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Reverse Mortgages

By James Boone

Mortgage and Lending with Broad Solutions Lending

April 09, 2008 04:58 AM

What is the best way to approach someone about a 'Reverse Mortgage'? I have spoken to several people and they are very interested, but I was not the initiator of the conversation. It's kinda hard telling someone "hey, you look 62 or over, how much equity do you have in your home" There has to be a more subtle way to bring this up in conversation. I truly believe this program is most helpful to those living on Social Security or some other type of 'fixed-income'. There is also the option of being out of your home for 11 months out of the year... actually generating rental income from your home while you travel and do whatever is you want. Taxes and Insurance still need to be paid, but as for your mortgage it doesn't have to be paid until you pass and only if your relatives would like to keep the home. But I digress, how can I possibly talk about this without offending those who appear 'mature' for their age?

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Jennifer Butz

Not yet determined - Lilburn, GA

You know, I would like to know the same thing, but I have an idea. What about going to "Senior Centers" and maybe speaking at their get togethers, whether it is a BINGO game or if it is a luncheon. Or offer a luncheon to the seniors there and speak about reverse mortgages and answer questions about them.

Apr 09, 2008 05:06 AM

Melody Botting

Broker Associate PenFed Realty - San Antonio, TX

You Deserve The Best

A friend of mine purchased a house. He has a girlfriend but they never married. He thought he would leave the house to his children when he passed because he put a lot of work into it and thought they would want it. He has needed help doing work around this AMAZING home but his children (who are all adults over 20yrs) put him off. They do not seem interested in cleaning gutters, paving a driveway, etc... They mostly drop by for food and conversation when they 'are not too busy'. Because he has a girlfriend living with him he placed her as the beneficiary to his life insurance. Now he is thinking of reversing the whole thing- leave her the house and the money to the kin. However, he has no retirement plan in place so who knows... Perhaps he will be looking at a reverse mortgage in the leaner years. She doesn't have a retirement plan either so if she got the house it may be a good option for her when the time comes.

You are in the perfect position to help people with issues. I am just spit-balling ideas for conversation with prospects. My point is- The brats do not deserve the house! He already paid for their college so I think he has done enough.

Apr 09, 2008 07:45 AM

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