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REVERSE YOUR THINKING

Everything about mortgages is better when it comes to Reverse Mortgages.

More and more people are contacting us about reverse mortgages to find out how they work and why they are beneficial whether they currently have a mortgage or do not have a mortgage.  More and more people are deciding to obtain a reverse mortgage for various reasons.

We talk to a lot of homeowners and their financial advisors, and it is obvious that there continues to be a lot of misinformation and misunderstanding about Reverse mortgages by many people.  Often the reluctance to get educated and learn about reverse mortgage is based on information and beliefs that are simply not true.  The fact that many people have these perceptions and beliefs is unfortunate because they are missing out on the opportunity to improve the financial stability and protect their housing security for both themselves and their spouses.

Here are a few of the things we hear.

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We encourage people to call us and find out why more and more people are utilizing reverse mortgages as part of the financial plan and retirement plan.  Get the real answers.  We don’t sell, we provide information.  If you are interested in finding out more about the benefits give us a call at 303-468-1985

 

 

WHAT IS THE DEAL WITH REVERSE MORTGAGES?

Spectra Mortgage entered the reverse mortgage market in 2018 and we are now able to provide the same type of financial advice and information on reverse mortgages that we have provided our clients over the last 13 years regarding their mortgage options.

The primary reason Wayne chose to enter this market is because he knows that too often people are not able to get the information they need to determine if a reverse mortgage is something they should consider or something that might benefit them. With all due respect to Tom Selleck, he does a terrible job as a reverse mortgage spokesperson.  Also, people do not want to deal with a sales person over the phone who may only be interested in making a sale and is not capable of providing the information needed to understand and evaluate a reverse mortgage.

As most of you know, Wayne began his career as a CPA, and for the last 13 years he has been involved in the mortgage industry as the owner of Spectra Mortgage. Prior to that, he was a tax advisor to businesses and individuals.  Spectra Mortgage believes that a reverse mortgage is a financial product that can facilitate and enhance financial and retirement planning and is an option that should be explored by a wide range of people at different points of their life.  A reverse mortgage is primarily used for one of the following purposes:

Most people, including financial planners and other advisors such as attorneys and CPA’s, do not have even a basic understanding of what a reverse mortgage is, how it works and when and why they can be beneficial. Even worse, what many people think they know about reverse mortgages is wrong or incomplete and based on inaccurate information.

A reverse mortgage can have many financial and non-financial benefits. Following is a partial list of how a reverse mortgage may be able to benefit a homeowner:

There is a common perception that reverse mortgages are only for people who are desperate. While they can in fact be life savers for people in difficult financial circumstances, the reality is that the wealthier someone is and the more assets they need to protect, the more benefits they may be able to obtain from a reverse mortgage.

For the reasons stated above, we believe reverse mortgages are a good fit for what Spectra Mortgage does and feel like we can do a great job of helping our clients understand this unique financial product. If you, a family member, or a friend would like to learn about how reverse mortgages work, how and why they are used, and get solid information rather than a sales pitch, we are ready to offer this to all our clients. Don’t hesitate to call or email us if you or someone you know wants more information.

A recent article in the USA Today newspaper (USA Today Article) sets forth a number of steps an individual working to save for retirement can take to enhance their planning and nest egg.  Several of the steps are either directly or indirectly related to the mortgage an individual may have and/or their overall housing costs.

The first area has to do with getting rid of or reducing the size of a mortgage and the related mortgage payment.  This can enhance the standard of living by decreasing monthly expenses and increasing savings. By downsizing and reducing or eliminating a mortgage payment, if any, the savings can free up funds to allocate towards increasing the investment portfolio.

The second area deals with how a Reverse Mortgage can be utilized in the following ways for retirement planning by anyone over the age of 62.

  1. The use of a reverse mortgage can allow an individual to delay the receipt of retirement income early in retirement.  Often with plans such as Social Security, the longer you can wait to start receiving benefits the larger the benefits will be when they are started later.  The impact of even a two or three year delay can be substantial.
  2. Obtaining a reverse mortgage with a line of credit feature will provide someone with financial flexibility they may need later in life. The primary benefit of this option is that the line of credit can grow a faster rate than many investment portfolios.

A reverse mortgage can be a key component of the retirement plan for any homeowner.