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Monthly Archives: January 2019

Fisher bombs “fake news” hit on HECM)

See comments and editorial observations at the end of this article.

Ken Fisher, Special to USA TODAY Published 7:40 a.m. ET April 28, 2019 | Updated 12:39 p.m. ET April 28, 2019

TV commercials label reverse mortgages simple fixes for elderly homeowners needing cash – a financial easy button.

Sorry, there is no such thing.

Yes, reverse mortgages can be attractive. Folks older than 62 can unlock cash from their home without selling. They can simply draw monthly income, a line of credit or lump sum from their home equity, with no repayment until the home is no longer their primary residence. Staying current requires covering property taxes, homeowners insurance and maintenance.

But be careful. Read the fine print. This isn’t money you lend yourself. It’s a loan using your home equity as collateral. That means interest, typically at a high rate, plus other fees and costs. Worse than paying that interest monthly, it compounds, magnifying what you owe. When you sell, you repay the principal plus all compounded interest.

Living with your parents: The financial rules for moving back home after college

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Navigating reverse mortgages. (Photo: AlexRaths, Getty Images/iStockphoto)

Elderly retirees need their finances to be simple, clear and available until they die. Reverse mortgages’ ballooning costs can cut against those basic needs.

Reverse mortgage calculators show interest’s huge impact. Pretend you did one borrowing $2,000 per month for 10 years – $240,000 in total. At a 4.5% interest rate, your total due after 10 years would $303,530 – before fees. That’s $63,530 in interest alone. Bump it to 20 years of payments and your final bill is $779,160 – $480,000 in principal plus $299,160 in interest. Thirty years? You owe $1,524,468. Less than half of that, $720,000, is your principal. The majority is interest. The longer, the uglier – until your home’s entire value is the lender’s.

These loan amounts aren’t realistic for everyone. They’re illustrative, showing the key risk: underestimating your life expectancy, living far longer than you anticipate, and ending up aged and broke, unable to meet late-life health expenses. If you’re in great health with a good family history, you could live into your 90s or beyond. Planning for a longer life is key to not exhausting your money.

Reverse mortgages often do the opposite, with perverse incentives. The longer you live, the bigger the lender wins, while your compounding interest burden balloons. Do you really want to be cash-strapped and in debt while trying to fund assisted living or other late-life care?

Some disagree, arguing reverse mortgages can insure against depleting your savings before you die, working alongside an investment portfolio. They can. This view rightly considers folks’ assets in totality, rather than in buckets, avoiding a common error.

But it requires the elderly to invest well. Are you a strong investor? Will you be? Are you willing to risk being forced to sell your house late in life to cover a ginormous compounded interest debt, hoping there is enough left to live off of? At an age when most people need simplicity and ease, this seems unwise.

Beware products charging big fees for something you can do easily with cheaper, more simple investments. If you’re younger, save now and invest in your 401(k), reaping compound growth’s rewards rather than having them work against you. Stay invested throughout retirement without excessive binge-type withdrawals, and you should readily cover normal late-life expenses.

More security, less debt. Wouldn’t you rather have that control?

Ken Fisher is founder and executive chairman of Fisher Investments, author of 11 books, four of which were New York Times bestsellers, and is No. 200 on the Forbes 400 list of richest Americans. Follow him on Twitter: @KennethLFisher. 

See USA Today’s take on the Reverse Mortgage back in 2016. You’ll have to decide on your own which one of these stories is “Fake News”. Obviously, one is and one isn’t — posted in the  same publication three years previous.

How to tell if a reverse mortgage is right for you

Deborah Kearns, Published 7:02 a.m. ET Oct. 24, 2016 USA Today.

After Eileen Redden inherited her idyllic childhood home last year, she knew she wanted to live out her days there. Enamored with the 1945 Cape Cod in Bayside, N.Y., she threw herself — and her savings — into renovating it.

But soon after Redden had spent considerable money on improvements, her business-coaching firm lost a top client, and she felt the financial pinch.

With retirement looming, Redden, 63, needed another source of income. Today, she’s breathing easier with a reverse line of credit that allows her to pull money from her house as she needs it. Being able to stay in the home she loves while tapping its equity for a financial cushion was a win-win, Redden says.

“The key to deciding if a reverse mortgage is right for you is finding the right company to work with,” says Redden, who did extensive research before contacting American Advisors Group based in Orange, Calif., which specializes in reverse mortgages. “My loan officer took the time to listen to my financial goals, and there was no pressure or sales pitch.”

Redden is one of 58,000 people who took out a home equity conversion mortgage in 2015, according to the National Reverse Mortgage Lenders Association. An HECM is a federally insured reverse mortgage through the Federal Housing Administration. HECMs account for nearly all reverse mortgages in the U.S.

If you’re nearing retirement or already there, and you’re worried you won’t have enough money, a reverse mortgage might be a smart strategy.

How a reverse mortgage works

Reverse mortgages are the opposite of a traditional home loan in that they allow homeowners 62 and older to access their home’s equity without paying a monthly mortgage payment or taxes on the proceeds, says Chad Nicholson, a mortgage broker with American Financing in Aurora, Colo.

The FHA’s requirements to apply for a reverse mortgage include that you must be at least 62, that your home is your primary property and you live in it full time, and that you have no delinquent federal debts.

For your retirement planning, count on living until age 95

A reverse mortgage isn’t free money; you have to repay the loan when you sell the home or when you or your spouse no longer live in it, Nicholson notes. However, your surviving heirs won’t be on the hook to repay the loan. They’ll still receive any equity beyond the owed loan amount when they sell the home.

The amount of money you receive is based on a sliding scale of life expectancy; the older you are, the more you can pull out.

All of these reasons make a reverse mortgage a safer option than a home equity line of credit or a personal loan, both of which typically come with higher interest rates and stiff penalties if you miss a payment, Nicholson says.

“In retirement, it’s all about having cash flow flexibility and living a simpler way of life,” Nicholson says.

What it costs

One of the drawbacks of a reverse mortgage is the high financing costs. Borrowers can expect to pay up to 6% of their home’s appraised value in fees, including a mortgage insurance premium, third-party fees for closing costs, a loan origination fee and a loan servicing fee. Typically, you can roll most of these fees into your loan.

Also, there is a mandatory $125 financial counseling fee required by the FHA.

When should you use one?

For many Baby Boomers, Social Security checks are the only source of income in retirement, averaging just $1,230 a month, according to a study by the University of Wisconsin.

The research found that two-thirds of Baby Boomers who were employed in the private sector have no retirement income aside from Social Security, while having less than $25,000 in savings and investments. That breeds fear and uncertainty for many seniors, says Wade Pfau, professor of retirement income at the American College of Financial Services.

Here’s 1 piece of financial advice you can’t afford to ignore

“Retirees are affected by a lot more risk, and they’re more vulnerable to market volatility,” Pfau says. “That’s where a reverse mortgage is a useful retirement income tool if you plan to stay in your home long enough to recoup the [loan] costs.”

If you’re a big spender, taking out a reverse mortgage could add to the problem. Don’t forget you’re reducing your home’s equity, which is important if you plan to leave the property behind as part of your estate. In other words: Be responsible with how and when you use the loan proceeds, or a reverse mortgage could cause more problems than it solves, Pfau says.

How to spot a reverse mortgage scam

Scammers use a lot of different tactics to trick homeowners into unscrupulous deals. Paul Fiore, executive vice president of retail lending at American Advisors Group, one of the largest reverse mortgage lenders in the country, offers a list of gut checks as you evaluate reverse mortgage offers:

  1. Does the lender take time to understand your situation and educate you? If someone is trying to rush you into a decision without taking the time to explain things and offer education, that’s a red flag.
  2. Does the lender allow you to choose your own reverse mortgage counselor, or does it try to select one for you? Every potential borrower must undergo independent reverse mortgage counseling with an FHA-approved HECM counselorbefore applying for the loan. The lender must provide a list of third-party resources that offer this counseling. If the lender doesn’t give you a list or pressures you to select a specific counselor, move on.
  3. Is the lender asking you for money upfront? Lenders may talk to prospective clients and take preliminary information about their financial situation, but they cannot process an application or obligate the homeowner to specific costs without the homeowner undergoing independent counseling and showing proof of attendance.
  4. Are you feeling pressured to sign loan application documents before you’re ready? Ask a lot of questions and don’t sign anything until you feel confident and satisfied that you have all the answers you need to make an informed decision.

The views and opinions expressed in this column are the author’s and do not necessarily reflect those of USA TODAY.

This story in USA Today on the Reverse Mortgage ran supportive of Reverse Mortgages back in 2016. “Gotta believe somebody”, says Warren Strycker, Financial Professional and an advocate of the Reverse Mortgage for more than a dozen years. “Fisher has his own reputation to uphold and continues to downgrade other products to accumulate his riches. A little Fake News is added to make it more interesting.”

While the goal of saving in a person’s working years that Fisher lays out is one that should be sought after, the goal as stated in Fisher’s column doesn’t acknowledge the realities faced by many retirees, says Reverse Market Insight President John Lunde.

“The author is a longtime investment business professional and highly successful if the Forbes 400 list is to be believed,” says Lunde. “In this case he’d be well served to further educate himself on this product adjacent to his field of expertise and take another draft on his opinion piece with a more comprehensive understanding of the repayment requirements.”

For those interested, John Lunde’s background to support this argument with Fisher, is not unsubstantiated: Following is Lunde’s credentials to support his remarks.

“John K. Lunde is an expert in financial analysis and investment modeling in a range of industries, including reverse mortgage, investment management, real estate settlement services and wireless telecommunications. John draws on deep experience in the reverse mortgage industry and extensive relationships with leaders at top lenders, servicers and investors in the space to focus RMI’s product development and sales in productive niches for clients.

“Prior to founding RMI in March 2007, John led the Business Metrics & Analysis team at Financial Freedom to deliver comprehensive ongoing internal performance analysis across all lines of business in the company: Marketing, Sales, Operations and Servicing. John has previously worked at AT&T Wireless, Cendant Settlement Services and MetaMarkets.com and holds a Bachelor of Science degree in Business Finance from California State University San Bernardino.”

WE INVITE YOUR TRUST. “The TOOL they sell is one whose time is coming, and people who refuse even to consider a reverse mortgage in the coming years may do themselves a disservice.” (Merton). https://gofinancial.net/2019/03/love-them/

Does it pay to get a reverse mortgage early in retirement, or is it better to wait? https://gofinancial.net/2017/09/now-or-last-resort/ …

CFPB discussion gude english

CFPB discussion guide spanish

HECM for Purchase: Homemaker’s Toolkit; “Ready without a mortgage payment”

Open up this discussion of the HECM for Purchase product used to help retirees scale down to a more affordable living quarters at considerable savings. This is the answer you need.

• Are ready to downsize, upsize, move closer to
family, move to a low-maintenance community, a
more convenient neighborhood, or finally buy their
“dream house”—and don’t want to take on a required
monthly mortgage payment.

• They live on a fixed income; are concerned about
being able to afford a new home via a cash purchase or traditional financing; and/or want
to avoid tapping into their retirement nest egg.

• Their current home no longer fits their lifestyle — For example, the washer and dryer are
down in the basement; the yard is too big to take care of; they need or prefer a one-floor
living situation. They want a new home that’s a better fit for their physical needs.

• They want to increase their purchasing power to buy the home they really want, with the
amenities they need or desire.

• They want to preserve some of proceeds from the sale of their home for a cash reserve or
other retirement savings.

NRMLA-H4P-Homebuilders-Toolkit-0410-2018-Digital-Version

HECM for PURCHASE Let Us Retire 10 Years Ahead of Our Plan

By Mark Olshaker

Beatrice and Andrew Hollimon Borrower Chronicles of Business and Arts, eventually going on to head the Business Department. Beatrice was a child support technician for the State of Missouri, meaning she made sure that parents met their child support payment responsibilities, and went after the ones who didn’t. “She’s a tough cookie,” Andy comments.

They have been married since 1974 and have a grown daughter who works in the insurance industry. “We lived in a small home in St. Louis and paid it off many years ago,” Andy explains. “And we were looking to downsize even more. Throughout the years we had grown to love the tropical climate and environment and were tired of the cold.”

Andy also mentioned that he suffers from severe allergies and began researching areas where they might be substantially less pronounced. “South Florida became a major focus for us and we wanted to be on the Atlantic side. We started vacationing in Fort Lauderdale about six years ago and found we really liked it.” Having retired from teaching and found the area they wanted to live in, Andy and Beatrice set about figuring out how to make it happen financially.

They didn’t think they had enough to trade up to the type of house they aspired to in a resort setting, so they figured that under present circumstances, they would probably have to work another 10 years or so. Andy recalls, “We were playing around with how we were going to pay for it, when we happened to see the Fred Thompson commercial on television. I had seen it maybe a hundred times before, but this time we were intrigued and I thought, ‘Why not check it out?

Borrower Chronicles representative asked me was whether I was considering a HECM loan for refinancing or purchase. I asked him, ‘What’s the difference?’” When the rep explained the distinctions between a reverse mortgage that would keep the Hollimons in their home in St. Louis and a HECM for Purchase, Andy realized that it was the latter that would work best for them.

“As soon as we decided on that, he referred me to the Purchase Division. There, a man named David Marshall spent about 45 minutes on the phone educating me on how it works. He said, ‘Go get a piece of paper and write this down.’ Actually, I ended up taking about 10 or 11 pages of notes. He walked us through the entire process and told us exactly what was involved and what to expect. He went over the advantages and disadvantages. He was quite frank about it.”

Andy notes that as they went about evaluating their op- 12

Andy notes, “above the hustle and bustle of Miami, but we can go down there whenever we want, or up to Palm Beach.” He spends a fair amount of time writing on the Internet and has taken up oil painting. His canvases are both strikingly beautiful and thought provoking, ranging in subject matter from interiors to still lifes, to nature and surrealistic settings.

The obvious talent and professional look belie his assurance that he has never had a single art lesson. Beatrice is a voracious reader and finally has time to pursue that pleasure. She also crochets and does complex, thousand-piece jigsaw puzzles, some of which end up framed on their walls. “And we live on a golf course,” adds Andy. “I have a feeling she is going to pick up some clubs before me.”

Summing up their reverse mortgage experience, he says, “Not only did working to obtain a HECM for Purchase make it possible for us to retire ten years sooner than we thought we could, it allowed us to take advantage of a strong real estate market to buy our dream home.”

Beatrice’s “tough cookie” background in government was put to good use. “She’s very discerning and detail-oriented,” he says. “She looks at financial situations in a very analytical way.” The Hollimons ended up talking to Mr. Marshall several times during their decision-making process and found him helpful each time. “He actually guided us into a price range we felt comfortable with, without depleting our investments.”

While Andy had already begun transitioning into retirement, Beatrice had intended to keep working. But knowing that their retirement vision was now well within their reach, and believing that the real estate market conditions and interest rates were at their most favorable, and probably would not stay that way for very long, she decided to retire as well. Now they are settled in Fort Lauderdale, having sold the house in St. Louis. “We’re in Palm Beach County,”

 

New Research Reveals 1 out of 3 Retirees Would Live Elsewhere

Comments 10Jan 01, 2019

by Staff Writers

January 2, 2019

A surprisingly high percentage of retirees say they’d pick a different spot in which to spend their later years.  In a survey of people in their 70’s, researchers at Age Friendly Ventures (the parent organization of Age Friendly Advisor, Mature Caregivers and RetirementJobs.com), found 31% say “no” when asked “if you had to do it all over again, based on what you know now, would you choose where you are currently residing again?”.

Friends did not make the top of the list of factors that influenced a decision of where to retire; the top 3 were family (65 percent), general livability (36 percent) and desired weather conditions (32 percent).

These sentiments are summed up by Louisville, KY resident David Heath, who was tempted to relocate internationally but chose family over fair weather and finances. “I would prefer to be in Costa Rica. The weather is warm year-round and you can be at a beach within an hour’s drive from anywhere in the country. The cost of living is low and a person can live well on $2,000 a month. In my current location, Louisville, KY, I need my retirement and a job to meet my monetary needs.   The reason I stayed in the Louisville area is because my children and grandchildren are here. My family is the most important reason for retiring here.”

The financial picture plays a big role for the many who reconsidered their retirement destination, suggesting that consulting with a financial advisor should be a higher priority for older people when they’re on the front end of the retirement destination decision process.  A California survey respondent says he and his spouse moved to San Diego for their retirement given the beaches, mountains, weather, people, and general lifestyle.  But now, he says “we are being so heavily taxed we can no longer reside here. We will be moving to a state that is senior tax friendly…Property taxes in Nevada and Arizona are less than 50% of California’s for a larger home. Should have left 15 years ago.” Experts from financial services giant MassMutual agree and suggest that pre-retirees talk through the financial what-ifs with a financial advisor before they make their move to help either avoid or prepare for cost of living and other surprises down the line.

Two out of 3 retirees did not do in-depth research to determine where to live in retirement.  Three out of 4 indicated that they would find a tool like Age Friendly Advisor helpful in order to know in advance more about what a place is really like, from the perspective of people who are already there.  They say they welcome an online community that helps Americans over 50 tap others in “the crowd” for advice about good places to live, work and get care.  Age Friendly Advisor executive Daniel McCullough says “we’re hoping to put more of a human face on the research about where to live in your later years.  What’s it really like to live there?  We’re also giving people a place to inform community leaders about what they like and don’t like about a particular place.  If we do our job right, this will lead to improvements and enhanced quality of life”.

Age Friendly Ventures surveyed more than 700 people age 70+ online in December, 2018.

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Comments (10)Add Comment

Well, I wound up moving from the Silicon Valley to a place with a much lower cost of living, and MUCH less day-to-day “tensions (e.g., commuting time, insane public officials). Even though I am not much of a believer myself, we picked an area which is very close to my wife’s chosen church (it’s very important to her, and, she deserves to get what she wants). I am a native New Yorker, and I would not have imagined that I would LOVE central Florida…but I do! The weather is (mostly) great, the people are friendlier than I have met anywhere else, all the daily necessities are within 5 or 10 miles, and the prices are from circa 1995! Amazing, since the first time I was ever here was when I got out of the U-Haul at the end of our move!

I am not happy in Enchanted Acres due to they raise the lot rent every year not every 2 years as per our lease agreement ..they say it is for water treatment which is a lie ….every time they make a repair or fix something they raise our lot rent …I want to know what can be done legally as a tenant to stop them from doing this ?

I think the baby-boomer generation is re-writing the Retirement Chapter. I had toiled at a job that afforded me a modest retirement. But because I live, raised my children, cared for elderly parents in a desirable weather local, I must continue to be diligent with my funds, as though I’m still employed. My children can’t afford to live here, because of the lack of job opportunities and cost of living. Yes, there are less expensive areas, which to live. But, as we age, we tend to get set in our ways. The brochure photos of these retirement areas, never seem to live up to the eventual reality, of you having to wake up there.

My retirement decisions would have been different if I had relocated earlier in my career. I passed on opportunities to the east coast and chose to remain in the Midwest mainly because of family. But I think my family would have relocated with me. Perhaps I could have had an easier and longer retirement path with a larger number of job possibilities in my field. I stayed in the Midwest and experienced 2 downsizings in a narrow career path. My retirement savings was used for living expenses and other choices were made causing me to launch my own research business. While something I wanted for a long time but only after a retirement I had planned for.

I hate the weather in the winter. Walking on “ice” not so good for old people; neither is driving. Don’t like the fact that short of casino gambling and shows, not much else to do for the elderly crowd. Don’t like the fact so many Californians are moving here and causing property prices to skyrocket. Don’t like the low wages paid to workers in Reno. Don’t like the poverty I see in Reno. Don’t like the poor education afforded children in Reno. Don’t like the politics in Reno. (Very liberal; I’m very conservative). Not very many good places to eat other in the casinos. The casinos can’t deal with the competition. No, if I had it to do again, I wouldn’t be retired in Reno. Wish I’d gone to Florida!

When I retired, we chose to stay in our home rather than relocate. Doe to local market conditions, the home has declined in value and when coupled with realtor fees, we are taking a $40,000 loss to sell.

I was born and raised in Los Angeles. All my friends and associates live in LA. I would move back to LA or down south where the cost of living is not so high.

Long Island NY has become or also has been young family oriented only. The communities have no tolerance for Senior Citizens which is apparent in the housing they offer. There is retirement development in Nassau. The houses are next door to a public pool, which gets very loud in the summer & offers no backyard at all for seniors who may want to plant a garden or even sit outside (which they couldn¹t because of the kids in the pool).

In 2016 I was laid off from a job. I was planning on working about four more years to allow me to pay some debt off and then I had planned to sell the house and move to Florida. I am in my 70s and haven’t been able to find a job since the layoff. I’m straddled with debt and do not have my house paid off so moving to Florida and getting a small house and retiring is looking less feasible all the time. I am still searching for work.

I love the idea of this website… it is helpful to know what it’s like to retire somewhere from people who have “been there, done that”.

https://gofinancial.net/2017/05/fox/

https://gofinancial.net/?s=HECM+for+purchase

 

Turned down for a loan? Let us get you approved when other banks say NO!

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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%. https://gofinancial.net/2019/01/non-qm-loan/

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Home Equity Conversion Mortgage for a perfect landing every time

Anyone being honored by learning how an airplane lands will relate to the nerves that drive the pilot as he sits the plane down on the runway with the slightest bump at landing speed.

Not all landings are like that.

Since airports are all different, each landing starts with the basics, weight, power, airspeed, flaps, crosswinds, etc. Putting them altogether is the key to the touchdown.

For those landing a career into retirement mode, similar adjustments are made to go from the daily grind into testing the preparation for pulling the plug on the career and entering retirement lifestyle with adequate funds to steady your plan on the way down the runway.

That’s where HECM comes in — Home Equity Conversion Mortgage, using power from home equity to take up some of the slack for unaccounted emergencies. HECM can pay off your mortgage easing the debt load. It can provide the line of credit that grows to absorb the runway bumps ahead. Pouring on the coal (power) to get safely to the runway insteading of landing in the grass or worse.

There is lots to know about the HECM, and you came to the right place to learn. Check out these stories and call me with your questions: Warren Strycker, Patriot Lending USA, 928 345-1200 or send me an email warren.strycker@patriotlendingusa.com.

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6.75 Trillion dollars in DEAD Equity; HECM is safe for seniors

“I wish I had known about this before I had taken out the home equity line of credit.”

Understanding Reverse Mortgages: An Interview with Shelley Giordano

Not just another T-shirt. Yep, this is about me.

WHO DAT?

Born: Oregonian, East Portland, 1938.

Married Marilyn: 1956, two children, two grandkids, two greats.

College prep — ministry; worked lumber, plywood, ditch digging to survive.

Career: Newspaper and publisher, HECM (senior themes), long term care, annuities, life insurance.

Sold weekly newspaper at Bandon, 1979.

Executive Director: Oregon Coast Association, 5 years.

Came to Yuma in 1999 to support aging father.

It was the year of the computer glitch.

Dad lived a long time — got to be 98.

Wife passed after 49 years together, 2006.

HECM: Licensed with California HECM lender, 2004.

Various lenders with ebb and flow of the economy.

HECM2: Obtained HECM with Wells Fargo.

Married Joanne, 2008.

Current outreach for HECM: Western Arizona and statewide.

Current plan: Help people survive retirement with a HECM to relieve financial pressures and build future defense against weakness in other financial supports.

So, how can I help you? 928 345-1200

 

What is a Non QM loan and why you might care?

Understanding Reverse Mortgages: An Interview with Shelley Giordano

25 plus ways to use a HECM; Use home equity bank to purchase solar panels; save up to 85%

Social Security is running out of money — Stossel

“I wish I had known about this before I had taken out the home equity line of credit.”

 

 

 

25 plus ways to use a HECM; Use home equity bank to purchase solar panels; save up to 85%

The New HECM Reverse Mortgage is a versatile retirement funding tool that can be utilized in many ways. Here are just some of them:

    1. Pay off your forward mortgage to reduce your monthly expenses.
    2. Re-model your home to accommodate aging limitations.
    3. Maintain a line of credit (that grows) for health emergencies and surprises.
    4. Cover monthly expenses and hold on to other assets while their value continues to grow.
    5. Cover monthly expenses and avoid selling assets at depressed values.
    6. Pay for health insurance during early retirement years until Medicare eligible at 65.
    7. Pay your Medicare Part B and Part D costs.
    8. Combine life tenure payments with Social Security and income generated by assets to replace your salary and maintain your monthly routine of paying bills from new income.
    9. Pay for your children’s or grandchildren’s college or professional education.
    10. Maintain a “standby” cash reserve to get you through the ups and downs of investment markets and give you more flexibility
    11. Combine proceeds with sale of one home to buy a new home without a forward mortgage and monthly mortgage payments.
    12. Pay for long-term care needs
    13. Fill the gap in a retirement plan caused by lower than expected returns on your assets.
    14. Pay for short term in-home care or physical therapy following an accident or medical episode.
    15. Pay for a retirement plan, estate plan or a will.
    16. Convert a room or basement to a living facility for an aging parent, relative or caregiver.
    17. Set up transportation arrangements for when you are no longer comfortable driving.
    18. Create a set aside to pay real estate taxes and property insurance.
    19. Delay collecting Social Security benefit until it maxes out at age 70.
    20. Eliminate credit card debt and avoid building new credit debt.
    21. Cover monthly expenses in between jobs or during career transition without utilizing other saved assets.
    22. Cover expenses and avoid capital gains tax consequences of selling off other assets.
    23. Purchase health-related technology that enables you to live in home alone.
    24. Pay for an Uber or Lyft account so you have mobility and access to appointments and social activities.
    25. Help your adult children through family emergencies.
Want to make electricity and save up to 85% on utilities? Use HECM loan and make no payments in your lifetime. Big savings on your utilities. Consider solar on your roof now. Use HECM to gain the most leverage. “Talk to me”, says Warren Strycker, veteran professional, 928 345-1200.

Clean, sustainable solar is coming into its own as a dependable, modern energy strategy with significant financial and environmental advantages.

Lower energy bills that will never go up. Reducing our dependence upon fossil fuels.  Ensuring a cleaner environment for future generations to enjoy. Creating quality jobs for Arizonans in an expanding global industry.  There are so many reasons that solar is becoming an energy option of choice for financially and environmentally savvy consumers and commercial enterprises. Other benefits to consider:

  • Reduced electric costs
  •  Higher resale value for properties
  • Investment with guaranteed rate of return that increases as the cost of living goes up
  • Guilt free use of electricity for greater comfort, efficiency and convenience
  • Contributing to a cleaner, healthier planet

Hear the solar story in Arizona. Beat the increasing rates you have now to make “#SUNtricity” at a flat rate. With a HECM, it will cost you little or nothing out of pocket, and “I can refer you,” says Strycker. (928 345-1200)

 

“Yes, I can refer you,” Warren Strycker
928 345-1200

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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

NON QUALIFIED LOANS. IN THE AMERICAN TRADITION

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.

“26332”]

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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.