If “No”, please take a seat. And, the final question.
8. Do you feel the person would appreciate such a loan in which they would not have to give up title of their home? If “No”, please be seated.
You’ve just experienced the value that a Reverse Mortgage can provide to a senior. Because you experienced it, you’ll likely remember it much longer than reading about the details in future blogs. Maybe, the person you thought of is someone who needs to take a closer look at the benefits of a reverse mortgage to see if it is right for them. The next reverse mortgage blog will look at the “Nevers” of a reverse mortgage. Oh, almost forgot, please take a seat!
Paul Martin
Business Development Manager
Security Title Reverse Mortgage Division
303–889–8104
pmartin@stgco.com
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