Remarkable Videos
Our Reverse Mortgage Videos are for
Serious & Curious Colorado Homeowners.
Demystifying Reverse Mortgage Interest?
You mentioned the interest rate for a Reverse Mortgage is about the same as the current 30 year mortgage. So that means I would be paying about 7% on the money in my line of credit, is that right? I figure that would be about $3,000 a month.”
“A month!” I said. “I don’t follow. Where’d you get that number?”
“The interest on my entire line of credit would be about $3,000 a month, wouldn’t it?”
DAVE RAMSEY, THE REVERSE MORTGAGE “800 POUND GORILLA”
I think Dave Ramsey is a national treasure. We have followed and benefited from his wisdom over the years. If I agreed with everything he says about Reverse Mortgages, I couldn’t be in this business.
With that understanding, let’s look at what I consider to be deal “maker or breaker” issues.
"Inheritance Plans & Reality: The Reverse Mortgage Disconnect...
One Big Bug-A-Boo…
One of the big “bug-a-boo’s” about a Reverse Mortgage is the, “spending our children’s inheritance” narrative. This article is consistent with my conversations with a number of parents and their adult children about their home. This is a Remarkable moment when “I couldn’t have said it better myself…”
The article I’ve linked is by Shannon Hicks, of HECMworld.com. Well worth the read.
"I'm old enough and smart enough; A Real Reverse Mortgage Story.
It is often said, “A Reverse Mortgage is complicated and hard to understand.” My response is, “Have you ever talked with someone who has a Reverse Mortgage?” They understand.
A Reverse Mortgage is the only personal financial decision that requires professional counseling.
Paying Colorado Property Taxes On A Fixed Income
In April I wrote a check for my Arapahoe County property taxes, It was about 30% more than last year.
And I am not the only Colorado senior who is feeling the pinch of higher property taxes and Home insurance rates. What can you do?
Reverse Mortgage fees, costs & charges: The Beautiful Bottom Line
A Reverse Mortgage Costs between 2.75 to 3.5% Of Your Homes Value (+or -)
Yes, a Reverse Mortgage costs more than a traditional or “forward” mortgage, but not by much. A rule of thumb for a HECM (home equity conversion mortgage) is about 2.75 to 3.5% (plus or minus) of your homes appraised value.
"Now What; Beg, Borrow Or Sell?"
- When there is too much month left at the end of the money.
- When something you need breaks and your repair plan is broken.
- When an emergency arrives after you emergency funds have departed.
- When you simply want to live a simple life and need a simple solution.
- When the one you love is gone.
"Do you see a downside to a Reverse Mortgage?"
Over the years I’ve had a number of people tell me they are not interested in a Reverse Mortgage. When I hear that, I ask this, “Could you please tell me why you’re not interested in a Reverse Mortgage?”
Here are some of the reasons people are “Not Interested”. I’ve discovered their “Cons” are based on some strong convictions.
You get some money and the bank takes your home
When I started in this business, that statement was the most common misconception about a Reverse Mortgage…
This is too good to be true...Reverse Mortgage Story
That statement is a wonderful place to start. Over the years, at some point in the conversation, I’ve heard that from at least 40+ borrowers.
They usually say that about the time the enormity of the opportunity offered by a Reverse Mortgage sinks in.
How to decipher a Reverse Mortgage Proposal
The first step in the Reverse Mortgage Process is a HUD mandated counseling appointment.
We will send you a Reverse Mortgage Proposal that will give you the contact information for counseling, and a lot of other useful information.