With our current economic challenges, those of us looking forward to retirement need to be well-informed about our financial needs in coming years. And not only pre-retirees, but individuals already in retirement need to be wise to the changing economic environment. The good news is there are trained professionals who keep abreast of changes in the current economy, changes in laws and changes in government programs for the elderly. Professionals in this field are equipped to handle everything from help with retirement savings accounts, investment advice, guidance on government programs, estate planning or even new funding options such as reverse mortgages. A little planning prior to retirement will allow you to maintain your current lifestyle; whereas, a lack of planning may require you to live on an extremely tight budget. For those already retired, taking time right now to deal with financial problems instead of waiting for a crisis to happen is well advised.
A large number of retired individuals feel that they have planned well for the future only to find that rising medical costs, damage done to investment portfolios (by the current economy) and many other factors have caused them to go into debt. According to an article in "USA Today" seniors are racking up debt like never before. Elderly individuals who are in debt live with a constant burden over their heads. Most of these people are on fixed incomes and have no way of paying off credit cards and home equity loans that continue to mount to cover household budget deficits. In order to meet ongoing payments, seniors often forego purchasing medications and skimp on food budgets. They live like hermits -- never going out and pinching every penny -- in order to pay their obligations.
Most of these people worked hard their entire lives and managed their debt. They never anticipated the rising costs of prescriptions, expensive medical care or depletion of savings by living too long. The good news is there is help for these individuals. Here are just a few examples of some relief options that could be available. There are many more besides these.
Reverse mortgages - A Home Equity Conversion Mortgages (HECMs), also known as a reverse mortgage, is a risk-free way of tapping into home equity without creating monthly payments and without requiring the money to be paid back during a person's lifetime. Instead of making payments the cash flow is reversed and the senior receives payments from the bank. Thus the title "reverse mortgage". For those seniors who are less fortunate financially but own a home, a reverse mortgage can allow them to remain in the home by creating extra income.
Life settlements -- A life settlement enables older individuals, businesses and other organizations to sell life insurance policies they currently own – but no longer want or need – for an amount greater than the cash surrender value. In some cases the value can be 2-3 times the cash surrender value. Even some term life insurance policies with a conversion option to permanent coverage can qualify for a life settlement.
Government Programs -- Some government programs such as food stamps provide temporary financial help for food. Other programs provide subsidized housing, help with medical expenses and provide tax credits. For veterans there is free health care, inexpensive prescriptions and disability income. Area agencies on aging offer individual counseling, legal help and advice with Medicare costs. (National Care Planning Council)
For some, living on a fixed income and dealing with debt can be an overwhelming burden. There are knowledgeable professionals and debt relief strategies that can assist in easing this burden. The National Care Planning Council keeps a list of financial advisers and attorneys who specialize in this area of planning at www.longtermcarelink.net.
http://www.reversemortgageloans-rates.com
http://www.mireverse.com
Wisconsin Reverse Mortgage
www.mireverse.com
Thursday, May 13, 2010
Monday, May 10, 2010
Wisconsin Reverse Mortgages and program changes
It seems that every month the Reverse Mortgage industry introduces a change. If its not a new Government reuirement, its a change in the programs available.
The good news is that recently we can now offer a Reverse Mortgage with no origination fee and no monthly service fee. This equates to saving seniors thousands of dollars when they obtain their Reverse Mortgage.
The first thought is that the interest rate would have increased to cover the difference, but the exact opposite is true. The interest rate actually went from 5.56% to 5.49%. While not a big change, the fact is it went down while the other costs went down as well.
It seems everything is costing more and more while our income is staying the same, but a Reverse Mortgage is one product that is coming down in cost.
I always share the negatives with and product and the main negative was alwaays the cost. Well that has changed and now the main negative is if you want to leave the house to the kids, the reverse mortgage isn't for you. A reverse mortgage lets you enjoy the fruits of your labor without decreasing you cash flow.
Due to all of the changes, it is important to work with a broker that only does reverse mortgages. Also, work with a broker that will guarantee getting you the most money. Get that promise in writing and hold them to it.
www.mireverse.com
www.reversemortgageloans-rates.com
Wisconsin Reverse Mortgage Wisconsin
The good news is that recently we can now offer a Reverse Mortgage with no origination fee and no monthly service fee. This equates to saving seniors thousands of dollars when they obtain their Reverse Mortgage.
The first thought is that the interest rate would have increased to cover the difference, but the exact opposite is true. The interest rate actually went from 5.56% to 5.49%. While not a big change, the fact is it went down while the other costs went down as well.
It seems everything is costing more and more while our income is staying the same, but a Reverse Mortgage is one product that is coming down in cost.
I always share the negatives with and product and the main negative was alwaays the cost. Well that has changed and now the main negative is if you want to leave the house to the kids, the reverse mortgage isn't for you. A reverse mortgage lets you enjoy the fruits of your labor without decreasing you cash flow.
Due to all of the changes, it is important to work with a broker that only does reverse mortgages. Also, work with a broker that will guarantee getting you the most money. Get that promise in writing and hold them to it.
www.mireverse.com
www.reversemortgageloans-rates.com
Wisconsin Reverse Mortgage Wisconsin
Tuesday, May 4, 2010
Thursday, April 29, 2010
The New Reverse Mortgage "Zero, Zero" Program
Your cash available from a reverse mortgage has increased anywhere from $4,500 - $11,000. Some experts are calling this a limited time sale! Call me to find out how much you are entitled to.
Almost 80% of my customers tell me the reverse mortgage sounds too good to be true. The “catch” has always been the closing cost…until now. We have eliminated the monthly service fee and the origination fee. Lets take a look at how much this new program will save you:
Previously the service set aside fee would limit the cash available to you by $2,000 - $5,000 based on your age. NOW that money will be put in your pocketbook! The origination fee charged to you in the past was $2,500 - $6,000 based on the value of your home. NOW that cash is also going to be placed directly in your pocketbook! Even better, the interest rate has been reduced.
If you have ever considered a reverse mortgage, you need to take another serious look and learn how the new savings will benefit you.
Troy Freesemann
Reverse Mortgage USA
(877) 298-5614
http://www.reversemortgageloans-rates.com
www.mireverse.com
Almost 80% of my customers tell me the reverse mortgage sounds too good to be true. The “catch” has always been the closing cost…until now. We have eliminated the monthly service fee and the origination fee. Lets take a look at how much this new program will save you:
Previously the service set aside fee would limit the cash available to you by $2,000 - $5,000 based on your age. NOW that money will be put in your pocketbook! The origination fee charged to you in the past was $2,500 - $6,000 based on the value of your home. NOW that cash is also going to be placed directly in your pocketbook! Even better, the interest rate has been reduced.
If you have ever considered a reverse mortgage, you need to take another serious look and learn how the new savings will benefit you.
Troy Freesemann
Reverse Mortgage USA
(877) 298-5614
http://www.reversemortgageloans-rates.com
www.mireverse.com
Tuesday, March 16, 2010
The Reverse Mortgage Doctor for you Financial Health
The Reverse Mortgage has been around for some time and now most people have heard something about them. We have heard they are the best things for seniors and we have also heard that they are the worst things for seniors. In fact I think that both of the reports are accurate because it depends on each individuals situation.
When we go to a doctor for a yearly check up we aren’t always sick or feeling bad, but just want to make sure that if there is something we are missing that we can catch it early and make adjustments to avoid future problems. We also might learn about new procedures or advances that can eliminate some challenges that we have learned to live with. Of course, if a challenge is more than the doctor is trained for he will send you to a specialist.
We can find a lot of medical information in the news, on the internet and almost everywhere you turn. Even with all of this information we could sort through I don’t believe we would skip our yearly exam and rely on the information we read. With every report contradicting each other and not knowing the source or reliability of the information using it to self diagnose or treat could prove to be very dangerous.
If you agree with that, why would you self diagnose your personal financial situation without sitting down with a “financial doctor”? My area of expertise is reverse mortgages and that’s all I do, because I want to specialize. Maybe you have read all kinds of information about the reverse mortgage and self diagnosed that its not for you. Well you may be right, but what if you are wrong? Wouldn’t the prudent thing to do is visit with a specialist that can give you a full education and understanding? You will either confirm your suspicions that it isn’t for you or find out something that you didn’t know and realize it might just be what you are looking for. Either way you will be better for taking the time.
If a reverse mortgage isn’t for you, I will tell you and if I know of another financial specialist that might help you in your situation, I will refer you to them. I spend most of my day educating people on the misconceptions about the industry and I fear there are a lot of people that could use this product, but are self diagnosing themselves out of the market because of bad reporting and the perpetuation of reverse mortgage misconceptions. Please take the time to talk to an expert…get things in writing and make sure the reverse mortgage specialist answers ALL of your questions in a way that is easy to understand.
Good luck and wishing you physical, mental and financial health
www.mireverse.com
www.reversemortgageloans-rates.com
When we go to a doctor for a yearly check up we aren’t always sick or feeling bad, but just want to make sure that if there is something we are missing that we can catch it early and make adjustments to avoid future problems. We also might learn about new procedures or advances that can eliminate some challenges that we have learned to live with. Of course, if a challenge is more than the doctor is trained for he will send you to a specialist.
We can find a lot of medical information in the news, on the internet and almost everywhere you turn. Even with all of this information we could sort through I don’t believe we would skip our yearly exam and rely on the information we read. With every report contradicting each other and not knowing the source or reliability of the information using it to self diagnose or treat could prove to be very dangerous.
If you agree with that, why would you self diagnose your personal financial situation without sitting down with a “financial doctor”? My area of expertise is reverse mortgages and that’s all I do, because I want to specialize. Maybe you have read all kinds of information about the reverse mortgage and self diagnosed that its not for you. Well you may be right, but what if you are wrong? Wouldn’t the prudent thing to do is visit with a specialist that can give you a full education and understanding? You will either confirm your suspicions that it isn’t for you or find out something that you didn’t know and realize it might just be what you are looking for. Either way you will be better for taking the time.
If a reverse mortgage isn’t for you, I will tell you and if I know of another financial specialist that might help you in your situation, I will refer you to them. I spend most of my day educating people on the misconceptions about the industry and I fear there are a lot of people that could use this product, but are self diagnosing themselves out of the market because of bad reporting and the perpetuation of reverse mortgage misconceptions. Please take the time to talk to an expert…get things in writing and make sure the reverse mortgage specialist answers ALL of your questions in a way that is easy to understand.
Good luck and wishing you physical, mental and financial health
www.mireverse.com
www.reversemortgageloans-rates.com
Tuesday, February 23, 2010
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