In 2006, I joined Wells Fargo's Reverse Mortgage team. Having previously worked in the subprime world, I found the the FHA HECM to be refreshingly compliant. Wells Fargo provided an excellent training arena, highly supportive of industry power partners. Each professional's niche is helpful to every family we assist. In June of 2011, Wells let go of the HECM and its ever emerging industry antics. I teach this experience as well as current trends. I help Real Estate Agents understand how it works for purchase and I help advisors understand how it protects net wealth. 10 years ago, financial professionals turned their nose at me because they didn't see past the reverse mortgage stigma. Today, many appreciate how the line of credit option alone is worth the small price of the HECM refi. All of this begins with comprehension. My goal is to educate as many people possible.
EXAMPLE USING A REVERSE MORTGAGE LINE OF CREDIT FOR RETIREMENT
When retirement funds are limited as in the case of many boomers, a homeowner @ 62nd or better can secure a Line of Credit on their property that will grow at the product’s market interest rate which is the 1 yr Libor index (1.118) plus a market driven margin of about 3%. At this APR of 4.118%, 10,000 in 10 years is worth $18,372 with compounded interest. What this is is future BORROWING POWER! The money grows now for when it's needed later!
Not only is equity money made liquid, but unlike most retirement funds, using the money does not pay the IRS. Yes, proceeds from a Reverse Mortgage are TAX FREE. There will never be a better time for this.
Please call me today for a personalized illustration.