Reverse Mortgage Dean Wegner Guaranteed Rate
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Reverse Mortgage Dean Wegner Guaranteed Rate

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Reverse Mortgage Dean Wegner Guaranteed Rate

Reverse Mortgage Dean Wegner Guaranteed Rate

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Reverse Mortgage Dean Wegner Guaranteed Rate Reverse Mortgage Dean Wegner Guaranteed Rate Presentation Transcript

  • The Reverse Mortgage A Smart Financial DecisionThe Home Purchase ExpertsSM Presented By: Earl Rose Vice President of Mortgage Lending
  • Top Ten Reverse Mortgage MythsMyth Number 1» “If I take out a reverse mortgage the lender will own my home.”FALSE. Homeowners still retain title and ownership totheir homes during the life of the loan, and can chooseto sell the home at any time. As long as the borrowercontinues to live in and maintains home and propertytaxes and homeowners insurance are paid, the loancannot be called due.
  • Top Ten Reverse Mortgage MythsMyth Number 2» “There are restrictions on how Reverse mortgage proceeds may be used.”FALSE. There are no restrictions. The cash proceedsfrom the reverse mortgage can be used for virtually anypurpose and borrowers should be cautious of lendersattempting to cross sell other products. Many seniorshave used reverse mortgages to pay off debt, help theirkids, make ends meet or to have a financial reserve.
  • Top Ten Reverse Mortgage MythsMyth Number 3» “I cannot get a Reverse mortgage if I have an existing mortgage.”FACT: With enough equity in your home, you would payoff any existing mortgage so that your reversemortgage is in first lien position. This is one of themost common reasons most homeowners take out areverse mortgage.
  • Top Ten Reverse Mortgage MythsMyth Number 4» “Only low-income seniors get Reverse mortgages.”False. Although some homeowners may have a greaterneed than others for the monthly proceeds or lumpsum funds reverse mortgages offer, most simply preferto be free of monthly mortgage payments. Withoutmonthly mortgage payments, many homeowners findthey can maintain their existing quality of life and buildtheir savings to help with future expenses.
  • Top Ten Reverse Mortgage Myths Myth Number 5» “If I outlive my life expectancy, the lender will evict me.”False. Reverse mortgage lenders put no time limit onhow long seniors can stay in their homes. Sincehomeowners still own the property, lenders cannotevict them, provided they follow the programguidelines. (Continue to live in and maintain the home,pay property taxes and homeowners’ insurance, andthe loan cannot be called due).
  • Top Ten Reverse Mortgage Myths Myth Number 6 » “Reverse mortgage lenderspressure seniors to buy additional financial products.”FACT. This is not the case for all reverse mortgagelenders. However, Guaranteed Rate only offersmortgage products allowing this to be our main focus.
  • Top Ten Reverse Mortgage MythsMyth Number 7» “There are no objective advisors available to help Seniors.”FALSE. Borrowers are required to work withindependent, third party counselors approved by theU.S. Department of Housing and Urban Development(HUD) in their local communities. This educationalsession helps them make the right decision for theirunique situations.
  • Top Ten Reverse Mortgage MythsMyth Number 8» “My children will be responsible for the repayment of the loan.”False. If the borrower or their estate wants to retainthe property, the balance must be paid in full.However, as long as the borrower or their estate sellsthe property to pay off the debt, there is no recourse ifthe HECM loan balance exceeds the home’s value atmaturity. Any equity remaining in the property afterthe reverse mortgage is retired belongs to theborrower or their estate.
  • Top Ten Reverse Mortgage MythsMyth Number 9» “Reverse mortgage lenders take advantage of seniors.”False. Seniors who have been victims of reversemortgage lending schemes are extreme exceptions andtypically victims of unsavory lenders. As a consumer,you should only work with lenders who are BetterBusiness Bureau and National Reverse MortgageLenders Association (NRMLA) members and adhere tothose organizations’ strict Code of Ethics andStandards for Trust.
  • Top Ten Reverse Mortgage MythsMyth Number 10» “My Social Security and Medicare will be affected.”Fact. A reverse mortgage generally does not affect yourFederal Social Security or Medicare benefits. However,if you are on Medicaid, funds that you retain wouldcount as an asset and could impact Medicaid eligibility.To be sure, we recommend that you consult yourfederal and state benefits’ administrators or financialadvisors.
  • Questions? Earl Rose Vice President of Mortgage Lending O: 651.464.9094 C: 612.801.3491 F: 651.982.6258 earl.rose@guaranteedrate.com www.guaranteedrate.com/EarlRose NMLS: 212480 LO LIC: MN - MN-MLO-212480 - MN-MO-20526478NMLS (Nationwide Mortgage Licensing System) ID 2611 • Alabama Lic# 21566 • AK Lic#AK2611 • AR Lic#103947 - Guaranteed Rate, Inc. 3940 N Ravenswood, Chicago IL 60613 866-934-7283• AZ - Guaranteed Rate, Inc. - 14811 N. Kierland Blvd., Ste.100, Scottsdale, AZ, 85254 Mortgage Banker License # BK-0907078 • CA - Licensed by the Department of Corporations under California Residential Mortgage Lending Act Lic #413-0699 • CO- Guaranteed Rate, Inc. Regulated by the Division of Real Estate, 773-290-0505 • CT- Lic #17196 • DE - Lic # 9436 • DC - Lic #MLB 2611 • FL-Lic# MLD618 • GA - Residential Mortgage Licensee #20973 - 3940 N. Ravenswood Ave., Chicago, IL 60613 • ID - Guaranteed Rate, Inc. Lic #MBL-5827 • IL - Residential Mortgage Licensee - IDFPR, 122 South MichiganAvenue, Suite 1900, Chicago, Illinois, 60603, 312-793-3000, 3940 N. Ravenswood Ave., Chicago, IL 60613 #MB.0005932 • IN - Lic #11060 & #10332 • IA - Lic #MBK-2005-0132 • KS - Licensed Mortgage Company - Guaranteed Rate, Inc. – License #MC.0001530 • KY -Mortgage Company Lic #MC20335 • LA - Lic #RML2866 • ME - Lic #SLM1302 • MD - Lic #13181 • MA - Guaranteed Rate, Inc. - Mortgage Lender & Mortgage Broker License MC 2611 • MI - Lic #FR-0016637 & SR-0011899 • MN - Lic #MO 20526478 • MS –GuaranteedRate, Inc 3940 N. Ravenswood Ave., Chicago, IL 60613-Mississippi Licensed Mortgage Company, Lic # 2611 - • MO – Guaranteed RateLic # 10-1744 • MT Lic# 2611 • Licensed in NJ: Licensed Mortgage Banker - NJ Department of Banking & Insurance • NE - Lic #1811 • NV -Lic #3162 & 3161 • NH - Guaranteed Rate, Inc. dba Guaranteed Rate of Delaware, licensed by the New Hampshire Banking Department - Lic # 13931-MB • NM - Lic #01995 • NY - Licensed Mortgage Banker—NYS Department of Financial Services- 3940 NRavenswood, Chicago, IL 60613 Lic # B500887• NC - Lic #L-109803 • ND - Lic #MB101818 • OH – Lic #MBMB.850069.000 and Lic #SM.501367.000 - 3940 N. Ravenswood Ave., Chicago, IL 60613 • OK - Lic # MB001713 • OR - Lic #ML-3836 - - 3940 N. RavenswoodAve., Chicago, IL 60613 • PA - Licensed by the Pennsylvania Banking Department Lic #20371 • RI – Rhode Island Licensed Lender Lic # 20102682LL, RI – Rhode Island Licensed Loan Broker Lic # 20102681LB• SC – Lic #-2611 • SD Lic# ML.04997 • TN - Lic #109179 • TX - Lic #50426 & Lic # 47207 • UT - Lic #7495184- • VT - Lic #LL6100 & MB930 • VA – Guaranteed Rate, Inc. - Licensed by Virginia State Corporation Commission, License # MC-3769 • WA - Lic #CL-2611 • WI - Lic #27394BA & 2611BR • WV – Lic #ML-30469 & MB-30098 • WY –Lic#2247