NBC Today Show on Reverse Mortgages: Children Not Entitled to Home Inheritance

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Mortgage and Lending with Security One Lending

Best comments I have heard from the press!  I think they are finally getting it!!

 

NBC Today Show on Reverse Mortgages: Children Not Entitled to Home Inheritance

March 22nd, 2012  |  by Elizabeth Ecker Published in News, Reverse Mortgage  |  1 Comment

A reverse mortgage is for the borrower, not the borrower’s children, says a Today Show segment this week in response to a reverse mortgage inquiry. In responding to a viewer question from a woman whose mother recently took out a reverse mortgage and wonders if she can now get out of the loan to maintain an inheritance from the home, Today’s financial experts including Jean Chatzky and Sharon Epperson say that it is up to the borrower, not the children or family members.

 

 

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“My now-72-year-old mother took a reverse mortgage loan…” the viewer says, “and she now realizes she will be losing her home after she either can’t live there anymore or passes away, leaving her children without an inheritance.”

Chatzky reminds the viewer that her mother received counseling as a part of the loan process, ensuring she understood the consequences.

“When she took it out, she went through counseling. She knew what she was doing because you are mandated to go through counseling before you go through with [the loan],” Chatzky says. Further, though, the experts remind the viewer that she is not entitled to an inheritance from her mother’s estate.

“I have a problem with this notion that [the borrower] owes her daughter an inheritance,” Chatzky says.

“The reverse mortgage is for the parents, the person who takes it out. Not the child,” Epperson adds.

Written by Elizabeth Ecker

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Bend, Oregon:  CE Credits for Realtors delivered in Oregon on the topic of Reverse Mortgage

Oregon Reverse Mortgage Lender

Sharon Falvey, Vice President Northwest Sales has been effectively delivering Continuing Education Credits to Realtors accross the State of Oregon and most recently in Bend, Oregon.  This class has been very well received by Realtors that thought they understood the truth about Reverse Mortgage until they took the class.

 

Sharon Falvey and Security One Lending were recently quoted in "Reverse Mortgage Daily" and "Reverse Fortunes" as well as other's.  It brings me great joy to  be able to dispel the myths about Reverse Mortgage and show Realtors how they can position themselves to use it correctly and increase their sales.  We all need to make our way in these interesting times and you can never have to many tools in your belt to do so.

 

Dan Heater: Continuing Education Director in Bend Oregon for COAR is quoted as saying: 

"Thank you Sharon so much for the great class on Reverse Mortgages you did at COAR last week.  The class was very good.  It is amazing that we all still have these pre-conceived ideas about what a reverse mortgage is and how it can fit into our lives as we age.  All of our brokers we very impressed with the class and had all changed their minds as to the value and use of reverse mortgages both personally, and as a tool to help their customers.

 

The class was concise, easy to understand and gave all who attended something else to include in their presentations for their clients.  I would recommend this class for anyone to take.  Anyone approaching this age, with parents close to this age, or a real estate practitioner with clients of this age would gain valuable information as to how to own real estate as you approach your senior years.

 

Thanks again.

 

Dan

 

Dan Heater

Communication Coordinator"

 

And Desiree Streeter, Broker in Bend Oregon as saying:

 

"Hi Sharon,

 

I want to thank you so much for drawing my card for the nice briefcase. That really brightened my day! I have had some really rough times lately with caring for my mother who has been ill for the past 2 years and then my husband being in the hospital since Feb 2 and getting out tomorrow. With that and work I have definitely had a full plate!

 

I really enjoyed the class today. I went into it knowing nothing at all about Reverse Mortgages. It was very interesting and I gained a lot of knowledge which I will use. I will highly recommend this class to others I know when I see it posted again. I look forward to your updates!

 

Thanks Again!

Desiree’

 

Desiree' Streeter

Real Estate Broker

Cell:541-390-5110"

 

If you would like more informaiton as to how I can bring this to your Association or Office please do not hesitate to contact me.  For more general information please visit my website or call me direct at 541-891-5706 (cell)  503-534-3546 (office).  I look forward to serving your needs.

 

Sharon Falvey

NMLS# 582985

Vice President, Northwest Sales

Home Equity Specialist

541-891-5706

 

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Rainmaker
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Charles Stallions Real Estate Services
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

I think the jury is still out on this as time will tell.

Mar 22, 2012 12:20 PM #1
Rainmaker
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Sharon Falvey
Security One Lending - Portland, OR
Oregon Reverse Mortgage Specialist and Home Equity Expert

Thank you so much for your comment!  I can well imagine that as a Realtor you may be working with the children that Mom and/or Dad did not inform about the existence of a Reverse Mortgage.  This could create shock, anger and the need for finger pointing.  Unless a both sides of the story are told you won't know the real truth.  The children may never have known what kind of struggles that their parents may have faced to make ends meet, and what a cool thing to let the home they worked so hard to pay for support them in their retirement years.  The key is to work with a loan officer that knows how the product works and what it's proper application is.  The point of the article is that Children hope for an inheritance, but they are not "entitled" to one.  There are many good things that a Reverse Mortgage can be used for and kept in it's proper place can be a great Estate Planning tool!  After devoting the last 12 years of my life to this single product I can tell you that I have helped changed the lives of hundreds of Older American's.  In most cases the children are in full support!!

Mar 23, 2012 09:24 AM #2
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Rainmaker
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Sharon Falvey

Oregon Reverse Mortgage Specialist and Home Equity Expert
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