Date post: | 03-Dec-2014 |
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Gary Zimmermann
FHA Loan Officer
Approved FHA LenderNMLS # 54024 Corporate #6666
WHO Are We?Over 15 years in
Marshfield, Wisconsin#1 Local Reverse
Mortgage Lender In Wisconsin
Dedicated Staff Experienced in Reverse Mortgages
BBB Accredited Business with A+ Rating
1st Lender outside of Milwaukee to offer RM eight years ago!
Tax Free Cash from Equity 50-80%Never a Monthly PaymentNever Owe More than Home Value --- FHA
Guarantee
Age 62 or OlderFHA Qualified Home3 Payment plans– Lump Sum, Credit Line,
Monthly payments, Fixed and Adjustable Rates 3-5% -- varying closing costs
•You Keep The Title To Your HomeYou Keep The Title To Your Home
•The Cash You Receive Is Tax FreeThe Cash You Receive Is Tax Free
•Your Social Security And Medicare Your Social Security And Medicare Benefits Will Not ChangeBenefits Will Not Change
•You Make No Payments As LongYou Make No Payments As Long As You Occupy Your HomeAs You Occupy Your Home
•No Income Or Credit To QualifyNo Income Or Credit To Qualify
•No Medical RequirementsNo Medical Requirements
DOES NOT require good credit to qualify
NO repayment during the life of the loan
DOES NOT require repayment untilThe last living borrower
permanently leaves the homeBorrower chooses to sell the
property
Did you know that about 98% of homeowners over 62 have never responded to the TV ads featuring:
Robert WagnerFred ThompsonAnd Henry Winkler?
WHY?Not Knowingand Not Understanding how to use the Tool.We Use the TEAM Approach.
A Paradigm shift is a change in one’s perspective or thinking
Garage Door Openers
The Old Days: A Reverse Mortgage
is for People who are in financial distress.
Wall Street JournalThe Loan of Last
Resort
5 THINGS YOU DON’T KNOW THAT CAN HURT YOU!
1. I Will Lose My Home!2. The Government Will Tell Me What to
Do!3. A Reverse Mortgage is Way Too
Expensive!4. My Kids Won’t Like This—They’re
Going to Get Hurt!
Turn on the Light!
The Deed to Your Home Stays With Your Home– You will NEVER give up ownership.
You are responsible for maintenance, real estate taxes, and homeowners insurance. If you wish to move or sell your home, you can do so at any time. BUT, we can never ask you to move early as long as you maintain, insure the home and pay taxes.
Reverse Mortgage Closing Costs Have Dropped!
1. Lower Fixed and Adjustable Rates
2. Optional Waived Mortgage Insurance Premium
3. Paid with Equity NOT Cash
The Kids Won’t Like It!
1. Maximum Inheritance
2. Percentage of Kids Who Move In
3. Good Kids Bad Kids
Retirement is a change in philosophyIt is a change in SpendingCash Flow Immediately and Continuously
Impacts the Nest EggIt is Quiet and DeceptiveTaxes, Maintenance, Insurance, Mortgage
Payment etc.
Real Estate
HomeSS
PensionPT Work
Income
401KIRANest Egg
HECMs are Simple Financial Tools That Convert Equity into Cash. Equity is Good, Cash is Great!
A Little Bit Like Installing a Special Faucet on the Side of Your Home
The only value of equity is for the future. You will gain nothing from putting money into equity today!
If equity is designed to pass on to your children then give it to them in a more valuable, predictable, form.
Example:
Mortgage Payment of $800 per month is $96,000 over 10 years
Will create varying amounts of equity depending on amortization schedule
Guaranteed to lose $96,000 in cash flow!
I can make my payments
I don’t need the money
Wait until I am a little older
When house values go up
When I run out of money
Estate Planning with Medicaid in Mind
Life Insurance New ProductsSimilar to a 401k or IRA Nursing Home and Medicaid IssuesEarly GiftingCharity TransfersGeneral LiquidityPass Wealth with Wisdom
Vacations and TravelExisting Mortgage
and TaxesCars, Bikes, and
Motorhomes2nd HomesHealth CareHome RemodelingCollege Tuition
Estate PlansWealth Transfer and
GiftingCharity/DonationsFuneral – Memorial
StonesLife Insurance/
Annuities
Wills TrustsMarital AgreementsTitling of AssetsEstate PlansBusiness and Farm
Transfers
Probate PreventionMedicaid RulesUnintended
ConsequencesProfessional Advice
and DiscussionEmotion Vs. Facts
My Parents– Orderly VS Disorderly
Most adult children favor parents RMExcellent Client Satisfaction—over 90%
positive after 1 yearMost Seniors Thank Advisors For Referrals to
Reverse MortgagesMany Reverse Mortgages are Life ChangingThe Ultimate Gift and Early Gifting Passing Wisdom with Wealth
FHA guarantees No repayment of the loan until the last borrower moves out, sells or passes away
When you move out of your home, you or your estate has up to12 months to repay the loan.
No penalty for early payment
This loan is a non-recourse loan (If the balance on the loan exceeds the home value, HUD/FHA makes up the difference!)
Heirs or estate keep any excess proceeds from the sale of the home
1. Uncertainties of The Real Estate Market2. Uncertainties of Health/Nursing Home3. Low Interest Rates4. Economy Fluctuations5. Estate Planning6. Early Gifting7. Fun and Enjoyment – Rainy Day
Protection From The What If’s
You can buy a new home without selling your old one
Buy that Lake home that you thought You couldn’t afford!
Buy that Condo in Florida that is about half price.
Time to downsize…buy a condo or smaller home, but never make a payment and invest the difference with your financial planner
1. Home Values Are Going to be Volatile
2. Interest Rates Will Go Up resulting in LESS CASH out of the mortgage
3. Inflation Will Increase Prices.4. Tax Rates Will Go Up5. Congress Will Change the Rules
Help us evaluate your financial situationBegin with the End in Mind -- TEAM
approach
A few simple questions we askDo I want to live in my house as long as
possible or move to another home?How much equity do I have in my home?Could my family and I benefit from extra
cash or income now?Does my estate plan really account for my
home?What am I eligible for and how will it
change my life or my children’s life?
???
Thank YouPlease contact us for a free consultation:
Envoy Mortgage, L.P. Licensed by the Dept. of Corporations under the Ohio #MBMB.8500025.000 IN #10898 KY #MC23382
Residential Mortgage Lending Act, , NMLS #6666, This is not a commitment to lend and collateral subject to approval
Enjoy Retirement – You’ve Earned It
Don’t Lose What You Have Worked so Hard to Create….