Just Read An Article From The CalBRE Website
It is called, “We Can Cut Your House Payments in Half.” Everyone should read it. Even the gurus like Phil Immel should read it and pass it on to his clients.
The opening sentence:
“You should be aware that sometimes the claims made in advertisements do not tell the whole story.”
The Topics That The CalBRE Thinks Everyone Should Know Include:
- Fixed Rate or Adjustable
- Balloon Payments
- Interest Rates and Points
- Advance Fees
- Predatory Lending
- Prepayment Penalties
- and Reverse Mortgages.
Also, They Recommend That Everyone Should Read The Following Articles On The Website:
- “Using the Services of a Mortgage Broker”
- “Reverse Mortgage – Is One Right for You?”
- and “Protect Yourself in the Loan Process”
After So Many Regulations On Reverse Mortgage That Made Prospects Anxious, There Are A Couple Phrases On The Form RE868 that Prospects Should Know
There are the normal cautionary statements like:
- “Terms can be more complex, so it is important that you understand all the terms”
- “You may want to speak to family members or others you trust”
- “Senior citizens can be prime targets of scammers”
But I like two phrases:
- “A Reverse Mortgage can allow senior citizens to stay in their home when it may otherwise be un-affordable.”
- “Any remaining equity in the home would belong to you or your heirs.”
If You Have Read Any Of My Newsletters, You Know That I am A Strong, Strong, Strong Supporter Of The Theory
This theory being that someone should use the equity in their home to enjoy their senior years. Yes, I am and I do not apologize for that belief.
Also, what I believe is that the more information and education senior home owners receive, the more they will be enjoying their later lives.
So CalBRE Has Provided The Handouts, Real Estate Professionals, Start Educating Seniors
They deserve to know the facts.
And of course, some people should not get a reverse mortgage, but they should certainly know why.