Is a Reverse Mortgage Right for You?

Judy Smith: ()Well, the most important thing for us is to support different charities. We’re supporting 5 or 6 missions, several at home, our church.

Robert Smith: ()My name is Robert Charles Smith

Robert Smith: ()Let’s bless you before we leave. We support five missionaries around the world, Costa Rica, Taiwan, Sri Lanka, and Indonesia. So bless Tim and bless all of his workers. In your name, we pray. Amen.

Robert Smith: ()Amen. We moved from Northern California to Oceanside in 2017. We bought this place here, 120,000 down, and then we had the monthly payment, $1,800 a month. Then we said, “Wait a minute, what if we had a reverse mortgage? Why do we want to have money in the dirt that we can’t get our hands on and can’t be useful to us?” And that if we could pull the money out, then all of these missions are going to be able to receive a check every single month. So that’s exactly what we did.

Karline Stanley: ()90% of the senior population can benefit from a reverse mortgage***. You could have clients who are with a net worth of $10 million, and there’s an absolute benefit to having the reverse mortgage. So, for Robert and Judy, they fall into the category of having done a good job of setting up for retirement. They have all their ducks in a row as far as their assets saved up to where they won’t outlive their savings. Their ability to put the reverse mortgage in place freed up a significant amount of money, $1,800 a month, that they can now use towards their mission work.

Robert Smith: ()What I would say to someone that is suspicious of reverse mortgages, it has all the protections that you need. If https://tennesseepaydayloans.org/cities/covington/ you’d like to make a payment, make it to yourself, for goodness sake. Take the $1,800 and run down here, and I’ll help you find the broker. Or give it away. Give to people that need it.

Ask a local reverse mortgage planner to help you understand the facts and features of a reverse mortgage loan

*This advertisement is not tax or financial advice. You should consult a tax and/or financial advisor for your specific situation.

** There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower is still responsible for paying property taxes and insurance and maintaining the home. Credit subject to age, property, and some limited debt qualifications. Program rates, fees, terms, and conditions are not available in all states and subject to change.

Carol Tavares: ()I started thinking about this reverse mortgage, and all of a sudden, you’re not going to believe this, but it hit me how old I am. I’m going to die eventually, and all that money’s going to be in the house, and I’m not going to see it. Eric never eats sweets except when it comes to the lemon meringue pie. Forget it, and he could eat a whole pie. Oh, I feel so good about Eric. When I got this reverse mortgage at and I talked to him about the van, I said, “I want to help you. I want to fix that van. I want to know that you’re going to get to my house at Christmas.” And he got tears in his eyes. I got tears in my eyes. Oh, my God. When he goes, “But Mom,” I said, “But mom, nothing. What would I be doing with this money?”

They call me Robert or RC. The most momentous event happened when I met my bride. We got married at 19 years old. So we’ve been e woman. So anyway, that’s what happened.