Do you need to consider a reverse mortgage?

Our team attended a very interesting class on Reverse Mortgages today.  Have you been considering one or feel you having a need for one? He is a summary of a book that might be of interest to you:

Dan Hultquist’s book "Understanding Reverse Mortgages: Simplified Guide for Professionals and Consumers" offers a clear, concise explanation of how reverse mortgages work. It's designed to help both industry professionals and consumers understand the mechanics, benefits, and misconceptions of Home Equity Conversion Mortgages (HECMs), the most common type of reverse mortgage.

Key Highlights:

• Simplified Explanations: Breaks down complex terms and regulations into easy-to-understand language.

• HECM Basics: Explains eligibility requirements, payment options, loan limits, and how equity is accessed.

• Myth Busting: Addresses common misconceptions such as the borrower losing ownership of the home.

• Real-World Scenarios: Includes examples to show how reverse mortgages can help with retirement planning.

• Loan Repayment: Covers how and when the loan becomes due, including non-recourse protections.

The book is widely respected as a training and reference guide in the reverse mortgage industry, appreciated for its clarity and practicality.

Let us know if you would like a copy.

Here are some additional interesting stats courtesy of Rob Kanyan of Fairway Reverse:

The state of retirement in this country.  The stats and numbers do not lie:

1. 12,000 people turn 65 years old every day in this country
2. They have over $15 trillion trapped inside their homes
3. 43% of them are still making a mandatory mortgage payment
4. Divorce rates are at all time high’s with homeowners age 50+ with the Boomer divorce leading the charge
5. Retirees are more fearful of running out of money than running out of oxygen/life
6. Property taxes, homeowner’s insurance and HOA dues continue to rise with no return benefit to seniors
7. 95% of the population are not aware of the true uses of a Retirement Mortgage, including the HECM for Purchase that has been around since 2009
8. We are reaching the “Tipping Point” and “Critical Mass” with the HECM as we embrace the Silver Tsunami
9. This is now recognized as the Loan of FIRST resort vs. a loan of last resort
10. The benefits far outweigh the costs and it is more advantageous to take out the Reverse at age 62 vs. age 82