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  #1  
Old 10-13-2020, 06:19 AM
Bruce Hancock Bruce Hancock is offline
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Today's Reverse Mortgage is not like days of old. There are no catches, no gimmicks. Today, all we do is basically make the equity in your home available to you if you want or need it. You never have to make payments. Darn near perfect program!
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Let me help you to better enjoy your retirement years. I'll show you how to use the equity in your home to live better. I will also dispel the myths. Please call me for a no obligation talk. God's blessings.
  #2  
Old 10-13-2020, 07:39 AM
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Bay Kid Bay Kid is offline
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Not a good investment for the family. If you want to do a reverse mortgage ask family and/or friends first if they would be interested. Better yet sell to a family member and/or friend and rent back. Win, win for all.
  #3  
Old 10-13-2020, 08:04 AM
Bruce Hancock Bruce Hancock is offline
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Actually many times it is good for the family, and I can name many instances where it increases net worth, not decreases. Also, there are many instances where I do a 3 way call with family/kids etc in order to educate them. Many feel as you do, that is why I really enjoy educating and removing the myths.


not a good investment for the family. If you want to do a reverse mortgage ask family and/or friends first if they would be interested. Better yet sell to a family member and/or friend and rent back. Win, win for all.[/QUOTE]
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Bruce Hancock
Reverse Mortgage Specialist
#90211
Office: 352-633-3204
Cell: 609-617-5723
bhancock@comcast.net

Let me help you to better enjoy your retirement years. I'll show you how to use the equity in your home to live better. I will also dispel the myths. Please call me for a no obligation talk. God's blessings.
  #4  
Old 10-13-2020, 08:24 AM
collie1228 collie1228 is offline
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You didn't mention the fees. From my research, you can expect several fees to be imposed on a reverse mortgage, including Mortgage Insurance Premiums (2% at closing), Origination Fee (up to $6,000.00), Servicing Fees (monthly fee for the life of the loan), and in some cases, third party fees (appraisal fee, appraisal fee, etc.)

You should understand all of your costs before entering into any loan agreement. The reverse mortgage is not for everyone. Even Tom Selleck says so.
  #5  
Old 10-13-2020, 08:36 AM
Bruce Hancock Bruce Hancock is offline
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You should understand all of your costs before entering into any loan agreement. The reverse mortgage is not for everyone. Even Tom Selleck says so.[/QUOTE]
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Bruce Hancock
Reverse Mortgage Specialist
#90211
Office: 352-633-3204
Cell: 609-617-5723
bhancock@comcast.net

Let me help you to better enjoy your retirement years. I'll show you how to use the equity in your home to live better. I will also dispel the myths. Please call me for a no obligation talk. God's blessings.
  #6  
Old 10-13-2020, 08:50 AM
Bruce Hancock Bruce Hancock is offline
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Well, there are fees for sure, but they are basically the same as a "regular" refinance. Yes, you do have MIP of 2% but that guarantees that neither you nor your heirs can ever owe more than your home is worth. NEVER, so like auto insurance, you pay for 50 years for the "what if"....what if I get in an accident? This is the same. There are no on going fees, such as servicing fees. No payments. In fact, the money you qualify for sits there waiting for you to snap your fingers, but as it sits there, it has a guaranteed growth rate. That is unique in the financial world.

You didn't mention the fees. From my research, you can expect several fees to be imposed on a reverse mortgage, including Mortgage Insurance Premiums (2% at closing), Origination Fee (up to $6,000.00), Servicing Fees (monthly fee for the life of the loan), and in some cases, third party fees (appraisal fee, appraisal fee, etc.)

You should understand all of your costs before entering into any loan agreement. The reverse mortgage is not for everyone. Even Tom Selleck says so.
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Bruce Hancock
Reverse Mortgage Specialist
#90211
Office: 352-633-3204
Cell: 609-617-5723
bhancock@comcast.net

Let me help you to better enjoy your retirement years. I'll show you how to use the equity in your home to live better. I will also dispel the myths. Please call me for a no obligation talk. God's blessings.
  #7  
Old 10-14-2020, 08:50 AM
collie1228 collie1228 is offline
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While there are no "ongoing fees", there are sometimes (usually?) fees that are generally financed within the loan. So the fees are actually paid, just not paid monthly. I have no problem with a reverse mortgage, in fact they are a great option for some retirees, but anyone interested in pursuing one should fully understand the fee structure.
  #8  
Old 10-14-2020, 09:24 AM
Bruce Hancock Bruce Hancock is offline
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While there are no "ongoing fees", there are sometimes (usually?) fees that are generally financed within the loan. So the fees are actually paid, just not paid monthly. I have no problem with a reverse mortgage, in fact they are a great option for some retirees, but anyone interested in pursuing one should fully understand the fee structure.

Okay, you are almost 100% correct. There are no ongoing fees, but interest accrues on any money that you borrow. Some day you will sell your home, or your heirs will, and they will pay us back whatever you've borrowed plus interest. Right now about 3.4%
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Bruce Hancock
Reverse Mortgage Specialist
#90211
Office: 352-633-3204
Cell: 609-617-5723
bhancock@comcast.net

Let me help you to better enjoy your retirement years. I'll show you how to use the equity in your home to live better. I will also dispel the myths. Please call me for a no obligation talk. God's blessings.
  #9  
Old 10-14-2020, 09:36 AM
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Quote:
Originally Posted by Bruce Hancock View Post
While there are no "ongoing fees", there are sometimes (usually?) fees that are generally financed within the loan. So the fees are actually paid, just not paid monthly. I have no problem with a reverse mortgage, in fact they are a great option for some retirees, but anyone interested in pursuing one should fully understand the fee structure.

Okay, you are almost 100% correct. There are no ongoing fees, but interest accrues on any money that you borrow. Some day you will sell your home, or your heirs will, and they will pay us back whatever you've borrowed plus interest. Right now about 3.4%
To paraphrase Warren Buffet 'Count me out!'
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  #10  
Old 10-14-2020, 10:31 AM
Bruce Hancock Bruce Hancock is offline
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hahahahaha, no he didn't call me a heathen, he said something about there is no God, and said something about me saying "Praise Jesus"....I find humor in it though, I'm a big boy! LOL


Quote:
Originally Posted by graciegirl View Post
I have to agree with you again.

What everyone on this earth should do is save their money. Do without something to save their money. Cut your own hair. Cook your own eggs. There is NO free lunch or free fix if you yourself do not control what is happening to YOU.

Did he call you a Heathen, Manabouttown?????????????????????????????????????

I learned something just now...........
I understand you can get free shoes in West Palm Beach. I didn't know that.
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Bruce Hancock
Reverse Mortgage Specialist
#90211
Office: 352-633-3204
Cell: 609-617-5723
bhancock@comcast.net

Let me help you to better enjoy your retirement years. I'll show you how to use the equity in your home to live better. I will also dispel the myths. Please call me for a no obligation talk. God's blessings.
  #11  
Old 10-14-2020, 11:24 AM
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Originally Posted by charlieo1126@gmail.com View Post
Why don’t you pay to adveru somewhere and go away with Gods blessing
Give the guy a break. He PAID to advertise in a forum for Mortgage and Real Estate. Paid advertisers make this website FREE to you.

Not interested? Then don't open the thread .
  #12  
Old 10-14-2020, 11:28 AM
Bruce Hancock Bruce Hancock is offline
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[QUOTE=Jayhawk;1847313]Give the guy a break. He PAID to advertise in a forum for Mortgage and Real Estate. Paid advertisers make this website FREE to you.

Not interested? Then don't open the thread .

Thanks much Jay (I assume that's your name) I don't know why people have to get so mad..(smile) Have a great day Jay...BTW, that's the 2nd time you stood up for me. Udaman!
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Bruce Hancock
Reverse Mortgage Specialist
#90211
Office: 352-633-3204
Cell: 609-617-5723
bhancock@comcast.net

Let me help you to better enjoy your retirement years. I'll show you how to use the equity in your home to live better. I will also dispel the myths. Please call me for a no obligation talk. God's blessings.
  #13  
Old 10-14-2020, 11:47 AM
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Quote:
Originally Posted by Bruce Hancock View Post
[Thanks much Jay (I assume that's your name) I don't know why people have to get so mad..(smile) Have a great day Jay...BTW, that's the 2nd time you stood up for me. Udaman!
You are following all the rules and deserve to place your post as a paid advertiser. Ignore the Negative Nellies. There's really only a few and they pretty much complain about everything.
  #14  
Old 10-14-2020, 04:03 PM
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Actually I believe TOTV may be paying off for the OP. If I counted correctly he has initiated five separate threads and received just under 9,000 views at last count so perhaps all this entertaining and informative back and forth is helping him reach his target market through gleaning retirees who own homes in TV and are pretty much locked in and on the internet due to the China virus.
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Last edited by manaboutown; 10-14-2020 at 07:00 PM.
  #15  
Old 10-14-2020, 04:12 PM
Bruce Hancock Bruce Hancock is offline
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Quote:
Originally Posted by manaboutown View Post
Actually I believe TOTV may be paying off for the OP. If I counted correctly he has initiated five separate threads and received just under 9,000 views at last count so perhaps all this entertaining and informative back and forth is helping him reach his target market through gleaning retirees who own homes in TV and are pretty much locked in and on the internet due to the China virus.
Hahahaha, you crack me up, you really do. You remind me of an old saying; "There are none so blind as those with vision who cannot see".
__________________
Bruce Hancock
Reverse Mortgage Specialist
#90211
Office: 352-633-3204
Cell: 609-617-5723
bhancock@comcast.net

Let me help you to better enjoy your retirement years. I'll show you how to use the equity in your home to live better. I will also dispel the myths. Please call me for a no obligation talk. God's blessings.
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