Unlocking Retirement Dreams: Master the Art of Reverse Mortgages with Expert Insights

Unlocking Retirement Dreams: Master the Art of Reverse Mortgages with Expert Insights
Welcome to the latest installment of Reverse Mortgage Radio, where we delve into the world of reverse mortgages and their transformative potential! If you're 62 years old or older and envisioning a retirement free from financial worries, this is the show for you. Join us as we explore how a reverse mortgage can help you tap into your home equity and turn your retirement dreams into a reality. Say farewell to the burden of traditional mortgage payments and embrace a life filled with endless possibilities. Bruce Simmons, the Reverse Mortgage Manager for American Liberty Mortgage in Denver, will be sharing his extensive knowledge and inspiring real-life success stories. Whether you're already retired or planning for the future, this episode is brimming with practical insights that could redefine your golden years. Don't miss out – tune in now to discover if a reverse mortgage is the key to unlocking an abundant retirement!
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. Good morning, afternoon, or evening, depending upon when you’re listening to this show. I’m glad you’re joining me today for Reverse Mortgage Radio.

I’m your host, Bruce Simmons. I am the reverse mortgage manager for American Liberty Mortgage here in Denver. If you have any questions about the Reverse Mortgage Radio show or reverse mortgages in general, you want to talk to me about your specific situation, please call me.

You can reach me directly at 303-467-7821, 303-467-7821, or visit me online at ReverseMortgageRadio.net. ReverseMortgageRadio.net. In the upper right-hand corner, you can click on Reverse Mortgage Radio and you’ll be able to hear the entire podcast of this show and all my previous shows dating back to 2017. All of them are categorized there on my website. Please feel free to visit and listen as much as you want. Today, seeing how it’s already the end of January almost, we’re going to talk about the 24 ways that you can use a reverse mortgage in 2024. Before we get there though, I do need to kind of give you a brief overview of how reverse mortgages work.

Most reverse mortgages are FHA insured. What they do is they allow you to convert a portion of the value of your home into money that you can use however you want. Most of the time, well, all the time, you’re not going to be paid taxes on this because it’s loan proceeds. However, I can’t really say it’s tax-free because if you were to take the money and invest it, that investment could generate a tax bill for you. They don’t like me to tell you it’s tax-free, but you don’t have to pay taxes on the proceeds you receive from the reverse mortgage because it’s loan proceeds. A reverse mortgage is simply a loan. It’s a loan against your home, just like any other loan, except there’s no monthly mortgage payment required. What we do is we loan you the money and then we have to pay off any existing loans against your home. If you owe $100,000 on a mortgage right now and we can loan you $150,000 on a reverse mortgage, then that first hundred out of the $150,000 that we can loan you has to go to pay off the existing loan on the home.

After that, that other $50,000 is yours to do what you want. Most people, they might take some of it, but then they’ll leave it in a line of credit. That’s one of the most popular ways to do it and there are a ton of benefits of having that money available to you in a line of credit. The growth rate on the line of credit, the flexibility of it, you can pay it back, you can reuse it. It’s guaranteed 100% of the time by FHA to never go away as long as you meet the obligations of the loan. Once you have a reverse mortgage, you can only get a reverse mortgage on your primary residence, so that means you have to live in the home. The home is yours.

You maintain the home. You have to maintain it and keep it in good condition. You have to pay the property taxes and homeowner’s insurance and keep your name on title to the home. As long as you do those five things, you never, ever, ever are required to make a payment and you can never, ever, ever be kicked out of the home. It doesn’t matter how much equity you have left because you see, you’re still charged interest on a reverse mortgage. You’re charged interest and mortgage insurance. All reverse mortgages have mortgage insurance on them.

I shouldn’t say all reverse mortgages. All FHA-insured reverse mortgage loans have mortgage insurance. There are non-FHA-insured loans or non-FHA-insured reverse mortgages as well. Those do not have mortgage insurance on them. There’s pros and cons to both, depending upon your situation, and we can certainly talk about that. Most of the time, the non-FHA-insured loans are best for people who have a big expense or an expensive home, say a million and a half or $2 million or more, or if you’re in a condominium that is not FHA-approved. Those are the two main reasons why we use non-FHA-approved mortgages here in Colorado.

But that’s another topic. We’ll have to talk about those proprietary loans in detail in another show. I think it’s been a while since we’ve talked about that. The way the FHA reverse mortgages work is they all have mortgage insurance on them.

Every month, you’re charged two things. One is interest. The other is mortgage insurance. These get added to your loan balance because there’s no payment required. You can pay them if you want on a regular basis, and that would keep your loan balance level. Every penny that you put into that loan, every payment you apply, if you send in $1,000 a month, $100 a month, $10,000 once a year, all that money gets credited to your account so it lowers your loan balance, and then it gets moved over into that line of credit. There are just a ton of different benefits of that line of credit, and that’s a completely different topic for another day. We’ve talked about it before on previous shows. Like I said before, you can go to my website at reversemortgageradio.net. Click in the upper right-hand corner on Reverse Mortgage Radio Show, and you can listen. Actually, you could scroll through.

I’ve got little paragraphs on each one, what the topic of the show is, and find the one on lines of credit if you want to learn more about it. Or shoot, just give me a call, 303-467-7821.

That’s my direct line. My name is Bruce Simmons, and I’m the Reverse Mortgage Manager for American Liberty Mortgage. Let’s jump into this now. There’s a lot of different ways that you can use reverse mortgage. These are just 24 of them. We could combine these.

We can add more to it. There are more ways than these 24 we’re talking about. But the most common one that most people do, probably 80% of my customers, have an existing mortgage on their home. What we do with a reverse mortgage, we pay off the existing reverse mortgage. What’s the benefit of that? Obviously, then you have no mortgage payment because we’re paying that off. That loan no longer exists. Other people have called me and said, well, I know you assume that loan.

No, we don’t assume anything. We pay it off. It’s gone. History. Bye-bye. Okay? So, that loan’s gone, no mortgage payment. You’re still responsible for your taxes and insurance and maintenance and all that stuff.

But that will save you who knows how much. Some people, because of these low rates they refinanced at, maybe your principal and interest portion of your mortgage payment is $600, which would be great.

Other people have $1,600 or $6,000 mortgage payment. It just depends on your situation.

But that’s now money in your pocket. It doesn’t give you any money. You’re just allowed to keep more of what you earn.

It’s like a tax-free raise. If you’re saving $1,000 a month because you’re no longer making a mortgage payment, now remember, if your mortgage payment’s $1,000, but 400 of it goes to taxes and insurance, you’re not saving $1,000. You’re saving 600 because you still have to pay your own taxes and insurance, and that’s roughly going to be about $400 a month. So the principal and interest payment is $600 in that scenario, and that’s what you’re actually saving. But whatever you’re saving, that’s just extra spending money you have, or money that you can then save on your own, too. A lot of times I can only loan people just enough to pay off their mortgage, or let’s say I can give them enough to pay off their mortgage and maybe $10,000 or $15,000 left over, and they’re like, well, why would I do that?

That’s not really a benefit to me. No, you’re forgetting. You’re not having to pay a mortgage payment. And the other thing I tell people, too, is the way we calculate how much we can loan you on a reverse mortgage is determined by FHA. FHA stands for Federal Housing Administration, and they’re the ones, they tell us based on a formula how much we can loan you. It’s based on the age of the youngest homeowner, the value of your home, and the interest rate. As interest rates go up, the amount of money we can loan as a percentage of the value of your home goes down. Right now, we’re not able to loan as much as we were, say, two or three years ago, because the interest rates were so much lower then. However, if we can loan you enough today to pay off your existing mortgage and save you, let’s say, $1,000 a month, and there’s no more extra, you wanted to get cash out to fix up your home, or you wanted to get cash out to pay off other bills, whatever it may be, I’ll tell you, $1,000, or even if it’s only $500 a month you’re saving, that’s better than a poke in the eye, right? Like my dad used to say, it’s better than a knuckle sandwich, or whatever, however you want to word it. There are a lot of benefits to doing that, and as rates come down, if they do come down, we could possibly refinance your loan.

There’s no guarantee. It depends on the value of the home, how low the rates go, if your home value goes up, if your loan balance goes up, whatever, all different scenarios. There’s no guarantee that it could be refinanced, but it’s a possibility. Let’s say your home value increases by 10% over the next year or two, and interest rates come down, so now we can loan a higher percentage on a higher value of your home, even though your loan balance has grown over the year. Let’s say you didn’t make any payments, so the balance has gone up, but we can loan you more money. Maybe we can loan you an additional $10,000 or $20,000 or $30,000 then, and the closing costs are less, a lot less, when you refinance a reverse mortgage than they are when the first time you get it.

Keep that in mind. I don’t want to spend the whole show on this one topic, but don’t look at it like, oh, I’m not getting any money.

All I’m doing is paying off my mortgage. There are a ton of benefits to getting rid of that mortgage payment, right? It’s helped people retire. It’s done a ton of good things for people. Also, you could use money. Let’s say you own your home free and clear. You could use the money to remodel your home so it’s more fit for somebody to age in place. I know I’ve seen people where they get rid of that counter under the sink in the bathroom so a wheelchair could go in there. They widen doors so wheelchairs can go through. They get rid of carpet, again, for the wheelchair or even just if you’re on a walker. It makes it a lot easier if it’s a hardwood floor instead of carpet.

You can maybe even add a bedroom on the first floor if you’re in a multi-level home. Put a master bedroom on the main floor so you don’t have to mess with it. Or even just do a ramp up to your front door or a stair lift if you’re in a two-story home. I know I’ve done a lot of loans for people who have had stair lifts. It’s a way for you to stay in your home that you love. Another way is maintain a line of credit that grows because lines of credit grow. You could just save it. I did a loan for somebody who’s very wealthy in a million and a half dollar home. He set up a line of credit just for the new clear option, he said. If all my other investments explode, this will still be here because it’s 100% guaranteed by FHA, the government.

That’s a great way to do it. Keep it for emergencies. Most people, a lot of times, I’ll do a loan for somebody and they have $10,000 or $20,000 or $30,000 left over because FHA tells us how much we can loan. You don’t have to take it all. They tell us we can loan you $150,000, you only want to pay off your mortgage for $100,000. That extra $50,000 just stays there and is available to you if you ever need it. Right now, you don’t need it. But a year from now, your furnace goes out on the coldest day of the year, which is typical, you need a new furnace and it’s $10,000. Well, you can use your reverse mortgage to pay for that. Cover expenses, reverse mortgage can also be used to cover expenses and hold on to other assets while their value continues to grow.

Right now, stock market’s still going good. You don’t necessarily want to cash out right now, maybe, but you’ve got other things that you have to pay for. You promised your grandkids that you’d pay this half of their tuition in college or you need a new car, whatever the case may be. Use the reverse mortgage for that. Then when you do sell those other assets or you have to take your required minimum distribution, then you can use that money to pay this back down even. Pay the reverse mortgage back down so that line of credit is still available and growing for you. Like I said, I love the line of credit option. If there’s enough money left over for you to set up a line of credit, I highly recommend it. Okay. I think we’re down to number six already, or number five. Cover monthly expenses to avoid selling assets during depressed values.

Let’s say that right now the stock market’s going great. You’ve got money in there, but who knows, there’s a lot of people predicting a recession later this year. It may or may not affect the stock market, but if your other assets drop, then you don’t want to sell at a depreciated value, but you need the money, right? That’s when you need the money mostly, is during a time where there’s fire sales on everything. Well, heck, that’s another way. Well, I can’t recommend you invest the money from a reverse mortgage. Never mind. I’d say take advantage of it, of the depressed values, but the best way to do it is if you need the money, take it from your reverse mortgage.

Don’t sell an asset at a 20 or 30% loss. Use your reverse mortgage money. Then when the asset comes back, you could sell it, pay back the reverse mortgage if you want to, or not, because it’s not required, remember? All right. Let’s move on. You could pay for health insurance during early retirement years until Medicare kicks in at age 65. During COVID, a lot of people had to retire. They were forced to retire. They’re paying $1,000 a month in insurance, and if you were able to tap into a reverse mortgage to help you cover that cost, that would be a huge benefit for you. Pay for your children or grandchildren’s college or professional education. I’ve had a lot of people help family members in that situation, and you can also add other things, any kind of emergency for family.

I’ve had people use reverse mortgage proceeds to bail their kids out of jail and pay for an attorney for them even. In that case, of course, the son was innocent, and I believe the parents, but who knows, right? It doesn’t matter whether they’re innocent or not. You’re going to help them out. If my kid ended up in trouble, I’d help him, period. It doesn’t matter what the situation was. I might yell at him and scream at him, but I’m going to help him. It’s very important to help family and be able to be there for them. That’s very important. The other thing is to maintain a standby cash reserve to get you through the ups and downs of investment markets and give you more flexibility. You’ve got this big trip planned for your family in the spring of this year, and you’re going to be going there, and you know you’re going to spend a lot of money because you’ve planned it out.

Now, granted, you may already have paid for half of it, but then the stock market goes down or some other unexpected expense comes up, you need it. You can tap into that line of credit to have that money available for you so you can be there for your family or for whatever the emergency is to take care of that. That standby line of credit is so important. You can combine also, too, the proceeds from the sale of your home. Let’s say you’re in a tri-level on a 10,000 square foot lot and you want to buy a ranch or a townhome or something where there’s no yard.

You can do that. You sell your existing home, but let’s say you only cash out with 400,000. You want to buy a $500,000 home. You’re going to downsize, but you’re upgrading, right? You can do that with a reverse mortgage, so you take the $400,000 from the sale of your old home, you add a reverse mortgage to it, and you can now buy this new home for no cash or no mortgage payment. That way, you can get the home you really want to retire in and you still have no mortgage payment. You could possibly even keep a lot of money left over from the sale of your old home even. I’m going to be talking next week with a couple that’s moving. They’re selling a $900,000 home somewhere. I think it’s a really nice home somewhere in the Midwest, and they’re looking to buy a $700,000 home here in Colorado. Well, they’ve got the money to pay cash, but why?

Why not keep more from the sale of your old home? That’s a great use of reverse mortgage money. All right. What’s next here?

Paying for long-term care needs. I do a number of loans for people who need to pay for in-home care. Whether it’s medical or non-medical, it doesn’t matter. Some people will pay for somebody to come and cook for them. I’ve got a lady up in Broomfield who’s … She’s been a customer of mine for a decade or so. We’ve refinanced her a couple times, and now she’s starting to use her line of credit to pay for people to come in and clean her home and cook for her and things. She’s 90 years old, and she doesn’t want to have to do those things, and she can’t. It’s really hard for her to do those. She doesn’t need the medical care, but having somebody … The flexibility to pay somebody to do that stuff for you is priceless for her.

It can also fill in the gap for a retirement plan caused by lower-than-expected returns on your assets. There’s something called sequence of returns risk.

Let’s say you retire. There’s a 10-year window, five years before you retire and five years after. If the market drops in that time period, you’re not going to end up with as much money. Your money’s not going to last as long as you wanted it to, because that’s the time when you’re really planning for retirement, or you’re having to tap into money, but instead of being able to tap into $500,000, now you’re only tapping into $400,000. It’s not going to last as long. Having the reverse mortgage fill in that gap can be very beneficial for you. Back to the long-term care thing, too. We could also use it to pay for long-term care insurance premiums. That’s something that not a lot of people do, but I think if you have a long-term care plan and that premium is getting too expensive for you, but you’ve been paying on it for 20 years and you don’t want to throw all that money away, use a reverse mortgage to pay for the long-term care insurance premiums. That’s a fantastic use of it. You could pay for short-term in-home care or physical therapy following an accident or medical episode.

Not everything is covered by Medicare sometimes. There’s gaps, whether it’s medical or for medicine, like pharmaceutical, whatever the case may be. There’s deductibles, depending upon your insurance and where you’re at in that process, too. How much you’ve paid already. If you have a big expense or you need this extra care after an accident, a reverse mortgage can help you with that. By the way, if you just tuned in, you are listening to Reverse Mortgage Radio.

My name is Bruce Simmons. I’m the reverse mortgage manager for American Liberty Mortgage.

You can reach me directly at 303-467-7821. 303-467-7821 is my direct line, or visit me online at reversemortgageradio.net. Okay. I think we’re up to 15.

We got to move. You could pay for a retirement plan, estate plan, or will. A lot of people do not have wills.

Get a will. And also, too, I tell people, I don’t do estate planning services, but I like the idea of having a will and a beneficiary’s deed, all that stuff.

Medical power of attorney. You need that stuff. If you don’t have it, you say, oh, I don’t have the money to pay for it. You do if you can get a reverse mortgage, okay? Do it. The other thing is pay to convert a room or a basement into a living facility for maybe an aging parent or maybe your kids, okay, if they’re willing to move in to help take care of you. More likely might be to pay for a long-term care situation where you want to stay in your home but you need round-the-clock care or more care than the standard eight hours. You can also set up transportation arrangements for when you no longer are comfortable driving. You could prepay Uber or Lyft accounts, things like that. You can create a set-aside to pay your real estate taxes and property insurance. That’s one thing I talk with people a lot about because it’s so important to make sure that your property insurance and taxes are paid for.

One benefit of the reverse mortgage is we can pay those out of the loan for you if there’s enough money to do so. I’ll do loans sometimes for people in their 80s and they’ve had a mortgage their whole life and they’re used to the mortgage company paying taxes and insurance for them. Well, let us do it for you through the reverse mortgage. It’s a great, great use of proceeds from the reverse mortgage. If you’re in between jobs, there are a lot of people, maybe you retire from a job or you’re forced to retire or you have to leave one job and you need to do some education to educate yourself for a new position. You can pay for that and cover the gap in income that you’re missing out for that 18 months while you’re getting this extra certification or what have you. You can also purchase health-related technology that might enable you to live in your home where otherwise you might not be able to.

Sometimes insurance covers it, sometimes they don’t. Sometimes they don’t cover all of it. This way you can help in that situation. Another thing you can do is you can pay the taxes associated with converting an IRA or 401k to a Roth IRA or 401k. We talked about that a couple weeks ago when we were talking about more elaborate financial planning ways that you can use a reverse mortgage. That’s a great way because that Roth then grows tax-free and you pull it out tax-free. You don’t have to pay any taxes on it because it’s technically after-tax dollars. You use a reverse mortgage to pay the taxes that you would have to pay otherwise. If you have a $200,000 IRA that you’re going to be taxed on when you pull the money out, well, if you convert that over to a Roth IRA, then you don’t have to pay taxes on it, but you don’t want to have to pull out $50,000, 25% say, of all that money that you’ve got because then you’ve got less money in the Roth. A reverse mortgage to cover that cost is an excellent use of it. You can also help your children through family emergencies.

I’ve also seen people help their children, give them money for a down payment for their own home. It’s so tough for people to buy their own home. For a kid, now he’s a kid, I say, but say 30 years old and they still don’t have a house yet, whereas when we were younger, I’m getting … I’m getting close. I’m in my late 50s. I’ll be 60 here in a couple years, but I know when I was younger, I was able to use my VA to get into a house or I was able to get … It was easier to come up with 5 or 10%, whereas now it’s difficult for people even to come up with 3% and still qualify for a mortgage payment. If you could loan them 20% so they have 20% down, that’s going to reduce their mortgage payment and allow them to get into a home that maybe they might not otherwise be able to.

So that’s a great way to do it. Cover expenses to avoid capital gains tax consequences for selling other assets. That’s an excellent way too. There’s all kinds of financial planning uses and you should talk to your financial advisor about those.

Keep that in mind. I’m not a financial advisor. I’m a loan officer. I don’t do taxes. I don’t understand all the implications of it.

I just know there are different ways. There’s a lot of different ways to use a reverse mortgage, to use the equity in your home through a reverse mortgage to help you out in the financial planning needs. I’ve even had other people say, okay, well I’m going to use the money for a down payment on a second home and that way then we can do our celebrations like over Christmas or big birthdays, your 75th birthday or whatever, or anniversaries, your 50th anniversary, and you gather everybody in a beach house on the coast of North Carolina or something like that. And then when you’re not using it, you use it as an investment property, like a short term rental.

That’s another way. There’s all different kinds of ways to use a reverse mortgage. I hope you found this useful. You can reach me directly if you have any questions about any of these ideas or just whatever your situation is.

My number is 303-467-7821. My name is Bruce Simmons. I’m the reverse mortgage manager for American Liberty Mortgage at 303-467-7821, or visit me online at reversemortgageradio.net, reversemortgageradio.net.

Thanks so much for joining me today. I hope you have a fabulous day and make the rest of the year a good one. 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!