To Avoid Outliving Your Money, Take a HECM Reverse Mortgage Before Interest Rates Rise

http://www.mtgprofessor.com/A%20-%20Reverse%20Mortgages/avoid_outliving_your_money_by_taking_a_HECM_reverse_mortgage_now.html

Jack wrote a paper in 1975 about reverse mortgages, "Creating New Financial Instruments for the Aged" While at Wharton School of Business. That was 15 years before the HECM was created. He knows his stuff!

In Defense of Reverse Mortgages

In Defense of Reverse Mortgages

Exceptional Insight of Barry Sacks, Esq. on Reverse Mortgages | Mandelman Matters

Exceptional Insight of Barry Sacks, Esq. on Reverse Mortgages | Mandelman Matters

Reverse Mortgages for New Home Buyers-Kiplinger

Reverse Mortgages for New Home Buyers-Kiplinger

Want to Know What I Just Heard About Reverse Mortgages? | Mandelman Matters

Want to Know What I Just Heard About Reverse Mortgages? | Mandelman Matters

Steps To Retiring With A Reverse Mortgage

Steps To Retiring With A Reverse Mortgage

PLANADVISER.com - Reverse Mortgages Can Provide Critical Retirement Income

PLANADVISER.com - Reverse Mortgages Can Provide Critical Retirement Income

When Even Wealthy Homeowners Are Using Reverse Mortgages, The Question Is: Why Aren't You?

 reblogged from Huffington post

http://www.huffingtonpost.com/buck-wargo/when-even-wealthy-homeown_b_5954218.html

You Can't Prepare or Can you?

Understanding The Black Swan... Thy Name is Retirement TMS Website I Reverse Website I  About Reverse Mortgages I About Me I  Contact Me     You Can't Prepare or Can you?   Martin Andelman wrote a very thought provoking article discussing retirement and planning. You can read it at the link above, Understanding the Black Swan.... In it he spoke of Nassim Nicholas Taleb's book The Black Swan,  the gist of which is What you do not know, and cannot predict... is what's most likely to hurt you.   This comes home to me as I work with three clients who are 95,98 and 103 years old. All three had made plans for retirement and were all well vested in portfolios, and all three have completely run out of money with pressing needs for healthcare costs. I am very confident that as they worked and planned through their 40s,  50s and 60s they had no idea they would live as long as they have and had no idea of the healthcare costs they'd incur.    They lived under the ideal that home equity was sacred, not to be touched. All three are now tapping into home equity and I am happy a reverse mortgage provides the  funds needed. However, what they all missed out on is the funds that could have been available if they had taken out a Standby Reverse earlier in retirement.     The Standby Reverse is a way to prepare for the unknown. It allows you to establish a line of credit that grows in availability through the years. In fact, if you take out a Standby Reverse early in retirement by the time you reach 80 years old you will have a line of credit larger than the value of the house. (if not utilized) See my video The Standby Reverse. It can be used as a hedge against market volatility as well as self-insurance for long term care needs. See my video Long Term Care    The Standby Reverse can be beneficial to anyone in any economic bracket. The beauty is, if it is not needed, the equity remains in the home. It is an idea that should be looked at by all older adults who own a home. I even have a great plan for those who are still carrying a mortgage.    I love the reverse mortgage and the many possible uses. If you or someone you know might benefit from a reverse give me a call and I would be happy to serve them.           1-800-497-5235       Bob Tranchell Director of Reverse Mortgages   My professional career has always centered on improving the lives of those I come in contact with. I spent 18 years in the ministry-many of them overseas in developing nations, and have been instrumental in building orphanages and programs serving orphans and seniors. I have a passion for my work because I have seen time and time again how home equity management allows my clients the quality of life, security, and stability they deserve.     If you or someone you know wishes to explore reverse mortgage options as a tool for providing financial security, please contact me and we can set up a meeting. It is my pleasure to serve you and those you care about. Sincerely,      Bob Tranchell Director of Reverse Mortgages Senior Mortgage Banker Phone: 800-497-5235| Fax: 508-445-0090 Cell: 508-367-5731 NMLS ID:  286716 The New HECM My Information rtranchell@totalmortgage.com                 CONTACT ME Call me at 1-800-497-5235    e-mail me rtranchell@totalmortgage.com    THENEWHECM.COM THE NEW HECM BLOG    My Articles   Industry Articles   Unique Uses of a Reverse   Reverse Mortgage Introduction    RM FAQs    RM Myths    The Process    The History of Reverse Mortgages                   Disclaimers This material is not provided by, nor was it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA).    FHA insures fixed interest rate Home Equity Conversion Mortgages (HECMs), as well as annual and monthly adjustable interest rate HECMs. The mortgagor has the ability to change the payment plan under the HECM at any time provided funds are available. Fixed interest rate HECMs are limited to the Single Disbursement Lump Sum payment option where there is a single, full draw at loan closing and the mortgage does not provide for future draws by the mortgagor under any circumstances. Adjustable interest rate HECMs provide for five, flexible payment options and allows for future draws. The amount of funds available to the mortgagor is determined by the age of the youngest mortgagor (or non-borrowing spouse for case numbers assigned after August 4, 2014). The disbursement of HECM proceeds during the first 12-month disbursement period is subject to an initial disbursement limit as determined by requirements set by the Secretary.   If the borrower does not meet loan obligations such as taxes and insurance, then the   loan will need to be repaid.   Total Mortgage Services LLC | 800-497-5235 | rtranchell@totalmortgage.com | http://www.thenewhecm.com/ 185 Plains Rd NMLS #2764 Milford, CT 06461   Copyright © 2012. All Rights Reserved.

Understanding The Black Swan… Thy Name is Retirement - Mandelman Matters

Understanding The Black Swan… Thy Name is Retirement - Mandelman Matters

Boston College Ebook

This is great information on the comparison between taking out a reverse mortgage in retirement vs downsizing. The Center for Research at Boston College published an ebook that gives an independent accurate view of the two options in retirement. Many financial planners and other experts will blindly say sell the home and downsize. This Ebook will challenge that thinking.
Read the Ebook here Using Your Home for Income in Retirement

Call me for a personal analysis of your situation. 800-497-5235

Why Can’t Dave Ramsey Get his Facts Straight on Reverse Mortgages? - Mandelman Matters

Why Can’t Dave Ramsey Get his Facts Straight on Reverse Mortgages? - Mandelman Matters

Why Doesn’t Every Realtor in the Country Know About This? - Mandelman Matters

Why Doesn’t Every Realtor in the Country Know About This? - Mandelman Matters

My 2nd Industry Article from Reverse Review Magazine

Originating: Know and Become Known
Written by Bob Tranchell
Originating: Know and Become Known

In the June issue of TRR, I wrote about the need for personal integrity in the origination of reverse mortgages. In this follow-up piece, I want to discuss the idea of promoting the integrity of our industry as a whole. That promotion requires reverse professionals to develop a solid understanding of the power of our product and to refine our ability to thoughtfully articulate that knowledge. It would prove tremendously beneficial to our industry if every mortgage originator out there took on a challenge I call “know and become known.” “To know” requires professionals to study up on the product, improve their understanding of its place in a senior’s greater retirement plan and enhance their ability to educate others about it. “To become known” requires one to take this newfound knowledge and use it to connect with senior consumers and the professionals who advise them in order to expand their network and spread the word about the value of the HECM.
Speak to anyone in the industry and you will learn the No. 1 challenge we face is education. The statistic that we have only penetrated 2 percent of the market is constantly noted. We get rightly irritated when The New York Times, CNBC, Forbes or Motley Fool print an article that is inherently false, or worse, when a congressman makes a statement or issues a report about reverse mortgages that is inaccurate or anecdotal. A call to educate has been issued and we all agree, but few actually do anything significantly different to help the mission. We are so busy navigating constant changes from lenders, the FHA and the CFPB, we simply get distracted. The problem is that while we are distracted, an inaccurate article in The New York Times becomes a grandstand moment for congressional representatives, and the inaccuracy is given greater credence and more attention. It is a cycle that can only be prevented when our industry has many effective and well-known advocates. To become one of these, all of us must put in the time to know and become known.
To Know: Improving Your Personal Knowledge
 I recently challenged myself with a series of questions:
-How well do I know this industry?
 -What am I personally doing to help educate others about this industry?
 -How well do I relate to other professionals who work in the service of seniors?
 -How well can I articulate the pros and cons of a reverse when speaking to those in other industries?
Realizing that my answers left room for improvement, I embarked on a six-month quest to educate myself not just about our product, but also about the professionals who would see the value in recommending a reverse mortgage to their clients. I spoke with CPAs, CFPs, estate planners, Realtors, geriatric care managers and certified dementia practitioners. It was a challenging, interesting and valuable six months and the results have been exciting and invigorating.
I made it my goal to spend 30 minutes a day researching our industry and everything connected to it. I studied the history of reverse mortgages and read everything I could find, from Ken Scholen’s Retirement Income on the House to recent articles by financial planners espousing the value of a reverse in portfolio management. I met with financial planners, estate attorneys and CPAs, asking for their input on how to communicate the value of a reverse. I learned some of their industries’ fears and even prohibitions with regard to suggesting using reverse mortgages. I realized that in order to be able to teach others, I would have to have a broad understanding of our product and the perceptions others had about it. As I went, I made notes and tried to identify key points that would be important to communicate to others who wanted to learn about HECMs. I read articles about baby boomers and the “sandwich generation” (ages 40-60), and as I read, I confirmed the acute need for reverses and value they offer.
To Become Known: Expanding Your Network
 The next part of my quest was to become known. This is going to be an ongoing task, as it is an uphill climb, but I believe it to be essential to my personal business and to our industry. It seems to me that we have a problem when it comes to media coverage on reverse mortgages; there are not many known reverse experts that media outlets turn to. It is not uncommon for media outlets to quote CFPs who get to comment—not because they are experts on reverse mortgages, but because they have established themselves as a source for financial reporters. It is my goal to ensure that when The New York Times or any other national or local media outlet runs a story on reverse mortgages, they are able to locate and seek input from numerous HECM experts. But for the most part, experts in our industry are not visible at that level. We have to get better—as loan officers, branch managers, account executives, etc.—at making ourselves known to the media so there is a fair balance in coverage about the product.
We have seen some fantastic, positive articles in the press lately, but how many of us have read the recent academic articles, such as “The Stand by Reverse” or “The 6% Rule,” and can articulate the value in them? Are we content with simply reading the Reverse Mortgage Daily synopses without understanding the details that are so carefully extolled in the articles? How many of us have a plan to educate CFPs, CPAs, Realtors, geriatric care managers and estate attorneys? How many of those professionals do you have in your network? Our industry is still young by many standards, and we have an enormous uphill task to overcome the misconceptions out there. I would encourage every reverse mortgage professional to immerse themselves in this field. Don’t dabble in the industry; know it well and be able to articulate its benefits to both seniors and other professionals who serve them.
In my last article, I wrote about sitting at the kitchen table and watching a senior’s reaction when they see what a reverse can do. Since I started my question to become known, I have had new opportunities to enjoy the reactions of others. I have done a radio show and have taught a four-credit CPE class for CPAs. I have done numerous presentations to many in the financial industry. Through my efforts, I have learned of a new, equally exciting experience: sitting at a conference table and watching the reaction of those I educate about reverse mortgages. I think their jaws drop a little further than the seniors’. Has it helped my business? Absolutely! Has it had an impact on the industry? I’d like to think so. Imagine what can happen if just a quarter of us in the industry did the same thing. I can sum up the impact by sharing survey results from my CPE class. Before the class began, 90 percent of those attending were not comfortable recommending reverse mortgages for their clients, and 30 percent of them strongly disagreed with the concept. After the class, 70 percent agreed with recommending a reverse, and the remaining 30 percent were neutral. Not one of them said they still disagreed with the product; one CPA said his response changed from “No Way!” to “A lot of possibilities!”
The more we educate others, the more we will overcome our industry’s problems and the media’s bias. Let’s all know and become known!

Here is a link to the original article

Even with $2 million in the bank, you should still have a reverse mortgage - Mandelman Matters

Even with $2 million in the bank, you should still have a reverse mortgage - Mandelman Matters

Out of Foreclosure

Coma to Foreclosure to Security!

I just closed another reverse mortgage helping a couple out of foreclosure and stopping what seemed to be an endless journey of challenge. Tom and Edith own a large home in CT and like many their age were carrying a traditional mortgage. Edith came down with a rare blood disease and was told if she lived, she would most likely never walk or speak again. She was transferred to a hospital in NY and eventually went into a coma for seven months. Miraculously she recovered, but the toll on their personal finances was tragic. They were behind on their mortgage and in active foreclosure. A reverse mortgage uniquely met their needs as there are no credit or income requirements. Their home was worth $515,000. Using a reverse along with some discounted closing costs they were able to pay off their present mortgage eliminating the monthly payment; a $3600 swing in monthly expenses. I love the reverse mortgage and the many possible uses from helping someone out of a financial problem to helping them plan for and protect their future. Keep an eye out for my next video which will explore the use of reverse mortgages in long term care preparation. 1-800-497-5235

Bob Tranchell Director of Reverse Mortgages My professional career has always centered on improving the lives of those I come in contact with. I spent 18 years in the ministry-many of them overseas in developing nations, and have been instrumental in building orphanages and programs serving orphans and seniors. I have a passion for my work because I have seen time and time again how home equity management allows my clients the quality of life, security, and stability they deserve.

If you or someone you know wishes to explore reverse mortgage options as a tool for providing financial security, please contact me and we can set up a meeting. It is my pleasure to serve you and those you care about. Sincerely, Bob Tranchell Director of Reverse Mortgages Senior Mortgage Banker Phone: 800-497-5235| Fax: 508-445-0090 Cell: 508-367-5731 NMLS ID: 286716 The New HECM My Information rtranchell@totalmortgage.com

Ron, a retired FBI agent

Ron, a retired FBI agent, was skeptical about reverse mortgages. But after learning about their new rules and advantages, he realized a reverse mortgage would actually be a smart choice for his retirement

Leo planned his retirement well

Leo planned his retirement well, downsized his home, but lost his job before he qualified for Medicare. He used a reverse mortgage to pay for health insurance.

The Sandwich Generation Solution

Watch My New Sandwich Generation Video

Click Here 4 mins could save you....

 

The Sandwich Generation Video

You've refinanced your mortgage down to a great rate. You've planned for your children's college funding. You are finally on track to retire at 65. Then a parent or in-law needs long term care. Unprepared, for the expense your retirement date gets delayed, welcome to the Sandwich Generation.

The Sandwich Generation is a new phenomenon. There are now 20-25 million Americans aged 40-60 who are "sandwiched" caring for their aging parents while supporting their own children.

The Sandwich Generation was predicted to receive the largest transfer of wealth in history, as the Greatest Generation passed on their assets. However, the economic downturn, housing bubble and increased longevity have put this inheritance in doubt.

Many of my clients have been dipping into their retirement or college funds to help with healthcare expenses for parents, or in-laws, unaware of a simple and cost effective way to prepare.

The video is only four minutes long and could save you five or more years of retirement. That's a much better offer than the green lizard's 15 minutes saving you 15%....

Here is the link.

Call today to see if the Sandwich Generation Solution is a suitable option for you!

1-800-497-5235

Sooner or Later?

By delaying taking a Reverse Mortgage you could be losing thousands in benefits and years in retirement plan survival rates A recent article in the Journal of Financial Planning studied the benefits of taking a Reverse Mortgage Line of Credit out early in retirement rather than as a last resort. The article confirmed that utilizing a Reverse Mortgage early in retirement has tremendous benefit in prolonging retirement plan survival rates in comparison with utilizing a Reverse later or as a last resort. There are numerous factors pointing to the benefit of establishing a Reverse Mortgage Line of Credit early. Two of the most obvious are; the low interests rates available today and the power of the credit line growth rate. We are in a low interest rate market right now, allowing for the maximum benefit to be realized by borrowers. An increase in the bond market can have a profoundly negative effect on the amount available to the borrower. I recently pointed out to a potential borrower that his available line of credit would decrease by $30,000 with an increase of just 0.5% in the 10 year treasury, $60,000 with an increase of just 1%.* Janet Yellen has announced a tapering of the the Fed's bond buying program. That coupled with our national debt points to increases in interest and bond rates. The other factor is the Line of Credit growth rate. A Reverse Mortgage Line of Credit grows in "availability" at a rate 1.25% higher than the interest rate on the loan. This growth is guaranteed and can be a tremendous protection for interest rate increases as well as property value decreases. I would be happy to evaluate a scenario and give you specific numbers. The JFP article concludes with this quote: Early establishment of an HECM line of credit in the current low interest rate environment is shown to consistently provide higher 30-year survival rates than those shown for the last resort strategies. Read the full article at this link: HECM Reverse Mortgages: Now or Last Resort? Call today to see if a Reverse Mortgage is a suitable option for you! 1-800-497-5235 Other RM Line of Credit Benefits . Ability to borrow at any time. If a need comes up you can borrow money from the Line of Credit. Ability to borrow large amounts. No need to be re-approved the money is available, tax-free. Hedge against home value decline. If your home's value goes down a traditional HELOC can be frozen or cancelled, a reverse is guaranteed. Hedge against interest rates rising. If interest rates rise so does the growth in the LOC. Hedge against market volitility If your IRA or 401K tanks with the market the line of credit can meet needs until it rebounds. The security of a government insured Line of Credit. If the bank fails or the economy crashes the LOC is still available and guaranteed even if the line is higher than the home's value. Bob Tranchell Director of Reverse Mortgages My professional career has always centered on improving the lives of those I come in contact with. I spent 18 years in the ministry-many of them overseas in third world countries. I have been instrumental in building orphanages as well as programs serving orphans and seniors. Being Director of Reverse Mortgages has allowed me to stay in the service industry. I have a passion for my work because I have seen time and time again how home equity management allows my clients the quality of life, security, and stability they deserve. If you or someone you know wishes to explore mortgage options - reverse or traditional - as a tool for providing financial security, please contact me and we can set up a meeting. It is my pleasure to serve you and those you care about. Sincerely, Bob Tranchell Director of Reverse Mortgages Senior Mortgage Banker Phone: 800-497-5235| Fax: 508-445-0090 Cell: 508-367-5731 NMLS ID: 286716 The New HECM My Information rtranchell@totalmortgage.com In This Issue Journal of Financial Planning Benefits of the RM LOC Bob Tranchell DIrector CONTACT ME Call me at 1-800-497-5235 e-mail me rtranchell@totalmortgage.com THENEWHECM.COM TESTIMONIES CLICK HERE THE NEW HECM BLOG Reverse Mortgage Introduction RM FAQs RM Myths The Process The History of Reverse Mortgages Special Info for Adult Children Special Info for Advisors Government Guarantee Reverse Mortgage Calculator Get a Quote Stay Connected Total Mortgage Services LLC | 800-497-5235 | rtranchell@totalmortgage.com | http://www.thenewhecm.com/ 185 Plains Rd NMLS #2764 Milford, CT 06461 *The rates and fees in the materials are estimates. The actual growth rate, interest rate, and cost of the loan may differ due to many factors, including but not limited to, actual market rates and changes, home value, home value appreciation or depreciation, closing costs, consumer's mortgage liens,amount drawn at closing, consumer's use of the loan proceeds (consumption rate) and pre-payment(s) of the loan balance.