Comparing HECM and Proprietary Reverse Mortgages: Insurance, Interest Rates, and Paying Off Debt

Comparing HECM and Proprietary Reverse Mortgages: Insurance, Interest Rates, and Paying Off Debt
In this informative segment of Reverse Mortgage Radio, Bruce Simmons, Colorado's first certified reverse mortgage expert, explores the intricacies of Home Equity Conversion Mortgages (HECMs) and proprietary reverse mortgages.

Bruce discusses the safeguards provided by FHA-insured loans, such as obligatory independent counseling, and compares them to exclusive loans, which provide advantages like no mortgage insurance but have higher interest rates.

He also discusses the impact of accessory dwelling units (ADUs) in Denver and their connection to reverse mortgages.
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Podcast Transcript

Welcome to Reverse Mortgage Radio, hosted by legend’s very own Reverse Mortgage Professor, Bruce Simmons. You have so many options with a reverse mortgage, everyone has a different opinion, and the government keeps changing the rules. You need to hear from the first certified reverse mortgage professional in Colorado to specialize exclusively in reverse mortgages, one of few in the state with the letter CRMP after his name. Bruce has the specific training and education you need to understand what you’re buying. Now, here’s your host, Bruce Simmons. Hello, and welcome to another episode of Reverse Mortgage Radio. Super glad you could be here today.

Hopefully you’re having a fantastic day. What I’d like to talk about today are something called proprietary reverse mortgages, or what some people call jumbo reverse mortgages, although that’s kind of not as encompassing as they really are. That term doesn’t represent the entire picture of what a proprietary reverse mortgage can do for you. So thank you so much for joining me today. I’m your host, Bruce Simmons, and I am the reverse mortgage manager for American Liberty Mortgage right here in Denver, Colorado. You can reach me directly if you have any questions about reverse mortgages at 303-467-7821. You can also visit me online at ReverseMortgageRadio.net.

Now, normally when I’m talking about reverse mortgages on this show, 95% of the time I’m talking about FHA insured reverse mortgages, but not all reverse mortgages are FHA insured reverse mortgages. A reverse mortgage is just a general term, and there’s all kinds of names for reverse mortgages. The FHA insured reverse mortgage is called a HECM, H-E-C-M. That stands for Home Equity Conversion Mortgage, and in Colorado, that’s probably 95% of the loans that originated in Colorado are the HECM variety. However, with values going up pretty dramatically, and especially in areas like Boulder and along the Front Range, more and more people are opting for the non-FHA insured loan, the proprietary reverse mortgages. Those loans, they’ve got all kinds of different names. Every lender that offers a non-FHA insured loan, they name their own loan.

It could be a platinum loan, or it could be a home safe loan, or it could be a smart choice loan, or equity avail, all different kinds of names for their own reverse mortgages. They’re all reverse mortgages. They’re just a different kind of reverse mortgage. What I want to do today is compare the differences between a HECM, the FHA insured reverse mortgage, and the proprietary reverse mortgages, which are non-FHA insured reverse mortgages. So hopefully you’ve had your Wheaties this morning, and you’re ready to rock and roll. Let’s jump right into it. First of all, actually, before we jump right into it, let’s talk about some of the similarities, because the proprietary loans have a lot of the consumer protections that the FHA insured loans have.

So with the HECM loan, the Home Equity Conversion Mortgage, which is the FHA insured loan, they have certain consumer protections like counseling. So all borrowers on the loan have to talk to an independent approved counselor. For FHA, it has to be an FHA approved independent counselor. In other words, I can’t do the counseling for you because I might, well, I would profit from you doing the loan. They want to make sure that you as the homeowner understand all your responsibilities. They want to make sure you understand the process of the loan, what it takes to get approved. But also, is it really right for you at this time in your life?

Maybe if you’re thinking you’re going to sell your home in two years, a reverse mortgage is not right for you. But it could still be right for you, just depends on your specific situation. It is a perfect situation for you, but you might live in a $2 million home and with FHA, they cap the amount of money that we can loan you based on the value of the home, or they’ve capped the value that we can use, I should say. That’s a better way to say it. With the FHA loan, if you have a $2 million home, we’re going to calculate the amount we can loan you based on a value, a maximum value of $1,149,800. That’s called the maximum lending limit. The non-FHA loans do not have that.

So let’s say that I’m talking to you about an FHA loan, and I don’t tell you that a proprietary loan might be available for you, or is available. When you call and talk to a counselor, they may mention that to you, and you come back to me and say, hey, why didn’t you offer me this program? Most likely it would be because I don’t offer it and I can’t profit from it. I mean, that’s not the case for me, of course, but that’s what some lenders might do. And so it’s a good thing. Counseling is good. Some people say, I don’t need any darn counselor.

I know what I’m doing. Yeah, you do probably, but still it’s required. The other thing is too, they want to make sure that you understand your obligations as the homeowner, once you have a reverse mortgage, because odds are you’re going to have to pay your own property taxes and insurance. You have to live there as your primary residence. You have to maintain the home, keep your name on title. So you have to do all those things, regardless of what kind of loan you have. The counselor wants to make sure that you understand all those things that are required of you to stay in the home.

You can travel. You could do all you want. It’s still your house, but it has to be maintained as your primary residence. A lot of people nowadays are saying, well, what if I do Airbnb out of my home? No, you can’t do that with a reverse mortgage anyway, either any kind of reverse mortgage. Lenders do not allow you to do short-term rentals. Now, sometimes I know with FHA, you can rent out rooms in your house.

So let’s say you’ve got a roommate that pays you $1,000 a month on a long-term basis. So you have a lease or the person’s lived there for the last four years with you, and you’ve got a good working relationship between you, but they pay you rent, or even if they don’t pay you rent, but they’re not involved in the loan at all. They’re not an owner of the home. There’s no romantic issues going on. They’re just a roommate, and you can do that with reverse mortgages, but you cannot do short-term rentals with reverse mortgages, even if you have an ADU.

An ADU is an accessory dwelling unit. So let’s say you’ve got a separate building in your backyard, and Denver’s changing the laws now to allow more neighborhoods to be able to do that. Let’s say you’ve got a big yard, and you build a small rental unit out there. Denver’s allowing that, and that’s okay with reverse mortgages as long as the comparable support it when it’s appraised, but it has to be by code. In other words, you can’t just do it without it passing code. So it has to meet all that. So the counseling is required.

That’s one of the consumer protections. Another one is non-recourse. This is one of the best benefits of reverse mortgages. The reverse mortgage, the way it works is you’re charged interest for the loan, no matter what the deal is.

You’re always charged interest. You can make payments on it, but if you don’t make a payment this month, you’re going to be charged interest, and that interest gets added to your loan balance. Well, even if you do make a payment, you’re still charged interest, but you might pay more than the interest that’s accruing, so therefore your loan balance might go down. But you don’t have to do that. It’s not required. And so what happens is, theoretically, you could eventually end up owing more on the house than it’s actually worth. If you live there for 20 years and you use all the money up that’s available to you right away and you’re charged interest and the interest rate goes up and the property value goes down, it’s possible for you to be upside down on this loan.

You can never, ever, ever be kicked out of the house just because you owe more on it than it’s worth. It doesn’t matter. As long as you’re paying your taxes and insurance, maintaining the home, living there as your primary residence and keeping your name on title, you can never be kicked out on either loan because they’re both considered non-recourse. Now they both handle that a little differently in how they allot for that. Similarly, with an FHA-insured reverse mortgage, you’ve got to be … you’re charged mortgage insurance premiums, MIP. I know I talk to a lot of people, they say, I’ve never paid mortgage insurance.

I’ve always put enough money down so I don’t have to worry about that. And that’s great. On a normal mortgage, that’s the case. With reverse mortgages, it doesn’t matter how much you’re borrowing. You’re charged mortgage insurance on the FHA-insured reverse mortgage loan. Regardless, you could be opening up, just opening up a line of credit, starting off with a $20,000 loan balance and your value of your home could be a million dollars. You’re still going to be charged mortgage insurance.

With the non-FHA-insured loan or proprietary loan, you are not charged mortgage insurance. But they make up for it by charging you a higher interest rate. Typically, the interest rate is somewhere between 2% and 3% higher than it would be on the HECM loan, the FHA-insured loan. So those are different pros and cons. So if you say that you don’t want to pay mortgage insurance, you don’t necessarily have to. Well, number one, you’re not paying it. That was a slip of the tongue by me.

You’re being charged for the mortgage insurance. Well, let’s say you don’t want to be charged for it. You don’t necessarily have to be if you do a proprietary reverse mortgage. However, if you do that, then your interest rate will be 2% or 3% higher than it would be on a traditional FHA-insured loan. So that’s one of the biggest benefits of not doing an FHA loan is that there’s no mortgage insurance. But you still have that protection called the non-recourse protection. So you never can leave a balance beyond the value of the home to your estate.

The line of credit that you choose to get, let’s say you have a reverse, or you’re getting a reverse mortgage. The way reverse mortgages work is the lender dictates to us, excuse me, the FHA dictates to us how much we can loan based on the value of the home, the interest rate, and your age. The younger you are, the more money you can get. The lower the interest rate, the more money you can get.

So you only need $50,000 to pay off your existing HELOC. FHA says we can loan you 200. You tell me you don’t want 200,000. So what we do is we pay off your existing HELOC for 50,000, and we leave the other 150 in a line of credit that’s available to you whenever you need it. With the traditional FHA insured loan, the HECM, that line of credit is guaranteed to you as long as you live in the home, no matter what. As long as you’re paying your taxes and insurance and living there as your primary residence and all that. It’s always going to be available to you.

It can never be closed out. No matter if the value of your home drops, you could owe more on your house than, you could owe more on the loan than the value of your home, but still have access to a line of credit with a reverse mortgage, with the HECM. With the non-FHA reverse mortgage, the proprietary, they can close out your line of credit like that, just like a bank can. If you’ve got a HELOC loan right now, let’s say you’ve got $100,000 HELOC and you only owe 20 on it, if the value of your home were to drop, the bank can close out your line of credit like that, just overnight. The proprietary reverse mortgage can do the same as well. There’s no guarantees because they don’t have mortgage insurance on it. They don’t have that government backing.

That’s one of the things that’s interesting with the two different programs. The other thing is, the line of credit grows on the HECM loan, the FHA one. That line of credit grows at the rate of a half a percent greater than the interest you’re charged. If you’re being charged 7% interest on the money you borrow from a HECM loan, the line of credit, any money you have in the line of credit is growing at 7.5%. Now some lenders allow you on the proprietary reverse mortgage, some lenders let you let the line of credit grow typically at one and a half percent total just for eight, seven or eight years, and then it stops. That’s one thing. Some lenders don’t have any growth on their line of credit with the proprietary loan.

Again, those are the pros and cons. The other thing is that the line of credit is guaranteed as long as you live in the home with the FHA insured loan, but with a proprietary loan, it’s typically only good for 10 years. You can only use that money for up to 10 years. If you want to keep the line of credit for more than 10 years with a proprietary reverse mortgage, you have to refinance it after 10 years, just like you would a traditional HELOC. With a traditional HELOC, you get at the bank a home equity line of credit. You have to go in every year or every 10 years and re-qualify to make sure that you’re still a viable, a good candidate to get to be able to use that money and pay it back. By the way, if you just tuned in, my name is Bruce Simmons.

I’m the reverse mortgage manager for American Liberty Mortgage here in Denver, and you are listening to Reverse Mortgage Radio. You can reach me directly if you have any questions about what we’re talking about today or any questions at all about reverse mortgages.

My line number is 303-467-7821, 303-467-7821. That’s my direct line. You’ll get my voicemail if I’m busy, otherwise I’ll just answer the phone. A lot of times, most of the time I do. You can also visit me online at reversemortgageradio.net, reversemortgageradio.net. Next week, this program will be up on my website, and you can click in the upper right hand corner for Reverse Mortgage Radio Show, and you can listen to the podcast. We’re also available now on a lot of different streaming platforms, anywhere where you might download a different kind of podcast, anything except Apple.

I had some issues with Apple because my password got … I had issues with my password.

Let’s just leave it at that. I don’t want to get into that. Here’s pros and cons with the traditional HECM loan, which is the FHA insured reverse mortgage, and a proprietary reverse mortgage, which is a non-FHA insured loan, reverse mortgage. One thing, I alluded to it before. Let’s go back to this though. With a FHA insured loan, if you’ve got a high valued home, let’s say you have a two or three or four million dollar home, and you want to get a reverse mortgage on it, but you want to borrow a million dollars, you’re not going to be able to with the FHA loan. You could possibly get that with a proprietary loan.

The reason you cannot get that with the HECM loan is because the HECM caps the value of the home that we can use. Even if your home is worth four or five million dollars, FHA tells us the maximum value we can consider when we’re applying the formula to how much we can use, how much we can loan you. The maximum value is $1,149,800, even though the value might really be five million. Let’s say you owe a million dollars on your home, and the home’s worth five million. If you’ve got four million dollars in equity, FHA might tell us that the most we could loan you is $400,000, because we’re using a value of $1,149,000. If you’re say only 70 years old or something, we might only be able to loan 35% of the value. If you’re 75% or 78%, we might be able to loan you 40% of the value.

The value we’re considering is $1.1 million, whereas with a proprietary loan, we’ll use the full value. Even if we can only loan you say 30% or 25% of the value, and your value’s five million, we could loan you $1,250,000, enough to pay off your existing mortgage and give you a little bit of money left over too. That’s one of the main reasons why people refer to proprietary loans as jumbo loans. However, one of the biggest benefits, and especially recently because they do not … With FHA, if you live in a condo, the HECM loan requires that condo to be approved by HUD.

It has to be a HUD approved condo. Now there’s some ways around it, if we could do a single unit authorization or a single unit approval, what’s called an SUA. That’s almost as much work as trying to get the darn thing approved by the whole condo complex approved by HUD. It’s not really a great option, but with a proprietary loan, it does not have to be approved by HUD. Now it does have to be approved, so we have to do a condo questionnaire. Different lenders have different standards. You have to have so much in reserves, the condo association does, they might cap the amount of renters that are allowed, things like that.

But the approval process is a whole lot simpler than trying to get it approved through HUD. For a while there, last year, most lenders had minimum values. With the proprietary loans, they said if your home is worth less than $450,000, we will not do a proprietary loan on it. I remember that because I talked to probably three or four people at the beginning of last year, mid to mid last year, that I could not help. They lived in a condo that was not FHA approved or HUD approved.

Their values of the condos were $300,000 or $350,000 or even $400,000. I could not find a lender who could do a proprietary loan on that property. I now have one. One of the lenders that I do business with does not have a minimum amount for their proprietary loan, and that’s an awesome situation because I’m working on a loan right now for a guy in a condo that is not FHA approved, and we’re able to do that, even though the value is only $375,000. This guy, it’s a newer condo complex up in Lafayette, and we’re able to pay off his existing mortgage on his home and do the proprietary loan and get him some cash out, which is a fantastic situation, get him out from under a mortgage payment. Another situation is that FHA has weird rules sometimes. They do not allow us to use loan proceeds to pay off any debt other than debt tied to the house.

Let’s say, for example, you have a $500,000 home and you’ve got a $100,000 first mortgage and you have a $100,000 HELOC, a home equity line of credit. We could pay off those two loans, and assuming we could loan you enough with the FHA loan, we could pay off both of those loans. Let’s say you’ve got a $100,000 mortgage and then you’ve got $100,000 in credit card debt, and FHA says, no, we cannot pay off that credit card debt. We could give you the money to pay it off and you could do it that way, but that’s the only way to do it. However, I’ve run into this a few times where somebody with a lot of debt, in fact, I remember this one lady, she had a less expensive home. The home was only worth, I think it appraised for between $375,000 and $400,000. She had about $35,000 in consumer debt.

She owned the home free and clear other than that, but we were not allowed, we could not qualify her because her payments exceeded the amount of income she had. She had too much debt when we factored in all $35,000 of those credit card bills. I think it was like, actually, she did have a small mortgage on her home, but between the mortgage and the credit card bills alone were like $800 a month. When we added that into her debt, even without a mortgage payment, she didn’t qualify because her income was too low. She just was living on Social Security and it didn’t qualify. But I was able to do a proprietary loan for her because with a proprietary loan, we could use loan proceeds to pay off that non-housing debt, the credit cards and car loans, and we were able to do the loan for her. In other words, by paying it off, I mean we take the money from the loan and we make the check out to the debtor.

For example, we’d make the check out to her and MasterCard, her and Home Depot, her and Pennies, or Chase, or whoever it was. So we paid those credit cards off so we did not have to count that debt against her. But that’s not allowed with a HECM loan, which is so weird. Now there’s hopefulness that that’s going to change this year sometime, but don’t hold your breath on it.

That’s just the way HUD moves very slowly. So that’s another difference that is positive in the proprietary loan side of things. So the other thing is, let’s see, the initial disbursement limit. This is an unusual rule that FHA has. With a HECM loan, they say we can only loan you 60% of the money that’s available to you in the first year of the loan. Let’s say you own your home free and clear. You call me and you say, hey, there’s a great deal on a condo up in the mountains that I want to get.

It’s only $200,000 and I can loan you $200,000 with a HECM reverse mortgage, but I can’t loan it to you all at once. Okay. It’s so goofy. FHA says, well, you can only take out 60% of that 200,000 in the first 12 months of the loan. You say, well, it’s not going to do me any good. The condo costs 200. It’s a great deal. It’s a steal.

It’s right on the ski slope and all these great things. Nope. I can only loan you 120 in the first year. Hey, year two, I’ll give you the other 80,000 that’s available, but that’s not going to help you now. With a proprietary loan, you can get all the money in one lump sum and you don’t have to worry about that initial disbursement limit. That’s a really big benefit for people. More and more people are looking at reverse mortgages as an investment possibility where they could borrow money and purchase a second home.

I did a loan like that for a lady in Boulder who ended up buying a home in Arizona with a boyfriend that lived down in Arizona. They would stay in Arizona in the winter and come up to Colorado in the summer. She was able to put half the money down. Now, luckily, we were able to give her enough with the heckum, but more and more people are looking at reverse mortgages like it’s a tool. It’s just a financial tool. Sometimes you can do different things with it, and the proprietary loan gives you … another arrow in the quiver or a different arrow, let’s say, one that maybe is a little pointier in some situations than other situations.

Maybe the feathers are longer so it flies further. I don’t know. That’s a terrible analogy. But it gives you more different types of things that you can possibly do with it. The other thing with reverse mortgages is the credit scores with a heckum. Now, this is a positive for a heckum, the FHA one.

FHA, we don’t look at credit scores exactly. We look at your credit to see if you paid your credit good, but there’s no minimum credit score. Now, with the proprietary loan, a lot of them do have a minimum credit score. Sometimes it’s pretty low, like 550 or 600, although one of the lenders tells me, they say, hey, if somebody has over a 780 credit score, we don’t worry about your income. There’s no income requirement if you’re above a certain credit score. So if you’re above real super high credit or real super low credit, a proprietary loan might be more beneficial for you, or we might not be able to do it at all, whereas with a heckum loan, it’s not necessarily even a factor. The payment history is what we look at mostly.

So hopefully this kind of clarifies a little bit for you and didn’t just confuse you even more. But if you’ve got a condo that you’ve heard that it’s not FHA approved and you want to do a reverse mortgage, give me a call. I could help you out with it possibly. If you’ve got a $1.5, $2 million, $3 million home and you’re thinking you might want a reverse mortgage, but you couldn’t get enough on the heckum program, give me a call. I can talk to you about that, and we could take a look and see if that makes sense for your situation.

My number is 303-467-7821. My name is Bruce Simmons, and I’m the reverse mortgage manager for American Liberty Mortgage in Denver, 303-467-7821. Or visit me online at ReverseMortgageRadio.net. I’ve been doing this for over 20 years. All I do is reverse mortgages, and I’d love to answer whatever question you have about reverse mortgages. Thanks for listening today, and I look forward to talking to you in the future. Have a great day.

Call Bruce Simmons today. Ask about his free Colorado Consumer Guide, 303-467-7821, or ReverseMortgageRadio.net. Bruce will come to you anywhere across the front range to make sure you understand how reverse mortgages work.

Regulated by DORA, NMLS number 409914. American Liberty Mortgage is an equal housing lender.

Picture of Bruce Simmons

Bruce Simmons

I absolutely love what I do - working with senior homeowners to help them live a more comfortable, flexible and secure retirement. I have the absolute best customers in the world, and even though I worked in the forward mortgage business for a number of years, I could never go back to doing conventional loans. I'm a 100% reverse mortgage specialist.

Picture of Bruce Simmons

Bruce Simmons

I absolutely love what I do - working with senior homeowners to help them live a more comfortable, flexible and secure retirement. I have the absolute best customers in the world, and even though I worked in the forward mortgage business for a number of years, I could never go back to doing conventional loans. I'm a 100% reverse mortgage specialist.

5.0

My wife and I are retired and had a mortgage that was quite high. We contacted Bruce regarding a Reverse Mortgage and were pleased with his knowledge and experience. He made the whole process very easy and explained everything along the way. Since then, I have had a couple of questions and contacted him regarding the RM. Bruce has always been very responsive and returned our calls within minutes. We couldn't be happier having used Bruce for the Reverse Mortgage and highly recommend him.

Bruce has been serving my interest over and above what one might expect during the whole process of handling my reverse mortgage dating back to 2010 and continues to be available at present whenever a question may arise. He is one of the most reliable, trustworthy and knowledgeable experts regarding reverse mortgages that I have had the privilege to do business with! I would highly recommend Bruce to anyone who is considering a reverse mortgage. Thank you Bruce!

I met Bruce from a referral who just love what he did for them on their Reverse Mortgage, So I contacted Bruce and told him my story and he came up with a great Reverse Mortgage for me and my needs and now I am living good and not worrying about Finances anymore. He had it done in a timely manner. If you are looking for the MAN to help you get the best Reverse Mortgage you need to call him and hope you let him help you.

Bruce is one of the most professional, knowledgeable and efficient experts I have worked ŵith ever in any field. He is fast to answer and always ready to help...and he's a great guy!

Gerald Cook
Gerald Cook
5.0

Bruce did our original reverse mortgage and has also refinanced it twice. He works hard to get the best deal possible while making it as easy for us as possible. When our first refinance received a low initial appraisal, Bruce helped the appraiser find better information and increase the appraised value. He's the best.

I was hesitate about getting a reverse mortgage until Bruce Simons put my mind at rest. He is easy to work with, extremely knowledgeable and efficient. Things get done and he will make sure that you understand every part of the process. I interviewed several other people and he was hands down.....The only choice.

Doing a Reverse Mortgage is a major decision, when working with Bruce he came out personally to go over every thing in detail, there was no pressure to finalize the transaction, I had even put the loan on hold for awhile even though I had locked in my rate, I had called Bruce off and on for a few weeks to ask questions that I had concerns about and he was always available to talk to me. In the end it gave me time to feel comfortable about my decision to move forward with the Reverse. Bruce was very pleasant to work with and would certainly recommend Bruce if you are going to consider a Reverse Mortgage.

Bruce Simmons at American Liberty is one of the best in the reverse mortgage industry. I have known and worked with him for years and he always does a great job. You are in good hands with Bruce and know that he will take good care of you or your loved ones every step of the way.

Best thing I ever did! Bruce Simmons at American Liberty Mortgage is the best. He is always there to answer your questions, and can easily explain the whole idea of a Reverse Mortgage. He takes the time and goes through the entire process with you. It worked out so well for me. Thank You Bruce!

We had researched Reverse Mortgages for 5 years and after hearing about Bruce Simmons and meeting with him, we finally decided to move forward with the Reverse Morgage. It has been over a year now and we are still very pleased with our decision. We think Bruce is very professional, knowledgeable and honest. Thank you, Bruce, for all your help.

I first met Bruce Simmons 2017. I found him on the internet. I was looking for someone local. I called him and explained I was only looking into doing a reverse mortgage, so I did not want him to think this was something I was ready to do. Bruce was friendly, very open about the basics of a reverse mortgage. Bruce came to my home and presented the figures and other details that he could offer. The first thing that impressed me was this was not a hard sell, more of a informational meeting. He was very open about all of the details, and answered my questions without hesitation. What really was evident was he was establishing a relationship with me, and I realized he knew I would not take the loan at that time. There was not enough equity in my home, and I would have to bring money to the table. Although I was not ready to do a loan, Bruce assured me he is always available for questions. Four years later, I finally did do a reverse mortgage, and I couldn't be happier with having done it. I have done away with a mortgage payment which allows me to fund my retirement account with that mortgage payment. We did some much needed landscaping with our cash out transaction, and will move on to improvements inside of the house. My reverse mortgage has a line of credit, and I feel sense security knowing it is there if I need it. Bruce explained that a reverse mortgage is not for everyone, but I feel certain that he paved the way for a strategy that worked for me. I will definitely do a refinance when the time is right. I will check in with Bruce to be sure what the benefits are when I do it again.

I have worked with Bruce Simmons for 15 years. Bruce is one of the best in the industry. He is extremely knowledgeable, kinds and detailed in what he does. His clients love working with him and trust him to help them with their Reverse Mortgage loans. I would recommend Bruce to anyone I know that is thinking about or wanting to do a Reverse Mortgage. He will always take very good care of the customers and make sure their needs are met! Class act and one of the best in the industry by far!

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John Addante
John Addante

Left us a 5 star review

My wife and I are retired and had a mortgage that was quite high. We contacted Bruce regarding a Reverse Mortgage and were pleased with his knowledge and experience. He made the whole process very easy and explained everything along the way. Since then, I have had a couple of questions and contacted him regarding the RM. Bruce has always been very responsive and returned our calls within minutes. We couldn't be happier having used Bruce for the Reverse Mortgage and highly recommend him.

Bruce has been serving my interest over and above what one might expect during the whole process of handling my reverse mortgage dating back to 2010 and continues to be available at present whenever a question may arise. He is one of the most reliable, trustworthy and knowledgeable experts regarding reverse mortgages that I have had the privilege to do business with! I would highly recommend Bruce to anyone who is considering a reverse mortgage. Thank you Bruce!

I met Bruce from a referral who just love what he did for them on their Reverse Mortgage, So I contacted Bruce and told him my story and he came up with a great Reverse Mortgage for me and my needs and now I am living good and not worrying about Finances anymore. He had it done in a timely manner. If you are looking for the MAN to help you get the best Reverse Mortgage you need to call him and hope you let him help you.

Bruce is one of the most professional, knowledgeable and efficient experts I have worked ŵith ever in any field. He is fast to answer and always ready to help...and he's a great guy!

I was hesitate about getting a reverse mortgage until Bruce Simons put my mind at rest. He is easy to work with, extremely knowledgeable and efficient. Things get done and he will make sure that you understand every part of the process. I interviewed several other people and he was hands down.....The only choice.

Doing a Reverse Mortgage is a major decision, when working with Bruce he came out personally to go over every thing in detail, there was no pressure to finalize the transaction, I had even put the loan on hold for awhile even though I had locked in my rate, I had called Bruce off and on for a few weeks to ask questions that I had concerns about and he was always available to talk to me. In the end it gave me time to feel comfortable about my decision to move forward with the Reverse. Bruce was very pleasant to work with and would certainly recommend Bruce if you are going to consider a Reverse Mortgage.

Bruce Simmons at American Liberty is one of the best in the reverse mortgage industry. I have known and worked with him for years and he always does a great job. You are in good hands with Bruce and know that he will take good care of you or your loved ones every step of the way.

Best thing I ever did! Bruce Simmons at American Liberty Mortgage is the best. He is always there to answer your questions, and can easily explain the whole idea of a Reverse Mortgage. He takes the time and goes through the entire process with you. It worked out so well for me. Thank You Bruce!

We had researched Reverse Mortgages for 5 years and after hearing about Bruce Simmons and meeting with him, we finally decided to move forward with the Reverse Morgage. It has been over a year now and we are still very pleased with our decision. We think Bruce is very professional, knowledgeable and honest. Thank you, Bruce, for all your help.

I first met Bruce Simmons 2017. I found him on the internet. I was looking for someone local. I called him and explained I was only looking into doing a reverse mortgage, so I did not want him to think this was something I was ready to do. Bruce was friendly, very open about the basics of a reverse mortgage. Bruce came to my home and presented the figures and other details that he could offer. The first thing that impressed me was this was not a hard sell, more of a informational meeting. He was very open about all of the details, and answered my questions without hesitation. What really was evident was he was establishing a relationship with me, and I realized he knew I would not take the loan at that time. There was not enough equity in my home, and I would have to bring money to the table. Although I was not ready to do a loan, Bruce assured me he is always available for questions. Four years later, I finally did do a reverse mortgage, and I couldn't be happier with having done it. I have done away with a mortgage payment which allows me to fund my retirement account with that mortgage payment. We did some much needed landscaping with our cash out transaction, and will move on to improvements inside of the house. My reverse mortgage has a line of credit, and I feel sense security knowing it is there if I need it. Bruce explained that a reverse mortgage is not for everyone, but I feel certain that he paved the way for a strategy that worked for me. I will definitely do a refinance when the time is right. I will check in with Bruce to be sure what the benefits are when I do it again.

I have worked with Bruce Simmons for 15 years. Bruce is one of the best in the industry. He is extremely knowledgeable, kinds and detailed in what he does. His clients love working with him and trust him to help them with their Reverse Mortgage loans. I would recommend Bruce to anyone I know that is thinking about or wanting to do a Reverse Mortgage. He will always take very good care of the customers and make sure their needs are met! Class act and one of the best in the industry by far!