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Reverse mortgages provide access to cash without monthly pmts.

Reverse Mortgages: Many Users, Many Uses

BY TOM DAVISON ON JUNE 18, 2017

Reverse mortgages provide access to cash. Cash is the most flexible financial resource of all. In turn, access to cash makes a reverse mortgage a very flexible resource. Many homeowners could qualify for an FHA Home Equity Conversion Mortgage (HECM).

Reverse mortgages provide access to cash without monthly pmts.

Steven Sass, a research economist at the Center for Retirement Research at Boston College,  in his recent research brief “Is Home Equity an Underutilized Retirement Asset?” observed that while “retirement planning generally focuses on the use of financial assets,” he finds that “home equity is the largest store of savings for most households entering retirement.” And indeed, “for many households, particularly those with less wealth, home equity is larger than financial assets.” He analyzed home equity and financial wealth across households ages 65-69 for 2012 and expresses it in thousands of 2015 dollars.

For financial planning purposes, I overlay the concept of how adequately funded a homeowner is for retirement. “Fundedness” reflects how well a family’s financial resources match their retirement needs and desires. Many in the top wealth quintile would be Well Funded, as would part of the third and fourth wealth quintiles. Constrained and Underfunded describe a broader range of households.

While the distribution of wealth is not surprising, it provides context for appreciating the range of homeowner’s needs and how their home equity may contribute by using a reverse mortgage.

Reverse mortgages provide access to cash without monthly pmts.

The value reverse mortgages could bring to the aging US population starts with the breadth of users and uses. The value and breadth also challenge homeowners, financial professionals, and the reverse mortgage industry to find good matches between an individual homeowner’s situation and their highest and best use of a reverse mortgage.

212980cookie-checkReverse mortgages provide access to cash without monthly pmts.

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Featured today.

Coming from a long history of the publishing industry beginning in my own weekly newspaper, my sense is that it may be harder to get a truth message out now than ever before. On the other side, it is probably the same rocky experience for those searching for it. This message is still true. If you want to know the truth — the stuff that makes you free — then you have to be patient with the facts and be willing to rid yourself of the fake news that clouds the issues you wish to know about. Fake news usually comes from those profiting on someone else’s failure. Jamie takes you through the steps to truth about the Reverse Mortgage. I have one at home so my own experience is more than a spin of somebody’s opinion. My work on this Gofinancial webpage comes from a desire to get the truth out. I have determined that as long as I can, I will serve the readers in putting forth the truth as I see it. Let patience have its perfect work as you consider what is posted here. (Warren Strycker).

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Bank turn you down?

IN THE AMERICAN TRADITION — WE SERVE

928 345-1200 warren.strycker@patriotlendingusa.com

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Good credit borrower w/no recent credit event; Self-employed accepted; Perfect fit for self-employed borrowers who are unable to document income with tax returns; Designed to help borrower with tax id number but no social security number; LTV up to 85% and DTI up to 55%;

This loan is for larger loans with balances up to $6M; Non-QM, self-employed, ITIN and previous credit event borrowers are accepted;

Terrific solution for borrower with a previous bankruptcy, foreclosure or short sale. No seasoning is required on the credit event; Gift funds are accepted;

Perfect for clients that have assets they own but do not necessarily want to use them to purchase a home. No income needed to qualify for this program; We will validate that the borrowers have enough assets to cover their debts through a 3rd party. LTV up to 85%.

“Let’s talk”, 928 345-1200.

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Hello Surprise, Arizona!

SPREAD THE WORD IN SURPRISE. You’ve been chosen to participate in a HECM webinar because of your strong interest in Reverse Mortgage information. Check in and leave your email address to be contacted. Warren Strycker (yes, I’m Arizonian). No obligation other than your interest in learning about HECM mortgages. Email: warren.strycker@patriotlendingusa.com with your questions or let’s chat on WhatsApp.  Call me toll free 866-334-1200 and let’s talk about it. OK? Thank you.

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Hello Phoenix, Arizona!

SPREAD THE WORD IN PHOENIX. You’ve been chosen to participate in a HECM webinar because of your strong interest in Reverse Mortgage information. Check in and leave your email address to be contacted. Warren Strycker (yes, I’m Arizonian). No obligation other than your interest in learning about HECM mortgages. Email: warren.strycker@patriotlendingusa.com with your questions or let’s chat on WhatsApp.  Call me toll free 866-334-1200 and let’s talk about it. OK? Thank you.

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Hello Boardman, Oregon!

SPREAD THE WORD IN BOARDMAN. You’ve been chosen to participate in a HECM webinar because of your strong interest in Reverse Mortgage information. Check in and leave your email address to be contacted. Warren Strycker (yes, I’m Oregonian). No obligation other than your interest in learning about HECM mortgages. Email: warren.strycker@patriotlendingusa.com with your questions or let’s chat on WhatsApp. Thank you.