The Reverse Report

Program 7 - Reverse Mortgage Marketing Tactics with Dr. Mitchell Perelman

Program 7 Audio

Dr. Perelman joined me during this episode to discuss his medical practice with Cambridge Medical Group.  If you have any questions for Dr. Perelman, his office number is (561) 634-8888.

I spent some time at the beginning of this program discussing my views on various marketing practices of some reverse mortgage brokers.  All in all, I don't have a problem with seminars or direct mailing, as long as they're done in a non-pushy way and there's no attempt to confuse or mislead the consumer.  That doesn't seem to be the case in every instance, however.

Program 6 - Reverse Mortgage Basics Continued

Below is the audio of Program 6. I went over more of the basics of reverse mortgages as a continuation of the material I covered in Program 5.  No guests this week.

 

  Program 6 Audio

Program 5 - Reverse Mortgage Basics

Audio for Program 5 is attached.  I spent the better part of the hour discussing Reverse Mortgage Basics and some issues that I constantly address with clients.  In particular, I discuss how banks and FHA view the definition of "primary residence".  If you're unfamiliar with reverse mortgages and how they work, this episode is as good as any to start with.

Program 5

 

Program 4 - Condo issues in Florida with guest co-host Anita Finley

Attached is the audio of Program 4 where we had Anita Finley as our guest host and had a very lively discussion of reverse mortgages.  Anita is a local expert in gerontology and senior issues.  She hosts her own radio program on Saturday mornings on WSBR AM 740.  Please make sure you check out her Boomer's Expo on July 9 at the Seminole Hard Rock Casino.  You can find out more about it here:  http://www.babyboomers-seniors.com/pdfs/may10/ads/expo.pdf

Towards the end of this program we discuss condo issues in Florida and why I think its very important for condominiums to get Fannie Mae and FHA approved.  If you live in a condo in Florida, please make sure you check out this conversation.

Program 4

Program 3 - Property Law and Utility Theory of Reverse Mortgages with Mil-Jean Bennett of Living In Place For Seniors

The audio of Program 3 is posted below.  In the second segment of the show, I suggest the proper way to analyze reverse mortgages and to decide whether they are right for you or not.  I tried to use my background in law and economics.  I hope my point came across clear.   Basically, the decision to do or not do a reverse mortgage is very subjective and I think that by looking at the ownership in your property as a bundle of rights can be a very instructive way of analyzing the issue.

We also had a great discussion with Mil-Jean Bennett.   Her organization is doing some fantastic work helping people in a wide variety of disciplines.  If you need to contact her or have any questions, her telephone number is 561-241-1225.   As always, if you have any questions for me, give us a call at (800) 320-4001 or write to us at info@reverse123.com.

Program 3 Audio

 

Reverse Mortgages Now Look Cheaper - WSJ.com

Reverse mortgages have long been considered one of the most expensive ways to extract cash from your house. But that is changing as some of the country's biggest reverse-mortgage lenders are slicing closing costs—helping even some affluent homeowners who want to generate additional income.

Reverse mortgages allow people who are 62 years old and older to convert their home equity into cash. Instead of the homeowner writing a check to the bank each month, the bank pays the homeowner, who can elect to receive a lump sum, a line of credit or monthly payments. The loan is due, with interest, when the borrower dies, moves, sells the house, or fails to pay property taxes or homeowner's insurance. Heirs typically sell the house, pay the balance and keep whatever is left.

via online.wsj.com

Here's another article from the Wall Street Journal that talks about reverse mortgage costs coming down. I think this accurately reflects some of my conversations on the radio program.

Your Money - Reverse Mortgages Still Costly, but Less So - NYTimes.com

Reverse Mortgages Still Costly, but Less So

By TARA SIEGEL BERNARD

The adage that you can’t take out a loan to pay for retirement is not entirely true.

Reverse mortgages, which allow older homeowners to pull cash out of their homes without making payments, have been around for decades. They are often used by people who want to stay in their homes, but need extra money to pay medical bills, for instance, or to retire other debt.

Reverse mortgages also have a reputation for being expensive, and they are. But if you’ve been thinking about one, it’s worth taking a closer look now because several lenders have cut prices in recent weeks. As with most complex financial products, however, you need to know exactly what you’re getting into.

via www.nytimes.com

Here's a great article from the New York Times recently about reverse mortgage pricing coming down. I don't understand why they say both spouses need to be on title. That's just plain an inaccurate statement. I'd always recommend that both owners be on title so that the surviving spouse will alway be an owner. However, its not a requirement to do a reverse mortgage.

Program 2 - Background on Reverse123 and Reverse Mortgage Basics

Hi everyone.  Attached below is a copy of Show #2.  I spent a lot of time going over my background and my basic core philosophy about reverse mortgages.  So if you missed the show and are wondering about my background or how I approach this product, this is a great place to start.  As alway, please feel free to shoot me any questions either through the comments or at info@reverse123.com.  Its been great speaking to some of you by phone.  Thanks for calling.

Show #2 Audio

 

Show #1 Intro to the Reverse Report with co-host Allen Martincavage Esq.

Well, today was an interesting start of the show.  It was great to have Allen join me and give some perspective of the legal issues that people run into with reverse mortgages.   Although it was really just an overview of topics that will be covered more in-depth later, I hope people found it interesting.   As alway, a copy of the program is posted below for your listening enjoyment.   Feel free to post any questions or comments. 

Episode 1

National Retirement Risk Index

Download Nrri_fact_sheet

Here's a fascinating study by the Center for Retirement Research at Boston College that discusses how reverse mortgages lower the risk of a retiree's standard of living changing significantly from pre-retirement years.  Interestingly, income level had no effect on the results.