Whaht Financial Advisors Need To Know About Reverse Mortgages

Feb 17, 2017. According to Pat McClain, couples who are “cash poor and house rich” meet the basic criteria that advisor uses to determine if discussions about reverse mortgages are appropriate. In an article from Financial Advisor IQ, Pat McClain weighs in on the best candidates for a reverse mortgage. Read More.

Why It’s Important: You know the big-ticket expenses in your life. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal.

Hall recalls an example where a bank benefited from a reverse mortgage when the property was sold, but the heirs got nothing. One of the best investments you can make is seeking wise counsel from a financial advisor. They can help.

Financial professionals have established themselves as “Trusted Advisors” for their clients. Many times, senior clients seek financial advice, including home and mortgage questions from their trusted financial professional. In today's changing economic times, one of the most common questions today is what can you tell me.

This page is focused on "What you need to do" and "What you need to know" to help you understand if a reverse mortgage is safe, right for you, and will be in your best interest. WHAT YOU NEED. Trusted Advisors can include family members, your attorney, financial advisor, tax advisor, trusted friends, etc. Think of it this.

Reverse mortgages were created to help senior citizens. Unfortunately, this financial product has become a vehicle for a number of scams geared toward seniors. Though the opportunity for deception seems to have decreased over the years, there is still a significant risk of fraud, even if a senior is not actively looking for one.

You may have heard that a reverse mortgage will give you a “lifetime income” or you'll “never lose your home.” These misleading claims helped lenders convince nearly 115,000 people to buy one of the worst financial products out there in 2009. If you or anyone you know is considering a reverse mortgage—stop now!

An Opportunity to Change Your Retirement and Future One of the biggest fears older Americans face is not having enough money to retire on, while unknowingly.

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These types of mortgage loans have become a topic of discussion for many seniors as they plan for retirement. With new safeguards in place, these Federal Housing Administration1 (FHA) insured loans are now recommended by many financial advisors […] Reverse Mortgages Just Got Cheaper. December 12, 2017.

May 1, 2014. But as more Americans near retirement age, some financial institutions are aggressively marketing reverse mortgages as an easy, cost-free way for. The trouble is, those same homeowners may need their home equity some day for something far more pressing than a vacation, only to find that it has.

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Must attend a financial counseling. to travel. Reverse mortgages are not for everyone The perfect fit for a reverse mortgage is an older senior whose retirement program has gone sour; their spouse has passed away, and a need for.

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Professional Partners. Clients at or near retirement age have specific financial needs. At age 65, many people don't have enough savings to maintain their standard of living during retirement. Many seniors downsize their home for easier living, both physically and financially. A reverse mortgage may help your clients make.

If you need to find a 30-year fixed mortgage for a $650,000. will release to conquer the personal finance arena. What do you think of Google Advisor? Do you trust Google to get you the best financial data? Let us know what you think.

Consult with an independent financial adviser to find out what reverse mortgage package best suits your financial situation and needs. If you do not have a financial advisor, discuss your situation with a counselor approved by the US Department of Housing & Urban Development (HUD); HUD-approved counseling agencies.

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FINRA (Financial Advisor Planning organization) for the purpose of protecting investors) Debunks Reverse Mortgage Misconceptions Potential borrowers should know all of the facts before getting a reverse mortgage, and a recent podcast from the Financial Industry Regulatory Authority (FINRA) clears up some common.

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Before I made an effort to research this new hot topic, what I didn't know about reverse mortgages could have filled an encyclopedia, and I call myself a mortgage banker. After my research, I went from thinking of RMs as a last-resort loan for desperate borrowers to seeing them as a helpful financial tool. I even recommended.

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Apr 4, 2016. Karen's experience is the kind of horror story that has long led some consumer advocates and financial planners to consider reverse mortgages too risky, If you're considering a reverse mortgage, it's critical to know what you are getting into, given the loans' complexity, cost, and controversial nature.

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Feb 10, 2012. So if you're at least 62, have built up some sizable home equity, and don't plan to move soon, a reverse mortgage might be worth considering. John Hauserman, a financial planner in Marriottsville, Md., says the fees and interest due on the reverse mortgage upon your death may leave heirs with a house.

You still have to be able to pay property taxes, homeowners insurance and other related costs, or you could risk foreclosure. Before issuing a reverse mortgage, a lender will check your credit history, verify your monthly income versus your monthly financial obligations and order an appraisal on your home. The amount of.

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Aug 13, 2017. A reverse mortgage can indeed be a big boon in retirement, providing needed income and improving your financial security. But reverse mortgages are not without some drawbacks and dangers. Learn more about them to see if getting one is a smart move for you, and start with the 13 misunderstandings.

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To be eligible for a FHA HECM, the FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, have the financial resources to pay ongoing property charges including taxes and insurance, and.

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Find out what is a reverse mortgage, access a reverse mortgage calculator and more. Use this. (Home equity is the difference between what your home is worth and the amount you owe on your home.). Important reverse mortgage facts that you need to know: 1) Reverse mortgages are a kind of home equity loan. 2) The.

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Reverse mortgage loan proceeds are tax-free as it is not considered income. However, it is recommended that you consult your financial adviser and appropriate. Myth No. 5: Only poor people need reverse mortgages. The.