Are you 62 or Older? Mutual of Omaha Retire Better

» Site Navigation
Home Page The Villages Maps The Villages Activities The Villages Clubs The Villages Book Healthcare Rentals Real Estate Section Classified Section The Villages Directory Home Improvement Site Guidelines Advertising Info Register Now Video Tutorials Frequently Asked Questions
» Newsletter Signup
» Premium Tower
» Advertisements
» Trending News
» Tower Sponsors




















» Premium Sponsors
» Banner Sponsors
» Advertisements
Reply
Thread Tools
  #1  
Old 08-17-2020, 11:13 AM
Ad poster's Avatar
Ad poster Ad poster is offline
TOTV SPONSOR
Join Date: Nov 2007
Posts: 710
Thanks: 10
Thanked 77 Times in 54 Posts
Default Are you 62 or Older? Mutual of Omaha Retire Better

Mutual of Omaha
Retire Better

Are you 62 or older?

Discover how homeowners, age 62 and older, have already taken advantage of an FHA insured Home Equity Conversion Mortgage (HECM) Loan to enjoy a more secure and comfortable retirement.

What do you worry about?
*Losing income should a spouse pass
*Aging in a facility instead of at home
*Outliving your savings

Call Today!
352-633-3204

CLICK HERE TO VISIT OUR WEBSITE

Bruce Hancock, NMLS ID: 90211
bhancock@comcast.net


NMLS# 90211)
Attached Thumbnails
screen-shot-2020-08-17-12-09-48-pm-jpg  

Last edited by Ad poster; 11-10-2020 at 07:45 AM.
  #2  
Old 08-17-2020, 11:23 AM
retiredguy123 retiredguy123 is offline
Sage
Join Date: Feb 2016
Posts: 5,116
Thanks: 367
Thanked 3,117 Times in 1,153 Posts
Default

For those who don't know, an HECM is a Reverse Mortgage.
  #3  
Old 08-17-2020, 06:15 PM
Dana1963 Dana1963 is offline
Veteran member
Join Date: Jan 2019
Posts: 523
Thanks: 2,090
Thanked 534 Times in 236 Posts
Default

Reverse mortgage great if you failed to plan for retirement spending money you don’t have!
  #4  
Old 09-02-2020, 10:03 AM
Bruce Hancock Bruce Hancock is offline
TOTV SPONSOR
Join Date: May 2016
Posts: 142
Thanks: 0
Thanked 10 Times in 8 Posts
Default Retire Better

Yes, that is correct. HECM is the proper name though, and it stands for Home Equity Conversion Mortgage.
This Gov't program was initiated by Ronald Reagan in the late 80's, and was designed to help seniors. It has been constantly improved, although the myths remain. Today's HECM is a wonderful program not just for drowning people, as was the case, but also for people who just want the security of a growing line of credit which can be accessed for anything, anytime, with the snap of your fingers. Like auto insurance, it's nice to know you have it should you need it.

Bruce Hancock
352-633-3204
__________________
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.
  #5  
Old 09-05-2020, 06:04 PM
Bruce Hancock Bruce Hancock is offline
TOTV SPONSOR
Join Date: May 2016
Posts: 142
Thanks: 0
Thanked 10 Times in 8 Posts
Default Retire Better

The Home Equity Conversion Mortgage is a wonderful program designed to help seniors. Many are in jeopardy of out living their savings and struggling financially, many are worried about the "what if"...i.e., what if my husband dies, what if I run out of money, what if I need home repairs, what if I want to age at home instead of a facility. That's where I can help.
This Gov't program was initiated by Ronald Reagan in the late 80's to help seniors. It has been constantly improved, although the myths remain. Today's HECM is a wonderful program not just for drowning people, as was the case, but also for people who just want the security of a growing line of credit which can be accessed for anything, anytime, with the snap of your fingers. Like auto insurance, it's nice to know you have it should you need it.
__________________
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 09-05-2020, 06:42 PM
manaboutown's Avatar
manaboutown manaboutown is offline
Sage
Join Date: Aug 2009
Location: NJ, NM, SC, PA, DC, MD, VA, NY, CA, ID and finally FL.
Posts: 5,116
Thanks: 4,016
Thanked 1,540 Times in 566 Posts
Default

Can people lose their homes if the principal and accumulated interest grow to exceed the value of the property?
__________________
"No one is more hated than he who speaks the truth." Plato

“To argue with a person who has renounced the use of reason is like administering medicine to the dead.” Thomas Paine
  #7  
Old 09-05-2020, 07:59 PM
retiredguy123 retiredguy123 is offline
Sage
Join Date: Feb 2016
Posts: 5,116
Thanks: 367
Thanked 3,117 Times in 1,153 Posts
Default

Quote:
Originally Posted by manaboutown View Post
Can people lose their homes if the principal and accumulated interest grow to exceed the value of the property?
If you get a reverse mortgage, you will not lose your house as long as you are living in the house. But, you will lose part of your equity in the house every month, and, eventually, you will have no equity left in the house. But, what many people don't think may happen is that they may be required to move out of the house and move into assisted living, a nursing home, or move in with a relative. In that case, the bank can force the house to be sold and you will lose it.
  #8  
Old 09-05-2020, 08:01 PM
Kenswing's Avatar
Kenswing Kenswing is offline
Sage
Join Date: Jan 2016
Location: Upper Left Coast
Posts: 6,121
Thanks: 1,005
Thanked 1,160 Times in 425 Posts
Default

We might do a reverse mortgage at some point for the simple fact that we have no children. Might as well die broke.. lol
__________________
Birthdays Are Good For You. Statistics Show the More That You Have The Longer You Will Live..

We've Got Plenty Of Youth.. What We Need Is a Fountain Of SMART!
  #9  
Old 09-06-2020, 10:25 AM
Bruce Hancock Bruce Hancock is offline
TOTV SPONSOR
Join Date: May 2016
Posts: 142
Thanks: 0
Thanked 10 Times in 8 Posts
Default Let me give you the REAL answer

Man about town...(smile) Here's the skinny: First, you have a Gov't guarantee that you can never owe more than your home is worth...Period! So if someday your home is worth 200K and you owe 300K and sell it, we (mortgage company) accepts what it sold for and you do not owe the difference ($100K). Same if you pass and your "kids" now own the home. In fact, not only can the kids go in there, take all the pots and pans/furniture etc, they also can buy it for 95% of the value, in this case $190K. Why? Because it would be very expensive for us to buy it, clean it, fix it, pay RE taxes, realtor fees etc. So they are encouraged to buy it for 190K, hold on to it and sell it later say for 250K and keep the equity.
__________________
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.
  #10  
Old 09-06-2020, 10:34 AM
Bruce Hancock Bruce Hancock is offline
TOTV SPONSOR
Join Date: May 2016
Posts: 142
Thanks: 0
Thanked 10 Times in 8 Posts
Default That was funny!

Well, you won't die broke because it would be very difficult to not have equity in your home; almost impossible. Let's use an example: Assuming your home is worth $300K and you qualify for say $150K. First, that 150K is in what we call a line of credit, which today is growing at about 4%.

So if you took the entire line of credit, you now owe us 150K. So the next day you get hit by lightning, or you decide to sell, you have 150K in equity (or your heirs do if you pass. Now, if your home grows at 4% (low average for this area) and the debt grows at 4%, in just one year your home is worth 312K and your debt is 150K...A difference of 156K....so in just one year, you've gained $6000 in equity/net worth. So again, its pretty tough to die broke. Many advisors are referring me to help their clients understand what a wonderful tool this is to better enjoy retirement, go out to eat, travel, fix up the home etc.
__________________
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 09-06-2020, 12:00 PM
retiredguy123 retiredguy123 is offline
Sage
Join Date: Feb 2016
Posts: 5,116
Thanks: 367
Thanked 3,117 Times in 1,153 Posts
Default

Quote:
Originally Posted by Bruce Hancock View Post
Well, you won't die broke because it would be very difficult to not have equity in your home; almost impossible. Let's use an example: Assuming your home is worth $300K and you qualify for say $150K. First, that 150K is in what we call a line of credit, which today is growing at about 4%.

So if you took the entire line of credit, you now owe us 150K. So the next day you get hit by lightning, or you decide to sell, you have 150K in equity (or your heirs do if you pass. Now, if your home grows at 4% (low average for this area) and the debt grows at 4%, in just one year your home is worth 312K and your debt is 150K...A difference of 156K....so in just one year, you've gained $6000 in equity/net worth. So again, its pretty tough to die broke. Many advisors are referring me to help their clients understand what a wonderful tool this is to better enjoy retirement, go out to eat, travel, fix up the home etc.
Just to clarify, if you borrow $150K at 4 percent, and don't make any payments, wouldn't the loan amount be about $156K after one year, not $150K?

As an alternative, at today's fixed rate of 3 percent, you could get a 30 year conventional 80 percent loan of $240K, and put the money in the bank. The monthly payments would be $1,012. You could use the money in the bank to make the loan payments. After about 7.5 years, you would still have $150K left over, which is the same amount as the reverse mortgage would have paid you. At that point, you would have a lot more equity in the house, and you could do whatever you want with the house, like sell it or rent it out. And, you could even take out a reverse mortgage at that time, if you needed extra money.
  #12  
Old 09-06-2020, 12:23 PM
manaboutown's Avatar
manaboutown manaboutown is offline
Sage
Join Date: Aug 2009
Location: NJ, NM, SC, PA, DC, MD, VA, NY, CA, ID and finally FL.
Posts: 5,116
Thanks: 4,016
Thanked 1,540 Times in 566 Posts
Default

4% seems to me like a relatively high rate of interest at this point time (not historically, of course). Last week I was checking on refinancing my home and found I could obtain a 2.5% fixed rate 15 year loan. All costs to close totaled about 1% of the loan amount. My current mortgage is a fixed rate 3.625% 30 year so the costs amount to about what I would save on the interest portion of the loan in one year.
__________________
"No one is more hated than he who speaks the truth." Plato

“To argue with a person who has renounced the use of reason is like administering medicine to the dead.” Thomas Paine
  #13  
Old 09-06-2020, 12:44 PM
manaboutown's Avatar
manaboutown manaboutown is offline
Sage
Join Date: Aug 2009
Location: NJ, NM, SC, PA, DC, MD, VA, NY, CA, ID and finally FL.
Posts: 5,116
Thanks: 4,016
Thanked 1,540 Times in 566 Posts
Default

Quote:
Originally Posted by retiredguy123 View Post
Just to clarify, if you borrow $150K at 4 percent, and don't make any payments, wouldn't the loan amount be about $156K after one year, not $150K?

As an alternative, at today's fixed rate of 3 percent, you could get a 30 year conventional 80 percent loan of $240K, and put the money in the bank. The monthly payments would be $1,012. You could use the money in the bank to make the loan payments. After about 7.5 years, you would still have $150K left over, which is the same amount as the reverse mortgage would have paid you. At that point, you would have a lot more equity in the house, and you could do whatever you want with the house, like sell it or rent it out. And, you could even take out a reverse mortgage at that time, if you needed extra money.
I like this approach. On a reverse mortgage that 4% compounds and the balance owed grows 4% more every year.

What I did rather than pay cash for my house was take out a 30 year 3.625% fixed rate mortgage. I invested its initial balance in a financially sound self storage REIT's preferred stock that pays me over 6%.
__________________
"No one is more hated than he who speaks the truth." Plato

“To argue with a person who has renounced the use of reason is like administering medicine to the dead.” Thomas Paine
  #14  
Old 09-06-2020, 12:45 PM
retiredguy123 retiredguy123 is offline
Sage
Join Date: Feb 2016
Posts: 5,116
Thanks: 367
Thanked 3,117 Times in 1,153 Posts
Default

Quote:
Originally Posted by manaboutown View Post
4% seems to me like a relatively high rate of interest at this point time (not historically, of course). Last week I was checking on refinancing my home and found I could obtain a 2.5% fixed rate 15 year loan. All costs to close totaled about 1% of the loan amount. My current mortgage is a fixed rate 3.625% 30 year so the costs amount to about what I would save on the interest portion of the loan in one year.
I think reverse mortgages will typically have a higher APR than a conventional mortgage because there are certain fees built into the rate. The current 30 year rate on a conventional fixed rate, 80 percent loan is less than 3 percent. Reverse mortgages are known to have very high fees.
  #15  
Old 09-08-2020, 09:34 AM
Bruce Hancock Bruce Hancock is offline
TOTV SPONSOR
Join Date: May 2016
Posts: 142
Thanks: 0
Thanked 10 Times in 8 Posts
Default Let me give you the REAL answer

Yes that was my bad. I did put in a correction but it was after the fact. The debt would be $156K. Sure you could refinance, but there are downsides to that as well, such as mortgage payments, which most people are trying to get out of in retirement. Plus, what will you earn from a bank account? 1% if you are lucky. That is $2400 a year. So you are making ballpark $13,000 a year in monthly payments and earning $2400 bucks...not exactly a win/win....obviously, there is no perfect solution, but today's reverse is definitely a great option with no downside.

Just to clarify, if you borrow $150K at 4 percent, and don't make any payments, wouldn't the loan amount be about $156K after one year, not $150K?

As an alternative, at today's fixed rate of 3 percent, you could get a 30 year conventional 80 percent loan of $240K, and put the money in the bank. The monthly payments would be $1,012. You could use the money in the bank to make the loan payments. After about 7.5 years, you would still have $150K left over, which is the same amount as the reverse mortgage would have paid you. At that point, you would have a lot more equity in the house, and you could do whatever you want with the house, like sell it or rent it out. And, you could even take out a reverse mortgage at that time, if you needed extra money.[/QUOTE]
__________________
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.
Reply

Tags
aag, license, loan, mortgage, older


You are viewing a new design of the TOTV site. Click here to revert to the old version.

All times are GMT -5. The time now is 06:58 AM.