Exploring Reverse Mortgage Payout Options Amid Inflation Challenges for Seniors

Exploring Reverse Mortgage Payout Options Amid Inflation Challenges for Seniors

Tune in to Reverse Mortgage Radio with Bruce Simmons, Colorado's pioneering Certified Reverse Mortgage Professional (CRMP).

In this episode, Bruce explores the various flexible payout choices offered by reverse mortgages, drawing insights from an article titled " "Which reverse mortgage payout option is best" by Joshua Rodriguez, featured on Moneywatch/CBS News on March 28, 2024.

Discover how homeowners can customize their payout options or modify them over the loan's duration to provide financial assistance to seniors through leveraging home equity.

Bruce also sheds light on how a reverse mortgage can help relieve the burden of monthly payments in the face of persistent inflation affecting fixed incomes. Lastly, learn about an innovative credit card that revolutionizes home equity access during the show.

Facebook
Twitter
Email

Podcast Transcript

Welcome to Reverse Mortgage Radio, hosted by legends 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. Welcome, welcome, welcome to Reverse Mortgage Radio.

Hope you’re having a start to a fantastic Easter weekend and let’s just keep our fingers crossed that the weather holds out for whatever kind of celebration you might be doing this weekend. Hopefully you’re celebrating. I appreciate you joining me today on Reverse Mortgage Radio. We’re going to be analyzing an article today that came out just this week about the payout options with reverse mortgages and what the author is talking about with the payout options is not really the most interesting part of the article. I’m going to talk about it after I read the article. So I’m going to read it pretty much and with just minimal input from me and get your thoughts about what you think about the article. It’s a good article.

It’s from CBS News and but it’s factually accurate, which is really surprising. But that’s not the most surprising thing. And then what we’re going to do after that, we’re going to go back and I’m going to add a little color content, if you will, about it, because I think maybe the author might have been limited on the word count or something of that nature because he leaves a lot out. I understand that a lot of times when writers are publishing something, they’re limited on the amount of word space that they have. If we have time, we’re also going to go back to an article that also came out this week about a reverse mortgage product, a unique one that just came out in Canada. In case you don’t know, reverse mortgages are actually a worldwide product. Unfortunately for us here in America, we don’t have nearly the penetration rate.

So in other words, the people who qualify for reverse mortgages aren’t using them as much as they could based on what we see in other countries like Canada and England and Australia and Europe. There are a lot more people use it and I don’t know if it’s out of necessity or because their products are different. I know Canada’s done some unique marketing things that are really, really good, but also this product, basically it allows you to use your home equity like a credit card.

Is that a good idea? I don’t know. Hopefully we have enough time to at least touch on that, but let’s jump in. Well, before we jump in to the article, you can reach me if you have any questions about this article or about reverse mortgages generally, please contact me directly at 303-467-7821. That’s my direct line. It rings to an office that’s in my home that I have forwarded to my cell phone. Years ago, I started a business from the basement of my home, a mortgage company, and I’ve just kept that number since 1999.

So you know that you could always reach me. This is 25 years I’ve had that phone number. It’s a landline too, believe it or not, and it’s well worth the cost because I get people calling me all the time with referrals or with wanting to refinance. Yes, you can refinance a reverse mortgage if rates come down and property values are going up and it makes sense, but you can always reach me. I’m not the type of hit and run type salesperson. That’s not my style. Once I make a loan to you, you’re my customer forever.

Well, at least until I might retire in, I don’t know, eight or 10 years or whenever. But let’s talk about this article. It’s from CBS News, like I mentioned, and it’s written by a guy named Joshua Rodriguez. The title of it is, Which Reverse Mortgage Payout Option is Best? And I guess it’s Money Watch, Managing Your Money, and then CBS News also. I guess it’s a joint venture or something. But the article starts out, it says, Stubborn inflation continues to cause prices to climb on things like consumer goods and services, which is leading to financial challenges and stretched budgets for many people.

But higher prices can especially be challenging for seniors on fixed incomes who may not be able to afford the cost of price hikes. We know that. If you’re a senior homeowner, though, the equity you’ve built in your home could help support your retirement income. For example, tapping into your home equity with a reverse mortgage could put money in your pocket while eliminating your monthly payments on your home. With a reverse mortgage, you borrow money from a reverse mortgage lender, and the money is issued either as a lump sum via payments made over time or as a line of credit. The big difference between that and a traditional mortgage is that money you borrow is paid back after you no longer live in the home, whether that’s due to you dying, selling the home, or moving into an assisted living facility. That can make reverse mortgages a valuable tool in retirement.

But which payout option is best if you decide to use one? Let’s jump in. Let’s continue on here. So that was the opening of the article. Which reverse mortgage payout option is best? There’s no one-size-fits-all answer for which reverse mortgage payout option is best. To determine the right one for you, it can help to consider how each option may help address your financial needs.

Here’s when each option could make most sense. They start out with a lump sum payout. And this is me talking now, not the article. There’s really different ways that you can use a reverse mortgage. That’s what makes it so flexible. I love this program because it can fit just about anybody’s needs. Okay. When is a lump sum best?

When you use a reverse mortgage with a lump sum payment, you get a lump sum of money much like you would with a personal loan. There are times when this payout makes more sense than other options. A lump sum payout is best for immediate large expenses, says Alan Blackwood, CEO and founder of Mogul Club. Never heard of that. But he says a lump sum payment is ideal for paying off debts or a significant one-time investment. This is me again. You do have to be careful.

I really do not recommend taking money from your reverse mortgage for investments. That’s not a good use of the money. I don’t think. I guess it depends on your experience, your knowledge, all that stuff. But if you invest money out of a savings account and you lose that money, that’s all you lose. Whereas if you take money from equity in your home, whether it’s a home equity line of credit or a reverse mortgage or a refinance and you lose it, you lose that money. But really, you’re losing equity in your home, too, because now that money is not going to work for you.

It’s not providing you any benefit, and you’re losing equity in your home as well, too. So let’s continue on with the article. It’s important to note, though, that when you borrow money on a reverse mortgage, interest charges accrue on the balance of what you owe. So if you choose the lump sum payment option, you’re charged interest on the full value from the first day, though interest payments can be deferred in many cases. Now, I don’t know what he means by that, because the interest payments are always deferred on reverse mortgages.

But let’s continue on. So that’s really about the only error, I think, that’s in this article. The article continues. But if you choose monthly payments or a credit line, your loan balance will build over time, which could save you money on interest. And what they mean is, by pulling all the money out of one lump sum, you’re charged interest on all of it. Whereas if you just take money out in a monthly payment basis, you’re only charged interest as you draw it out. So the interest accrues at a slower pace. All right.

When is a line of credit payout the best? Our customers at Mutual of Omaha Mortgage overwhelmingly select the reverse mortgage line of credit for a number of reasons, says Alex Pistone, President of Reverse Mortgages at Mutual of Omaha Mortgage. First, the unused line of credit has a guaranteed growth factor built into the program. Ding, ding. We’ve talked about that numerous times on the program. And the homeowner starts with an available line of credit or an available line of credit limit. But this limit increases over time as the homeowner gets older.

But that’s not the only benefit of a reverse mortgage with a line of credit can offer. Reverse mortgage lines of credit is also special when compared to traditional HELOC, or a home equity line of credit that you’d get at a bank, in that it can never be canceled, frozen, or reduced, even if the value of the home declines, Pistone says. So the homeowner can count on those funds being there. In turn, reverse mortgage lines of credit are typically best when the borrower wants to borrow, their borrowing ability to grow, and also wants to capitalize on the payout flexibility that this option provides. So what he’s saying here, and we’ve talked about lines of credit, it’s by far my favorite way to use a reverse mortgage. But basically, you use the money only when you need it. Let’s say you’ve got plenty of income, you’re doing fine, you set up the line of credit, and it’s there for big purchases.

You know, you have enough money to live day to day, to go out to lunch, and go take trips or whatever, but your furnace goes out, now you need $10,000. You don’t want to put it on a credit card, you don’t want to take it from other investments, use the line of credit option from the reverse mortgage. It’s a great, very flexible way to do it. Okay, when is a monthly payout best? If you’re looking for steady supplemental retirement income, a reverse mortgage with a monthly payout may be your best option. The monthly payout option is great for the homeowner who wants to receive a specific amount each month and wants those payouts to be on autopilot, says Pistone. This option could benefit you by offering reliable income for the rest of your life.

The monthly payments can be received either for a defined period of time, or there is a monthly lifetime payout option, which is guaranteed up to age 150 years old, says Pistone. That’s a long time down the road. Hopefully if you are living in your home and you’re 150 years old, you still got your wits about you. Okay, the bottom line, so which option is the better option for a reverse mortgage payout option? Hmm, okay, so which is the better reverse mortgage payout option? Ultimately, it comes down to a person’s financial situation and intended use of liquidity in the property, says Blackwood. If you’re looking for a lot of money for a large expenditure, go with a lump sum.

If you’re not sure of the amount you need and you don’t need all of it all at once, a line of credit only charges interest on the amount outstanding. If you want regular payouts, the monthly payment option could work best. Keep in mind, though, that you can mix and match payout options or change to a new one during the life of the loan. Homeowners are not required to select only one payout option, says Pistone. They can choose a combination of all available options, and they can also change their payout option at any time over the life of the loan. Again, the flexibility of this program is fantastic. By the way, if you just tuned in, you are listening to Reverse Mortgage Radio.

I’m your host, Bruce Simmons. I’m the Reverse Mortgage Manager for American Liberty Mortgage right here in Denver. You can reach me directly with any questions about reverse mortgages at 303-467-7821, 303-467-7821. You can also visit me online at ReverseMortgageRadio.net, ReverseMortgageRadio.net. And the podcast will be up on my website at probably usually around Tuesday, Tuesday or Wednesday. I think mostly Tuesday is when my web guide gets it up online. And also, too, we’re now available where you can download other podcasts as well, except for Apple.

I have issues with Apple password. But other than that, you can get us on different places, iHeartRadio, things of that nature, where you might otherwise get your podcast. All right, let’s do a little bit of analyzing here. What is the most shocking thing about this article? Any idea? Anybody got their hand up? I don’t see it.

All right, it’s written from the viewpoint that a reverse mortgage is standard operating procedure, which is awesome because most of the time, almost any article that I read about reverse mortgages, there’s that qualifier, if you will. It says, reverse mortgages are not for everyone, blah, blah, blah. And anybody that’s ever heard me on this radio show knows I hate that comment because nothing is right for everyone. Home ownership is not right for everyone. Listening to the radio isn’t right for everyone. A deaf person can’t listen to the radio, right? So it’s not right for everyone.

But this article did not do that. The other thing that’s pretty unique about this article is it’s about 95% right. Like I said, that one little part about deferring interest when it’s talking about the payout options is the only thing that didn’t make any sense. It wasn’t completely wrong, but it didn’t really make sense in the way that they used it. So let’s go back and do a little bit of analyzing on this article. Let’s talk about the different payout options. The lump sum is a great option.

However, there are limits to it. If you own your home free and clear, and I tell you, you can qualify for $200,000, you say, great, I’ll take a check right now, okay? Well, number one, we have to go through the process and there’s a rescission period. So when you sign the final documents, you have three business days before we can release any funds in which you can cancel the loan. But I’m not going to give you $200,000 in the first year. FHA has something called the initial disbursement limit. That’s where you can only take out 60% of the money that’s available to you in the first 12 months of the loan.

So if you have $200,000 available to you, you could take $120,000, 60% of the $200,000 in the first 12 months of the loan. And if you choose a fixed rate, the lump sum is the only option if you choose a fixed rate. If you want to draw that money out a year from now, you have to choose an adjustable rate. Now, this radio show is not about interest rate options because there are different interest rate options, like I just mentioned. But the thing I want to get across about the lump sum payout, you can do a lump sum with an adjustable rate. It’s just like with a fixed rate, you can’t take it all out at once, but the adjustable rate allows you to pull the rest of it out a year later. Let’s say, for example, you want to buy a rental home or a second home in Arizona and you found a great deal or someplace less expensive.

Let’s say Kansas. I don’t know why you’d want to do that, but let’s say you did and you found a place for $200,000. I tell you, you can borrow $200,000 on your loan here. You say, great, I’m going to get this home. Well, no, you’re not. You’re going to use all the $200,000. We’ll give you $120,000.

You could take that, put that as a down payment, get conventional financing on that home for the other $80,000 for the purchase price. And then a year from now, when the money’s available to you on the adjustable rate program, you could take it out and pay off that, the rest of the loan, and then you’d own that home free and clear. So that’s one option, how you could use this. The other thing is, too, that the way I look at the lump sum, some people will tell me they just want to take it all out at once. They don’t tell me what they want it for, and I know it’s kind of like they’re probably going to invest it. Like I said before, I don’t think that’s a good idea most of the time, especially if you’re doing something like cryptocurrency. Now, I have cryptocurrency.

I think it’s a good deal, but you don’t want to take equity from your home and do that, especially now when crypto’s going strong. You wanted to do it maybe last year when the price of a Bitcoin was down at $25,000 or $30,000 and not at $65,000 or $70,000. Anyways, that’s not the topic of the conversation. The thing is, you don’t want to take out more money than you actually need in the next 30 to 60 days with a reverse mortgage. You say, well, I’m just going to put it in my bank and I’ll leave it there. Why? You’re going to be charged 7% or 7.5% interest on a reverse mortgage, the money you get from a reverse mortgage.

Granted, you don’t have to pay it out of your pocket, but it’s still chewing up equity in your home because the way a reverse mortgage works is you’re charged interest on whatever you take out. Every month, you’re going to get a statement in the mail, and you’re going to see that loan balance getting bigger and bigger and bigger because no payments are required, but you’re still charged interest. Now, remember also you have to continue to pay your own taxes and insurance. Keep that in mind too. If you take all the money out from a reverse mortgage and then you don’t have money to pay your taxes and insurance, you’ve just kind of shot yourself in the foot because you’re going to end up losing the house if you don’t pay your taxes and insurance. You also have to live there as your primary residence, maintain it as you would normal, and keep your name on title. As long as you do those things, no payments are required, but you’re still charged interest.

Why not keep that interest charge as low as possible and keep as much money as possible in the line of credit? See, when you set this up, you could take a lump sum out, but you have a purpose for it. And then the rest of the money, leave in the line of credit and let it grow. In other words, today, or excuse me, this week, I just closed a loan for a customer who took out the maximum amount he could. He owned his home free and clear.

He took all $60,000 out. He took out like $65,000 and he’s buying a beautiful truck and that’s what he wants to do with it. And whether you agree or not is irrelevant. That’s what he wants to do and he doesn’t have a payment. But then the rest of the money, he has like $58,000 or 54,000 is what it was, left in the line of credit. But a year from now, he’s going to have $58,000 that he could pull out if he wanted it. He has no need for it at that time, so he’ll probably leave it in the line of credit.

But have a use for it. If you don’t have a use for the money, don’t take it out. That’s the thing I want to say here. Okay, so that’s the lump sum issue. Again, I think it might have been a space or a time requirement on this. The line of credit option is a fantastic option. I’ve said before, it’s my favorite option for this.

I’ve had a number of customers who own their home free and clear and they don’t need any money at all. But what they do is they take out a reverse mortgage. They set up a line of credit so they leave all the money in a line of credit and they just let it sit there and grow over time so that it’s available to them if they ever need it down the road. And a couple of things, for example, let’s say you set it up when you’re 65 and then at 85, you want to still stay in the home, but the home doesn’t really fit your needs anymore. If you’ve got a stairway, maybe you need a lift. And so you get a lift installed so you can go up and down the stairs without having to break your knees all the time or worry about falling. Or you need to widen the hallways if there’s a wheelchair situation, something like that.

Or other people and financial advisors have advised us to use it for long-term care needs, whether it’s to actually pay for the in-home care or you could even take it out. Now, this would be more of a monthly payment situation. You could take it out and pay for the premiums on your long-term care plan over a monthly basis. That’s more of the monthly payout. So I’m kind of jumping onto that one. So let’s talk about the monthly payout option. This is a good option for people.

What I always tell customers is I say, okay, let’s say we’re taking money out to pay off your existing mortgage and that’s going to save you a ton of money. Let’s say it saves you $1,000 a month. I ask them, I say, okay, without that $1,000 payment that you’re paying principal and interest, because you still have to budget for your own taxes and insurance. Okay. So we figure that in the budget, taxes, insurance, HOA dues, utilities, all that stuff. Okay. If looking at your income without the principal and interest mortgage payment, but with all the other stuff you have, do you have enough money to live comfortably month to month on what you get from social security or pension or a combination?

So in that, you’ve got to make sure you include things like going out to lunch with friends or paying for volunteer activities. If you’re a member of a Rotary Club or Kiwanis Club and you really love volunteering or donations too, but also birthday presents and Christmas presents for grandkids, or like I said, taxes and insurance, you can’t forget that stuff. So if you have enough money after paying off your mortgage and you can live comfortably, then don’t take any money out. There’s no need to take out a monthly payment. But if you don’t, if you think it would be a struggle, take out some money. And then let’s say you take out $800 a month. And then you realize you don’t need that much.

Like it said in the article, you can adjust it. Now you figure out your budget and you fine tune it a little. Well, you can get by with 500 pretty easily. All right. Let’s do it that way. So that’s the other way. Now, a combination is what most people do.

They’ll take a lump sum out maybe to pay off their mortgage and do a little home improvement or pay off a couple bills. And then they’ll leave money in a line of credit. Or sometimes if somebody just has, let’s say they just owe $50,000 on a line of credit, they pay that off and maybe take $10,000 out for some home improvements. And then they might even set up a monthly payment for $500 a month, just so that they can live a little more comfortably. And they still might have 50 grand or whatever left over in a line of credit for emergencies. So if their furnace goes out and it’s going to be $10,000, they’ve got that. Sometimes people will pull out money and just put it in the bank.

But what I always advise on that is if you’re going to take extra money out, I understand the need, because especially if you’ve been living hand to mouth for a long time, it’s comforting to have that cash in the bank. A lot of people like that. I like that.

So take out five, $10,000 max. There’s no reason to keep more than $10,000 in a bank. Because when you have money in a line of credit, you can tap it pretty quickly. Basically, you have to request it in writing. And the lender has five business days after they receive your request to direct deposit that money in your bank account. If they do not get that money to you in your bank account within five business days, they owe you a late charge. So it doesn’t happen, okay?

Not very often anyway. All right. So those are the different options. And that’s a really good article.

I recommend it. Again, it’s from Money Watch, Managing Your Money, CBS News. And it’s written by Joshua Rodriguez. Now, real quick, let me just touch on this other article. I saw this one. I don’t remember what the website is from this came out. It said something like market news or something like that.

Reverse mortgage card puts a plastic twist on tapping home equity. It’s by Robert McAllister from March 28th. And what they have here is basically this smaller company called Bloom Financial or Bloom, let’s see. Bloom Financial has just launched this credit card. Basically, what they do is they give you a credit card and it’s got whatever limit. If you’ve got $200,000 available in your line of credit, that credit card would have $200,000 available to you and you can tap it. You can use it to go to the grocery store or whatever.

And some people say, well, you know, if you’re a spendthrift, I wouldn’t recommend it myself. That’s me. I kind of like to spend some and, okay, well, I’ll do this and that and the other thing. And before long, you spent $8,000 and you can’t pinpoint where it went to. If you’re like that, that’s not a good option. Now, this is not an option in America. This is Canada.

And I guess Canada, they’ve got a better, like more people take out reverse mortgages in Canada. But the program doesn’t sound as good because they talk about in here how a lot of the other reverse mortgage companies, they have like a $5,000 to $10,000 minimum draw. Whenever you want to take money from your line of credit, you have to take out $5,000 or $10,000. So it doesn’t make sense. I mean, if you only needed $200 or you only needed $1,000 that you got to pull out five that, and then you’re being charged interest on it, just like taking the lump sum. So that’s not necessarily the best, but places like Canada, England, and Australia, they all have more people as a percentage of population tapping into equity in their home via a reverse mortgage. Why don’t we in America, why don’t we have this more, you know, 8, 10, 12, 15, 20% of our qualified customers doing that?

That’s why I do the reverse mortgage to help educate people about reverse mortgages. I appreciate you taking the time to listen. I hope you have a fantastic Easter.

My name is Rob McClendon. You can reach me directly. If you have any questions about reverse mortgages at 303-467-7821, 303-467-7821, or visit me online at reversemortgageradio.net, reversemortgageradio.net. This podcast will be up on my website, usually Tuesday, and you can also get it at other locations too, except for Apple. So hope you have a great weekend.

Hopefully the weather holds out for you. Looking forward to spring.

Come on spring. Happy Easter to everybody. 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!

Want The Latest Radio Shows Sent To You?

Enter your name and email below and we will send you the latest show each week.

Radio Show Sign Up

Would You Like To Chat By Phone Or Zoom?

Reverse Mortgage Guide

Reverse Mortgage Guide

Unlock the secrets to a more secure retirement with our exclusive Consumer Guide! Discover if a reverse mortgage is your golden ticket to financial freedom and comfort in your later years. 

Reverse Mortgage Guide - Popup
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!