The Best Reverse Mortgages

A recent study in GoBankingRates surveyed over 10,000 U.S. adults and asked them, "What is your biggest financial challenge?"  There were a variety of choices to select from including, but not limited to, planning for retirement, sticking to a budget, paying for higher education, and paying off credit cards. Americans stated that they have an equally hard time sticking to a budget and planning for retirement as their two biggest money challenges.  The study also breaks down the different money challenges between genders, life stages, annual incomes, and states.  Read the entire survey  here . For more information on reverse mortgages and other related topics contact: Rick R. Rodriguez Certified Reverse Mortgage Professional, CRMP NMLS# 473353 Toll Free (877) 500-0454 Local (702) 460-6222

A reverse mortgage line of credit can be just what retirees need to provide security and peace of mind.   ReverseMortgageDaily published an article indicating that "as the reverse mortgage industry continues to grapple with the 'loan of last resort' reputation, the line of credit feature may be the product's best bet in becoming a serious retirement planning tool in the eyes of retirees and the financial professionals working with them."  A new strategy has been coined by the industry called a "standby reverse mortgage line of credit" in which a reverse mortgage is taken out in order to utilize its line of credit option. A Home Equity Conversion Mortgage (HECM) line of credit gives borrowers a peace of mind in knowing that they have funds available, which can be used for anything at all and will never be reduced or closed by the lender (as long as the ongoing requirements for primary residence and timely payment of property charges are met).  In

For anyone living in Las Vegas, Nevada or the surrounding area who is interested in learning more about reverse mortgages, there is a reverse mortgage professional who is a longtime resident of Las Vegas and has been specializing in reverse mortgages since 2005.  His name is Rick Rodriguez, and he has consulted thousands of people on the use of a reverse mortgage as a retirement tool.  Rick is extremely passionate about reverse mortgages and has been recognized as an industry leader during his career. "Since 2005 I have specialized in reverse mortgages and throughout my career I have been recognized as a knowledgeable reverse mortgage professional. I am a Certified Reverse Mortgage Professional (CRMP), and one of 117 individuals in the nation to hold that designation at the time I was bestowed the certification.  I am passionate about reverse mortgages and educating the public on its benefits and requirements. I spend time consulting seniors, their families, and various profes

There are now two reverse mortgage servicing companies that offer a jumbo product for the industry.  The latest servicer, American Advisors Group (AAG), recently announced their product which will allow borrowers to obtain a reverse mortgage on properties valued at up to $6 million and the opportunity to borrow up to $3 million in loan proceeds.  Urban Financial of America has their "HomeSafe" product which was introduced in 2014.  The two products can differ in regards to interest rates and loan to value ratios, so they should be compared carefully.  Proficio Mortgage has wholesale agreements with both of these companies which allows us to offer both of these products to our customers. For more information on reverse mortgages and other related topics contact: Rick R. Rodriguez Certified Reverse Mortgage Professional, CRMP NMLS# 473353 Toll Free (877) 500-0454 Local (702) 460-6222

The Home Equity Conversion Mortgage (HECM), most commonly referred to as a reverse mortgage , has been in place since 1989.  Since that time, it has gone through various changes to continually strengthen the program to protect both consumers and the product.  However, the concept of what a reverse mortgage provides has remained constant since its inception.  That concept is to provide senior homeowners with a financial option to obtain cash from the equity in their home which can be used for any purpose at all.  Perhaps what has changed over the years is people's perception on what a reverse mortgage is designed to do.   Reverse Mortgage Daily published a recent article regarding the shift in perception from a "loan of last resort" to a "viable retirement tool".  At the controls of that shift is the mainstream media and how it continues to portray reverse mortgages.  Unfortunately, since the reverse mortgage industry is relatively small in the mortgage industr

A recent article in the Wall Street Journal discusses the recent dip in the stock market and the impact on older Americans.  For people in their retirement years, "a fall in the stock market can be catastrophic because stocks can take years to recover from losses and you have fewer years left as you age."  During retirement, many people need to take withdrawals from their stock portfolio to supplement income, which only exasperates the decline in value of the portfolio during a down market.  WSJ interviewed Wade Pfau, a professor at the American College of Financial Services in Bryn Mawr, PA., who studies retirement income, and he believes that one solution is to consider taking out a line of credit with a Home Equity Conversion Mortgage (HECM), aka reverse mortgage. The HECM line of credit is insured by the federal government and it can be used during down times in the market to allow your stock portfolio an opportunity to recover.  This type of line of credit is protecte

Reverse Mortgage Daily reports that the reverse mortgage industry as a whole reported volume level highs for the month of August that has not been seen in two years.  The Pacific/Hawaii region showed the largest increase in HECM endorsements for the month with 11 of the major cities that comprise this region showing a respectable increase from July.  On the low end of the growth was Las Vegas with a 25.5% increase, and on the high end was San Diego with a 144% increase which comprised of 188 loans, up from 77 in July.  Other notable cities in this region were Sacramento, Fresno and San Francisco each of which showed increases of over 100%.  In the Northwest/Alaska region, Boise led the charge with 55 loans for the month and a 155% increase from the prior month, and Seattle was also hot with 191 loans closed making for a 109.9% increase.  Read the entire article here . For more information on reverse mortgages and other related topics contact: Rick R. Rodriguez Certified Reverse