Sharing Your Legacy Today with a Reverse Mortgage

Seniors enjoy seeing their heirs enjoy their legacy today, by exercising their reverse mortgage option.

Kevin & Sharon were visiting with their in-laws over the holidays when Kevin’s sister Susan, brought up their financial crisis. Susan and her husband, Bill, had accumulated a hefty credit card indebtedness from the medical setback he encountered last summer. They had asked if Kevin & Sharon would attend a meeting they had scheduled at their home, the following day with Pete Tentler, a reverse mortgage advisor.

It was then that Kevin and Sharon realized how fortunate they were. They paid off their mortgage over 10 years ago and maintained a debt-free lifestyle ever since. They never considered a reverse mortgage because they believed it was an option only for people in a financial crisis like Susan and Bill.

However, their beliefs changed quickly after the meeting when Pete explained several key features of the reverse mortgage including:

  • Federal Housing Administration (FHA) insured HECM loan
  • Flexible options on how they can receive disbursements
  • Loan proceeds are tax free
How ignorance could cost your clients their home Thumb

How ignorance could cost your clients their home

While it isn’t surprising that I meet many advisors unfamiliar of the benefits of a reverse mortgage, it is alarming . . .

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The next morning, Kevin and Sharon contacted Pete who agreed to meet with them at their financial planner’s office later that week.

Kevin’s financial planner, Aaron, was very skeptical about the meeting thought it was a waste of time. “What do you need a reverse mortgage for? They charge high closing costs and you will lose your home in the end so your children get nothing, and therefore should only be considered as last resort.” Even though Aaron expressed his cynicism, he agreed to meet with them and the Liberty advisor.

During the meeting, Pete addressed Aaron’s pessimism and explained the realities to the myths believed by many professional advisors, including:

  • Borrower retains title and heirs inherit remaining equity after the loan is paid off
  • Most closing costs are financed into the loan resulting in little to no up front fees.
  • Credit line growth rate regardless of the value of their home

Pete is fun to work with and relentless in getting results. He is careful and creative, traits that don't often occur together.

Michael Mc. Retired Partner Chapman and Cutler LLP

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Toward the end of the meeting, Aaron’s skepticism changed to optimism. “I regret my skepticism and I wish I met Pete years ago. I could have helped many of my clients enjoy their retirement years better by utilizing a reverse mortgage as a tool to secure their financial future. I will be recommending Pete to all of my clients.”

Aaron, Kevin and Sharon decided to choose the credit line with zero closing costs option. “It really was a no-brainer,” Sharon said assertively. “The reverse mortgage credit line unlocked the equity in our home, with no closing costs. You don’t need to be in a financial crisis to enjoy the benefits of a reverse mortgage. Why wouldn’t you get this?”

Several months later, Kevin and Sharon decided to borrow some of their money on the credit line. “We gave our daughter, Diane, $50,000 for a down payment on a home nearby. The reverse mortgage allowed us to share and enjoy some of her inheritance today, while we are still alive. Our only stipulation was that would be invited for Sunday dinner every week to see the grandkids.” With that, Diane replied, “Well, that’s a no-brainer!”

Options: Jumbo, purchase, credit line, and more Thumb

Options: Jumbo, purchase, credit line, and more

There are many ways a reverse mortgage can benefit you. Take a look at some of the primary options and . . .

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It’s a no-brainer for everyone.

If you are seeking to understand the truths of a reverse mortgage for you and your family, call me for a no obligation, face to face meeting at your home or advisors office.

Questions? Contact us now!