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LoanWell America -- Reverse Mortgage Specialists

Learn about reverse mortgages and how LoanWell America is helping seniors. This originally aired on Fox Business News, 3/29/2009

How Reverse Mortgages Can Streamline a Gray Divorce

Over 13 years ago, a well to do couple called asking about using a reverse mortgage to fund their property settlement. I had to carefully consider how to look at this issue. Fortunately, it was an hour drive to the couple’s home, giving me time to think.

If I reviewed their docs and did any computational work, that would mean the couple had every right to rely on the fact that I was a CPA. So I entered into the home somewhat concerned. Within minutes, my concerns evaporated. The wife took control of the conversation explaining she had fully reviewed all of the issues and she and her husband agreed that $180,000 would resolve their situation in full. She was keeping the home. At closing the husband was paid in full and title transferred to the former wife encumbered by a HECM.

This is not a new strategy but it is certainly underutilized. Further, it seems more and more there are strong implications being given that the HECM originator should act as the suitability and overall transaction adviser. We are reverse mortgage originators, not insurance, not risk management advisers, not cash flow specialists. If we don’t stay in our lane, in most communities, the originator will eventually pay a price.

Origins: A Father-Daughter Team Shaping the Reverse Mortgage Landscape

The transition of the primary reverse demographic to being the Baby Boomer Generation. The Baby Boomers are less reticent about carrying debt into retirement than the Greatest & Silent Generations. And while Baby Boomers are carrying far more housing wealth into retirement than these prior generations, they are carrying proportionally less financial wealth and security into retirement due to the impact of the great recession, the near extinction of private sector pension plans and the modern strains of helping adult children and grandchildren. We believe we will see dramatically greater market penetration for the reverse industry with the Baby Boomer generation! The evolution of the reverse program away from the needs-based borrower to prevalent use by the strategy-based borrower; this being the result of tightening restrictions for the FHA HECM and the near concurrent blossoming of an entire crop of flexible proprietary and jumbo reverse programs. The current FHA HECM is not

If you are against the bailout are any of these 12 House reps yours? They may change to yes vote?

Rep. Rodney Frelinghuysen (R-N.J.)

According to one senior GOP aide, Frelinghuysen was a yes but reversed his vote at the last minute.

Well none of them are mine thankfully.

Here is the alternative plan my Congressman, and the Ohio Representative are proposing instead.

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