Kevin's Corner

Access Your Home Equity II

I had so much excitement about the announcement of our Access Your Home Equity program that I thought it was important enough to revisit it again this week. This program combines the benefit of a conventional mortgage product with the long-term benefits of a reverse mortgage in such a way to allow total protection for homeowners as they age in their home.

Let’s face it, not everyone is ready for a reverse mortgage today but would still like to access at least some of their home equity to address certain financial concerns today. The high upfront costs of setting up an FHA Home Equity Conversion Mortgage turns many consumers away or delays their interest until some future time. So what you do next? That is where the Access Your Home Equity program comes into play. By using products that have lower upfront costs coupled with a low fixed payment, a retiree can access their equity and properly budget for the monthly payment. When the monthly payment becomes too burdensome, then it would become appropriate to convert the situation into a reverse mortgage and eliminate the monthly payment.

So we did it again! Found a way for you to stay in your home for as long as you want, access your home equity for any reason you want and have the long term protection to eliminate monthly payments in the future. I am still a great believer in reverse mortgages, particularly the US Government insured kind (not private bank products where who knows what can happen in the future) to finance a mortgage payment free retirement, but not everyone is ready for that. I am in the business of selling solutions, not products and I can see many homeowners over 62 that could benefit for an “in between” program that gets some equity out today in exchange for a modest monthly payment knowing that when the time comes, a reduced fee reverse mortgage could be used to pay off this loan, access additional equity and live mortgage payment free.

This program is definitely different than a FHA reverse mortgage because you do have to qualify for it based on income and credit scores. But the good news is that most applicants are approved! This program can even work if you currently have a mortgage on your home.

In the end we are talking about how best to have you finance your retirement. Unfortunately, many retirees were not able to accumulate a lot of assets prior to retirement and have to get by with less. As thousands of Americans are finding out, the accumulated equity built in your home is part of the answer. The key is how to access it and when. My job is to help to you understand the alternatives. That is the benefit of working with experience. There are a lot new players offering reverse mortgages, but I done this long enough to know that what retirees are looking for is not a product but a solution!!

Let’s get together and discuss this. I am available for in the home meetings as well as available for speaking engagements. Listen to what I have to say and make your own decision, use my experience in helping hundreds of Monmouth and Ocean neighbors live better and easier lives. I look forward to hearing from you……………..

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