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reverse mortgage: No Pushing! - 04/09/08 10:52 AM
Last week I had an appointment with a gentleman who was interested in a reverse mortgage. In fact, all indications were that he was going to take very little convincing. His wife had a debilitating stroke 7 months ago, and has been hospitalized ever since. She is unable to speak and her hands are permanently clenched. There is no hope for recovery. In essence, he's waiting for her to pass, which may literally happen any time.
There is no question that he can benefit from tapping into the equity in his home, which he owns outright. However, when talking with him, … (1 comments)
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reverse mortgage: Reverse Mortgage vs. REX Agreement - 03/10/08 11:42 AM
Over the weekend, I received the following question from a reader in Illinois:
Corey - do you have any thoughts on the REX Agreement? They have been advertising a lot here in Chicago and I’d like to understand how it works better. They are extremely complicated and seem rife with potential pitfalls.
Real Estate Equity Exchange, or REX, is not technically a loan. Unlike reverse mortgages, which are available in all 50 states, REX agreements are only available in California, Colorado, Illinois, Florida, New Jersey, North Carolina, Virginia and Washington state. The homeowner and real estate investment company establish an … (3 comments)
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reverse mortgage: Reverse Mortgage and Golf - 02/28/08 01:31 PM
I was speaking with a friend of mine yesterday about the piece I wrote the other day on my main blog site regarding the other reverse mortgage guy who was trying to convince my client to not meet with me. During the conversation with my friend, who is also in the reverse mortgage business, I came up with, what I thought, was a pretty good analogy. So with that, I offer you this...
ANALOGY ALERT!
I like to golf. Not because I'm good at it, because I'm not. But because it's just a great game, and golf courses are typically beautiful … (0 comments)
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reverse mortgage: Reverse Mortgage = Economic Stimulus - 01/31/08 01:30 PM
In some of my daily reading yesterday, I came across an interesting fact I had wondered about, but never really researched. I found that the average senior between the age of 65 and 74 spends 92% of their income. This is startling, but not to be outdone, seniors 75 and older spend 98% of their income.
On Tuesday, the House approved a plan by a margin of 385 to 35 which excludes a great many seniors because they do not have sufficient income. However, there is some noise being made which would allow seniors to include their Social Security payments … (6 comments)
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reverse mortgage: The Promise of Reverse Mortgage - 01/28/08 10:36 AM
Over the weekend, I was alerted and alarmed by an article with this headline, "Ensure Your Old Age Is Trouble Free With A (name deleted) Reverse Mortgage".
Folks, no one and nothing can ensure a trouble free life. Be wary of anyone who does. Even if it's just to get your attention about something good, like a reverse mortgage.
Since the inception of my blog, I have been very outspoken against critics of reverse mortgage because of their misrepresentations, either out of ignorance or just plain closed-mindedness. Let the record show that I am equally outspoken when someone tries to promise … (0 comments)
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reverse mortgage: The Simplicity of Reverse Mortgage - 01/24/08 10:00 AM
You may recall a few weeks back that I wrote about Mr. and Mrs. M. Their reverse mortgage closed and was funded on New Year's Eve. They're a lovely couple in a beautiful home. We chat on average of about once a week just for fun. Once the weather clears up, Mr. M and I have a standing golf date at the course where he serves as a volunteer marshal.
Back while their loan was being processed, after they had completed the application, after they had gone through their mandatory independent counseling, I got a call from Mr. M. He sounded … (1 comments)
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reverse mortgage: The Emotions of Reverse Mortgage - 01/22/08 12:35 PM
There was an article in USA Today on Friday entitled Reverse mortgages aren't for everyone which has caused a bit of a stir. I participated in some of the online conversation which caused at least one individual to question my credibility because, in his mind, I was using "emotion" to sell reverse mortgages. This seems to be his comeback to anything anyone says which is pro-reverse mortgage.
This reminds me that many professionals are educated beyond their humanity. Everything is numbers. It's not about people and what they want, it's about how smart I am and you're stupid or a crook … (7 comments)
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reverse mortgage: The Mechanics of Reverse Mortgage - 01/17/08 05:57 PM
If you've read my blog or spent any time with me, you probably know by now that I love using analogies and metaphors. In that light, I write this post.
You will hear financial "experts" insist how complicated reverse mortgages are. Well, my car is a pretty complicated piece of machinery, but all I need to know is how to fill the gas tank, take it regularly to get the oil changed, tires rotated and other fluids checked and filled, and just drive responsibly. Every single time I've gotten in it, I turn the key, and VROOM, it starts. I couldn't … (2 comments)
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reverse mortgage: Above All Else, Serve The Client - 01/16/08 11:49 AM
A couple months ago, I was going through my files of people who had gotten a reverse mortgage in the past. I came across a lady, I'll call her Mrs. A. I noticed that she had gotten her reverse mortgage several years ago, when the lending limit in her area was considerably lower. Also, since she got her original loan, several new reverse mortgage products have been released. I ran the new numbers and found that she could potentially benefit greatly from a refinance with a new reverse mortgage. When I called Mrs. A, she was particularly concerned with making sure … (4 comments)
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reverse mortgage: Advantages To Being "Over The Hill" - 01/12/08 12:24 PM
You know, we spend our lives climbing and climbing. It takes a lot out of you, doesn’t it? The phrase “over the hill” is clearly understood as a euphemism for being past your prime, or even irrelevant. If you’ve ever hiked up a hill or climbed a mountain, you’ll find that the best view and vantage point is…the top. When you reach this plateau, you gain a perspective almost impossible to achieve from any other place or any other way. The picture you see below is one I took not long ago while visiting the Pine Mountain Lake area of Northern … (0 comments)
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reverse mortgage: Refinancing a Reverse Mortgage: Success Upon Success - 01/08/08 04:03 PM
Last night I had the privilege of speaking with a very nice couple, to whom I will refer as Mr. and Mrs. G. They obtained a reverse mortgage loan back in July of 2001. At the time, their home was appraised at $415,000, and the federal lending limit in their county was $239,250. The full amount of their benefit was just under $150,000.
Fast forward to today. They are now 80 and 79 years old, respectively. Their home is currently valued, conservatively, at over $650,000. The federal lending limit in their county is nearly $130,000 higher than it was when they … (3 comments)
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reverse mortgage: Mr. and Mrs. M - 01/06/08 10:32 PM
2007 went out on a very positive note for Mr. and Mrs. M. I was introduced to this special couple just a few months ago through a family friend of theirs who is a CPA and familiar with me and what I do. Referrals are always wonderful, but this one was particularly special because of the nature of the relationship between this couple and my CPA friend. She wasn't simply referring a client, she was referring a couple with whom her family has had a special relationship for decades.
Mr. M had been contemplating getting a reverse mortgage for over 4 … (0 comments)
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reverse mortgage: Reverse Mortgage vs. Foreclosure - 12/27/07 12:14 PM
Over two months ago, I wrote an article about how reverse mortgage can be a tremendous solution for seniors in avoiding foreclosure.
This week, The Wall Street Journal has a story of a 62 year old woman in Atlanta, GA who did just that. Her mortgage payment took up 70% of her monthly income from her Social Security and pension. She intended to get a job, but complications from her diabetes and back surgery made that impossible. The WSJ article goes on to say that elder law and other attorneys are seeking reverse mortgages for their clients as a viable weapon … (4 comments)
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reverse mortgage: Visiting The Parents - 12/26/07 05:36 PM
Like millions of people around the world, I visited my parents over the past several days for Christmas. I am fortunate in that they only live 2 hours away, so I get to see them relatively often. Many Americans only see their parents once a year, or maybe every other year as they alternate between in-laws and their own parents.
When you don't see your parents often, it can be startling to see what aging has done to them. Many adult children don't recognize their parents' need until they see it face-to-face.
Many in-home care providers see a spike in interest … (0 comments)
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reverse mortgage: The Rest of the Story - 12/05/07 01:32 PM
As I have delved into the wonderful world of blogging and daily browsing of the internet for all things reverse mortgage, I have realized that there is a never ending parade of people disseminating misinformation and half-truths about reverse mortgage. These are commonly written by people who seem rather passionate against reverse mortgages in general. I have come to the conclusion that such folks are either;opposed to reverse mortgages because they don't know the truth, or...spreading untruths because they're opposed to reverse mortgagesEither way, these people sure make my days spicy! I enjoy reading these articles and sharing the truth they … (3 comments)
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reverse mortgage: Social Security "Increase" - 10/17/07 03:33 PM
You all probably have already read this, but for the sake of context: Social Security Going Up by 2.3 Percent
By MARTIN CRUTSINGER, AP Economics Writer
Wednesday, October 17, 2007
(10-17) 08:49 PDT WASHINGTON, (AP) --
Come January, Social Security benefits for nearly 50 million Americans are going up 2.3 percent, the smallest increase in four years. It will mean an extra $24 per month in the average check, the government announced Wednesday.
The cost of living adjustment means that the monthly benefit for the typical retired worker in 2008 will go from $1,055 currently to $1,079 next year.
The adjustment, announced by … (3 comments)
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reverse mortgage: Is The Glass Half Full, Or Half Empty? Maybe It Doesn't Matter - 10/09/07 07:19 PM
Stress
A lecturer when explaining stress management to an audience, Raised a glass of water and asked "How heavy is this glass of water?" Answers called out ranged from 20g to 500g. The lecturer replied, "The absolute weight doesn't matter. It depends on how long you try to hold it. If I hold it for a minute, that's not a problem. If I hold it for an hour, I'll have an ache in my right arm. If I hold it for a day, you'll have to call an ambulance. In each case, it's the same weight, but the longer I hold … (0 comments)
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Corey Matelli
San Jose,
CA
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Reverse Mortgage Company
Office Phone: (408) 689-1235
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