Unlocking Your Home’s Potential: Navigating Misconceptions and Unveiling the Truth about Reverse Mortgages

Unlocking Your Home’s Potential: Navigating Misconceptions and Unveiling the Truth about Reverse Mortgages
In this week's episode, we will delve into the topic of reverse mortgages. We will address the most commonly asked questions, dispel any misconceptions, and uncover how Colorado homeowners, like yourself, can utilize their home equity to achieve a dream retirement. Whether you are contemplating a reverse mortgage or simply interested in understanding its potential impact on your future, this episode is a must-listen. So sit back, relax with a cup of coffee, and join us as we navigate the intricacies of financial independence after the age of 62.
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Podcast Transcript

Welcome to Reverse Mortgage Radio, hosted by legend’s very own Reverse Mortgage Professor, Bruce Simmons. You have so many options with a reverse mortgage, everyone has a different opinion, and the government keeps changing the rules. You need to hear from the first certified reverse mortgage professional in Colorado to specialize exclusively in reverse mortgages, one of few in the state with the letter CRMP after his name. Bruce has the specific training and education you need to understand what you’re buying. Now, here’s your host, Bruce Simmons. Hello, and thanks for joining me today. I hope you had a fantastic new year and you’re starting off the new year better than me.

I started off with about a COVID, but that’s okay. I’m recovering and hopefully I’m no longer contagious and you won’t catch anything from me today. But I think I’m good. If I sound a little hoarse, that’s the reason. It really wasn’t a bad bout from what I’ve heard from other people. Luckily, I’ve got a pretty strong immune system and I take pretty good care of myself with vitamins and things of that nature. Luckily, my wife takes good care of me. I’m just trying not to get her sick. Hopefully, we’ve crossed that hurdle already anyway. But today, I want to start off Reverse Mortgage Radio with a little bit of just frequently asked questions. Because there’s still so many misconceptions that people have, so many questions people have about reverse mortgages.

And that’s what I want to talk about on the show today. I do plan to talk about what we expect for 2024 coming up here at some point later this month. I don’t know if I’ll get to it next week because there’s a lot of frequently asked questions that people have about reverse mortgages. And it may take me two shows depending on how wordy I get. But let’s jump right into it, if you will. By the way too, if you just tuned in, my name is Bruce Simmons.

I’m the Reverse Mortgage Manager with American Liberty Mortgage. And I’ve been specializing exclusively in reverse mortgages since January of 2003. So now it’s 21 years, officially 21 years this month, that I’ve been doing reverse mortgage loans. I don’t know how many loans I’ve done.

Well over 1,000, 1,500. I really don’t know off the top of my head. But I’ve seen a lot of different things. And rules have changed dramatically over the years too. So even though I saw a loan situation back in 2004, it might be different now in 2024. Well, odds are it is. The situation, whether it’s a trust situation or a non-borrowing spouse or the loan amount, whatever it may be, there’s differences. There’s always changes. And that’s why it’s important. If you think you want to do a reverse mortgage or you just want to learn about it, you do want to talk with a professional. I’m a certified reverse mortgage professional.

I’m certifiable actually. But the National Reverse Mortgage Lenders Association hands out, well, they don’t hand out. People have to earn this certification and they do it through extra education about reverse mortgages, as well as experience. To become a certified reverse mortgage professional, you have to have at least three years in the business or closed at least 50 loans. So you can see a little bit about what’s going on with different situations. Because I got to tell you, I’ve closed so many loans. No two loans are the same.

You think they are. But when you start looking at their income situation or a credit situation or something that showed up on title or the property is unique about something, all these different situations that can happen. Everybody has their own particular situation. A reverse mortgage is perfect for somebody. Somebody else that you think might be a perfect situation because their situation is very similar is not a good prospect for a reverse mortgage. So it just depends on everybody’s situation. That’s why calling a professional and having me talk to you and walk you through the process, what it entails, answer all your questions. I like to find out your situation and that way I can know whether or not a reverse mortgage might make sense for you and explain how it works and let you decide.

I’ll recommend, oh yeah, I think it does. I’ve talked people out of reverse mortgages just because it doesn’t make sense for their situation. In one case, a lady had Lou Gehrig’s disease and she was going downhill fast. There was no way this lady was ever, ever going to go into a nursing home. She owned her home free and clear and we were able to set up a monthly payment for her so she could pay in-home care.

This was in 2004 or 2005. She stayed in her home nine months, just nine months after the reverse mortgage closed. She spent a lot of money in upfront closing costs because these are not cheap loans to get in place. But in her mind, in her situation, it made emotional sense for her. But somebody else who’s going to leave even two or three or four years down the road, it may not make sense, probably doesn’t make sense for that person to get a reverse mortgage because of those upfront closing costs if they know they’re going to leave in two or three, four years down the road. You just don’t have enough time to amortize those costs over a long enough time period to where it makes sense financially. But if you’ve got an emotional situation like this lady with Lou Gehrig’s disease, then that really… So those two situations, neither one should have done a reverse mortgage, right? No. If you didn’t know this lady was… Her thought process on that she was not going to go to a nursing home, she was going to stay in her own home and be cared for in her own home.

And she needed the money to pay for that. That was very, very, very important to her. So everybody’s situation is a little unique. But what I want to talk about today is the most frequently asked questions.

If you have any questions for me, you can reach me directly at 303-467-7821. 303-467-7821. I love talking to listeners. I spoke to somebody this week who had called me, said he listens as often as he can. And finally, it’s like, hey, we’re going to put our house to work for us instead of the other way around. And they’re considering it. I talked to them about their situation and we’re working out to see if it makes sense for him and his wife. They’re deciding on whether or not it might make sense. So that’s the way the reverse mortgage works that you need to understand that I’m not going to try to pressure you. But I think it’s important you get the facts from somebody who knows them. Don’t talk to your retired brother-in-law plumber who thinks that he understands what reverse mortgages are because he watched some YouTube videos about it.

That’s just not the case. You have to really dig into it to learn the facts. So let’s learn the facts. Let’s start with who owns the home. I still am blown away by how many people think that the bank is going to own the home or the bank does own the home when they do a reverse mortgage. That is not the case. The way the reverse mortgage works is it’s a loan against your home. FHA dictates to us, well, I’m getting into another question here, but basically we make a loan against the house. There’s a lien against the house, just like any other mortgage. It works just like any other mortgage loan you’ve ever had. In fact, in Colorado, technically they’re not mortgages, they’re deeds of trust and that gets recorded as a lien against your property.

Some people hear the word lien, they’re like, Hey, wait a minute. I pay my bills on time. Nobody’s ever put a lien on my home. Well, a mortgage or a deed of trust is a lien against your home. And that’s what the reverse mortgage is. It’s just a loan against your home and it’s still your house.

You can remodel it. You can paint it purple. You can sell it. A lot of people think that when you get a reverse mortgage, you’re stuck. You have to live there. No, you can sell it at any time you want. And the equity that is still in your home is yours. The equity is just the difference between the property value and the loan balance owed. If your value is $600,000 on your home and you owe 250,000 on the reverse mortgage, the $350,000 difference between the 600 and 250 is still your equity. And if that’s what your loan balance is with a reverse mortgage and you have to sell your home, you sell your home for 600, you pay off the 250 that’s owed and the difference is yours. That’s why it’s required that you continue to pay your own property taxes and homeowner’s insurance and HOA dues.

And you have to maintain the home. You wouldn’t have to do all that if it wasn’t your home, right? So with a reverse mortgage, you have access to a certain portion of the value of your home that’s locked up. And then as long as you live in the home and you pay the taxes, insurance, maintain it, and keep your name on title, you never have to make a payment. No payments are required, but it’s still your home. Okay? Now, a lot of people, the big question is, how much can I get from a reverse mortgage? Okay? FHA, which is kind of the Federal Housing Administration, they oversee the reverse mortgage program. And HUD, Housing and Urban Development, is over FHA.

FHA is one department under HUD. They set all the rules for us. Okay? And they decide how much we’re allowed to loan you. They don’t loan you the money. This is not a loan from the government. This is a government insured loan. So basically FHA says, we can loan you an amount based on the age of the youngest homeowner, the value of your home, and the interest rate. In a nutshell, the older you are, the more money as a percentage of the value of your home that we could loan you. Also, the lower the interest rate is, the more money we can loan you as a percentage of the value of your home. The younger you are, the less money you get.

And the higher the interest rate is, the less money you get as a percentage of the value of the home. Those percentages right now range from about the low 30s, say 33% of the value of your home, to about 65% of the value of your home. If you’re 62 years old, we can only loan you about a third of the value of your home. So if you’ve got a million dollar home, we could loan you about $330,000.

If you’re 62, if you’re 95, we could loan you about 650,000. So on a million dollar home or a hundred thousand dollar home, look at it that way.

We can loan you 33,000 or 65,000. So that’s in the range right now based on what the rates are now. And they’ve come down because earlier in the last year, before the rates started coming down, they came down quite a bit in November and December. Unfortunately, they’re starting to tick back up because of expectations. And I don’t want to get into all the information about rates and how that affects, but we’ll just move on from there. Okay. So what is the interest rate?

Let’s talk about that. What is the interest rate? There’s three different programs that have three different interest rates with the FHA insured reverse mortgage program.

Now there’s also proprietary programs. That’s a loan that is not an FHA insured loan. FHA doesn’t have anything to do with it, but we still follow a lot of the same rules for that. And those are mostly for the uninsurable condos or the non FHA approved condos, I should say, and homes that are like worth over a million and a half dollars. Okay. That’s where the proprietary programs are. FHA kind of fills in the gap in the middle there. So under the FHA program, there’s a monthly adjustable interest rate program. There’s an annually adjustable interest rate program, and there’s a fixed interest rate program. Now 99% of the time people will tell me, I want a fixed rate. Well, you’ve got to look at what your situation is because there’s flexibility on how you draw the money out.

That’s another question people say, well, how can I take the money? Do I have to take it all in one lump sum, or can I receive a monthly payment from that? Can I set up a line of credit? If you’ve ever listened to this show, you know there’s an incredible array of different ways that you can draw the money out, but they’re all only available on the adjustable rate program, whether the annual or the monthly. The fixed rate program, you have to pull all the money out in one lump sum. So if you have $200,000 available, and let’s say your mortgage, you just want to pay off a home equity line of credit that you have outstanding right now for 50,000, and that’s all you want to do. And you want to leave the rest of the money in a line of credit, but you want a fixed rate.

You say, okay, well, I’ll take the fixed rate. You don’t get the line of credit. Nope, it doesn’t work that way. You have to pull all the money out in one lump sum. However, okay, remember this, FHA limits the amount of money you can take in the first 12 months of the loan to 60% of the money that’s available to you. It’s called the principal limit. That’s the amount of money that’s available to you.

So that initial disbursement limit is 60% of 200,000 in this case. So if you chose a fixed rate, you only want 50, you’re saying, okay, well, I’ll take the 200, even though I’m going to be charged interest on it.

But you don’t get the 200. You’re only going to get 120. So it doesn’t make a lot of sense if you’re going to do a reverse mortgage, and you’re in that situation to take a fixed rate. And plus, right now with rates being on the high side and the fixed rate is higher than the adjustable rate, it just doesn’t make sense to lock yourself in on that high fixed rate. So by the way, if you just tuned in, my name is Bruce Simmons.

I’m the reverse mortgage manager with American Liberty Mortgage. You can reach me directly. I’d love to have you give me a call, ask me any questions you want at 303-467-7821.

303-467-7821 is my direct line. And you can also visit me online at reverse-mortgage-radio.net. So feel free to call me with any questions, but let’s move on now. So that’s kind of a combination of things, how you draw the money out, because you can take it out as a lump sum with limitations, that initial disbursement limit. You can also set up a line of credit. That’s one of the biggest ways that people do it.

That’s so beneficial. There’s a lot of benefits to that. And then also you can receive a monthly payment where we deposit every month in your bank account, 500, 1,000, $1,500, whatever you want. And you can set that up a couple of different ways even. You can set it up guaranteed as long as you live in the home, to where that money will guaranteed be in your bank, no matter what.

Your value could drop to zero. You could owe $800,000 on this loan and you’re still going to get that payment. Or you could have it on a term payment plan where you only want the money, say, over the next three years. Let’s say you’re paying off a car payment and you don’t want to pull all the money out in one lump sum because then you’re going to be charged interest on it. So you just take the money out as the payments come due.

That’s a unique way to do it. And you can also do a combination. That’s the other thing. A lot of people have an existing mortgage they want to pay off. Maybe they’ve got $10,000 or $15,000 that they want to get out to either pay some bills or do some home improvements. And then there might be $20,000, $30,000, $40,000, $50,000 left over that you don’t want right now. And I always, always, always will tell you, don’t take out any money that you do not need to use immediately because you’re charged interest on it. Why be charged interest on something, on money, and then set it in a bank account where it sits there at earning half percent interest or whatever they’re paying now.

Even on a high rate. Let’s say you get four and a half or 5% interest rate. Number one, you’re going to be paying taxes on that money if you put that money in a bank. Where with a line of credit, if you leave it in a line of credit, it grows over time. And that money is not taxed.

It’s just loan proceeds. That’s, we’re getting off topic here. So there’s a number of different ways you can draw the money out. Okay. The other question, a lot of people will ask me, what does it cost? You heard me reference it earlier that the upfront costs are a little higher. I mentioned that they’re expensive. Okay. And I think this is a premium program. Reverse mortgage is a fantastic program. It’s worth every penny of cost.

I intend to do one when I get old enough and I’m in my permanent home that I’m going to retire in. But, and I know a lot of people that have them themselves that are originators or they’ve done them for their parents. My parents still live in the state of Colorado and that’s where I’m licensed. But either way, the way it works with closing costs is there’s three categories of closing costs.

Number one is the FHA mortgage insurance premium. That’s a part of the closing cost. And there’s reasons, there’s a lot of benefits for having that mortgage insurance in place. Number one, it protects if you ever did owe more on the home than it’s worth. It guarantees that money’s going to be available to you. That’s how we can keep that promise that no matter what the value of your home does, you’re always going to get that money and always have it available to you. And you’re never going to pass a debt beyond the value of the home to your heirs or your estate. Okay. So those are, those are some of the benefits of the mortgage insurance, but the initial mortgage insurance premium is 2% of the value of your home.

If you’ve got a $600,000 home, that’s $12,000. It gets added to your loan balance. Now the other closing costs aren’t that different from a traditional mortgage.

There’s an origination fee. And then there’s also the other typical closing costs, which are appraisal, title insurance, closing fee, credit report, all that stuff. And that all gets rolled into the loan. The only out-of-pocket fee that you’ll have if you do business with me is that you have to pay for your reverse mortgage counseling. That’s one of the benefits of reverse mortgages actually too, is very, very regulated. Okay. You’re not going to, well, I shouldn’t say that because there are people that do scams. I don’t know how they have enough energy to think all these crazy scams up, but there are people who do scams. Typically what happens is a family member will rip off an elderly homeowner. That’s the way it works. They’ll have a power of attorney.

They’ll get a reverse mortgage from a loan officer that maybe is not paying attention to the situation, or they’re saying they’re taking it home to their grandma to get signed, and then they bring the papers back. And that’s not a good thing either. Or you’re doing eDocs for somebody you know doesn’t have the knowledge of computers to be able to do that at 89 years old. And as a loan officer, it’s my job to kind of be aware of that stuff and be aware of financial abuse, because most financial abuse does come from family members unfortunately. But either way, it’s very regulated. And one of the rules that you have to follow with reverse mortgages is that you have to talk to a reverse mortgage housing counselor. That’s an FHA approved person who’s gone through classes on how reverse mortgages work, and they want to make sure you understand how it works. That you understand you have to pay your taxes and insurance.

It’s still your home. You have to maintain the home. You have to live there as your primary residence. And you’re going to get charged interest, even though you’re not having to pay it, you’re still charged it every month. Okay. So, and that’s another question actually that I don’t have on my list here, is can I make payments? And yes, you can choose to pay the loan back if you want, or just make payments on it to keep that loan balance even.

There’s a ton of benefits from doing that. Let’s say you’re still working and you pay off an existing mortgage on your home. So, you’ve got that money budgeted in your mind anyway. And it’s that $1,800 mortgage payment still in your mind. Okay. Now, 500 of that money is going to pay taxes and insurance. So, you have to budget that out. But $1,300, you’re thinking, well, I could still pay $1,300 a month because I’m still working. And your interest is, let’s say, $1,000 a month on the new reverse mortgage. So, you’re paying $1,300 a month. You’re paying it down a little bit every month actually.

Or if the interest is $1,500, but you can only pay $1,300, your loan balance is going up by $200 a month, just a little bit. Okay. So, you’re slowing that growth. But one of the biggest benefits is every single penny you pay towards that loan balance, it reduces your balance. And then if you choose the adjustable rate, that money will be moved over to a line of credit. So, you could draw upon it after you retire. Let’s say you’ve got two years to retire. You pay all this money into it. Now, you’ve got more money available in the line of credit from the reverse mortgage that you can draw after you retire when you might need it. Okay. Look at it like you’re just increasing the amount of equity in your home that’s available to you. Okay. And it can never be closed out thanks to FHA. All right.

Let’s talk about what if my spouse is not 62? I’m 65.

My spouse is 58. Number one, I always tell people, hey, good for you. If you can get a younger spouse and more power to you, it’s great. Except it’s not great for a reverse mortgage. Now, you could still do the reverse mortgage loan, but we use the younger homeowner’s age or the younger spouse’s age to calculate the amount of money we can loan you. So, we’re going to calculate, if you’re 65, maybe we can loan you 34, 35, 36% of the value of the home.

Well, wait a minute though. We have to calculate it on the younger person’s age. So, now we’re going to calculate it on somebody who’s 58 and now maybe we can only loan you 32% or 31% of the value. The reason for that is because your non-borrowing spouse, that’s what we call the person who’s too young to sign on the documents, that person can continue to stay in the home if something happens to you. So, let’s say you’re moving along fine, you’re 65, your spouse is 58, two years goes by, you get hit with stage four cancer and you’re gone in two months. Okay, let’s hope that doesn’t happen, but if it does, your spouse can continue to stay in the home. That person, he or she is not a borrower. They’re a non-borrowing spouse, so they do not have access to any of the money that you might have in your line of credit. Now, hopefully if that’s the case, you called me and I told you, I said, draw the money out of your line of credit, put it in a bank. In that case, then you do want to take it out because that’s the only way your spouse is going to have access to it.

And you had time, luckily, because you had a couple months warning. If you get hit by a bus and you die, well, then there’s no way that money just sits as equity in the house. Your spouse does not have access to it. Okay, but you can do a reverse mortgage with a younger spouse who’s under 62. Okay, my next question in line is what happens at the end of the loan, but we’ve only got a few minutes left and I’ll have to pick that up next week. I touched on why there’s mortgage insurance on reverse mortgages already. Can I use a reverse mortgage to purchase a new home? Yes, you can.

That came about in 2009. So this loan program, the FHA reverse mortgage, came about in 1989. That’s when the first FHA insured reverse mortgage came about. 20 years it took us to finally allow somebody to use a reverse mortgage to purchase a new home. The way that works is you sell your old home, you take the proceeds from that old home as a down payment towards the new home.

Let’s say you’re downsizing. Okay, let’s say you have a $600,000 home or let’s say $800,000 and you’ve got $400,000 in equity. You want to downsize from this multi-level home on half an acre lot and you want to downsize to a real nice single family home in a 55… plus community. That home is going to be $600,000, okay, because it’s an upgrade.

You’re right-sizing, but you’re upgrading. So you sell your $800,000 home. You take the $400,000. Without a reverse mortgage, you’d have to get a new $200,000 mortgage, right? Well, no, because what you can do is you take that $400,000 and you put it as a down payment. The reverse mortgage can come in and pay the other $200,000 difference. And now you can move into this $600,000 home without a mortgage payment, even though you only had $400,000 as a down payment. Does that make sense? I hope. I don’t see any hands raised, so I guess we’re good to go.

Call me if you’re in that situation. If you want to downsize or you want to upsize, just right-size, whatever the case may be, I’d be happy to work up your situation and let you know how much of a house you can afford.

Say, call me and say, well, my house is worth $700,000. I owe $200,000 on it. That means I’ve got $500,000, but we don’t want to spend it all on a new home, but we want to buy a nice new home. How much could we get if we only put $400,000 down and we kept $100,000 in our pocket from the sale of the old home?

I can work those numbers for you. It’s really simple. I don’t have to pull credit. All I do is ask you some basic questions about your ages and things of that nature. It’s a simple, simple process, and I’d love to talk with you about it.

So please give me a call anytime you want at 303-467-7821. 303-467-7821. My name is Bruce Simmons. I’m the Reverse Mortgage Manager with American Liberty Mortgage. And you can also visit me online at ReverseMortgageRadio.net. ReverseMortgageRadio.net. So we talked about a number of different things today, although I still didn’t get through all my list of all the frequently asked questions. So we’re going to pick this up next week.

Hopefully you tune in. Feel free, if you came in halfway and you wanted to hear the whole list that we went over so far today, go to my website at ReverseMortgageRadio.net. In the upper right-hand corner is Reverse Mortgage Radio Show. Click on that and you’ll see the list of all the shows that I’ve done over the last, what, seven years?

Something like that. But either way, hope you have a fantastic new year, the rest of January, and I’m looking forward to talking to 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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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. 

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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!