On July 7th the National Reverse Mortgage Lenders Association, (NRMLA), began an informational marketing campaign in an attempt to educate people about
the reverse mortgage program. It is called “The NEW reverse Mortgage: A Smart Choice.”
NRMLA launched it in three cities and Denver happens to be one of them. It is a combination of TV ads on multiple channels and newspaper ads in the Denver
Basically it says that you’ve made a lot of smart decisions in your life—like invest-ing in your home. So don’t stop now. Find out how the NEW reverse
mortgage can be the smart financial tool that lets you take advantage of the existing equity in your home, and live the life you want.
So what’s new?
You might be familiar with reverse mortgages. But recent changes and new program guide-lines make the NEW reverse mortgage worth reconsidering as part
of your comprehensive retirement plan.
1. It’s safer for you.
New loan limitations help preserve your home equity funds for a longer period of time. Plus mandatory mortgage insurance provides additional protection
for your family and estate.
Previously, spouses under age 62 either disqualified their older spouses from getting the reverse mortgage or faced the risky decision to remove themselves
Beginning August 4th, both spouses must be included on the loan. No longer will HUD allow the younger spouse to be removed from title.
As long as one home-owner is at least 62 years old, we can close a reverse mortgage loan with both people on title. HUD will still use the youngest spouses
age, down to 18, in calculating the amount of the loan.
Meaning that couples with a substantial age gap could surrender considerable borrowing power in exchange for the safety of remaining in the home.
In summary, HUD is allowing spouses under age 62 to be on the loan giving them the right to stay in the home after the older spouse passes as long as they
continue to meet the loan’s obligations.
2. Rates and fees are lower than you might expect.
With low fee and interest rate options currently being offered, today’s reverse mortgage may compare favora-bly with a traditional home equity loan.
Fees can still vary depending on the loan amount and other factors so please call me directly for a personalized quote.
3. Financial Advisors have discovered new ways of using a reverse mortgage line of credit (LOC).
With its growth feature and new options that reduce up-front costs, the line of credit option can be used in new ways as part of a long-term retirement
funding strategy. It can reduce portfolio spend-down risk, and help your extend the life of your savings. Because the LOC is 100% guaranteed by FHA,
the lender can never reduce or close your line creating even more security and control than a traditional home equity line of credit.
In closing, I hope you enjoy the commercial. There are 30 second, 60 second and a 90 second spots that will be airing in addition to the newspaper. I would
really like your feedback and thoughts so please contact me.