Today I’d like to address some of the concerns people have about Reverse Mortgages. We can all recount horror stories where good people are taken advantage of in matters of finance.

In fact, giving people the tools and knowledge to combat financial predators is why I established the Reverse Mortgage Helpdesk. I had my epiphany while visiting my grandparents nearby in Forest Park, Georgia. I noticed they started scaling back on spending, going on fewer outings, and expressing that though they would like to, they wouldn’t be purchasing birthday gifts for the grandkids anymore. When I talked to them about their lifestyle changes, I learned that while their basic, everyday living expenses were climbing, their social security and retirement money was not keeping pace. Considering my experience in the mortgage industry, I looked into a Reverse Mortgage for them. I can’t say I found the information very clear or concise. And I definitely found a disparity in rates and services among Reverse Mortgage providers.

It turned out my grandparents did qualify and take advantage of a Reverse Mortgage. It was very fulfilling to see them start living again. They finished their basement, added a bathroom to their lower level, and returned to a more enjoyable social life. They experienced a happy ending through a Reverse Mortgage and were my inspiration to start the Reverse Mortgage Helpdesk.

We are here to talk about the times when you’re not sure who’s in your corner—when you don’t have that trusted someone in the industry to guide your questions and concerns. I ran across this ABC News Report offering the some precautionary advice: Reverse Mortgages can be extremely beneficial, but people need to be careful whom they work with because some banks can charge exorbitant fees.

Our teams are here to arm you and your loved ones with the information you need to make rational, informed decisions. We know that a Reverse Mortgage, when done right and in the right circumstances, can be a blessing for many people. We equally believe it is not the right decision for everyone.

What can we answer to help you determine what’s right for your situation?
Call us at 1-800-250-8810 , complete our form so we can understand your circumstances and offer you free, solid advice on Reverse Mortgages.

We look forward to helping you.

Sincerely,

Brandon S. Smith
President & CEO, the Reverse Mortgage Helpdesk

Some of you have been told you qualify for a reverse mortgage and, after investing your time and money into the process, you find out that you do not actually meet the qualifications for a Reverse Mortgage. Conversely, many people are told they do not meet the qualifications for a reverse mortgage because they have a unique situation, when, in fact, the consultant they were speaking with was either uneducated or too lazy to take the extra time and energy to do it correctly.

Which is worse, I don’t know. Good people wasting time and money on a dead-end process, or being cheated out of an opportunity that could mean a real change in their quality of life? Neither scenario sounds right to me.

A lot of the negative misconceptions and misinformation stems from early versions of the FHA-insured product that is no longer valid today.

Here, we dispel five common reverse mortgage myths to help you make a more informed decision:

1) Getting a reverse mortgage does NOT mean you give up the title to your home. You still own your home and your equity, and must continue to maintain insurance and pay taxes on the property. You also need to continue to live in your home as your primary residence.

2) You may qualify for a reverse mortgage even if you are behind on your mortgage payments. In fact, that may be a good reason to explore a reverse mortgage option to help alleviate the financial pressure.

3) You may use the cash proceeds from your reverse mortgage without restriction. You may use it for home improvements/repair, paying off debt, medical needs, vacations, or even just as a cash reserve!

4) There are no credit, income, or health assessments needed to qualify for a reverse mortgage in Georgia (or in any state for that matter!).

5) You don’t need to own your home outright (or free and clear) to obtain a reverse mortgage (about half of the seniors who have taken advantage of the reverse mortgage product, have done so to payoff their previous mortgage or home equity line and eliminate their mortgage payment for life!).

Does this change how you think about reverse mortgages? What questions do you still have? Our reverse mortgage experts can help you with straight-forward, accurate information.

To securely submit your information and talk to a qualified professional about your specific circumstances, please fill out our form or call 1-800-250-8810.

Sincerely,

Brandon S. Smith
President & CEO, the Reverse Mortgage Helpdesk

Let’s start out with age requirements. Yes, a reverse mortgage is only available to seniors age 62 or over. A reverse mortgage is a Federal Housing Administration (FHA) government-insured program, and it is not permissible for a mortgage company to use its discretion to circumvent the age requirement. If a homeowner is 62 or older and his or her spouse is named on the title and has not reached the age of 62, there are still ways to obtain a reverse mortgage.

Regarding the costs of a reverse loan or mortgage—the purpose behind a reverse mortgage is to alleviate financial strain, not create more. Closing costs are lower than ever, with several lenders eliminating the servicing fee and/or origination fee on certain products. And keep in mind, the fees are not paid until the loan gets paid off when you/your heirs sell the home or refinance the loan.

The best thing is…there are NO monthly mortgage payments to keep up with!! You are required to carry insurance on the property as I mentioned before, and—here’s something that comes up often—yes, you must be living in the home as your primary residence in order to qualify for a reverse mortgage.

Most people are pleasantly surprised to find out that they do not need to pay taxes on the proceeds from their reverse mortgage. (Please consult your qualified tax advisor for more details).

HUD (the Department of Housing and Urban Development) guarantees that you will never owe more on your home than what it is worth. If you opt to sell your home and you can’t sell it for the amount owed on the reverse mortgage, the government accepts the loss—not you. Additionally, should you decide to pay off the loan or sell your home, there is no repayment penalty.

Now here’s the biggest one of all, especially since about the time most people start thinking about a reverse mortgage is about the same time they are checking into or receiving social security benefits. Social security, as well as most federal benefits, will not be adversely affected by your proceeds from a reverse mortgage.

Have you considered a reverse loan to help alleviate some of your financial stress? Where do you go for accurate information? Feel free to call us toll-free at 1-800-250-8810 or fill in our questionnaire at the Reverse Mortgage Helpdesk for more information.

If you find yourself struggling financially, a reverse mortgage may give you the breathing room you need and financial comfort you deserve.

Sincerely,

Brandon S. Smith
President & CEO, The Reverse Mortgage Helpdesk

Let me say that while the time is right, there are still charlatans out there who are willing to take advantage of anyone who knocks on their door. And there are still companies who (legitimately!) load up the back end of a loan to line their pockets with more money than what they should fairly charge for their services. It can still be challenging for consumers to compare apples to apples in the loan and reverse mortgage industry, despite government guidelines put in place to help them. That’s where we come in. The Reverse Mortgage Helpdesk will never sell you a loan. We can objectively answer your questions and put you in touch with lenders who have passed our standards as reliable and trustworthy reverse mortgage providers.

The government FHA guideline changes translate to lower closing costs and more money for seniors who acquire reverse mortgages. As always, you never lose the equity or ownership of your home with a reverse mortgage, and you can kiss those mortgage payments goodbye forever. There are stringent guidelines in place to make sure that people cannot abuse the system that was designed to help them. It’s one of the primary reasons I set up the Reverse Mortgage Helpdesk. Our professionals can help explain the qualification standards and walk you through the process if it is right for you.

What factors do you consider when making a major life decision? Timing, finances, health, level of personal need, your spouse’s opinion, your children’s concerns?

You can count on the Reverse Mortgage Helpdesk to give you straight answers about your tough questions and unique circumstances, so lay it on us—what do you want to know?

As always, the Reverse Mortgage Helpdesk is a free service to citizens who are contemplating a reverse mortgage or loan and would like more information pertinent to their particular circumstances.

Brandon S. Smith
President & CEO, the Reverse Mortgage Helpdesk
1-800-250-8810