Arizona News Press Release

Here is a valley business story that you need to cover!


Press Release:


In a meeting like no other in the nation, over 220 seniors are attend a continuing education session with their mortgage company. American Mortgage Group, Inc. , a local mortgage banker in Arizona for over 8 years with Joni Dee with Hall Ewing is conducting its free bi-annual meeting this Saturday in Sun City West for their existing customers, and like all of their meetings this one is going to be very well attended. This meeting is specifically on estate and tax issues with a guest speaker, James Veale, CPA consultant for NRMLA (The National Reverse Mortgage Lenders Association), national presenter, from Los Angeles, California. The Second topic is how do I use my Local, State and Federal Senior Benefits. Marc Katz’s organization “Hearts of Joy Senior Care Inc.”, is the answer. This meeting is simply educational, and the seniors share their needs and all in attendance hear the opportunity on how to receive senior benefits. All attendees have a free lunch, free education and learn more on the reverse mortgage plan and on Senior entitlements that are available to them from the Government. Hall Ewing, the host of this meeting said, “Of course these seniors are excited about their reverse mortgages, over 93% of all seniors are pleased with their reverse mortgages, we just try every day to push that number to 100%”.





Staff writers, reporters, and film crews are welcome to come and see how a mortgage customer should be treated. To request an invitation call Hall Ewing at 602-741-9420






Story:


In an economy where most homeowners with mortgages never hear from their lender unless it is a late payment notice, local company American Mortgage Group, Inc.’s Reverse Mortgage Division holds two meetings a year to keep homeowners up to date on reverse mortgage news, tax issues, and any new benefits for their estates. This meeting is not to sell the seniors a new product, it is simply seniors coming together to learn more about the loan product that they already have. This is a free meeting, with lunch served, and lots of discussion time for seniors to share their positive experiences with their reverse mortgages. Over 220 seniors have reserved places at this bi-annual meeting to be held in Sun City West, at the Sun City West Foundation, November 8, 2008 from 9:00 a.m. to 1:00 p.m. with lunch provided. Meetings like this are unheard of in the mortgage industry.


You can describe the problem in the mortgage loan industry in America in one phrase, “Lack of Professionalism”. The lack of professionalism in the lending industry is the exact reason why mortgage brokers would even consider offering some of the products that have plagued the mortgage loan industry over the last 10 years. Lack of professionalism is exactly why a mortgage broker would sell you a product and then never have contact with the customer again. Mortgages are a long term commitment by the bank and the consumer. Historically that created a working relationship that lasted the life of the loan. Now, however, with the master servicing companies, and banks selling paper back and forth to each other, that relationship no longer exists, except here in the valley. Hall Ewing, is one of the nations top lenders in the reverse mortgage industry. His individual loans are ranked in the state of Arizona, behind only the combined efforts of the employees of Bank of America and Wells Fargo. Hall's success is proof that professionalism and service pays off in the end.


Why in the world would over 220 seniors attend a meeting on a reverse mortgage meeting when they already have a reverse mortgage? According to Hall, these seniors are excited about their reverse mortgages. In his own words, “Of course these seniors are excited about their reverse mortgages, over 93% of all seniors are pleased with their reverse mortgages, we just try every day to push that number to 100%”. The 93% approval rating is from an AARP poll of seniors with reverse mortgages. Compared to the approval ratings of traditional equity loans, reverse mortgages are three times as high. More information on Reverse Mortgages Division of American Mortgage Group, Inc. by calling 623-214-6663.

Seniors need to go to mortgage school

Seniors,

How many times in your life have you kicked yourself for missing something that is very obvious?

How many times have you seen something that you should have looked into, but you never got a round to it, and now your just left wishing you did something?

You missed the boat two years ago when Hall was telling you that reverse mortgages give you piece of mind. Hall has hundreds of customers who thank him every chance they get for helping them understand how to retire without stress. They locked in their home values at the top of the market. They received the maximum benefit and support for their retirement, and you missed the boat.

We now you should be thanking you lucky stars for a second chance. Our government just passed a new law that gives you more power in the real estate market than any other consumer. You have been given a gift by the government and I guarantee that if you do not learn about what the government is offering you will be kicking yourself for not learning more.

Hall has the information you need. He is broadcasting it as loud as he can that he wants to help you now. He is not charging you for a consultation, he simply wants to give you the tools to make your life better.

Its your choice, call hall, or go buy a new pair of boots so that you can kick yourself in the future for not listening to what he is saying now.

Robert Fisher
bob@az62.com
Taken from the “Just Call Hall Show” on reverse mortgages
623-214-6663

Seniors need to go to mortgage school

What every senior needs to know

Every senior should know that if they are over 62, and if they have a regular mortgage, they need to stop and take a second look at how much money they are wasting and how much more they can prepare for their future with a reverse mortgage.

Thats right, ANY senior, and ANY regular mortgage. To be as simple as possible, if you are making a mortgage payment each month you need to contact us so that we can show you how much money you are wasting.

We will provide you with a comparison spreadsheet that shows you how much money you can save over the life of the loan with a reverse mortgage.

We will also show you the additional benefits to your wallet, to your piece of mind, and to your estate. Thats right, a reverse mortgage benefits your estate.

Just call us. We are friendly and informative. We will show you in writing exactly the proof you need to make the right decision and switch to a reverse mortgage.

Bob Fisher

bob@az62.com

623-214-6663

Coming soon to a neighborhood near you

Senior Citizens buying homes with reverse mortgages.

Thats right, the next big sales segment of the housing market is the seniors who are over 62. They are entitled to a government insured loan, and they are coming to your neighborhood to make offers on homes.

If your a real estate agent and don’t know how to sell homes to these seniors, you need to contact us to set up the process so that you can cater to these new home buyers.

If your a senior and you are looking for a home. STOP. Call us to find out how much more you can buy, how much better you can shop, and how much better you can live when you buy a home with a reverse mortgage.

Bob Fisher

bob@az62.com

623-214-6663

www.az62.com

This entry was poste

In the news today....

Sales of existing homes in June slowed more than expected and hit their lowest level in 10 years.

Existing-home sales resumed falling in June and the median price also dropped as inventories crept higher. Home resales slid to a 4.86 million annual rate, a 2.6% decrease from May's unrevised 4.99 million annual pace, the National Association of Realtors said Thursday.

The median home price was $215,100 in June, down 6।1% from $229,000 in June 2007. The median price in May this year was $207,900.

Existing home sales fell by 2.6% in June to a seasonally adjusted annual rate of 4.86 million units from 4.99 million in May, the National Association of Realtors said. The sales pace was off 15.5% from June 2007.

Housing inventory at the end of June rose 0।2% to 4.49 million existing homes for sale, or an 11.1-month supply at the current pace. That's up from a 10.8-month supply in May.

Seniors, where else can you find money for living expenses? Where else can you find a way to make sure you are taken care of in the long term?

Reverse Mortgages help seniors. They are an entitlement. Its time you learned more about reverse mortgages.

Bob Fisher

bob@az62.com

623-214-6663

Are you over 62?

How would you like to live in Mesa in a beautiful home for less than $40,000, with no mortgage payments for life?

There are 10 privately owned homes that are open to seniors over 62 who are interested in getting into a home in Mesa.

If you are interested in getting in on this entitlement opportunity, contact me to find out how little you have to pay to get into one of these homes.

There is no fees or payments to find out about this program. There are no credit score requirements or proof of income requirements.

We work hard to help seniors. Let us help you.

Bob Fisher

bob@az62.com

623-214-6663 office

714-331-1486 cell

Looking after the Heroes

With all the bad press that the current leadership is getting in this country of ours, its always nice to look back at the good days, when we were the toast of the planet, and our country was full of heroes.

I just heard about the rapid decline in the number of WWII survivors. It makes me very happy to know that I am helping this generation to live the best life possible for the rest of their lives.

Putting a senior who served our country into a home, saving their current home, or just getting more money into their pockets, is a great way for me to say thanks for all you have done.

If you are a senior citizen and need help either getting into a home, saving your home, or simply saving yourself from a cash crunch, please contact me...I would really like the chance to help.

We keep senior money in senior pockets. You call to us and our advice, cost nothing.

Bob Fisher

bob@az62.com

623-214-6663

The Perfect REO Solution

If you are a Real Estate Agent, Broker, Bank, or REO department and you do not have a relationship with us, then you are missing a significant segment of the market of potential customers.

We have seniors who are entitled to and ready to receive support in getting into a REO property.

We have worked long and hard to create the proper model for maximizing the return on from the sale of this non-performing asset, as well as maximizing the benefit for the senior who is attempting to get into a home.

For more information, or to submit an inventory of property that you would like us to take a look at, contact us at :

Robert Fisher

bob@az62.com

623-214-6663

Seniors Helping Seniors

You should know by now that AARP did a survey on seniors who had reverse mortgages and found that 93% of the seniors surveyed said that the reverse mortgage had a positive effect on their lives.

Now it is your turn to help seniors. If you are smart or lucky enough to have already received a reverse mortgage entitlement, you know that it is the right thing to do. So start telling your friends.

They will not ask you about it. They think they already know. What they know is wrong. Tell them the truth. Help them.

Bob Fisher

bob@az62.com

623-214-6663

Watching out for senior citizens

Its what we do. Everyone who knows us, or has been to one of our seminars knows that we are in this business to help the most neglected and abused segment of the U.S. population….SENIORS.

Bob Fisher

bob@az62.com

623-214-6663

How would you describe the perfect loan?

How would you describe the perfect loan?

If you could design a loan that helped both you and the bank that lent you the money to buy the home, how would you design it?

1) Payments: How about, “You pay what you can/want, when you can/want”

2) Interest Rate: How about, “I pay the same interest rate that the government pays out when people buy treasury bills, and let the bank earn 1.5% over and above that, just to be fair”

3) Length of the loan: How about, “The rest of my life, and if I am married, the rest of both our lives.”

4) Fees: Show me all the fees up front. Don’t hide them in a higher interest rate.

5) Security: Have my loan backed by the government. HUD

6) Give me a credit line if I have money left over, and have it grow. In fact have it grow at a higher interest rate than the loan.

7) Give me the option of government Tenure payments instead of the credit line, and make the payments backed by the government for the rest of my life.

8) I don’t want to have to use any money out of my pocket to get this loan.

9) Make it quick. I want to have this done in under a month.

10)Give me a person to talk to. I want to be able to reach someone during regular business hours, without having to talk to a computer, or without having to hold for longer than a few seconds.

Everything above is part of the reverse mortgage program offered by our company. No other loan company, let alone any reverse mortgage loan company can meet this quality and quickness.

You have no idea how much a reverse mortgage can help you. You really don’t. You need to talk to someone about reverse mortgages, because what you don’t know can hurt you AND other seniors. If you need to know, learn from the best.

Bob Fisher

bob@az62.com

623-214-6663

Hello? Wake UP Seniors!!!

Isn't it time to start thinking about yourself?

Isn't it time to start making sure you don't outlive your retirement?

Are your savings dwindling each month? If you are pulling money of of savings each month to meet bills, that means that you are subsidizing your own monthly income. That means once your savings is GONE, your monthly income will drop.

Can you afford it? Can you afford not having that monthly income?

Now imagine your spouse dying. Can you live without that monthly income?

The simplest use of a reverse mortgage is to provide extra monthly income for the rest of your life, guaranteed by the U.S. Government. Its like an annuity, but you don't have to put any money in to it! That's why we call it an entitlement!

Bob Fisher
bob@az62.com
623-214-6663 Office
714-331-1486 Cell

The right time to retire in the perfect home.

Wake up seniors. If you are over 62, then you need to understand that now is the best time to buy a retirement home. No time during your life has there been a combined benefit of depressed home prices and government backed financing. Never before have you had the opportunity to buy a home with a reasonable down payment, and NO mortgage payments for life!!!

What don't you understand about your reverse mortgage entitlement? Didn't you know that you had the opportunity to buy the retirement home of your dreams? Didn't you know that your credit score and income verification DO NOT matter with this program?

You need to find out just how wonderful a time it is to be looking for that perfect home to retire in, and to live without mortgage payments.

Bob Fisher

bob@az62.com

623-214-6663

Retire in Florida for less thand $49,900

We now have properties in the Boca Raton area that you can retire in for less than $49,900. These two bedroom condominiums have just been updated with stainless steel kitchens and new washer/dryer.

If you are 62 or over, pay less than $49,990 and move into your deeded two bedroom condominium, with no mortgage payments for the rest of your LIFE!!!

Luxury condo’s within a mile and a half from the Atlantic Ocean. Gorgeous

Boca Raton is less than 3 miles away and you are within walking distance

of the Intercoastal waterway. This is paradise!

That’s right, with our program, you purchase the condominium with less than $49,990 down and have no mortgage payments for the rest of your life. Your will only have to pay the association fee, property taxes, and homeowners insurance. You have worked hard all your life. We are rewarding you with a retirement home of your dreams for less than $49,990. If you have ever wanted to live in paradise, but never thought you could afford it, NOW is the time to take advantage of this government program that can make your retirement dream come true.

QUANTITIES ARE LIMITED, and this offer may end at any time। YOU MUST ACT QUICKLY TO GET THE BEST SELECTION. Don’t let this opportunity pass you by. There are no fees to apply.

Bob Fisher

bob@az62.com

623-214-6663

or

california : 714-331-1486

Get it while its hot.

Its an old saying, but it definitely applies to today's senior.

American Seniors are empowered to take advantage of today's economic conditions and real estate marketplace.

Armed with the entitlement of a reverse mortgage, seniors are able to do so many things including:

1) Set up a growing credit line for future needs.

2) Upgrade to a larger home.

3) Get a retirement home for less than half price

4) Get a multiple dwelling unit to earn extra income

Because its an entitlement, it is your choice whether you use the benefit or not. The government is not going to knock on your door and tell you to take advantage of this opportunity. They put the law in place and now its up to you to take advantage.

If you want to learn, all you have to do is call.

Bob Fisher

bob@az62.com

623-214-6663

or

california : 714-331-1486

The Crystal Ball

Do you really know what is going to happen to the value of your home over the next 10 years?

I don't.

Do you really know what your financial position will be in 10 years?

I don't.

What if you could make sure of your financial position to a certain extent, and also know the value of your home is at or above its current value? What if that guarantee was given to you by the U.S. Government? Would you take the guarantee?

If you own your home, are over 62, and have not signed up for a reverse mortgage, then you are leaving your homes value, and your access to a cash credit line for an emergency, up to chance.

Its Time. Get a reverse mortgage.

Bob Fisher

bob@az62.com

Arizona : 623-214-6663

Get Help

The Senior Citizens of the United States are reluctant to get help. They have been the heroes of the great wars, the movers and shakers of the greatest economy on the planet, and responsible parents and grandparents. They have always been the ones that everyone else runs to when they have a problem.

Well now is the time that we can help pay you back. The programs available through the reverse mortgage plan can help seniors with their current home, with a retirement home, or even as a source of extra income each month with a multiple dwelling unit.

The key is that we need to find the right way to let the senior citizens know that it is ok to accept this help because it is a government entitlement that was put in place to keep them in their homes and keep their money in their pockets.

Bob Fisher

bob@az62.com

623-214-6663

Enough is enough...time to learn

Ok, time is up. If you have been waiting to learn more about reverse mortgages, you are not allowed to wait any longer.

If you do not understand that a reverse mortgage can help almost every senior accomplish one of their goals, then you do not know reverse mortgages.

If you are over 62 and have any of the following symptoms, then you need to make an appointment for a checkup to learn how a revers mortgage can make you better.

1) If you are bored. A reverse mortgage can help you either participate in today's real estate market, or it can help you get busy helping others.

2) If you don't earn enough each month and need to earn more. A reverse mortgage can help you earn more money each month through rental property.

3) If you need to help your kids or grandkids during these had times. A simple reverse mortgage can help you get the money.

4) If you have a regular mortgage. ENOUGH. Why are you paying more interest, and losing access to the money you pay in towards the home? Get a reverse mortgage.

5) If you have a life goal that is going to take extra money, but you want to keep your home.

6) If you participate in a non-profit organization and would like to help them get more money each month.

Bob Fisher

bob@az62.com

623-214-6663

or

714-331-1486

The right home

Now is the time that senior citizens, 62 or older, are more empowered to deal in the real estate marketplace than any other time in history.

Every senior is backed by HUD as a good customer for a reverse mortgage. It is a great time for seniors to be shopping for homes. Every home on the market is less than half the offered price (as long as the offered price is at or lower than the FHA appraised value, and as long as the home is offered at a price lower than the FHA lending limit for that county).

Start thinking about where you REALLY want to live, then give me a call for personal assistance in getting the home of your dreams.

Bob Fisher

bob@az62.com

714-331-1486

or

623-214-6663

Happy Independence Day

Happy 4th of July

Happy Independence Day!!!!

Are you independent? Are you living the life of freedom from stress that you thought you would? Seniors with reverse mortgages are celebrating Independence Day in a way that most seniors can only imagine. They are free from stress about monthly mortgage payments. They are free from stress about a limited fixed income. They are free from stress about having enough to eat, or being able to go out a few nights a month.

The reverse mortgage gave them a guaranteed tenure monthly payment for the rest of their lives, or they have a credit line that grows over time. Its like a brand new bank account or a new job. You will be amazed at how much you have to celebrate when you have a reverse mortgage.

Enjoy the holiday

Bob Fisher

bob@az62.com

623-214-6663

or

714-331-1486

The electric Bill

Financial advisers are telling us that gasoline is not the only thing that is causing problems for seniors these days. It is an even more basic need that they are struggling to finance. The need is electricity. Senior Citizens are having a tough time paying the higher electric bills this summer.

We are seeing it again and again. Senior Citizens, a very proud and self sufficient group of individuals, are quietly suffering and struggling each month to pay their basic monthly bills. Everyone knows that Social Security and Pensions have not kept up with the increased prices of everyday items. Every also knows that seniors are outliving their retirement funds.

What is the solution? A reverse mortgage will insure that you have an additional monthly income, or even better a line of credit that you can withdraw money from each month while the balance grows to replenish the amount you withdrew.

When is it time to say, "I have suffered long enough"?

NOW. Look into a reverse mortgage to end your struggle to pay simple monthly bills.

The most misunderstood entitlement

Reverse mortgage have to be the most misunderstood entitlement in the history of the United States. Every time the government has created a program to benefit a portion of the population of this country, large groups of politicians and both public and private organizations have put the word out so that the people who are entitled to the benefit both hear about it and receive their entitlement.

Reverse mortgages have been the opposite. Even though Congress made reverse mortgages a law, even though HUD is overseeing the program, the entitlement has not been successfully handed over to the seniors who can use it.

Instead, the public perception of reverse mortgages is still negative. Even though a reverse mortgage makes sure that the senior keeps their home. Even though a reverse mortgage improves lives. Even though a reverse mortgage makes handling the estate easier for the heirs. Even though seniors have successfully used the credit line to increase their available cash over time.

Once seniors get over the fear of using their homes to get a better life, this will go down in history as one of the best entitlements ever granted to the public by our government.

Its the 1st of the month

We are speaking with more and more CPA's and estate planners who are saying that their clients are struggling. The first of the month is a bad day for these seniors. It is the day that all the bills reset and a whole new pile of them become due again.

The real questions are :

Why does a senior have a monthly mortgage payment?

Why does a senior have to live off less than $1000 a month in fixed income when they own their home?

The truth is that NO senior should have a monthly mortgage payment. No senior should live off less than $1000 per month. If they knew about reverse mortgages, they would learn that they do not have to have a mortgage payment, and they do not have to live below the poverty line.

We know reverse mortgages. We know all the ways it can help almost every senior citizen in our country. All you need to do is call us and talk to us about how we can help you.

Bob Fisher

bob@az62.com

714-331-1486

or

623-214-6663

Learn more about reverse mortgages

Every senior citizen needs to know more about reverse mortgages. Our government spent millions of dollars to produce the best plan to help the senior citizens of the United States solve the problem of outliving their retirement funds. The answer they came up with is a reverse mortgage.

What you don't know about reverse mortgages can hurt you.

What you are saying about reverse mortgages without knowing the whole entitlement is hurting other seniors.

Remember, this is a government entitlement, approved by Congress, appointed by the President, and managed by HUD. The goal is to keep you in your home and help you keep living a life worth living.

Learn more, live more, get a reverse mortgage.

Bob Fisher

bob@az62.com

714-331-1486

or

623-214-6663

Great weekends start with NO stress

Many people think of reverse mortgages as just a monetary tool. Those people have never sat down with a senior.

We know that reverse mortgages are about lowering stress. When you know that you are taken care of for the rest of your life, you have lower stress. When you know that you have guaranteed income from your home for the rest of your life, you have lower stress. When you know that your home is supporting a credit line that is growing no matter what happens to the real estate market, you have lower stress.

See its true, reverse mortgages are about lowering stress, not just about money.

Enjoy your retirement, enjoy your life, get a reverse mortgage.

Bob Fisher

bob@az62.com

714-331-1486

or

623-214-6663

RV Cruising Around America with a Reverse Mortgage

There is a group of people cruising around the United States without a worry about high gas prices. They have their RV, they have their primary residence, and they are out cruising around without the worry that their savings are going to dry up.

How have they done it?

They got a reverse mortgage with tenure payments. That means that they have an additional source of income other than retirement savings, social security, or a pension. They have a guaranteed monthly income for the rest of their lives. This additional monthly income gives them the gas, the money for dining out, and the money for getting into parks and recreation facilities.

Now THATS a great retirement.

Bob Fisher

bob@az62.com

714-331-1486

or

623-214-6663

Application and Education : Reverse Mortgages

Reverse mortgages are a government program with many many benefits and abilities to help seniors. Even if you are just considering which way to take the proceeds of a reverse mortgage, (lump sum, tenure, term, line of credit), there are many things to consider.

This is about planning the rest of your life. Do NOT take it lightly. Do NOT simply look over a few pieces of paper that came in the mail then make a decision.

Learn about reverse mortgages from someone with experience. Check references. Do your homework. Remember, its your life, do your homework and it will be a happy one.

If you are not face to face with a loan officer, then you can bet that you do not know enough about the reverse mortgage plan to make the right decision.

Use the mail to send Christmas cards...not to sign up for a reverse mortgage. If you are getting a reverse mortgage application in the mail, think twice about who you are dealing with and how they will treat you after you are done signing up for the plan.

Bob Fisher

bob@az62.com

714-331-1486

or

623-214-6663

Use of Funds : Reverse Mortgage

How can you use the proceeds from a reverse mortgage?

Any way you want!!!

If you get lump sum, you get the total amount three days after you close the loan. It is a check or direct deposit. Once it is in your hands, or checking account, it is yours to do whatever you want.

If you get term or tenure payments on a monthly basis, you get a check each month. Once it is in your hands, or checking account, it is yours to do whatever you want.

If you take a line of credit, the funds are available to you and are deposited within 5 business days of your request to the bank. You can request whatever amount you want, whenever you want, up to the total limit of the line of credit. Once it is in your hands, or checking account, it is yours to do whatever you want.

Any questions?

Bob Fisher

bob@az62.com

714-331-1486

or

623-214-6663

Entitlement : The reverse mortgage

Reverse mortgages ARE a senior citizen entitlement.

Why?

1) Its a LAW. Approved by Congress, Appointed by the President.

2) Monthly benefits for life even if it exceeds the value of the home.

3) Benefits to the estate. 12 months to settle debt.

4) Automatic approval according to age. NO FICO score requirements.

5) Government Insured. Even if the bank fails, the government will manage the plan for you.

Bob Fisher

bob@az62.com

714-331-1486

or

623-214-6663

The difference between living and existing

Its Friday.

What are your plans for the weekend? Are you able to go out with friends for dinner? Are you able to pay for gas? Are you able to buy good, nutritious food at the grocery store?

If the answer is YES, then you are living. If the answer to any of these is NO, then you are just existing.

If you simply have no money, no assets and no home then you are doing the best you can with what you have. If, however, you have a home and you are just sitting on that equity, then you are just existing by choice. What kind of choice is that? Its time to get off the couch and start living life.

With a reverse mortgage you still get to live in your home for the rest of your life, but every penny of equity that you have paid in over your lifetime that the government entitles you to because of your age, is available for you to use to LIVE.

So get a reverse mortgage and start living.

Bob Fisher

bob@az62.com

714-331-1486

Planning for Security, planning for a long retirement.

Didn't you plan for social security?

Didn't you plan for long term care?

How did you use your home in planning for retirement? Did you just think that its a place to live and leave it to the kids?

Did you know that most homes are simply sold by the estate and not lived in by any of the children? Why don't you start thinking about using your home as part of your retirement plan? What you probably do not know now is that if you are like most seniors now, you will outlive your retirement. If you start thinking about living longer now, however, and use your home to begin growing a credit line for future use, you may be able to live a great life for the rest of your life.

You need to educate yourselves. Start learning about the credit line on a reverse mortgage and how it is good for your life down the road.

Bob Fisher

bob@az62.com

714-331-1486

The 10 year plan

If you are over 62 and own your home, then you need to consider the reverse mortgage 10 year plan.

What is the 10 year plan?

It is a way to GUARANTEE that the value of your home will appreciate. Its a plan to FINALLY break free from the volatility of the real estate market and give yourself the security of an appreciating asset.

Here is how it works.

When you are over 62, you are entitled to a reverse mortgage. Since you own you home, you have the opportunity of placing a portion of that equity in a line of credit that grows at a rate of 1/2% higher interest than the interest on the loan, compounded daily. The rate today is over 4%.

If you are 62, the amount in the credit line starts at about 55% of the value of your home. (up to the lending limit for your county)

Once you establish a reverse mortgage, you only are charged interest on the loan balance, NOT THE CREDIT LINE BALANCE.

Typically over a 10 year period, that credit line will grow to equal or be greater than your current home value, and it can just continue to grow and grow. There is no limit to how high it grows. If the economy gets worse, and inflation sets in, then the credit line will grow even faster.

You can cash out your credit line ANY TIME.

Stop being a slave to the real estate market. Be angry at those who told you that reverse mortgages were bad two years ago when you could have gotten 15% to 30% more in the credit line because your houses were worth more. Get into a reverse mortgage now and start feeling the freedom from the stress of home values.

Bob Fisher
bob@az62.com
714-331-1486

The best deal for baby boomers

This fall, when you are traveling around the sun belt looking for a retirement home, there is something that you should remember. If you are over 62, then every home you look at is available to you for less than half price.

Yes, its true. Wtih a reverse mortgage you can get into your retirement home for less than half price with no mortgage payments for the rest of your life.

The home is titled in your name, you make all the decisions just like you would in a regular mortgage, but there are no scheduled payments. You can pay into the home whenever you want, but no payments are required.

Your retired, why put yourself on the time clock again? With a reverse mortgage you are the bank. Contact me if you have any questions and I will answer them for you.

Bob Fisher

bob@az62.com

714-331-1486

What if you were 70 and did not know about Social Security?

What would you think if you were 70 years old and did not know about everything that social security had to offer? Wouldn't you think that you need to check it out as soon as possible?

What if all the government sent you was a booklet that said, "Social Security can help seniors." and did not explain all the options and decisions you have to make about that entitlement? Well that is what is happening with reverse mortgages. Reverse mortgages are a senior entitlement LAW that was passed by Congress and signed into law by President Ronald Regan.

Don't you think it is a bit silly that you don't know everything you need to know about a reverse mortgage? Go learn.

Bob Fisher

bob@az62.com

Every Senior Citizen over 62

It doesn't matter how good your credit is, or how much income you make on a monthly basis. The government wants to help you. It is very important that you do not make monthly mortgage payments to your bank. It is very important that you are safely in a home for the rest of your life. You need to contact us about a reverse mortgage to find out more.

Who can we help?

1) Seniors who own their home and want to leave more to their kids when the pass away.

2) Seniors who have a mortgage payment and want to get rid of it.

3) Seniors on fixed income that need extra money each month.

4) Seniors who are still renting and need to find a place to live "rent free"

Bob Fisher

bob@az62.com

714-331-1486

We help seniors

Seniors need to understand that planning a reverse mortgage is just as important as planning social security. Both are entitlements from the government, and both can help just about every senior out there.

Important decisions like

1) When to take the entitlement

2) How to structure the payouts

3) How to structure the estate

4) How to plan for retirement

5) How to benefit the kids while I am still alive.

If you have not taken a look at how a reverse mortgage can solve all of these questions, you need to contact us to find out more.

Bob Fisher

bob@az62.com

714-331-1486 Cell

623-214-6663 Office

Helping the kids

Everyone wants to help their kids succeed. In these tough times kids are struggling to get jobs, struggling to pay for gas and food, and struggling to buy homes. Where are they going to get the 20% down to buy a home?

The answer is your home. If you are a senior over 62 then you need to be aware of the fact that your home can help your kids and you get to still live in it for the rest of your life.

No other generation has enjoyed this entitlement. The government is giving you part of your equity and allowing you to stay in your home for the rest of your life. Help your kids now without hurting your future.

Bob

bob@az62.com

714-331-1486

Over 1 million homes Foreclosed

There are currently over a million homes on the market that are foreclosed and bank owned. Have people been telling you that the market is ready for a rebound? How long do you think it will be before that inventory of homes is sold? We all know that they are being sold at a steep discount.

If you are over 62 and own your home there is only one way to make sure that your home appreciates over time. If you get a reverse mortgage, the credit line grows at 1/2% higher interest rate than the interest on the loan. That means that in a short time the credit line will be worth more than the current price of the home.

You are allowed to take out any or all of the credit line whenever you need it. If you need to move in 15 years, simply remove the credit line and hand the home over to HUD. No need to go through the process of selling the home because the credit line was worth more!

Bob

bob@az62.com

714-331-1486

Everyone over 62

Reverse mortgages are good for almost everyone over 62 years old. If you are hearing that they cannot benefit you, then you are hearing wrong.

There are now hundreds of people giving seminars on the benefits of reverse mortgages.....maybe you need to check one out.

It doesn't matter if you own a home, have a mortgage, or EVEN if you are still renting....reverse mortgages can benefit you.

Bob

bob@az62.com

714-331-1486

Over 62

If you are just turning 62 or if you are over 62, its time for you to go back to school. You need to know your entitlements and you need to know them for yourself. Depending on others with second hand information to make decisions that will effect your life is not a smart way to live.

Start learning for yourself. Start learning about reverse mortgages. Your class schedule is as follows:

1) Learn about the rules and regulations (What is an entitlement?)

2) Learn about Lump Sum, Tenure, Term and the Credit Line. (How high can my credit line grow?)

3) Learn about the true cost of a reverse mortgage including the interest rate and the treasury bill. (Is there any index lower than the treasury bill?)

4) Learn about the benefits to your estate (What happens to the tax deduction from the interest paid on the reverse mortgage?)

If you don't know about these then learn. If you don't know where to find the information then give me a call or email me with any question you have.

Bob Fisher

bob@az62.com

714-331-1486

Real Estate Agents

If you don't know already, real estate agents should be taking a close look at reverse mortgages. They will be the best friend of the real estate agent over the next 15 years.

Baby Boomers are out looking for retirement homes right now. Once the baby boomers realize that they can purchase a home at less than half price simply because they are over 62 years old, the new real estate economy will begin.

Baby boomers like to keep their money in their pockets. Reverse mortgages allow them to purchase a home at less than half the price with no FICO score requirements and no income verification.

They are going to be all over this entitlement.

Bob Fisher

bob@az62.com

714-331-1486

Manufacted Homes

Three things you need to know about manufactured homes and reverse mortgages.

1) Reverse mortgages can help seniors upgrade from an old manufactured home to a new one with little or no money down and no mortgage payments for life.

2) Reverse mortgages can help seniors by putting a new manufactured home on property that the senior owns with little or no money down and no mortgage payments for life.

3) Seniors can buy a new land/home package for less than half price.

Notes: The senior must be 62 years or older, they must own the property or have it on a 99 year lease, and if it is a loan on an existing home, the home must be newer than 1976.

Bob Fisher

bob@az62.com

www.az62.com

714-331-1486

Non Profits

If you are a leader or worker at a non profit agency that works with seniors it is time for you to take another look at reverse mortgages.

Both the private sector and public sector agencies that deal with seniors are the single most significant source of bad data on reverse mortgages. What you do not know is hurting seniors.

We hear that seniors are going to lose their homes, that these are the most expensive loans on the market, that no equity will be left for their heirs, and that their children will have to pay money after they die.....NONE OF THESE ARE TRUE.

You can call, visit our website, or simply do some research, but PLEASE stop telling lies about reverse mortgages. Reverse mortgages are an entitlement for seniors. They are a way to save a home, set up a valuable estate plan, set up a valid retirement plan, and to give back to your community while you are still alive.

Bob

bob@az62.com

www.az62.com

714-331-1486

Reverse Mortgages and Churches

Churches have always played a part in taking care of people during hard economic times. Today churches are responsible for feeding and caring for more people than ever.

Churches need to know about the benefits of reverse mortgages for three different reasons:

1) A reverse mortgage can help a senior give to a church now and actually let them manage their donation rather than just blindly giving it to the organization. It is much more fulfilling for the senior and their management helps the money go further than it would otherwise.

2) A reverse mortgage can help seniors stay in their homes. If a senior has taken out a forward mortgage they are always at risk of losing their homes if they cannot make the payments. A reverse mortgage helps them to be secure in that home for the rest of their life.

3) A reverse mortgage can be used for multiple dwelling units (up to a 4 plex). If a church is helping a senior find housing, they should think about leveraging the entitlement of the reverse mortgage for that senior. Get a 4-plex and provide housing for 4 families instead of just one, and pay less than you would pay to buy a single family home.

These opportunities can provide fantastic help for churches. Just call me for additional information on how to use this entitlement to further your churches mission.

bob

bob@az62.com

714-331-1486

How a senior can make extra money each month?

Want to know how a senior can make extra money each month?

We all know that it is VERY hard for a senior citizen to find a job. Even though they are the best of the best employees, companies will not hire them.

So how do you make extra money? I can show you how in real estate. Even in this market the advantages of a senior citizen is that you can use a reverse mortgage to purchase a home.

I can show you how this can turn a government entitlement into extra cash each month. Even better, you will be creating a large tax deduction for your estate in following my program with a reverse mortgage.

If you need extra cash, all you need to do is call. I am ready to help you get a better life.

bob@az62.com

714-331-1486

Are we at the bottom of the economy?

Do you think we are at the bottom of the economic downturn? Do you think that home prices are at the bottom of their market? Do you think the economic boom is just around the corner?

Please think. Look at the current sales for companies that are the backbone of our country's economy. Are the airlines in great shape? Are the auto makers in great shape? Are the manufacturers in great shape?

Did you know that most of the growth in recent Profit/Loss statement is due to the drop in the value of the dollar?

Please have the sense to lock in your home's value now with a reverse mortgage. If things get worse you can count on the government back reverse mortgage to keep you in your home and to keep you dollars in your pocket.

It is a senior entitlement that you NEED to take advantage of now.

bob@az62.com

714-331-1486

Great Stories of Success

We are enjoying the great stories of reverse mortgage successes of our past clients.

Many of them, who did a reverse mortgage with us in 2005 and 2006, are now singing our praises. They got in when their homes were at the top of the market and have seen their credit lines grow significantly over the last two years.

They are sitting on credit lines that are worth MORE than their homes and enjoying every minute of it. They don't care if the market goes down further, they are protected.

Bob@az62.com

714-331-1486

Common Sense about Value

Common sense test....

Do you know if the housing market is going to go up over the nest 10 years?

If you answered yes, then no need to read any further.

If you answered no, congratulations, you passed the common sense test. Common sense says that by studying the past, you can tell that a 10 year period is too short a time to guarantee growth. You NEVER know what will happen.

So what do you do if you can get guaranteed growth of the homes value over time?

Take it. A reverse mortgage, for those who own their homes and do not need to take any money out of the equity, establish a credit line that grows each year.

The interest rate on the growth of the credit line is ALWAYS 1/2% MORE than the interest on the loan. That means that in todays market the interest rate is just above 4%, but in a bad market that interest can jump to 6 or 7%.

Imagine knowing that your home value is increasing, because your credit line is increasing, even though the housing market has stayed flat, or even lost money.

bob@az62.com

714-331-1486

Manufacted Homes

If you are 62, and own a manufactured home you need to contact me.

HUD has established some very attractive entitlements that apply to single family homes, condos, multiple dwelling units and MANUFACTURED HOMES.

Because manufactured homes have a history of depreciating over time, the entitlement for manufactured homes is especially beneficial to the senior.

Call me to find out more.

bob@az62.com

714-331-1486

Great Retirment Home Planning

Are you planning on looking for a retirement home this summer or fall. Here is a great way to plan for your future and a great way to conserve your current assets for a better retirement life.

Go ahead and start looking. The prices of homes are good this year for buyers and there are deals everywhere. Don't only look at used homes that are on the market, look at developed communities like Shea Homes Trilogy in Arizona. These are brand new homes in a community that provides you all the fun that fits your lifestyle and helps keep you active.

Once you have chosen a home, go ahead and get your best deal, but remember that you are buying a home with a different plan. That plan is to buy the home and then get more than half the money back. Thats right, buy the home and get more than half the money back with a reverse mortgage. That means that you can life the life you want, without any mortgage payments, and only pay less than half the price for the home.

Baby Boomers have all the luck.

Bob

bob@az62.com

623-214-6663

Financial Planners, Estate Planners and CPA's

Its time for you to visit the entitlement of reverse mortgages.

This is a an entitlement for seniors with Congressional Approval and Presidential Assignment to HUD.

If you still think that reverse mortgages are just for seniors who are in danger of losing their home then you are doing all of your clients a disservice.

Reverse Mortgages have a benefit for the vast majority of seniors in our country and it is open to both citizens and legal (resident) aliens.

Reverse Mortgages are good tools for estate planning, retirement planning, and even as a source of increased cash flow.

What you don't know about reverse mortgages IS hurting your clients.

Bob

bob@az62.com

www.az62.com

623-214-6663

Over 62, Homeowner, and a Slave to the Housing Market

Its time to educate all the Baby Boomers who are just entering the age where then can get a reverse mortgage. If you are just turning 62 and own your home, you are now in a position to make a decision on whether or not you want to be a slave to the housing market.

If you own your home, then you are just sitting on that equity. You are not having it work for you. You have a long life ahead of you and you have no control over the activity of the housing market. It may go up, it may go down, or it may do both. You lose, or gain, equity according to that market and you don't have any control over it...until now.

A reverse mortgage is not just for those Baby Boomers over 62 who need extra money now, or need help with a mortgage payment if they still have a mortgage. Its a great tool for Baby Boomers who do not need the money and own their home.

With a reverse mortgage the equity you receive from this entitlement is placed into a line of credit that grows at an interest rate 1/2% more than the interest rate of the loan. That means that over time your credit line will grow to an amount greater than the current value of the home. The higher the interest rate gets, the faster your credit line will grow!

Why do you want to be a slave to the real estate market instead of being in charge of your own homes value?

Bob

bob@az62.com

623-214-6662

Arizona KFNX Radio AM1100 Saturday 10am-11am

Want to know more about reverse mortgages?

Arizona now has its own radio show strictly on reverse mortgages and senior citizen entitlements. Its the, “Just Call Hall Show”.

Every Saturday from 10am to 11am Arizona time, Hall will be talking about reverse mortgages, interviewing experts in the fields of reverse mortgages, senior citizen issues, senior entitlements, and other senior issues.

Its the Just Call Hall show and its your chance to call in and talk about reverse mortgages. We really care about seniors and even if you have trouble talking over the phone, we can talk with you off the air and bring your issue up on the air.

Be sure to listen ever Saturday Morning.

Senior Security

If Congress had chosen a different name for Reverse Mortgages when they took over the reverse mortgage process and made it into law, maybe it would be easier to explain it to seniors, tax accountants and financial experts.

Its funny how a name can instantly close the mind of a person, and block them from wanting to learn the truth. If Congress had named the program, “Senior Security” when they made it law, I am sure the education process would be much easier.

Reverse Mortgages ARE senior security. They allow seniors to step away from the market volatility of housing and real estate and to step away from the volatility and risk of dealing with banks and traditional loans.

A Reverse Mortgage gives a senior the security of knowing that they will own their homes for the rest of their lives, and gives them the access to the money they “saved” in their home over their lives.

The credit line has government guaranteed safety and growth with an interest rate that is more than the interest charged on the loan. Even if the senior has NOT paid off their home, as long as they have worked hard enough to have enough equity to qualify for their age, this senior security gives them the right to say, “I have had enough of monthly payments. It is time for my retirement, and for me to enjoy life. I choose the security of a reverse mortgage.”

Bob

bob@az62.com

623-214-6663

www.az62.com

Reverse Mortgages and Your Tax Bracket

Are you surprised at how much it costs to take money out of the IRA’s that you established so many years ago? Does it make you mad to know that even though you did the right thing and saved money in retirement accounts so that the government could be sure that you did not need to be taken care of when you were a senior citizen, now they want to tax you on it? Take a look at a reverse mortgage.

Why? Because a funds received from a reverse mortgage are NOT taxable।

If you wanted to purchase something that costs over $78,850, and used your IRA to fund that purchase,(EVEN IF YOU DID NOT HAVE A DIME OF ANNUAL INCOME), you would now fall into the 28% tax bracket.

This means that you will be paying, in addition to sales tax, an income tax of $22,078 on that purchase.

If you got a reverse mortgage and made that purchase with the funds from your reverse mortgage, you would not pay one dime in additional income tax. That’s right….ZERO income tax.

What’s even better is that you can pay that money back into your reverse mortgage whenever you have extra cash.

The more you are educated on a reverse mortgage, the more you will understand that it is an entitlement to seniors.

Bob

bob@az62.com

www.az62.com

623-214-6663

Basic Living

I have given many reasons why seniors with plenty of cash should get a reverse mortgage, why seniors who are just turning 62 should get a reverse mortgage and why seniors who want a retirement home need to get a reverse mortgage. Now let me tell you about the seniors that changed my life and brought me into the business of selling reverse mortgages.

One new outfit a month at a resale shop : $20

One good meal a day prepared by someone else, (eating out or brought into the home) $15

A new book each week $10

A visit to the beauty shop each month $30

One trip a year to see some of the grandchildren $1000

One night out at the movies each month $20

These are all things that are given up by millions of seniors in the United States who have to survive on Social Security alone. Social Security was NOT meant to be a retirement fund. It was meant to be in addition to other retirement savings.

I do this job for the seniors who own their home, but do not have additional savings to add to their retirement. To be honest, I could care less about the heirs, the children, or the estate. I know that the reverse mortgage does take care of the estate, but in these circumstances I only care about getting the senior back into living. These seniors deserve the things that make life enjoyable.

They have earned it.

Bob

bob@az62.com

www.az62.com

623-214-6663

The Retirment Plan

So what really is the smartest way to retire with a home?

HUD has developed some very good records of the Reverse Mortgage Program since they took it over. In addition, third party surveys and polls have established a very positive track record for customer satisfaction when it comes to the owners of reverse mortgages. Could it be we are seeing a trend of intelligent retirees changing the way they see how to retire with a home?

Traditional thinking is that you work for 20 to 30 years, pay off a home and live in it for the rest of your life. Today less and less retirees are staying in the home that they lived in during their working years. They are headed south to the sun.

Since these retirees are in the market for a new home, the ones that do the research and actually think their way through the process are faced with a decision. Should I park the cash for the total amount of the purchase in the home and not touch it for the rest of my life, or should I take advantage of a government entitlement, a reverse mortgage?

Example: Arizona home valued at $250,000. Retiree at age 62.

Old way: Purchase the home for $250,000 and live with no mortgage payments for life.

New way: Purchase the home for less than $125,000 and live with no mortgage payments for life and invest the other $125,000 in investments that will both grow and provide me with additional monthly income.

In this industry we hear people tell us that reverse mortgages are “bad” , or “too expensive”. My question is, “Why would you park all that cash and not have it working for you?”

Bob

bob@az62.com

www.az62.com

623-214-6663

Lump Sum, Monthly or Line Of Credit

If you are finding it hard to understand exactly how a reverse mortgage works, and whether or not it is a good thing for seniors, or a bad thing, simply look at the options and watch the equity.

Seniors have a choice of taking cash from a reverse mortgage as a lump sum, as a monthly payment, or leaving the cash in a line of credit. The monthly payments can be taken as a Tenure monthly payment (payments for life), or as a Term monthly payment (The senior selects the amount they get paid). It is also important to note that the senior has the choice of any of these options, or a combination of any of these options.

Once you have decided which option you choose, simply watch the home equity. The home equity is listed in the “Remaining Equity” column of every reverse mortgage amortization schedule.

Just like every other mortgage, a reverse mortgage has an immediate impact on the remaining equity of the home. Take out a little, your equity goes down a little. Take out a lot, and your equity goes down a lot.

The important factor is what happens to your home equity over the long run. This is what all the negative press about reverse mortgages claim. They all say that you lose your home in a reverse mortgage. Actually, the opposite is true. When you take a look at the remaining equity column over the life of the loan, you will see that in most cases the remaining equity actually grows. That makes this loan is the best product available to a senior in the mortgage industry.

Why does this happen? It happens because the interest rate is tied to the treasury bill. It is incredibly low. Even though you are not making a payment, your homes appreciation will typically grow faster than the loan interest rate.

Bob

bob@az62.com

www.az62.com

623-214-6663

The Senior Investor

Reverse mortgages may give the term "Senior Investor" a whole new meaning.

Many people do not know that a reverse mortgage is not just for single-family homes. A reverse mortgage can also be used to acquire a condo, a manufactured home, a duplex, or a quad.

Can you imagine being able to purchase a quad (4 unit building) for less than half price, with no payments for life????

That's the entitlement of a senior citizen with a reverse mortgage. A senior can purchase the building, place three renters in the building (one in each one of the units that they are not living in), and live in the fourth. Remember, the reverse mortgage means that there are NO mortgage payments. That means that other than the homeowners insurance and property taxes on the building, that rent roll goes straight to the senior's pocket. That's right, the cash flow from the three renters goes straight in the senior citizens bank account and they themselves get to live in the fourth unit with no mortgage payments.

Imagine being 62 and having that income and benefit for the rest of your life!!!

Still think reverse mortgages are bad?

Bob

bob@az62.com

www.az62.com

623-214-6663

I don’t need the money

I have too much money and don’t need a reverse mortgage? What are you thinking about? A reverse mortgage is NOT just for people who need the money now.

A gentleman told me that he had hundreds of thousands of dollars in the bank and that he did not want a LOAN on his home. He also told me that he did not like the fact that the reverse mortgage I was showing him was an adjustable rate with a cap of over 13%. The last thing he told me was that in 1980 gold was at $850 an an ounce and that soon afterwards, the interest rate jumped tremendously. He told me not to tell him that the Treasury bill +1.5% would stay below 6%.

Here was my reply.

I asked him if, in 1980, homes were skyrocketing in price. He responded, “No, they lost value”. So I told him just so he understood…”What you are telling me is that the interest rate was skyrocketing and homes were staying the same price or even depreciating. He responded, “Thats right”.

So in the near future according to his estimates, homes will not rebound in value, and the interest rate will skyrocket. This is the perfect scenario for people who get a reverse mortgage and KEEP the equity of their home in the credit line.

They are protected from that economy. The credit line will be growing at the higher interest rate and it will pass the value of their home in a very short time. It will then continue to grow in value past any valuation of the home. THIS IS PROTECTION FROM THAT TYPE OF ECONOMY.

A reverse mortgage is PROTECTION from radical economies like we are seeking today, and very possibly in the future.

Bob

bob@az62.com

www.az62.com

623-214-6663

The credit line and new windows

The life of a senior citizen is one of uncertainty. You are on a fixed income and surprises are around every corner. Unexpected medical bills, family emergencies, or even a new set of windows are just around the corner.

A senior has one of three choices. They can pay for the surprise from their savings, pay for it with an equity loan, or pay for it with a reverse mortgage.

Your savings is your life's work. You have thought long and hard on each decision about savings and now you seem to be tapping that source more and more each year.

An equity loan is a new debt with new payments. This is a monthly payment that reduces your monthly budget each month. This is also a great risk. If you cannot make this payment, YOU LOSE YOUR HOUSE.

The last option is a reverse mortgage. A reverse mortgage sets up a credit line that grows at a great rate. You can tap into the credit line, then watch it grow back to the original amount.

Its a great way to set a boundary for your budget. Leave your savings alone, keep you monthly income the same, and simply use the equity in your home for your unexpected needs. The credit line always grows and eventually replenishes the amount you took out. If you find that you are tapping the account more and more, you will reach a point at which the credit line is gone. Its a sign that you have spent too much money, but not an emergency that will cost your your lifestyle. If this were to happen, you still have your savings, and you can discuss a new plan with a financial expert. You won't wake up one day and find yourself out of a home and out of money.

PLUS: You can always use the credit line as a great place to put your own savings for a rate that is government guaranteed and grows at 1/2% more than your loan interest.

Bob

bob@az62.com

623-214-6663

Subordination of the Second Mortgage

Here is another reality check. The reality of today is that there are alot of seniors who have a 1st mortgage for about half the value of the home, or less, and a 2nd mortgage for the remaining equity.

Unfortunately, these seniors are seeing the interest rates on their second mortgage jump by more than a few points and many of them cannot afford the increase in monthly payments because they are on a fixed income. The equity loans sounded good at the time, but the loan officers were not being honest with the senior about the impact of an increased interest rate. So today, when they go back to the bank to try to refinance, they are caught in an awful trap. The value of the home has dropped, and the bank will not refinance the home.

Here is what the seniors need to know. Get the bank to subordinate the 2nd mortgage and get a reverse on the 1st mortgage. This way the senior will have manageable payments (since they are only paying on the second mortgage). Depending on the LTV of the 1st mortgage, the senior may even be able to put a couple dollars in the credit line or in cash in their pocket.

This is a difficult process since you need to educate the bank about the process. You should only have someone who is highly educated in reverse mortgage conduct this process on your behalf.

We have that education and experience. If you are caught in this situation, give us a call.

Bob

bob@az62.com

www.az62.com

888-277-4990

Being Tied To The Government’s Credit Rating

Being Tied To The Government’s Credit Rating

When Sub Prime loans were first used, they were a very positive instrument for helping fill a need. There were people who did not have the credit score for a standard loan, so they were given loans with a slightly higher interest rate than the regular loan. It was both a punishment for not having paid all your bills on time, and insurance that the bank would still profit from the new line of business.

The day that balloon payments, and introductory rates came into the sub prime market, was the day that the Sub Prime loan went from a good instrument, to a bad one.

When seniors see the incredibly low rates that are currently being offered on reverse mortgages, the often think that they are in a “bait and switch” situation, just like the sub prime loans. Reverse mortgages are not introductory priced loans and they do not have balloon payments. Reverse mortgages are priced according to the government’s credit rating….the Treasury Bill. The interest rate on reverse mortgages is just one of the ways that they are being regulated by the government.

That is why reverse mortgages are an entitlement for senior citizens in this country and not just some loan that is available. Once you learn, you will understand the benefits of participating in the entitlement.

Bob

Bob@az62.com

www.az62.com

623-214-6663

What is a primary residence?

What is a primary residence?

The HUD HECM reverse mortgage, which is the most popular reverse mortgage on the market, requires that the home be your primary residence.

What does that mean? It means that you are to live in that home for at least 6 months and 1 day each year.

How does HUD verify this? They send you a reply card every year by mail to that residence. The card asks if you still live at that residence, and asks you to sign the card and send it back. That’s it. One card a year.

The reason for the term “primary residence”, and the requirement that you live in the home for at least 6 months and 1 year is to make sure that you are not able to get two reverse mortgages on different homes and claim them both as your primary residence.

People also ask me about what happens when they have to go into temporary care for a couple of months. Can they still have that property as their primary residence? Yes.

The program allows you to enter into temporary care as long as you are back in the home within a year. That’s it. You can be gone for as long as you need, as long as it does not exceed one year. Once you are back in your home, everything resets, and you are able to go away again for care as soon as you need it.

Bob

bob@az62.com

www.az62.com

623-214-6663

This entry was posted on Frid

Time to change the definition of a house.

Time to change the definition of a house.

Reverse mortgage brokers run into the same issue with families over and over. Its the issue of the, “family home”. No matter where your parents live, no matter how long they have lived there, and no matter what shape that house is in, it is “the family home”.

The family sees a reverse mortgage as an attack on the family home. They worry that signing a reverse mortgage means that the family loses the home. It is simply not true.

Time to change the way you think about your parents house. Your parents house is an asset that can work for them the rest of their life. Your parents house is not going to be the same once they pass away. It will just be another asset that you will be selling to settle the estate.

A reverse mortgage is set up to help them while they are still able to live a better life, and to help you once you have to manage the estate. Here are some things you may NOT know about a reverse mortgage.

1) You do NOT lose the home when you get a reverse mortgage.

2) Over a period of time, a reverse mortgage becomes the cheapest loan instrument on the market. There are up front costs, but the interest rate is much lower than any other loan.

3) The estate has an entire year to settle the debt on the home or decide to sell the home, without any payments.

4) This is a government entitlement for seniors. It guarantees that they get every dollar that they are entitled to, and secures their home against a foreclosure that can happen with a regular equity loan.

5) A reverse mortgage can be paid back, with as much or as little as you want to pay, whenever you want to pay, without any penalties. If you do not want to pay any payments on the loan for the rest of your life, thats OK too.

The truth is that the majority of the time the home is sold by the estate and the cash is split up among the heirs. If your parents home has been in the family for hundreds of years, and it the most important asset of the family, then maybe you should make sure no loans are ever taken out on that property. But if your parents home is a new home they just bought, an older home that none of the kids is planning on moving into when they pass, or just an average suburban home, you need to let them get a reverse mortgage. It will make your life as a executor of the estate much much easier to manage. It will also put money into your parents pocket and give them a better life.

Bob

bob@az62.com

www.az62.com

623-214-6663

The summer home or a rental home.

The summer home or a rental home.

Once again I would like to open your minds a little to the possibilities with a reverse mortgage.

The concept of a reverse mortgage as simply a negative amortization loan on a senior citizen’s home is a very narrow mindset. At 62 years of age I hope to still be seeking out additional sources of income as well as a better life for my family and me.

A reverse mortgage is a way to make sure that my home is safe and sound, and tied to me at the hip for the rest of my life. Now that I have accomplished that, lets see what I can do with the equity that I have unlocked.

I can leave it in the credit line to insure growth in the value of my home….OR….I can use it to meet my goals. If I find that perfect vacation property on sale, and the price is less than my credit line, I just might pay cash for it. That way I have two homes, both locked to me for life (no mortgage payments), and my lifestyle has just improved dramatically.

If I am still worried about generating more monthly income, I might look for a local rental property instead of the vacation home. This way I would have two homes, with no mortgage payments, and a rental income.

Better yet, why not get the best of both worlds. I just might find that vacation home in a great location, and start renting it out on a weekly basis to vacationing families. That way I would have two homes, no mortgage payments, vacation property rental income and a couple of weeks of the vacation property set aside for our family.

Life is great.

Bob

bob@az62.com

www.az62.com

623-214-6663

Part 2 : How Expensive is a Reverse Mortgage?

Part 2 : How Expensive is a Reverse Mortgage?

Yesterday I addressed the origination fee of a reverse mortgage. Today I will address the other major cost in acquiring a reverse mortgage, the MIP (Mortgage Insurance Premium).

First, know that all costs of a reverse mortgage are built into the loan and are not out of pocket expenses.

The mortgage insurance premium (MIP) for the HECM reverse mortgage is paid in two ways. The initial MIP cost is 2% of the homes appraised value. During the life of the loan you will also pay an MIP payment of one half of 1 percent of the loan balance each year to support the benefits.

Is this expensive?

To answer this question, just like any insurance policy, you need to look at the benefits you are gaining from the cost.

Benefits:

1) Guaranteed monthly payments for life, no matter how long you live. (If you take the tenure payment option on this loan.)
2) Every $ that you are entitled to in this program, you get. It is all backed by the government

3) Your estate is never liable for any excess debt from the reverse mortgage other than the asset of the home itself. If the market drops, they can walk away from the debt.

4) Your estate gets 1 year without any payments to settle the home and reverse mortgage.

5) You do not have any mortgage payments for life.

So lets assume that the home is $250,000. This means that the MIP is $5,000 to begin the loan. An additional amount of one half of 1 percent of the loan balance is added to the loan each year to cover the additional risk. Be perfectly clear that these fees are part of the loan itself and do not come out of your pocket.

So to answer the question, “Is a reverse mortgage too expensive?”, answer this question. Can you buy an annuity, an insurance policy, or any other financial instrument that will guarantee income, limit liability, and honor your estate for this price?

NO

Bob

bob@az62.com

www.az62.com

623-214-6663

How expensive is a reverse mortgage?

Many people who has not researched a reverse mortgage will say that they are too expensive. When you ask them what they mean by "too expensive" they really do not have a detailed explanation. That's not unusual though, its common for people to get a concept in their head and then just quote it as true. Its human nature.

So lets address the two major costs of a reverse mortgage and find out the truth. The two major costs are the origination cost and the MIP (Mortgage Insurance Premium). We will cover the origination today and the MIP tomorrow.

The origination cost.

The loan origination on a reverse mortgage can be up to 2% of the loan. This is the maximum for the HECM product line (Maximum allowed by HUD). On a loan of $250,000 this cost can be up to $5,000. No wonder people cringe when they see that number. That is a large up front cost. The question is, "Is that expensive?"

The answer is no.

Banks either make their money on the front side of the loan (charging points or origination fees), or on the back side (charging higher interest rates). If you know anything about home loans, you know that you can "buy down" they interest rate by paying up front points.

Now lets consider the HECM reverse mortgage. This loan is an adjustable loan that is set at the treasury bill plus 1.5%. Most home loans are set on LIBOR (the London interbank exchange rate). The value of the reverse mortgage is that it is set against the government's credit rating, not an international bank's rate. Today LIBOR is 3.07% and the 1 year treasury bill is 1.67%. The other component which is the interest above the rate, which for the reverse mortgage is 1.5%.

So here is the test. Go into your bank and ask them for a mortgage loan with an interest rate of the 1 year treasury bill plus 1.5%. After they say no, tell them you are willing to pay up front points to get the loan. When they come back to you a few days later, you will find that it costs you much more than 2% to get that rate.

So in the end, you see, the reverse mortgage origination fee is not "too expensive". It does cost a significant amount of money, but you are buying the rate. Just like many other things in a reverse mortgage, the costs are all up front. It may look expensive, but in reality....its a good deal, a government entitlement for seniors.

Bob

bob@az62.com

www.az62.com

623-214-6663

Living a better life.

Living a better life.

Reverse mortgages can be used for many reasons. Some are serious and help seniors in cases of emergency situations. Other reasons are more personal. The most personal of all is the reason that you are simply doing it for YOURSELF.

I can’t wait until I am 62 and can have my home support my interests. I will put the money in the credit line and enjoy the fruits of my home’s equity working for me.

With my equity in a credit line, at today’s interest rates and county limit, I will have about $9,000 a year in growth on a credit line that I will NEVER have to pay back. This is not money that will hurt my credit line. This is not money that will lower my available equity, its just money for ME.

Here is what I would do with that money for the first two years.

Year 1:

Diamondback Baseball Game (Front Row 3rd base Box) : 4 Tickets $800

A Luxury Car on the California Zephyr (An entire train car Chicago to San Francisco) : $4,000

Cash to eat fresh, healthy food every night : $2,500

Gym membership : $500

A really nice Christmas Gift for that someone special $1,000

Year 2:

Travel to Germany and rent a Porsche 911 Turbo Carrera GT2 for the Autobahn : Travel $2,000 : Car Rental $3,200

Stay In Europe for an extra month : $3,000 (Spontaneous)

You see, in my mind, being 62 is not old, its a time for my dreams to come true.

In this scenario I just spent two wonderful years with memories that will last the rest of my life, and my credit line on my home is the same as it was when I started…..and no mortgage payments.

What a great life….What a great country.

Bob

bob@az62.com

623-214-6663

The Great Estate Tax Deduction

Here is a fact that most seniors do not know about reverse mortgages.

A reverse mortgage is a loan that accumulates interest over time even though there are no payments due on the loan.

The government has established a mechanism by which the estate (your kids) get a tax deduction for the entire amount of the interest accumulated over the loan.

Example: If the parent gets a reverse mortgage and over a 20 year period accumulates $40,000 in interest on that loan, at the time of settlement of the reverse mortgage debt, that interest becomes a tax deduction for the estate.

Remember, the estate has the choice of paying off the reverse mortgage debt, selling the house and gaining the profit from the sale, or if the house is worth less than the reverse mortgage debt, they can simply turn the house into the bank. The loan is non-recourse for any asset except the home itself. All the belongings in the home, the car, and all other assets besides the home itself are property of the estate.

No matter which decision they choose, the interest accumulated on that debt is a dollar for dollar tax deduction on that estate value, or it can be granted to one of the heirs as a personal tax deduction.

Bob

bob@az62.com

www.az62.com

623-214-6663

Watch that Service Fee

Watch that Service Fee

Most people do not pay much attention to the service fee in a reverse mortgage. This is a fee that varies by lender between $25 and $35. Big mistake.

In calculating the Net Principal Limit (The money coming to you or being placed in your credit account), there is a large chunk of money called the “service fee set aside”. Since the government has designed the reverse mortgage so that you will not have to pull out your checkbook to pay any monthly payments on the reverse mortgage, the service fee set aside is a lump sum that takes care of those monthly payments for you.

The service fee set aside is an interest bearing account that is set up to pay service fees until you reach the age of 100. Depending on your age and the monthly fee, this can range from a few thousand to 7 or 8 thousand dollars. These dollars are taken from the net principal limit to you or your credit line dollar for dollar.

So make sure you negotiate the $25 service fee.

Enjoy the extra few thousand dollars.

Bob

bob@az62.com

www.az62.com

623-214-6663