Many REALTORS know the moment well. A senior client wants to move, but the conversation stalls when money enters the picture. The client may want a home that is easier to maintain, closer to family, or better suited for retirement, yet they also worry about monthly payments, shrinking savings, and outliving their income. That is…
A lot of people believe there is a trick to reverse mortgages. They assume lenders can call the loan due without warning or require monthly payments whenever they choose. Neither is true. Monthly payments are never part of a reverse mortgage. The lender is playing the long game, and repayment follows predictable, borrower-driven events. If…
Picture this. You have spent weeks helping a senior client find the perfect home. The price is right. The neighborhood is safe. The floor plan is everything they wanted. You introduce them to the HECM for Purchase loan, and their eyes light up when they realize they can buy the home with a 50% down…
What every REALTOR needs to know to keep the conversation moving You find yourself across from a senior couple who wants to downsize. They love the idea of moving closer to their grandkids. They get excited about a smaller, easier-to-manage home. Then you mention the HECM for Purchase, and the mood changes. One of the…
You’re sitting across from a potential client, a 68-year-old homeowner who wants to downsize. The conversation is going well until you mention a HECM for Purchase as an option. She shakes her head immediately. “Oh no, I’d never do that. Reverse mortgages are a scam.” Sound familiar? This objection costs REALTORS real business opportunities every…
As a REALTOR, you’ve probably had clients ask about reverse mortgages. Maybe you’ve even had a listing where the seller used one. But if you’re like many agents, you might feel uncertain about how to handle these situations and what reverse mortgage information is accurate and what is false. You’re not alone. Many REALTORS hesitate…
When I listen to the 2022 podcast by Suze Orman on reverse mortgages, I am both grateful and disheartened. Grateful, because every time a high-profile personality brings up reverse mortgages, it renews public interest in a program that truly can help many older homeowners. Disheartened, because Suze’s comments continue a long tradition of misunderstanding what…
You have a homeowning client couple seeking your financial advice. You and the couple think a Home Equity Conversion Mortgage or HECM (the federally-insured reverse mortgage) might be a great option for them. The husband is 65, but his spouse is only 59. You know that the spouse is too young for a reverse mortgage,…
You, the bank manager, serve as the financial anchor in your community. You know your senior clients by name, you understand their life savings, and you often hear the challenges they face in retirement. This role carries enormous trust and responsibility. Sometimes, the challenges your senior clients face exceed the scope of traditional banking products….
The Home Equity Conversion Mortgage (HECM) offers a powerful tool for senior financial planning. However, it does come with some complex rules, especially concerning married couples where one spouse is younger than 62 years of age. Professionals such as REALTORS, estate planners, elder law attorneys, and financial advisors who work with senior homeowners need a…
