Did you know that the average American holds 70-80% of their net worth in their home equity? For most retirees, it is their largest asset. Did you also know that you can use home equity to help boost your income during retirement? You may have heard of a little thing called a reverse mortgage. Yes, they do tend to get a bad rap, but if used correctly, they are a powerful financial tool offering flexibility and an added income source that won’t impact your other investments. And that’s what we’re going to talk about today with our guest, Reverse Mortgage Specialist, Amanda Keith. Amanda is a licensed Mortgage Loan Originator specializing in the HUD-insured Home Equity Conversion Mortgage (HECM) and the new Jumbo Reverse Mortgages. As an experienced financial professional, Amanda works to help clients understand how this program can be used to improve retirement cash flow.
Together we are going to discuss everything you need to know about reverse mortgages, including:
- What a reverse mortgage is
- What the qualifications are for borrowers
- How Americans are using reverse mortgages to help “problem-solve” in their finances
- When they make sense, when they don’t
And much more!
The goal of the episode is to give you the knowledge on reverse mortgages to have more options for a sustainable retirement. So, whether you think you might want a reverse mortgage someday or know somebody close to you who is considering one, this episode can help you weigh your options.
P.S. Looking to meet with Richard or Angela at our office in Alamo, Ca? Want to discuss more of what you heard in this episode? Wondering where the heck you need to get started or what all of this means for your retirement plans? Scheduled free 30-minute session and find the peace of mind you deserve for the rest of your life. You can also reach by calling 925.736.6410 or send an email to Info@APlaceOfPossibility.com.
“A reverse mortgage for purchase has a one-time down payment of approximately 50% of the purchase price, then the borrowers never have to make any monthly mortgage payments for the rest of their life, as long as they live in the home, up to age 150.”
Did you mention “Guide” above? Why yes, yes we did. We’re proud to present you with our “Know Your Possibilities Guide,” a tool and free resource for you to take notes, review, keep on hand, or even share with your friends and family. So grab your copy, click the play button and follow along. You’re just minutes away from discovering your next Place of Possibility.
A Glance at this Episode:
2:10 We always get a lot of questions about reverse mortgages, and today we’re diving in. We’re excited to introduce our guest, reverse mortgage expert, Amanda Keith.
4:10 So, what is a reverse mortgage, and how does it work? Press play now for what you need to know.
5:43 Let’s shift gears and talk a little more about the available types of loans – fixed-rate vs. variable-rate loan options.
9:37 How do consumers qualify for a reverse mortgage? We talked about age and the position on the home. Is there anything else listeners need to know? Let’s review.
10:15 Is there a specific type of property I need to live in for my primary residence in order to qualify for a reverse mortgage? Start listening now!
11:46 What happens to your house and mortgage if you need to enter assisted living?
13:31 So, we’ve mentioned Jumbo reverse mortgages and HECM loan options. What is the difference between those two?
15:36 Are you still with us? Good! Next, listen in as Amanda talks about some of the other costs associated with these loans and what borrowers can expect.
17:48 Are reverse mortgages non-recourse? What are non-recourse loans? Find out!
18:19 We’ve been doing a lot of talking about what these loans are. Now let’s talk about what problems they solve and some of the creative ways consumers use reverse mortgages for financial needs.
25:47 Speaking of using a reverse mortgage as an emergency fund, could the money be used for non-emergency things like travel?
29:08 Start listening now as Amanda dispels some common misconceptions regarding reverse mortgages.
33:07 Let’s look at a real-life example of a reverse mortgage situation.
35:57 What should people be aware of when they’re thinking about getting a reverse mortgage?
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How to get in touch with Amanda!
Amanda Keith – NMLS#1247741
Reverse Mortgage Specialist
Phone: 510.REVERSE or cell) 415-747-5668
Links/Resources Mentioned in this Episode:
- Learn more about Amanda Keith
- Download a copy of Amanda’s reverse mortgage scenario
- Get your free copy of our Reverse Mortgage White Paper
- APOP Ep. 012 A Course in Mortgages with Erin Ekstrum
- Ensure your family’s wealth will live on for generations to come. Order your copy of Endless Inheritance by Richard Del Monte today! https://aplaceofpossibility.com/endlessinheritance
- Ready to become a better investor? We’ve got the strategies you need. Download a FREE copy of our e-book, “Evidence-Based Investment Insights.” https://aplaceofpossibiltiy.com/evidencebasedinsights
- Del Monte Group offers a variety of free resources to help you make innovative and educated financial decisions so that you can keep, grow, and enjoy your wealth starting now. Find them by visiting https://aplaceofpossibility.com/resources.“One-size-fits-all” won’t fit you here! The Del Monte Group team understands that everyone’s financial goals are unique. That’s why we always provide customized advice. No matter where you are in life, you can depend on our proven expertise to provide financial planning support for long-term success. Ready to get started? Schedule a meeting with Richard or Angela in our Alamo, CA-based office today or we can meet via Zoom! >> You can select a date and time that works for you via our calendar, call us at 925.736.6410, or send an email to Info@APlaceOfPossibility.com. We can’t wait to help you!