{"id":2384,"date":"2024-05-13T14:43:50","date_gmt":"2024-05-13T14:43:50","guid":{"rendered":"https:\/\/remarkablemortgage.com\/?p=2384"},"modified":"2024-05-23T20:44:52","modified_gmt":"2024-05-23T20:44:52","slug":"im-old-enough-and-smart-enough-to-do-a-reverse-mortgage","status":"publish","type":"post","link":"https:\/\/remarkablemortgage.com\/?p=2384","title":{"rendered":"I’m Old Enough And Smart Enough To Do A Reverse Mortgage."},"content":{"rendered":"\t\t
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\u201cI\u2019m old enough and smart enough to do a Reverse Mortgage.\u201d<\/strong><\/p>\n\n\n\n

Through the years I\u2019ve discovered if you have managed to hold onto your home, you are quite capable of making financial, family and personal decisions.<\/p>\n\n\n\n

It is often said, \u201cA Reverse Mortgage is complicated and hard to understand.\u201d My response is, \u201cHave you ever talked with someone who has a Reverse Mortgage?\u201d They understand. <\/p>\n\n\n\n

A Reverse Mortgage is the only personal financial decision that requires professional counseling.  <\/p>\n\n\n\n

 <\/p>\n\n\n\n

This is the story of a lady who decided to refinance her Reverse Mortgage.<\/strong><\/p>\n\n\n\n

About 2018 I did a Reverse Mortgage with a couple who had immigrated from Eastern Europe in the mid-1960\u2019s. She is a homemaker, he was a mechanic. They have two sons who were involved in the decision to take out their Reverse Mortgage.<\/p>\n\n\n\n

In 2021 I got a call from her. \u201cHi Mark, I keep getting mail about refinancing my Reverse Mortgage. I remember you said if we needed to refinance, you would redo our loan for free.\u201d<\/p>\n\n\n\n

\u201cYes, I said that and I will still pay for the deal if it’s the right move for you.\u201d\u00a0<\/p>\n\n\n\n

We talked and caught up on the grandkids, the garden and her sons, then I asked, \u201chow is your husband?\u201d <\/p>\n\n\n\n

\u201cHe passed late last year.\u201d<\/p>\n\n\n\n

\u201cOh, my heart is with you.\u201d I said.<\/p>\n\n\n\n

\u201cHe had dementia for several years, I cared for him. Now I have to make some changes.\u201d<\/p>\n\n\n\n

\u201cWhat changes are you considering?\u201d I asked.<\/p>\n\n\n\n

\u201cAs you probably know, I lost about half of our income. I\u2019m able to make it but things are very tight.\u201d<\/p>\n\n\n\n

\u201cAre you interested in refinancing your Reverse then?\u201d<\/p>\n\n\n\n

\u201cYes. How does that work?\u201d<\/p>\n\n\n\n

\u201cWe need to redo the loan; new application, appraisal, title and the basic documents but, you don\u2019t need to pay the upfront Mortgage insurance again. That was your biggest cost the first time.\u201d<\/p>\n\n\n\n

\u201cYes. I remember. I looked through the big bundle of loan papers and saw that charge; 2.5% of the value of my house.\u201d<\/p>\n\n\n\n

\u201cIt was then, now it\u2019s 2.0% but, you will get a credit for what you paid the first time. Then you\u2019ll pay 2.0% on the increase in value, or \u201cI\u2019ll pay\u201d that in the refinance.\u201d<\/p>\n\n\n\n

\u201cI understand, thank you for making that clear.\u201d She said.<\/p>\n\n\n\n

I did the numbers on a refinance, she would gain about $45,000 in her line of credit. I emailed the new proposal, and she called me the next day.<\/p>\n\n\n\n

\u201cHi Mark, this looks very good. I have a question.\u201d<\/p>\n\n\n\n

\u201cSure, ask away.\u201d I said. <\/p>\n\n\n\n

\u201cHow can you afford to pay for this deal?\u201d<\/p>\n\n\n\n

\u201cFor several reasons, first I said I would. Second, I don\u2019t have to pay the big mortgage insurance premium, again. Third, I\u2019ll make plenty of money, the lender pays me to do your loan again, not you.  And you\u2019ll end up with a lot more money in your line of credit. Would you like to think about this, or talk with your sons?\u201d<\/p>\n\n\n\n

I still chuckle when I remember what she said. \u201cNo. I\u2019m old enough and smart enough to make my own decisions. Let’s do it.\u201d   <\/p>\n\n\n\n

<\/p>\n\n\n\n

A Real Reverse Mortgage Story.<\/p>\n\n\n\n

Thanks for stopping, looking & listening<\/p>\n\n\n\n

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\u201cI\u2019m old enough and smart enough to do a Reverse Mortgage.\u201d Through the years I\u2019ve discovered if you have managed to hold onto your home, you are quite capable of making financial, family and personal decisions. It is often said, \u201cA Reverse Mortgage is complicated and hard to understand.\u201d My response is, \u201cHave you ever […]<\/p>\n","protected":false},"author":1,"featured_media":2385,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"_links":{"self":[{"href":"https:\/\/remarkablemortgage.com\/index.php?rest_route=\/wp\/v2\/posts\/2384"}],"collection":[{"href":"https:\/\/remarkablemortgage.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/remarkablemortgage.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/remarkablemortgage.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/remarkablemortgage.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2384"}],"version-history":[{"count":5,"href":"https:\/\/remarkablemortgage.com\/index.php?rest_route=\/wp\/v2\/posts\/2384\/revisions"}],"predecessor-version":[{"id":2530,"href":"https:\/\/remarkablemortgage.com\/index.php?rest_route=\/wp\/v2\/posts\/2384\/revisions\/2530"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/remarkablemortgage.com\/index.php?rest_route=\/wp\/v2\/media\/2385"}],"wp:attachment":[{"href":"https:\/\/remarkablemortgage.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/remarkablemortgage.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/remarkablemortgage.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}