Better Call Jackson: Reverse mortgage changes


IN 1989, THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, THOUGHT REVERSE MORTGAGES WOULD BE A GREAT WAY FOR SENIORS TO AGE IN PLACE AND STILL HAVE A GUARANTEED SOURCE OF INCOME A REVERSE MORTGAGE IS A LOAN AVAILABLE TO OLDER HOMEOWNERS, THAT ALLOWS THEM TO CONVERT PART OF THE EQUITY IN THEIR HOMES INTO CASH

UNEXPECTED ISSUES WITH SOME BORROWERS OVER THE YEARS AND THE FINANCIAL CRISIS OF 2008 AND 2009, RESULTED IN NEW REQUIREMENTS THAT JUST WENT INTO EFFECT, INCLUDING ELIGIBILITY MIKE: BEFORE 2015, THE ONLY THING HOMEOWNERS AGES 62 AND OLDER, NEEDED TO QUALIFY FOR A REVERSE MORTGAGE, WAS EQUITY IN THEIR HOME; NO CREDIT CHECKS LENDERS WEREN'T REQUIRED TO DETERMINE WHETHER THEY COULD AFFORD TO MAINTAIN THEIR HOMES OR COVER TAX AND INSURANCE PAYMENTS, AND THAT CAUGHT MANY SENIORS IN A JAM LAYDEN HALE, COUNSELING ADVISOR: "ONE OF THE REQUIREMENTS OF THE REVERSE MORTGAGE IS YOU HAVE TO PAY YOUR PROPERTY TAXES HAVE TO PAY YOUR HOME OWNERS INSURANCE AND KEEP THE MAINTENANCE ON THE HOME, SO AS THESE PEOPLE STARTED TO FALL BEHIND BECAUSE OF THE FINANCIAL CRISIS, HUD HAD TO STEP IN AND PAY OFF THOSE MORTGAGES" LAYDEN HALE IS SENIOR COUNSELING ADVISOR FOR HOMEPORT, A NON- PROFIT HOUSING DEVELOPER, AND HE SAYS, HISTORY FORCED THE CHANGES

LAYDEN HALE, COUNSELING ADVISOR: "NOW, THEY LOOK AT THEIR CREDIT, THEY'RE LOOKING AT THEIR FINANCES, THEY'RE DOING A FINANCIAL ASSESSMENT, THE LENDERS ARE THE FINANCIAL ASSESSMENT WILL MAKE A DETERMINATION WHETHER THEY GET THE REVERSE MORTGAGE OR NOT AND FOR SOME PEOPLE THE FINANCIAL ASSESSMENT WILL MAKE THE DETERMINATION WHETHER OR NOT THEY HAVE TO ESCROW THEIR TAXES AND THEIR INSURANCE" A REVERSE MORTGAGE IS BEST FOR LONG TERM RESIDENCE, IF YOU'RE ONLY PLANNING TO LIVE IN THE HOUSE 4 OR 5 YEARS, IT'S NOT THE BEST CHOICE MAKE SURE YOU WANT THE LOAN FOR THE RIGHT REASONS LAYDEN HALE, COUNSELING ADVISOR: "THERE ARE SOME OF MY CLIENTS WHO TRY TO GET THE REVERSE MORTGAGE BECAUSE THEY'RE TRYING TO SAVE THEIR HOME AND I TELL MY CLIENTS, ALL MY CLIENTS, REVERSE MORTGAGES ARE GOOD FOR SOME PEOPLE AND NOT GOOD FOR OTHERS

" MIKE: HERE ARE FOUR KEY QUESTIONS YOU SHOULD ASK BEFORE APPLYING FOR A REVERSE MORTGAGE: WHAT IS YOUR FINANCIAL OBJECTIVE? WHAT IS YOUR GOAL? CAN A REVERSE MORTGAGE HELP? A LINE OF CREDIT MIGHT BE A BETTER CHOICE TALK TO YOUR HEIRS– IF THEY WOULD WANT THE HOUSE AFTER YOUR DEATH, THEY WILL HAVE SOME ISSUES WITH A REVERSE MORTGAGE AND FINALLY, TALK TO DIFFERENT LENDERS SOME OFFER BETTER RATES MIKE: REMEMBER, IF YOU HAVE AN ISSUE IN YOUR COMMUNITY– OR NEED A PROBLEM INVESTIGATED CALL 1-855-44-JAXON AND LEAVE ME A MESSAGE YOU CAN ALSO CONTACT ME AT "BETTER CALL JACKSON DOT COM"

Source: Youtube


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