Exploring the Viability of Reverse Mortgages: Six Critical Considerations Before Deciding

Exploring the Viability of Reverse Mortgages: Six Critical Considerations Before Deciding
Tune in to Reverse Mortgage Radio with Bruce Simmons as he explores the informative Kiplinger Magazine article "Should I Get a Reverse Mortgage? Six Questions to Ask First." Bruce will break down the main points and offer expert insights on the important factors and inquiries that prospective borrowers should consider before opting for a reverse mortgage. Whether you are thinking about this financial step or aiming to enhance your financial knowledge, this episode is a valuable asset.
Facebook
Twitter
Email

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 Reverse Mortgage Radio. Very glad to have you today.

Hopefully you’ve been able to dig out from the snowstorm we had. I was thinking about this. I can’t remember the last time we had a really good March snowstorm with feet of snow like we had this time. It’s been a number of years, I think, but hopefully you’re dug out and you’re staying warm and you’re safe, or you had somebody dig you out, which is even better. Today, what I want to talk about on Reverse Mortgage Radio is a recent Kiplinger’s article, I think it was from the beginning of the month, that’s called, Should I Get a Reverse Mortgage?

Six Questions to Ask First. You can find this online, real simple. Before we get into the details of it, though, I want to give a shout out to Hecumworld.com.

That’s H-E-C-M world.com. It’s run by a friend of mine named Shannon Hicks, and he’s the one that brought this article to my attention. There’s a lot of different articles out there, and sometimes things slip by me, but I think this was a pretty good article overall. Some of the questions are better than others, but they’re all valid questions that people should ask when they are considering a reverse mortgage. What I want to do is read some of the article to you, and then we’re going to talk about the questions. I’m going to give some of my opinions on these different questions that you want to ask as well. But if you have any opinions or questions that you want to ask me, you can feel free to call me.

Reach me directly at 303-467-7821, 303-467-7821. That’s my direct line.

It goes right to me. My name is Bruce Simmons. I’m the reverse mortgage manager for American Liberty Mortgage here in Colorado, right in Denver. You can also visit me online at reversemortgageradio.net. If you have to leave to go dig some snow out or whatever the case may be, please visit me online at reversemortgageradio.net, and you can download the full podcast of this show from my website there. It’ll be up next week on my show or on my website, so please visit me there. You can also download my consumer guide.

I’ve got a … It’s like a 26 page or something consumer guide. I think I probably go into too much detail in there, but better too much than not enough. What I encourage you to do is download that information, check it out, write your questions on the actual form yourself, print it out. I think printing it out is better. Or if you want, if you don’t have a good printer, give me a call. I’ll send you a hard copy, because a lot of people don’t like reading on their phone or their internet.

Give me a call at 303-467-7821. I’d be happy to mail you a copy of that consumer guide. Then you can ask me whatever questions you want from it, and I’d be happy to run some numbers for you or a scenario and answer whatever questions you have. Let’s go into the questions they have on this article first. The way the article starts out, it says, while saving for retirement is a major financial goal for many, not everyone saves or is able to save enough money to live on by the time they hit retirement age, leaving them wondering how they will manage to pay for living expenses and any unexpected costs that may crop up. There’s a lot of unexpected costs that crop up. A reverse mortgage, the article continues, is one solution to this problem.

Instead of making mortgage payments to the lender, homeowners can relinquish their home’s equity back to the lender in exchange for payments they can use to cover their expenses. This can be a tempting solution if you’re worried about how you’ll cover costs during retirement, but it’s not the only solution for supplementing your income, and it may not be right for everyone. Well, first off, nothing is right for everyone. If you’ve listened to this show before, you’ve heard me talk about my kind of a pet peeve I have with people saying, well, a reverse mortgage isn’t right for everyone. Homeownership isn’t right for everyone. Having a car or driving isn’t right for everyone. About the only things that are right for everyone is having good food, clean water, and fresh air, right?

Other people living on the streets is right for them, as long as they could get food and water and have air to breathe. So I hate that.

I don’t like that comment. But also too, the way they describe reverse mortgages, I don’t think is the best way to describe it. You’re not really relinquishing your home’s equity back to the lender in exchange for payments. You’re getting a loan on your home. It’s a loan against your home. As long as you live there, you never have to make a payment on the loan. But you do have to continue to pay your own property taxes and insurance, because the home is still yours.

A lot of people think that when they get a reverse mortgage, the bank owns the home. That’s kind of what this implies in that very first paragraph. Not the best way to describe it, because that’s not true. But I’ll overlook that for now.

The article continues. It says, so how can you know if it’s right for you? Here are six financial experts from Kiplinger Advisor Collective shed, excuse me, the way it’s written here. Here are six financial experts from Kiplinger Advisor Collective, and they shed a light on the pros and cons of reverse mortgages and offer up critical questions you could ask yourself before deciding whether to take on this type of solution. I kind of like that, how they talk about it as a solution, because it is. It should be a solution for you, a sustainable solution as well. But the first question, what are three viable alternatives to a reverse mortgage?

And then they go on to say, a reverse mortgage is just one potential tool that can be used to solve a specific problem or achieve a unique goal. It may or may not be a good fit for you. Instead of getting trapped evaluating the viability of a reverse mortgage in isolation, challenge yourself and your financial advisor, if you have one, to uncover three additional solutions to analyze and consider. From there, you can review the pros and cons of each option and make an educated and informed decision that best matches your needs and goals.

Next from Taylor Schulte with Define Financial. And I like that. The way that he words things here, or she, I’m not sure, is very good. I like the way they talk about making educated and informed decision. If you’ve listened to this show before, you know I preach making an informed decision about reverse mortgages. I like the way they mention here. The only thing is they don’t mention what other options are there.

So I came up with a few of my own. Number one, instead of getting a reverse mortgage, you can sell your home. Then you have, that opens up another list of questions. If you sell, are you going to buy a new one? And if you buy a new one, are you going to get a conventional mortgage, pay cash from the sale of your old home? Or a lot of people don’t know this, but you can use a reverse mortgage to buy a new home. I’m doing a loan like that.

I’ve got a closing Monday for somebody where she sold her old home because it had a lot of stairs and she was, it’s a lot of work and the expenses are greater when you sell a home, but it’s a more sustainable solution for her. And she didn’t have quite enough money from the sale of her home to buy a new one outright. She didn’t want to have a mortgage payment. So in her case, she’s taken the money from the sale of her home. Now she’s using probably 99% of the money to put down as a down payment on this other home and then she’s getting a reverse mortgage to cover the difference. It’s working perfect for her and I’m looking forward to closing the loan for her. But you could also do like my mother-in-law did.

She sold her home up in the mountains and moved to Colorado Springs and she’s renting. She moved into one of those communities where you can rent or sometimes you can own a house, an independent living section, and then when it becomes too difficult to live independently, you can then move to assisted living and even on up to nursing home care. And meals are provided for her there as part of her rent. They do all the maintenance and everything else too. So it’s a great solution for her. So there’s that type of decision. So you’re going to sell?

If you do sell, are you going to buy a new one? If you buy a new one, are you going to get a conventional mortgage or regular mortgage or pay cash or are you just going to rent?

So that’s one option. Another option might be to get a traditional HELOC, a home equity line accredited at your bank and then you can compare the pros and cons of that HELOC. Maybe it is better, let’s say you don’t think you’re going to be staying in your home for very long. Well, the closing costs on a traditional HELOC loan are a whole lot less than they are on a reverse mortgage. If you’re going to move a year or two down the road, you think it’s probably better to get a HELOC. Or the other option, maybe you just do a straight refinance of your current mortgage. Now right now, if you’ve got one of those reverse mortgages or one of those mortgages are at 3% and you’re considering, you know, you got too much debt and you want to pay off some other bills or things of that nature, refinancing at 6.5% or 7% might not be the best option for you because you’re using equity to pay off other bills.

Maybe a reverse mortgage would be better in that situation. Maybe not. But you have to evaluate all of those situations. So I like that question. Make sure you have at least three viable alternatives to a reverse mortgage and go through the pros and cons. I tell it with customers, they say, I write it down on every big decision. One side of the paper is the pros, the other side is the cons.

And the thing is that it doesn’t have to be a permanent decision. If you decide not to do a reverse mortgage now, you can wait and do it a year from now or two years from now. Alternatively, let’s say you do a reverse mortgage today, you don’t necessarily have to keep it forever. In my mind, I think a reverse mortgage is best if you are planning to keep it for a long time. But either way, you can sell your home at any time when you have a reverse mortgage. You’re not stuck there. And then whatever equity is left in your home is still yours.

All right, let’s move on to the second one because I don’t want to get all hung up on this first one. Can I afford the high fees and the risk to my family? This person goes on to say, can I afford the high fees associated with these types of mortgages? Will my family potentially lose the house upon my death when they need it? If the answer to the first question is no and the second yes, then be very careful before going down this path. Reverse mortgages can tempt people with upfront payments that you ultimately will have to pay back. That doesn’t make a whole lot of sense, but that’s from Andrew Scrage with Money Crashers LLC.

The way he words that and the question itself, in my mind, tends to lead me to the conclusion that he probably does not fully understand reverse mortgages. Afford high fees, the fees for a reverse mortgage are higher. The upfront closing costs are higher than a conventional mortgage. This is not a conventional mortgage though. A reverse mortgage has all kinds of features and benefits that a traditional mortgage does not. That’s kind of a weird question. The other thing, will my family potentially lose the house upon my death when they need it?

Number one, lose the house. They inherit the house. They’re not going to lose, the bank’s not going to take the house unless there’s no equity in it and the heirs sign it over to them or allow them to take it. The heirs inherit the home.

What happens at the end of the loan? The loan only comes due when the last homeowner permanently leaves the home. The heirs inherit the home then. Depending on the loan balance, the heirs can sell the house, pay off the loan balance and keep whatever equity is left, or if more is owed on the house than it’s actually worth, which is unlikely in this environment today, because especially in Colorado, we loan on reverse mortgages somewhere between 30% of the value to the very high end 60 or 65% of the value. And to get 60% of the value, you need to be in your nineties. To get 65%, you’ve got to be in your mid nineties or older. So not a lot of people get 60 or 65% of the value of their home.

The other thing is you’re only charged interest on whatever money is used. So the loan balance does grow over time. But if you start out at 30 or 40 or even 50% of the value of the home, the home is appreciating while you have this loan, as well as the loan balance is also growing. So there’s a lot of factors, a lot of moving pieces there. That’s not a really good question in my mind. That’s one, probably the worst question in the article, just because I don’t think the person understands really the loan. And so that question just doesn’t make a lot of sense.

But it’s still a valid question. There are fees associated with it. And you can call me with any questions about this, and I’d be happy to go over the fees with you and the benefits and the pros and cons. But you can reach me directly.

My name is Bruce Simmons. I’m the reverse mortgage manager for American Liberty Mortgage. My number is 303-467-7821, or you can visit me online at reversemortgageradio.net, reversemortgageradio.net. And you can go there and listen to this whole podcast on that show next week. You can also download my consumer guide. It’s a free consumer guide that has 26 pages of really good information. Okay, so far, so what we’re talking about today are six questions.

It’s an article from Kiplinger’s Magazine. The first question is to ask yourself before you get a reverse mortgage. The first two are, what are three viable alternatives to a reverse mortgage? The second one is, can I afford the high fees and the risk to my family? There’s not really any risk to the family. And the high fees, you don’t pay them out of your pocket. They’re higher than a conventional mortgage, but we can go over those fees if you have questions.

The third question, is this the right house for aging in place? And that is a very good question. He says, everybody, or she says, everybody wants to age in place. But before determining if a reverse mortgage is an appropriate option, it’s important to think about whether this is the right house for you to age in place. A reverse mortgage or home equity conversion mortgage, which is the name of the FHA insured reverse mortgage, can help individuals and couples use their home to stay in their home. But it’s important to consider other factors such as maintenance and upkeep.

It comes from Margarita Chang with Blue Ocean Global Wealth. Those are very, very valid points. I think that’s probably the best question out of this whole article. But one thing you want to also consider, can a reverse mortgage help either modify the home so you can age in place, or will it help provide you the income, or not income because it’s not taxed, help provide the funding that you need to pay for the maintenance and the upkeep of the home? I’ve done a lot of loans for people who have in-home care people come in, and they use the reverse mortgage to pay for the in-home care. Other people will use it to pay for people to shovel snow, like you might need this weekend, right? Or to cut the grass and maintain the yard during the winter or the summer.

All right, the next question, do I need help paying for long-term care or other expenses? Do I have sufficient assets during retirement to pay for significant expenses such as long-term care expenses? If someone answers no to this question, then that tells me that the person does not feel secure about their resources and being able to handle a significant expense. In most cases, where someone does not have sufficient assets, the best solution could be using the equity in their home through a reverse mortgage.

That’s from Mario Hernandez with Longevity Wealth Management. Again, that’s an excellent question as well. The one thing that you need to keep in mind is we also, with reverse mortgages, when we qualify people, we also have to make sure that you can afford to live in the home. It’s a sustainable solution. We don’t want to do the reverse mortgage for you and then have to foreclose on you a year or two down the road because you can’t afford to pay your taxes or insurance on the home. That’s a very, very bad situation that we want to stay out of and we want to keep you out of. In that situation, it’s probably best to sell your home, and maybe that’s the best situation.

We don’t know. But that’s the other factor is this has to be a sustainable solution. I get the question, well, this is for desperate people, right? This loan is for desperate people. No, it’s not for desperate people. However, we have helped people in desperate situations before. I’ve used this loan to bail people out of foreclosure before.

That’s not as common now as it used to be because we’ve got to figure out what caused you to fall into foreclosure, why are you behind on your mortgage, and if we do pay off the mortgage, is the reverse mortgage a sustainable solution? Are you going to be able to continue to afford to live there as your primary residence?

Keep that in mind. Next question, do I want my home to go to my kids or grandkids? This may come into the same kind of scenario as a couple of questions ago, but let’s continue on with the question. They say, one important question to ask yourself is how important is it that your house eventually goes to your kids or grandkids? If you want them to keep the house or much of the value, then be very careful to accurately assess how much of your equity the reverse mortgage might consume and include interest expenses in this calculation, establishing a maximum and don’t borrow beyond that point. That’s a very valid point that, okay, you say you want to keep $300,000 in equity. Well, if that’s the case and you do get the reverse mortgage and you borrow $100,000 or $150,000 and the loan balance is going to continue to grow, right?

But then so is the value of your home. But if you reach that value where you’ve only got $300,000 in equity, the only way you’re going to be able to cap that is by starting to pay back the loan. And you don’t want to go into this thinking that you need to do that down the road if you don’t believe you can do that. The other thing to keep in mind is, do you want to give with a warm hand or a cold hand? In other words, maybe by doing the reverse mortgage now, you could help out family members, help your grandkids get a down payment so they could become homeowners today and you can see them enjoy that house and enjoy vacations or whatever the case may be. You can be there with them. My sister, I’m really lucky, I’ve got a very rich sister and she loves to travel and her and her partner share their love of travel with my other sisters and me.

I’ve got three sisters. One of them is a very rich one and she will pay for me and my wife and my sisters and their spouses to all go on trips like to London or to Hawaii. We’re going to go to Germany this year. She’s just such an incredibly loving and giving person. She could keep all that money herself and give it to the family when she dies, but she was thinking, well, you know, what if, because we’re all very close in age, she’s, well, what if they die before me and I’m not helping them? So in her mind, giving with a warm hand and she could see us all enjoy this great trip together. Things like that are also factors in your mind as to, okay, yeah, I do want to leave a house to my kids or I want to leave money to my family.

You want to leave a legacy, but can you also use that legacy now while you’re living and allow your family to enjoy things? I’ve heard of people using the reverse mortgage to buy a vacation home up in the mountains or the beach or wherever so that then they can have all these special events during the holidays or on anniversaries and things. They go to these houses. They can rent it out for like an Airbnb type situation or a VRBO situation. So they rent out the house, but then they reserve it during Christmas. So the whole family can go there and enjoy everybody together and they have all these great memories of cooking in this big giant kitchen or going to the beach together or skiing, things of that nature. So it goes both ways, but also two, odds are there’s going to be a lot of equity left.

We talked about this before. We’re only loaning 30, 40, 50% of the value and your home is appreciating while you’re living there as well and you have this reverse mortgage. So keep that in mind. Let’s review. We’re entering into the last question. This is six questions to ask yourself before you get a reverse mortgage from a Kiplinger’s article that was in earlier this month in March. And the first question was, what are three viable alternatives to a reverse mortgage?

The second question, can I afford the high fees and the risk to my family? That’s kind of a, that’s not the best question, but it’s part of the article. Is this the right house for aging in place? Fantastic question. Do I need help paying for long-term care and other expenses? Another excellent question. Do I want my house to go to my kids or grandkids?

Again, that’s not the best question. I mean, it is a good question, but it’s not really relative because odds are there’s going to be a lot of equity left anyway. Now the last question is, can I actually explain what a reverse mortgage is? And listen to how they explain this. This is actually a good question. One great question to ask yourself to determine if a reverse mortgage is right for you is if you can actually explain what a reverse mortgage is to someone who doesn’t know and actually have it make sense to them. If you can’t do that, cannot do that, well, it’s probably not right for you.

You need to fully understand it before knowing if it’s right for you or not. And I agree, you really should understand this before you do it. However, okay, and I know this is, I’ve always got these howevers. This is an excellent and thoughtful question, but there’s lots of things we have and use that we don’t understand. I mean, do you understand the internal combustion engine for your car, or worse even, the electric engine for your car? It’s really a motor if it’s not internal combustion. But do you understand how the, I mean, I’m thinking carburetors because I’m old, but the carburetor mixes the gas and the oxygen and pushes it into the cylinder and the piston pressurizes that until it explodes and pushes the piston down and on and on and on.

So there’s all that stuff about a car that you drive it and you don’t understand it, right? If you’ve got solar panels, do you understand how those work? A sump pump in your house, a lot of people don’t understand how that works. Or even a regular mortgage or a HELOC. How many people don’t understand how their regular mortgage works? They just make the payment every month. Your own homeowner’s insurance.

My insurance company jacked my rates by $900 this year. And I started shopping real quick, but then I started looking at all these, my wife and I dug into the insurance, and man, that’s confusing as well. You should understand. I love working with people who understand what they’re doing. That’s the best customer from my perspective. However, I help a whole lot of people that don’t fully understand this. They know the basics.

They know that the reverse… First mortgage does not require a monthly payment. They know that they’re still charged interest every month because they’re not making the payment, so that interest gets added to their loan balance. They know they have to pay their taxes, their homeowner’s insurance, and maintain the home, live there as their primary residence, and keep their name on title. And as long as they do those things, they know that they can never, ever be kicked out of their home. So, you can benefit from this loan by just knowing the basics and what you’re required to do once you have the loan in place. That’s very important.

It helps if you know all the details, but you don’t have to know everything. Asking yourself questions like this, this article it talks about, is a great way to learn. Also, go into my website at ReverseMortgageRadio.net is an excellent way to learn.

Sign up for HecumWorld.com. That’s a site that’s really geared towards reverse mortgage professionals that you’ll learn a lot if you go to there and watch the videos every week or listen to the podcast that he puts on every week. Shannon Hicks at HecumWorld.com. I highly recommend that site to customers. You can go to ReverseMortgage.org, which is the National Reverse Mortgage Lenders Association website. That’s a fantastic website with a ton of great information as well. You can go to HUD website and look up reverse mortgage information.

That’s not as user-friendly as my website, ReverseMortgageRadio.net or the ReverseMortgage.org. Those are very much more user-friendly sites. But either way, whatever you have, if you have any questions about reverse mortgages, please feel free to call me. You’ve been listening to Reverse Mortgage Radio. My name is Bruce Simmons.

You can reach me directly at 303-467-7821. 303-467-7821. I look forward to hearing from you at some point down the road, whether it’s this week or next week or next year.

I’ll be around. I look forward to talking with you at some point. Have a great day and don’t hurt your back shoveling that stuff.

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!