Unlock Your Home’s Equity: The Sustainable Path to a Stress-Free Retirement with Reverse Mortgages

Unlock Your Home’s Equity: The Sustainable Path to a Stress-Free Retirement with Reverse Mortgages
In our latest episode we explore the world of reverse mortgages and how they can provide a stress-free retirement. Picture living in your ideal home without the burden of monthly mortgage payments, all while accessing the equity you've built up over the years.

This opportunity is available to homeowners aged 62 and older in Colorado. We'll discuss how a reverse mortgage can revolutionize your retirement strategy, granting you financial freedom when you need it most. Real-life success stories, addressing common misconceptions, and offering top tips for leveraging this powerful tool will be covered.

Whether you aim to pay off an existing mortgage or require additional cash flow for life's pleasures or unexpected expenses, we have insights that could make a difference.Don't allow fear or misinformation to hinder you from exploring your options.

Are you ready to discover how to unlock the full potential of your home equity and take control of your retirement?

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. When is a reverse mortgage not the best option for you? We’re going to talk about that today on Reverse Mortgage Radio, so thank you for joining me. However, as you know what I like to do, give the little hook there at the beginning and then go to something else. Today what I want to talk about before we get to whether or not a reverse mortgage is good for you are interest rates. What we’re going to do is take a look back. Let’s go back in the time machine to the end of 2022, November, December, even October, and I’m thinking about all the people I talked to back then. In 2022, all the interest rate pundits, kind of like sports pundits or political pundits, they were sure that interest rates were going to come down, probably spring or summer of 2023.

Does that sound familiar to you? I screwed up, in all honesty, because we know what happened now, hindsight is 20-20. We could look back and say interest rates did not come down, they went up. I look back on the people I spoke to at the end of 2022, early 23, I had a list, probably 25, 35 people long, that I was supposed to call back when interest rates started coming down, and I never did call them, because interest rates never came down, right? If I was smart, what I would have done is when people called, here’s a scenario, basically somebody calls, and they say, I want to do a reverse mortgage, I want to pay off my existing mortgage and get an existing line of credit. I want to leave the rest of the money that’s available in a reverse mortgage in a line of credit. What would happen is I run the numbers for them, we could give them enough money to pay off their mortgage, but maybe instead of giving them $50,000 left in the line of credit, they had 15 or 20,000. I’m thinking about one couple in particular, specifically, we could pay off their existing mortgage for them, save them almost $900 a month, and have about an 18,000, if I remember correctly, about an $18,000 line of credit.

Well, they decided not to do it. We’ll just wait until interest rates come down.

They never came down. And then later in the year, I look back on that file, or on that situation, and I couldn’t even pay off their existing mortgage at that time because now the interest rates have gone up so much, the loan amount that I could offer was lower than the payoff on their existing mortgage. You see, the way reverse mortgages work is that as the interest rate goes up, the higher the rate, the less money we can loan. In fact, I probably should back up a little bit, and let’s talk about how reverse mortgages work and what it is, the bottom line, because there’s always new listeners on the show. And if you’ve heard this before, you can just mute me out for a few minutes and then come back.

Or if you’re listening on the podcast, just skip over it. But a reverse mortgage is 99, in Colorado, I’d say about 97% of the time, an FHA insured loan that’s specifically designed for people who are 62 and over. If one of you is 62 and one of you is under 62, as far as a married couple, you can still do the reverse mortgage. Well, even if you’re not married, you can still do it, as long as one of you is over 62. But then what it does is it allows you to convert a portion of the value of your home into money that you can then spend, because you can’t spend equity unless you convert it into cash. You can’t spend your equity at the pharmacy or the grocery store or the gas station.

You need to convert it to cash. But what happens is, when you do that, with a conventional mortgage or a home equity line of credit you get from your bank, what comes with that when you get that extra cash?

A monthly payment. Reverse mortgages do not require a monthly payment.

In fact, I was really surprised. I just, earlier this week, a couple days ago, I met with a lady who, her husband passed away shortly after they got the reverse mortgage in 2019. She was under the impression, because she was being charged interest and mortgage insurance every month, that she had to pay that every month. And the loan officer apparently was not clear with her, because she said, you know, I have to pay this.

He said, I have to pay it. I said, no, you’re charged interest and mortgage insurance every month, but you do not have to pay it. Now, obviously, there’s been some benefits for her not having to pay it, because her line of credit increased a lot, and her loan balance did not. She was paying the interest and mortgage insurance every month, so her loan balance stayed pretty close to the same. But the problem is that this was starting to become a burden as interest rates go up. The payment went up on her, where normally most people, 99% of people with a reverse mortgage, do not make mortgage payments on it.

You don’t have to. You’re charged the interest, but you do not have to pay it out of your pocket. That’s the biggest benefit with reverse mortgages. And when I cleared that up for her, she wasn’t my client at all. I happened to be, luckily, I was near another customer who I was taking an application for. And on the way back after that, I met with her, and we clarified some things. She lives in a lovely home, and we had a great time chatting for a while and talking about old times. But either way, it was just the misunderstandings go, even when you have an existing mortgage, reverse mortgage, sometimes there’s still misunderstandings, unless you’re dealing with a loan officer who’s knowledgeable about this and understands how to explain things.

I’ve been specializing in reverse mortgages for 21 years now. It’s the only loan I do. I don’t do any other loans. I don’t do VA. I don’t do 403Bs. I don’t do conventional mortgages or HELOCs or any of that stuff. I only do reverse mortgages. And if you want to ask me any questions about reverse mortgages, please feel free to call me directly.

My name is Bruce Simmons. You’re listening to Reverse Mortgage Radio. And you can reach me at 303-467-7821, 303-467-7821 is my direct line. And I am the reverse mortgage manager for American Liberty Mortgage.

We’re also a 21-year-old company. We just celebrated this week our 21st anniversary in the business, which is pretty good for a lot of small mortgage companies. We’re a mortgage banker, actually, here in Denver. That’s where our headquarters is. You can check us out online. We have AAA-rated Better Business Bureau or whatever their rating is. My website, if you have any questions about reverse mortgages, is reversemortgageradio.net. You can also listen to podcasts. Dating back to 2017, I’ve been doing this podcast and slash radio show since then. But then what happens with a reverse mortgage, you’re charged interest every month, but you don’t pay it. So your loan balance gets larger and larger and larger over time.

And I always make sure to tell everybody that if looking at that statement is going to cause you more stress than the benefits you get from the reverse mortgage, do not do a reverse mortgage on your home. If you’re concerned about that equity not growing the way you’d like it to, because in all odds, equity is still going to grow on your home, even with a reverse mortgage.

Because you figure roughly a 4% appreciation on, say, a $500,000 value home, that’s $20,000 a year. Whereas maybe you’re being charged 7% or 7.5% interest on a $200,000 loan balance. So that’s, what, I don’t know, 14,000 tops, if you had a balance that much.

So you still gain $6,000 equity. So you’re gaining equity, at least at the beginning of the loan. But let’s get back to the topic at hand. Basically back to the people that did not get a reverse mortgage in 2022. And then they couldn’t get one in 2023, because now they owed too much money.

What I should have done, I screwed up, is really on me. Even though they made the decision not to do the reverse mortgage at that time, I’m not a pushy salesman. And I should have been more forceful. What I should have done, now hindsight 2020, and I’m telling people this now, is if we can loan you enough money to pay off your existing mortgage and save you $900 a month, granted your line of credit isn’t as much as what you would have liked, but what you’re doing is you’re kind of hedging your bet against an upside on the interest rates. Let’s say that the interest rates do go up. Well, you can’t do the reverse mortgage. You can’t refinance or reverse mortgage a year later if interest rates come down to increase your line of credit. But you’re going along all this time without making that mortgage payment.

You’re saving yourself $900 a month. And over the course of a year, what’s that about? That’s $10,000 and $11,000 over the course of the year that you’ve saved. You’ve kept that $900 a month in your pocket, even though you didn’t have the line of credit. Now, if in the good side, interest rates drop enough to where we can benefit you, you do have to keep the loan for one year before you’re allowed to refinance. But odds are, if interest rates do come down, and I don’t know if they will or not, in all honesty, we’re getting mixed signals from the Federal Reserve. Some Federal Reserve guys say, well, we voted to lower the interest rate in the future. And others say, well, we really need to keep an eye on inflation. Who knows?

Our economy is giving all kinds of mixed signals. There’s people predicting another Great Depression. And there’s people saying property values are going to drop, which I don’t think that’s going to happen. But then other people are saying that it’s just going to continue going on like normal.

And who knows? You don’t know.

I don’t know. But you can hedge your bet by doing a reverse mortgage. Get out from under your mortgage payment now. Yeah, OK, so you’re not going to have a $50,000 or $100,000 left over in the line of credit. But you’re going to be saving whatever the principal and interest portion of your mortgage payment is. Because it’s still your responsibility to pay your property taxes and insurance and maintain the home.

You have to do all that. That brings me to the topic that I really wanted to talk about today, though. When is a reverse mortgage not a good option for you? Let’s talk about that. Because really, I’m going to touch on five potential scenarios where a reverse mortgage might not work for you. Number one, if the home is not going to be your primary residence for long, let’s say you’re thinking you’re on 3 quarters of an acre. And you’ve got three bedrooms, two baths, and a full basement. And you’ve got all this land. And you’ve got stairs to deal with.

And you’re 73 years old. You love the house. But you know you’re not going to be able to maintain it much longer. It might be best for you to sell your existing home, get out from under whatever mortgage that might be existing on that home, take the equity in the home, use it as a down payment on a new home, and use the reverse mortgage for purchase program.

Call me if you have any questions. If you’re in that situation where you want to move, but you’re thinking, well, okay, we got $350,000 or $400,000 equity in our house, we can’t buy anything else.

So we’re stuck here. We love the house, but we know it’s not the best for us. Call me. I can run some numbers for you and let you know how much of a new home you could get. So you have $400,000.

You say, I can’t buy squat for that. Maybe you could buy something for $600,000 or $650,000. Or maybe you could buy something for $500,000 and keep extra cash in your pocket from the sale of your home. And I’ll have to touch, usually I like to do the reverse for purchase program as we get closer to spring when people are thinking about selling more. Maybe we’ll touch it on that next month in March, and then we can go into details about exactly how it works. But that’s a great way to get out of the home that may not be best for you. Now, on the other token, maybe you’re in a home and you’re still working and you’re thinking you’re going to pay it down more.

This is my situation, actually. I’m not quite 62 yet.

I’m only 58. But I plan to use a reverse mortgage for purchase myself. But I’m in a home that I know I’m going to move out of eventually. Probably when I’m 65, 68, when I retire, I’m going to move out of this house because I’m in a multi-level home on a 10,000 square foot lot. Actually, what I want to do is get a good ranch home on a couple of acres because I love to garden and have a little yard, like lawn and flowers and stuff. But then in the back behind it, have all my garden stuff where there’s not trees shading my everything like I have in my house now. I’ve got way too many trees. I’ve been here 25 years and everything has grown up and I’ve got way too much shade for a decent garden now.

But that’s what I want to do. And that way, as I age, I know that I’m not going to be able to garden when I’m 80 probably or 85. But as I age, I could just let that become a field, the outside part, and just take care of my little yard that maybe is a small little yard that I can cut easily on the weekends and things of that nature.

Anyway, I’m sorry. How did I get on that topic? But if you’re in a home that you know you’re not going to be staying in and it’s not your forever home, you probably don’t want to do a reverse mortgage. You might. It just depends on your situation. Maybe you really need to retire or you’re forced to retire. Maybe you lost your job, you were downsized, and you still have a mortgage on that house, but you want to stay in that house. Maybe we could do a reverse mortgage. And I’ve done this before for people. Do a reverse mortgage on your current home and the value appreciated over the next five years. And this couple, they were able to sell that home and they had enough equity to put for a down payment on a new home and do a reverse mortgage for purchase on the new home.

So they had a reverse mortgage on their old home. They sold it, paid off the reverse mortgage, and got a new reverse mortgage on the new home. It’s a great deal.

But that’s possible. Your situation, everybody’s situation is individual.

So call me. We could talk about it. I don’t have to explain it to you. But like I told you, I’m not a pushy salesman. I will tell you, if you’re in that situation that we talked about before, I may suggest to you, it might be a good idea to pay off the existing mortgage at least. And we’ll wait and see what happens, but get out from under that mortgage payment. And one other thing is, maybe there’s not really a benefit for you, okay? If we can’t loan you enough money, but you say, well, I can come up with $10,000. So let’s say, for example, you have a $500,000 home and you owe $230,000 on it, but we can only loan you $220,000.

And you say, well, I could come up with an extra $10,000. Well, you might want to, you might not want to, because we have to pay off any existing loan that’s on the home.

That’s something I should clarify. Whatever loan is on your home, we pay it off just like any other refinance would. So you’ve got, you owe $230,000 on your home. We have to loan you enough to pay off that $230,000. If I cannot loan you enough to pay it off, we could still do the reverse mortgage, say for $220,000, but you have to bring the difference to the closing. So you would have to pay out of your pocket an extra $10,000 to cover the difference. So then what happens is the title company who handles all the money at the closing, they take the $220,000 from American Liberty Mortgage that we give you for a loan against your home, and then they take your $10,000 that you bring to closing, so they have $230,000, then they send it to your existing mortgage company to pay them off, and you’re out from under that mortgage payment. You have to continue to pay your own taxes and insurance, but maybe there’s not a benefit for you to do that. You have to evaluate what’s right and what’s not for you, depending upon your specific situation.

So there has to be enough of a benefit. Or let’s say, for example, that you’ve got $40,000 in credit card bills, and I can only loan you enough to pay off your existing mortgage on the home, and then you’ve still got all these credit card bills. Well, yeah, if you save yourself $800,000, $900,000 a month, you could pay those credit card bills off quicker, but maybe you don’t want to do that. Who knows?

There’s all different kinds of situations. There just has to be enough of a benefit for you. Like I said, if looking at that statement every month is going to cause you more stress than the benefits you get from the loan, you should not do a reverse mortgage. The other thing is, well, this goes along that same line exactly. If you are so attached to the equity in your home, and you’re like, I have to have this home free and clear, then looking at that statement and seeing your loan balance get bigger and bigger and bigger is going to cause you more stress on your financial or your mindset. You should not do the reverse mortgage. The reverse mortgage is intended to relieve financial stress, not create it. I do not want you calling me two years, three years down the road and telling me that you regret doing this loan or telling me that I ripped you off or something like that, because the knock on wood, in 21 years, I’ve never had a customer or even a family member of a customer call me and tell me that they regretted doing the loan. And I do not want you to be the first.

You got it? So you have to be okay with the fact that the loan balance will grow over time. The loan balance grows because you’re not paying a mortgage payment. You’re not paying any principal or interest. So that interest that you’re charged along with mortgage insurance, because this is an FHA loan and all FHA loans have mortgage insurance, that amount of money gets added to your loan balance every month.

It’s called negative amortization. The loan balance gets larger and larger and larger, and it compounds too. I’m not trying to talk you out of it. I’m just telling you the details of it. You’ve got to know the facts, the pros and the cons. And if you’ve got a salesman saying, oh, this is the best thing ever, hang up. It’s not. It depends on your situation. I’ve talked to people who said this is the best thing ever for their situation, but it may not be for your situation. By the way too, if you just tuned in, you are listening to Reverse Mortgage Radio.

My name is Bruce Simmons. I’m the Reverse Mortgage Manager with American Liberty Mortgage.

You can reach me directly at 303-467-7821. You can also visit me online at ReverseMortgageRadio.net. And next week, this podcast will be up on my website. Click in the upper right-hand corner where it says Reverse Mortgage Radio, and you can listen to the entire episode. But it’s at ReverseMortgageRadio.net or 303-467-7821. All right, let’s get back to it. We talked about when a reverse mortgage is not a good option to do for yourself. That’s if you’re moving soon, if there’s not enough of a benefit for you, or if it causes you more stress than … if it causes stress instead of relieving stress, you should not do a reverse mortgage. All right.

Let’s touch on number four. If you cannot afford to live in the home, back in 2014, FHA created something called financial assessment. What that is, is we have to evaluate that you have enough money to still live in the home. We have to make this a, quote unquote, sustainable solution for you.

Don’t you love that word? It’s trendy now, but it’s been a while for a reverse mortgage. We want this to be a lifetime sustainable solution for you. You have to be able to afford to live in the home. What happened, part of the bad name reverse mortgages got is back before 2014, there was no income or credit qualifying. What people would do is they would get the reverse mortgage, and they might even take it all in one lump sum. Now we don’t even let you take all the money in one lump sum. You can take part of it in a lump sum, but you can’t have all the money available to you. It’s a reverse mortgage. What people would do is they might have had terrible credit. They were living high on the hog for a couple years, and the loan officer, because a lot of loan officers back then came from subprime industry in 2006, 2007, 2008, they jumped ship from the subprime industry and moved over to reverse mortgages.

They were not very upfront with the requirements of the reverse mortgage. The counseling wasn’t as thorough as it is now, because you have to talk to a reverse mortgage housing counselor before you’re allowed to sign any papers. Anyways, those people would blow all their money in the first couple years, not pay their taxes or insurance, and then they didn’t have the money to pay their taxes and insurance, and the recession came, they lost their job, and it caused all kinds of problems then. Because if you do not pay your property taxes or your homeowner’s insurance, you could be foreclosed on.

Yeah, I said the F word on the radio, foreclosure. There are some loan officers that will not say that, but that’s what will happen if you don’t pay your property taxes when you have a reverse mortgage. In fact, that’s what’ll happen if you don’t pay your property taxes, period. No matter if you have a mortgage, you don’t have a mortgage, you have a reverse mortgage, or you own it free and clear. If you pay off your house, and you own it free and clear, you still got to pay the man, right? You got to pay the man, and if you don’t pay your taxes, the tax man I’m talking about, they will take your home, okay? So no matter what, you got to pay your taxes. But what happened is these people got the reverse mortgage, they didn’t pay their taxes, the bank ended up foreclosing on them, and why did they get foreclosed on?

Because they had a reverse mortgage, obviously, right? Duh. That’s what the news media came out with, and that was part of the negative perception. So to fix this, we now require financial assessment. We have to show that you have enough money to live in your home comfortably, with a little bit of a cushion, and be able to afford all the other bills you have. Now granted, there’s no mortgage payment, but you have to recalculate your taxes, your insurance, your utilities, and any other expenses you have. If you have a car payment or credit card payment, things like that, you have to be able to afford all that. So that’s very important that you have enough money to do that. If you don’t have enough money to do that, I can’t, and in fact, I don’t even want to do a loan for you in that respect. Now there’s ways around it that we can finagle the numbers to help you qualify, because if you’ve got $100,000 left over in a line of credit, we can use that as income for you. Because if you didn’t have the income to pay your taxes, you could tap into that line of credit to pay your taxes, obviously.

It’s pretty simple. So that’s the fourth one. We want to make sure it’s a sustainable solution. So if you cannot afford to live in the home after you have the reverse mortgage and no mortgage payment, a reverse mortgage is not for you. Lastly, if you really, truly, honestly to goodness, want to own your home free and clear, and you want to leave that as a legacy to your heirs, a family member, your grandpa built the home with his own two hands, and now you want to leave that for your kids, don’t do a reverse mortgage on it. It’s not right for you. Because now, granted, when you pass away, the bank does not take the house. A lot of people think that the bank’s going to take the house when you die. I just met with a guy who does… In-home care. I network with a lot of different people and in-home care specialist, who he helps people, not with medical stuff, but he’ll run errands, they run errands for you, they clean their house, they cook for you, they help you with bathing and toiletry stuff and all these things as you get older and it’s harder and harder to do for your own, for yourself.

He honestly thought that when the homeowner had to leave the home, the bank took the house. And he’s not alone. I’ve been battling that misconception since 2003, when I first started in reverse mortgages. I thought the same thing back before I learned about it, in 2002, before I did my research on it. I thought reverse mortgages were such a scam and the bank’s going to take your home and all kinds of stuff. It’s not true. It is not true. And I show you in writing, okay, your heirs inherit the home. They have six months to either pay off the reverse mortgage or by selling the home or refinancing.

And they can have up to two 90-day extensions. There are some very, very, very strict guidelines that the servicers have, like the heirs have to contact the servicer within 30 days and make sure that their intention is known. Yes, I want to keep the home.

We’re looking for a loan. Or no, we’re not going to keep the home. We’ve got to deal with a real estate agent already, okay? So at 30 days after you pass away, your heirs need to contact the servicing company to let them know what the status is. But if you, and so they can refinance the loan. Let’s say your grandfather did build the home, but you need to do a reverse mortgage. The bank doesn’t automatically take the home. Your heirs will inherit the home. They could keep the home if they just refinance the loan.

So you owe 100,000 on the reverse mortgage. You pass away. They can go get a new loan for 100,000, pay it off and keep the house. Please feel free to call me with any questions.

My name is Bruce Simmons. I’m the reverse mortgage manager with American Liberty Mortgage here in Denver. You can reach me at 303-467-7821 or visit me online at reversemortgageradio.net. Reversemortgageradio.net. Thanks so much for joining me. Hopefully you enjoyed this show and I look forward to talking to you at some point down the road.

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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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!