Is A Reverse Mortgage Right For You? Understanding the Key Aspects of Reverse Mortgages: Goals, Qualifications, Costs, and Loan Maturity

Is A Reverse Mortgage Right For You? Understanding the Key Aspects of Reverse Mortgages: Goals, Qualifications, Costs, and Loan Maturity
Is A Reverse Mortgage Right For You
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In this informative episode of Reverse Mortgage Radio, host Bruce Simmons simplifies the intricate world of reverse mortgages by focusing on four key questions you should keep in mind.

Initially, Bruce talks about the expected benefits of a reverse mortgage and how it fits into your financial objectives.

Following that, he explores the eligibility criteria for a reverse mortgage, such as age and home equity prerequisites.

Bruce then explains the various expenses linked to reverse mortgages, spanning from initial charges to ongoing fees.

Lastly, he discusses the implications when the loan becomes due, a critical aspect for both you and your heirs.

With over two decades of specialization in reverse mortgages, Bruce provides the clarity and expertise needed to make an informed decision. Tune in to demystify reverse mortgages and discover if they're the right financial move for you.

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. Welcome, welcome, welcome, welcome. I’m so glad you’re here today because today is a very special day.

It is Keep It Simple Day. Imagine that, keep it simple, and I’ll explain through the show why I’m deciding on this topic today. But basically, we’re going to talk about four simple, but very, very key concepts about reverse mortgages that you need to understand to make an informed decision. And really, it’s all you need to understand, unless you want to move, unless you feel like you want to learn more, but you don’t need to, okay? Because what happens is way, way, way, way, way too often, I’m very guilty of getting into the weeds when explaining reverse mortgages. If you’ve listened to this show, you know what I’m talking about, which is really ironic because I love to garden. I love gardening.

I’m so excited about the upcoming spring season and everything, but I hate weeds. I hate them. They drive me crazy. But when it comes to reverse mortgages, I love getting in the weeds. I love all the nitty gritty details about reverse mortgages, how the principal limit grows and how you can use a line of credit for all these different concepts, how the reverse mortgage for purchase program works and the concept of overfunding reverse mortgages and things. But you don’t need to know all that stuff in order to make an informed decision about reverse mortgages. And the four things that we’re going to talk about today on this show, right up front, is number one, what are you hoping a reverse mortgage will do for you?

That’s very simple, but we’ll get into the detail. We’ll dig into it as well, but what are you hoping a reverse mortgage will do for you and does it actually do that for you? That’s the main decision. Number two, do you qualify for the home or for the reverse mortgage? As far as a number of different things that you need to understand about qualifications. Number three, the cost. What does a reverse mortgage cost, both in upfront costs and ongoing costs?

And number four, what happens at the end of the loan? What happens when the loan comes due? What even causes the loan to come due? So those are the four main topics we’re going to talk about. If you get those four, you don’t need to know about all this other stuff that I get into on the show. I do that because I’m looking for stuff to talk about, but also I think it’s interesting and I think some people really like to understand the workings, the nitty gritty, the minutia of reverse mortgages. If that’s not you, keep it surface level.

Because what prompted this is I had a conversation with a lady, a listener. She listens to this show this week and she went to my website and downloaded my consumer guide, which is at reversemortgageradio.net, reversemortgageradio.net. You can go there, download my consumer guide, and honestly, I need to simplify that as well. I need to update it for 2024, number one, but also I’m going to shorten it. It’s like 35 pages and it should be half that. We’re going to make some changes to that consumer guide so it’s not so cumbersome for you to… You don’t need to know all this stuff, depending on what your situation is.

But her, she just wanted to get a second opinion. She spoke to somebody and she has a quote and she wanted to compare it. I’m meeting with her Monday. But when I was talking to her this week, she started telling me she wanted a monthly income and she wanted to receive, not income, technically it’s not income, but she wanted to receive a monthly payout. I started, for some reason, saying, well, you don’t have to make a payment, but you can make payments if you want to. She said, well, why would you do that? I started going off on why she would make a payment.

When there’s no way in the world she’s ever going to make a payment because she wants to receive payments. I just confused her and in fact, she told me, she said, and if you’re listening, please accept my apologies. Well, I’m going to keep it simple on Monday when we meet. But she told me, she said, I thought I understood this when I met with that other lady, but now I’m kind of confused and I’m like, oh my gosh, what are you doing, Bruce? So today we’re going to keep it simple. And what happens, I think, is sometimes, because I’ve been in the reverse mortgage business for 21 years, I know all the details and I find them fascinating. Surely everybody else would find them fascinating, right?

No, that’s not the way it works, Bruce, duh. But what happens is, is I fall into this old sales trap of show up and throw up. And basically I learned this 35, 40 years ago. And by the way, too, everybody in finance is, well, most people are in sales in some respect or another. And if you’re dealing with somebody, whether it’s a bank or a mortgage broker, a financial advisor, whoever, they’re in sales, okay? They’re there to sell you something, a product, a service, whatever the case may be. Even if they don’t get paid directly by a direct commission when you close on whatever it is they’re talking to you about.

And honestly, financial services are great. A lot of them, a lot of the products are very, very beneficial for people, but sometimes there’s things that you don’t need either, including a reverse mortgage. I’ve talked to people who’ve had reverse mortgages, not from me, but they’ve had reverse mortgages and they regretted it. I didn’t really need this. I don’t know why I did this. And they got sold. And that’s not, that is not what I want to do.

I want to educate people, give you enough information so you can make an informed decision, but also not overwhelm you and make you confused because a confused mind does nothing. And it’s very possible that doing nothing could hurt you over time instead of getting a reverse mortgage today and you benefiting over time. But you’re the only person who can make that decision. However, when people are confused, it’s easier just not to actively make a decision. You’re still making a decision, but you’re not actively deciding yes or no. You’re just saying, I’m going to keep it the way it is. And that’s sometimes not the best.

Sometimes it is the best. But I’d rather make sure you have the accurate information so you can make an informed decision. So we’re going to keep it simple. However, I should start off the show, well, seven minutes into the show now, by telling you you are listening to Reverse Mortgage Radio. I’m your host, Bruce Simmons, and I’m the reverse mortgage manager for American Liberty Mortgage in Denver. And I’ve been in the reverse mortgage business, specializing exclusively in reverse mortgages for 21 years, since 2003. And which is just coincidentally the same year the company I work for and have worked for for the last 12 years started in business as well.

American Liberty Mortgage began, they opened up their doors in 2003, just like I started working with reverse mortgages in 2003. But you can reach me directly with any questions about reverse mortgages at 303-467-7821. 303-467-7821. That’s my direct line. You can also visit me online at ReverseMortgageRadio.net. ReverseMortgageRadio.net. And you can go there and download my consumer guide, just like that lady that I was telling you about, my listener, and that I’m meeting with on Monday.

So let’s jump into it. Let’s dig into a little bit about what these four topics are and why I think that they’re important for you to know. I think probably the most important thing is, why do you think a reverse mortgage might benefit you? People will tell me, well, I need to pay off my existing loan on my home and save money. Well, why do you need to save this money? Yeah, it’s great to save money, but is there something that you want to do? Are you not saving enough for retirement?

Or are you getting ready to retire and you can’t afford to retire if you have a mortgage? Or are you stretched so thin every month that there’s more month at the end of your money? Whatever it may be, you need to understand what the concept of it is and why you’re needing this extra money. And does a reverse mortgage actually help you solve this problem? If we can pay off your mortgage and that’s it, but we’re only saving you $350 a month and you really need $1,000, well, then it may not be beneficial for you. It may not be worth it. So you’ve got to analyze exactly what it is you really want to accomplish with the reverse mortgage.

Maybe you want more money so you could travel, or maybe you want to have additional funds in a line of credit that you don’t have to tap unless you have an emergency. A lot of people like having that emergency fund. For example, I’ve done a number of loans for people where the majority of the money goes to pay off their existing mortgage. So they have no mortgage payment.

It saves them $800, $900, $1,200 a month. And then they have $20,000, $25,000, $30,000 left over.

They don’t have a use for it. They’re not worrying about paying off bills or anything, but what it does is it is set aside and gives them peace of mind if their furnace blows up. Hey, I’ve got money without screwing up my budget. I’ve got money if my car dies or if there’s a special trip that I want to take, whatever the case may be. So having that reserve where maybe you only had a few thousand dollars in the bank are no savings at all. Some people are in that situation, too, which is really scary, I think, because then the only option if you absolutely had to have money is debt. And we know, you’ve heard, I’m sure, over and over that consumer debt is at record levels, record levels right now, government debt, record levels, business debt, record levels.

Something’s going to pop at some point. I don’t know what and I don’t know which or all three, who knows. Probably a combination is my guess, and who knows what’s going to happen then. You don’t want to be behind the eight ball, and a reverse mortgage could help you out of that.

Okay, number two, do you qualify? Number one, are you old enough? In order to qualify for a reverse mortgage, you need to be 62 years old for the FHA-insured reverse mortgage program, 55 for the non-FHA-insured reverse mortgage program. And then do you have enough equity? That’s a big one, too, now, because as interest rates go up, the amount of money we can loan as a percentage of the value of your home goes down on reverse mortgages. Back when rates were in the twos and threes and fours, for example, somebody who was 62 or 63 years old, somebody in their early 60s, could get close to 50% of the value of the home, 5-0.

So if you had a $500,000 home, we could loan you $250,000. Now, because interest rates are in the sixes or sevens, the amount of money we can loan as a percentage of the value is closer to the low 30% range. So now, instead of getting $250,000, you’re getting like $150,000 on a $500,000 home. People say, well, I have $300,000 in equity in my home because I only owe $200,000, and you’re telling me you can only loan me $150,000 or $160,000?

Yes, that’s what I’m saying. Right now, because of the way the interest rates are, unfortunately, that’s the case. Now, just because you don’t have enough money just to pay off your existing mortgage doesn’t mean we cannot do the loan for you. We have to pay that loan off. That loan has to be paid off. Whatever existing loan you have on your home has to be paid off because a reverse mortgage is the only loan that’s allowed on your home once you have it. However, I’ve done loans for people.

In fact, I’m talking to somebody right now who, based on the numbers we have, it looks like she’s going to be about $11,000 or $12,000 short. So in other words, she owes like $250,000, for example, and we can only loan $238,000. So she’s going to have to bring $12,000 to closing in order to pay off that $250,000 loan. In her mind, she’s going to be saving $1,500 a month. She’s going to have that $12,000 back in a matter of a few months. So it makes sense for her to do that. And she’s in a house that she wants to stay in.

That’s the other thing, is does the house qualify? That’s a couple of situations that I’ve run into. Let’s say you’ve got a log home, a log cabin, or an A-frame. We have to find homes that are comparable to yours for the appraisal. When the appraiser goes out and he says, okay, you have a log home, he has to find two other similar size comparables that are log homes. If you live up in the mountain, in the foothills somewhere, Evergreen or Conifer or Genesee or someplace, and you have a log home on eight and a half acres, we’ve got to find two other homes that have sold that are log homes in similar acreage and similar square footage. Let’s say yours is 1,500 square feet, but then there’s another log home that’s 2,500 square feet on 30 acres.

Well, that’s not a comparable property. Even though it’s a log home, it doesn’t count. It’s very difficult to find comparables for log homes.

A-frames the same way. One time I did a loan, well, I was going to do a loan for a customer, and he came into the office and I didn’t ask him about detail, any details about his home. He came into the office, signed the application, we ordered the appraisal, the appraisal came back. It was a berm home, so it was like a hobbit hole. It was half covered by, it was half in the mountain behind it, and it was not, there were no comparables for it. It did not qualify for an FHA loan. So that’s the other thing.

Or let’s say you’re remodeling your home. You’re in the middle of a remodel and you run out of money. Now you’ve got, even if the house is livable, you’re living in the home, but you’ve just got plywood floors or your bathroom is still torn apart. Even if you have another bathroom, FHA requires those repairs to be done prior to closing. So you have to pay for those out of your pocket. I can’t give you the money to finish those repairs with a reverse mortgage. You’d have to go get another loan to finish up those repairs, and then you could get a reverse mortgage.

So keep all that in mind. I mean, again, if you’re in a unique situation, give me a call.

My number is 303-467-7821. I’d be happy to come out and look at your home and let you know if I think there’s issues with the appraisal. Now, if you just have peeling paint or little things like that, that’s not an issue. It has to be fixed, but we can do it after the closing. Now, number three, the cost. A lot of people are under the impression that reverse mortgages cost a lot of money. I always say, compared to what?

Is it compared to a conventional mortgage, a HELOC, an annuity? Because basically, a reverse mortgage is all of those wrapped into one, except that it’s better than all of them combined, in my mind, because there’s no payment required. So you can’t really compare it to a traditional mortgage. It does have mortgage insurance because it’s an FHA loan, and that’s the biggest part of the upfront cost. Well, actually, it’s part of the ongoing cost as well. The mortgage insurance premium that you’re charged, now, it’s not out of your pocket, but it’s added to the loan, but you’re charged a mortgage insurance premium of 2% of the value of your home. If you’ve got a $500,000 home, that’s $10,000 as part of the closing cost.

That’s just part of it. So you’ve got to factor that in. Are you going to be staying in your home for the next five, six, seven plus years or foreseeable future? Because if not, it may not be worth it. You’re not benefiting enough over, say, the next two years to make up for those upfront closing costs. That’s the other thing that you have to factor in too. And then ongoing costs, the reverse mortgage is what’s called a negative amortization loan.

No monthly payments are required. The house is still yours. It’s still in your name. And you have to continue to pay your own property taxes and homeowner’s insurance. You have to maintain the home, live there as your primary residence, and keep your name on title. As long as you do those five things, you can never, ever, ever be kicked out of the home. You can never be demanded.

There can never be a demand for you to pay. Well, I guess on your 150th birthday, that’s 150, when you turn 150 years old, that’s when the loan comes due. If you’re still in your home at that time, I would fight it. If I was 150 and I had a reverse mortgage on my home and they tried to tell me the loan was due, I would say, no, I’m not paying, kick me out. I dare you. I bet you 10 to one, they wouldn’t do it. Anyways, that’s the only way you could ever, the loan will ever come due is if you live to be 150, or if you don’t pay your taxes and insurance on the house, or don’t live there as your primary residence, okay?

So you’ve got to do those things. But then you’re still charged interest every month, interest and mortgage insurance. The mortgage insurance that you’re charged on an ongoing basis is a half a percent of the loan balance per year, all right? So that cost gets added to the loan balance, just like the interest. Every month you get a statement in the mail. You’re gonna see that balance getting larger and larger and larger over time every month because the interest you’re charged gets added to the balance. That’s the negative amortization.

Your balance gets larger over time instead of smaller. You have to be okay with that. If you’re not okay with that, do not do the reverse mortgage. If you’re telling me you have to leave a free and clear home to your errors, then you need to do something else. A reverse mortgage is not in your best interest. However, if you say you want to leave a free and clear home to your errors, but in the meantime, you’re gonna have to be collecting money from them so you can afford to stay in the home, well, that kind of defeats a purpose, you know? I would recommend doing a reverse mortgage, maintaining your independence, and odds are there’s gonna be a lot of equity in your home anyway because we’re typically loaning between 32, 33% of the value of your home and, say, 50%.

That’s where most people fall. So even if you’re 85 years old, we’re loaning 50% of the value of the home, you’re probably not gonna live in the home another 15 or 20 years, enough to where that loan balance is gonna grow to exceed the value, and this brings us to the last one. Number four, what happens at the end of the loan? The loan only comes due when the last homeowner permanently leaves the home, and in that case, let’s say you pass away. Your heirs inherit the home. The heirs inherit the home. I’ll repeat that.

The heirs inherit the home. The bank does not take your house unless your heirs don’t do anything. They have a certain time period. They’ve got six months to either pay off the loan or refinance it. If they can’t do it within that timeframe, then it’s possible they could get an extension or two extensions from HUD for 90 days each time. So they get a three-month extension and then another one. They could have up to a year to either sell the home or refinance it.

However, within the first 30 days after you pass away or permanently leave the home, the heirs need to communicate with the servicing department, the lender who is servicing the loan, and let them know what their intention is. Yes, we’re going to sell mom’s home. We’re fixing it up, and we’re going to have it listed in 40 days or 35 days or whatever the case may be. The lender has certain timeframes that they have to, have to, have to meet, or the FHA will revoke their mortgage insurance protection. The mortgage insurance protects the lender against loss, which indirectly protects you and your estate. So basically, if your heirs don’t do anything, they don’t communicate with the lender for 90 days, the lender is going to begin foreclosure. They don’t have to wait six months to start foreclosure.

And it’s very important that your heirs understand that. That’s why I make sure that people understand this. And I have family meetings with people. You know, mom has, we have a meeting at mom’s house, and there’s kids and grandkids and attorneys and financial advisors, whoever you think is important to help you make this decision, I’m willing to meet with and explain how this all works. But those are the four key things. Number one, what are you hoping a reverse mortgage will do for you? And will it actually do that for you?

Okay, whatever your goal is, you got to make sure the reverse mortgage is accomplishing that goal, or you shouldn’t do it. Number two, do you qualify? Are you old enough? Is there enough equity? Does the house qualify? Number three, there are costs. You need to understand what those costs are, both the upfront closing costs and the ongoing costs, including mortgage insurance and interest.

And then what happens at the end of the loan? And actually, it’s probably more important for your heirs to understand that. And I give you a handout at the closing that says what to do when the loan comes due. And I can give that to you anytime before. You can call me, call me at 303-467-7821 and say, hey, can you send me that handout, what to do when the loan comes due? I’d be happy to.

I’ll send you a PDF copy of it. Or I can print it up and mail it to you if you’d rather.

Whatever works for you. So you’ve got to know how this loan works. Your heirs still inherit the home. Now that we’ve got it, we still have a couple minutes left though. I want to touch on one other thing, misconceptions. Most of the misconceptions with reverse mortgages stem from negative press, back way before FHA got involved with the reverse mortgage. Because FHA has been involved with reverse mortgages since 1989.

Did you know that? That’s when the first FHA insured reverse mortgage loan was made. Reagan, President Reagan actually signed the bill for the home equity conversion mortgage.

And that’s back in 1988. He signed the bill and the first reverse mortgage, FHA insured reverse mortgage was closed in 1989. Excuse me. But a lot of the negative press started back in the 60s, 70s, and 80s. However, in 2008, we ran into some other problems because in late 2006 and 2007, a lot of the people that were doing subprime loans, the loan officers, they felt the tide shifting under their feet on the subprime market. And they thought, hey, reverse mortgages, nobody has to qualify. There was no qualifications then other than age and value of your home.

If the home qualified and you were over 62, you got it. Now, there’s income requirements. We check your credit. We make sure that you do all this stuff. But what happened is a lot of people took out loans, reverse mortgages, and even though they signed papers, they signed 50 pages of papers, some of them said that they had to pay their taxes and insurance on them. And a lot of homeowners weren’t paying attention. The loan officers were not clear that, hey, you know what?

You are responsible now to pay your taxes and insurance. And a lot of people did not pay their taxes and insurance. And that resulted in defaults. And there were a lot of people who did not pay their taxes and they got foreclosed on. But the press says, oh, this 80-year-old woman lost her home because she had a reverse mortgage.

No, she didn’t. She lost her home because she didn’t pay her taxes. Now, granted, it was on the industry. It was our fault for not making 100% sure she knew that she had to pay her taxes and insurance. But either way, that’s where a lot of the bad press came from. That was just one example. There were multiple situations that were similar like that.

And since then, we’ve made a ton of changes to the program. We’ve improved it, made it more difficult to qualify for, honestly. And we’ve reduced the amount of money we could loan to people so that the odds of you going upside down, like ending up owing more on the house than it’s worth, are a lot, lot, lot less than they were back in 2005, six, seven, and eight. Please feel free to call me with any questions. Hopefully you enjoyed the show.

My name is Bruce Simmons. I’m the reverse mortgage manager for American Liberty Mortgage, and you’ve been listening to Reverse Mortgage Radio. You can get a complete podcast if you just tuned in and you missed it. You’re like, darn, Bruce, I missed it.

What am I gonna do? Well, you can call me, and I’ll answer whatever questions you have. You can also go to my website, though, at ReverseMortgageRadio.net, ReverseMortgageRadio.net. In the upper right-hand corner, click the Reverse Mortgage Radio show, and usually by Tuesday or Wednesday, my web guide will have this show up there, and you can listen to the entire show. Thank you so much. I look forward to talking with you. Hope you 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!