Add Flexibility & Growth To Your Retirement Planning With HomeSafe® Select

NEW PRODUCT RELEASE FROM FAR: 
The Jumbo HELOC Reverse Mortgage “HomeSafe” Select 

2018 has seen the introduction of a number of new reverse mortgage products.

One of the newest is ‘HomeSafe Select,’ an addition to the HomeSafe lineup from Finance of America Reverse (FAR).

Available for borrows aged 62+ in California (addition states expected in the future), the non-recourse, non-FHA reverse mortgage features an initial closed-end draw of 25% of the loan proceeds at closing. The remainder of funds is available to borrowers as an open-ended line of credit with a 5% internal rate of growth to be drawn and repaid at any time. Like the HECM, HomeSafe Select is a non-recourse loan.

To demonstrate how the product can be used, FAR provided the following example:

With HomeSafe Select, a 72 year old in California with an $800,000 home value and an $80,000 balance on the first mortgage may be able to receive $270,400 in proceeds after paying off the first mortgage versus receiving approximately $220,000 with the HECM. The borrower’s value in the line of credit could be $300,301 at the end of year three and $425,833 at the end of year 10.

ADDING FLEXIBILITY & GROWTH TO RETIREMENT  

According to FAR president Kristen Sieffert, “With HomeSafe Select, people can start planning for retirement today and also benefit from a growing line of credit that can be accessed when they need it.” She also believes it is a product that will bridge the gap between HECMs and proprietary products.

At the moment, HomeSafe is the only adjustable rate proprietary reverse mortgage on the market, with the open-end adjustable rate based on the Wall Street Journal 3-month LIBOR index.

ADDITIONAL FEATURES OF HOMESAFE SELECT
  • Availability for properties valued up to $10,000,000
  • Loan proceeds up to $4,000,000
  • No monthly or annual mortgage insurance premium
  • No pre-payment penalties
  • No FHA approval required for condos valued over $500,000
  • Open-end adjustable rate based on WSJ 3-month LIBOR index

Would you like to know if you can refinance your current reverse mortgage into the HomeSafe Select product? 
Contact me to see if refinancing is possible and will add additional cash and benefits.

Redefining “Home” with a Nomadic Retirement

“Let’s make our future now, and let us make our dreams tomorrow’s reality.
– Malala Yousafzai

RE-IMAGING “HOME” & TRAVEL IN YOUR GOLDEN YEARS 

You might think a nomadic-lifestyle or “location independent” living is something just for millennials or the younger generation. However this less traditional life-style can be perfect for physically fit seniors looking to explore the world during their retirement years.

Going 100% nomad might not be your preferred approach but rather taking the nomadic-lifestyle in spurts, which is very possible with a reverse mortgage.

You can maintain your home base as your primary residence, as required with an HECM, and then do extended stays while always returning to your house to ‘reset’ the clock after the time away.

There are many options out there now to make living as a short-term nomad more accessible.

ON THE ROAD 

ROAM
Roam is based on the basic concept of providing access to incredible co-living spaces and local communities around the world. It’s about “roaming together” and finding a community in places like San Francisco, Bali and Tokyo, to name a few.

It could be an ideal solution for retired or semi-retired persons or those who work remotely looking to enjoy privacy and comfort in a diverse community for a week, month or longer and then return nice and refreshed to their home.

BEHERE
For older woman wanting to do some solo travel and become more immersed in a local culture or community, Behere could be the answer.

Behere enables women to live in a new city, one month at a time without any long-term contracts or obligations. What you’ll get is a foreign living experience in a fully furnished apartment close to a city center with a vetted city host, access to workspaces and even a fitness membership.

UNSETTLED
Then there’s Unsettled. The site promotes Unsettled’s one-month or two-week retreats as being for those who seek to “challenge the status quo, invest in their curiosity, and find new inspiration, growth, and adventure through travel and intentional community.”

The retreats are hosted in destinations from Tuscany to Morocco, Buenos Aires to Bali and offer private accommodations, a shared workspace, local experts and immersive experiences, workshops, etc. among a curated community of peers.

RETIREMENT & “HOME” REDEFINED

How we define retirement has changed and so has the concept of “home.” Home isn’t necessarily where your mortgage (or reverse mortgage) is. It’s where you feel most comfortable, live your life and have the experiences that bring you joy.

For those travel-loving seniors, a short-term nomadic lifestyle creating “temporary homes” along the way is what will bring them joy and a reverse-mortgage can help make this doable.

Looking for alternative mortgage solutions?

Change your thoughts and you change your world.
– Norman Vincent Peale

MORE LENDING OPTIONS 
– Alternative Mortgage Solutions –

Have you worked hard to build a business and are ready for the home of your dreams but fear you’re not a good candidate for a loan?

Or perhaps you recovered responsibly from a credit incident and have the ability to repay a loan but have been discouraged by a realtor telling you you might not quality for one?

While my focus has traditionally been reverse mortgages, the lending landscape is changing and today there are more options to help open the door to the home you’ve always wanted.

PROGRAMS 

Non-Prime

  • Foreclosure, short sale & BK OK
  • Up to $5 million loan amounts
  • 90% LTV, no MI
  • One month bank statements for income
  • No reserves

ODF®

  • Foreign national loans
  • Stated income/DSCR
  • Business purpose/no TRID
  • Interest only loans available
  • Below 500 credit score on exception

Maggi Plus 

  • 24 month from credit event
  • One year W2 or 1040 to 80%
  • LTV 80% LTV, no MI
  • Bank statements for income
  • Interest only available

Email or call me to discuss your lending options and figure out which solution could be the right fit for you  or to set up a complimentary personal assessment.

Maximize Your Home Equity With A HomeSafe Reverse Mortgage

“All you need is the plan, the road map, and the courage to press on to your destination.
– Earl Nightingale 

Considering a reverse mortgage?

Seniors ages 62+ can now access significantly more home equity than the HECM loan limits allow with a HomeSafe Reverse Mortgage, which could lead to funding a more comfortable and secure retirement.

HOMESAFE ADVANTAGES 

There are a number of significant advantages with a HomeSafe jumbo reverse mortgage, including the proceeds being tax-free with a lower-than expected competitive, fixed interest rate and more:

  • Loan limits of up to $4 million —significantly higher than a HECM allows
  • No mortgage insurance premium
  • Borrowers have the Flex1 option to receive part of their proceeds as monthly term payments (over a 12-60 month period), or as a lump sum
  • Condominiums appraised at $500,000 or more do not require FHA approval
With this new proprietary and powerful retirement financing tool you can use the proceeds as you choose. For example:
  • Pay off existing mortgage debt, have no monthly mortgage payments and improve cash flow
  • Preserve invested assets
  • Cover medical or in-home care expenses
  • Refinance an existing reverse mortgage to access a larger pool of funds

Contact me to learn more about the HomeSafe jumbo reverse mortgage  and how it might help you with your long-term retirement strategy.

When Aging Parents Need Help

Never give up, for that is just the place and time that the tide will turn.” – Harriet Beecher Stowe    

CARING FOR AN AGING PARENT

Many aging parents would like to maintain a level of independence for as long as possible and more and more seniors are wanting to age in place.

This is understandable but it’s not always easy if caregiving or assistance is required.

Caregiving has changed quite a bit over the years with technology playing a bigger role when it comes to immediate help (i.e. medical alerts) but for senior’s children or other family members it can be difficult to know where to turn for the basics and for different types of assistance.

Help is there though for everything from non-medical assistance home care to short or long-term home healthcare.

Senior Concierge Services

One solution is a “senior concierge.” If an aging parent does not require medical assistance but needs help with tasks such as grocery shopping, meal preparation, transportation to appointments, etc., a senior concierge service can be an ideal solution.

Senior concierge services provide a full range of personalized services based on the individual client’s non-medical needs.

Asking for help might present a challenge for an aging parent and language can make a difference. Senior concierge certainly has a nicer ring to it than a geriatric care manager making it a little easier to get over any initial resistance.

Home Healthcare 

Some families might find themselves in situations needing more assistance than a senior concierge can provide. In these cases a home healthcare professional may be required.

The demand for home healthcare workers is growing significantly as the number of seniors hoping to age in their own homes continues to increase.

Fortunately there is no lack of agencies, from national to local service providers, who will screen, hire, bond/insure, pay the salary and replace the employee if necessary. You can also hire someone directly via word-of-mouth referral or leveraging online resources.

Family Support 

A family might decide to take on their loved one’s care on their own and simply need some support from someone that can relate to what they are going through.

There are a number of support networks out there such as the Family Caregiver Alliance.

The Health and Human Services website in your city or county is also a resource for finding caregiver support, as well as a local senior center.

Regardless of what level of support or assistance you or your family members need, you are not alone and there are many avenues available to get help.

Would you or a family member like to learn more about paying for a senior concierge or home healthcare with a reverse mortgage? 

Contact me to have a conversation or to set up a complimentary personal assessment.

Reverse Mortgages: Myths vs. Realities

“What you do today can improve all your tomorrows.– Ralph Marston

REVERSE MORTGAGE MISCONCEPTIONS 

A reverse mortgage can be an effective retirement planning tool to increase your income streams using one of your largest assets: your home.

Yet many eligible seniors avoid reverse mortgages or are not inclined to consider them due to the many misconceptions that exist about these types of loans.

Let’s tackle a few of the common misconceptions: 

Myth: The lender takes title to the home.
Truth: You still retain ownership of your home. The reverse mortgage is only a lien against the property.

Myth: The loan can exceed the value of the property, sticking you or your heirs with a large bill when you eventually leave your home.
Truth: A reverse mortgage is a “non-recourse” loan, which means that you, your heirs, or your estate will never owe more than the appraised value of the home at loan maturity.

Myth: You can’t get a reverse mortgage if you currently have a conventional mortgage.
Truth: Although this is true, you can get a reverse if you use the proceeds to pay off your existing mortgage at close.

Myth: A reverse mortgage can cause you to be evicted from your home.
Truth: You leave your home when you choose. No one will force you from your home. The reverse mortgage is not due until your home is no longer your primary residence.

The Reverse Mortgage: not your typical loan

One of the biggest advantages of a reverse mortgage is that unlike conventional mortgages, there are no payments involved.

Instead, the lender makes payments to the borrower either through a lump sum, monthly payments, or a line of credit.

Financing home healthcare with a reverse mortgage

More seniors in the US are opting to stay at home and age in place and face the financial challenge of paying for home healthcare, which can be quite expensive.

Medicare and Medicare supplements are frequently used by seniors or their family to cover these costs but it’s often not enough.

A reverse mortgage could be the ideal solution it help ease the financial burden of in-home healthcare. Learn more in my new email covering home healthcare: https://bit.ly/2tRTEIF 

 

How to Finance Aging in Place Renovations: A Fully Accessible Guide

The majority of people ages 65+ are preferring to stay in their homes as they get older.

This popular alternative to relocation is known as aging in place and typically requires some retrofitting of your home to accommodate growing older.

Here’s a practical guide on the ways to finance aging in place renovations, including leveraging a reverse mortgage:

https://www.bankrate.com/loans/personal-loans/aging-in-place-renovations/

Rightsizing with a Reverse Mortgage

Moving into a new, smaller home with a reverse mortgage can be an ideal way to “rightsize” your life.

See my latest email on rightsizing and download the Q&A for more information:

https://bit.ly/2yGqlxP

Turning millennials into homeowners with reverse mortgages

As more parents are helping their children become homeowners, reverse mortgages are being recognized as a way to accomplish this but with fewer roadblocks.

It’s becoming more challenging for first time homeowners to quality for much money with interest rates increasing and the benchmarks getting higher.

A reverse mortgage is a way to get this younger generation into news home quicker without costing them or their parents any cash and enables the parents to keep their investments and have a guaranteed flow of income to support their lifestyle.

https://bit.ly/2KBJNNd