Reverse Mortgages: An Inside View

(I told you my blog was random.)

For several years now I've worked in the Reverse Mortgage Industry. I love what I do and I've grown to love working with seniors. For the most part, I've been kind of shy...sometimes all together silent...when talking about my work. It's one of those controversial issues. There's much confusion about the deal. There's a lot of false information floating around. So, most of the time when I'm asked what I do for a living, I just say that I work in the Mortgage Industry.

Well, that is starting to change. What I once avoided (not because of shame, but because I didn't want to spend 8 hours explaining it everyday) I now accept as a challenge. I want people to understand what a blessing this has been to A LOT of people and also provide some clarity to those who are quick to bash it.

I'll keep this extremely brief. If you want to educate yourself on the RM, just google it. I won't spend 43 paragraphs explaining it. Just know this: It's a federally insured loan for those 62 or older. It allows them to borrow money from their home without incurring a monthly payment. Most homeowner's that choose a RM use the proceeds for things like: home improvement, paying medical expenses, travel, etc.

What you may have heard:

The Government Owns the Home:FALSE; The homeowner is always the owner of the home. Yes, the loan will be paid back one day, but you are not "giving up your home" to the mortgage company or the government. The home will still be passed to the heirs and they can decide whether to keep it or sell it.

Let me get back on track. RM are not for everyone. I realize that. In fact, when I'm consulting with people, if I think there is a better option for them, I'll recommend it. But for those who it can help...and it's a good fit...I've seen it change their lives. We help a lot of seniors that are in a jam. A lot of seniors who are in great need. Some who have caring family. Some with no family. Some with a family that would rather see them eat cat food than lose a larger inheritance. Some that are in bankruptcy and/or foreclosure. Some that live in 2 million dollar homes. (Yes, you heard correct, we do Revere Mortgages on million dollar homes.)

Overall, what I'm trying to say is that this has become a great, viable tool for many seniors. Right now, in the U.S., we are seeing 10-20,000 seniors a month take out a RM. I know for our office and our company, we love what we do and consider it a ministry.

With questions/concerns/comments, feel free to email me at: jonsutton6@gmail.com