By: Tim Robbins

Tim Robbins — Thu, 12 Jun 2008 12:44:31 +0000

As a Reverse Mortgage specialist I do believe that there needs to be of the product explanations to the perspective client’s. The person who is working with the senior needs to evaluate the person situation and discuss alternatives. I personal spend hours going over every detail of the program and work to fit the person to the program and not the other way around. But the real facts are just this Americas seniors are in big trouble financially. With the avarage senior have over $25,000 in credit card debt alone and many of them taking out forward mortgage in 2004-05 and not being able to meet the payments they stand a good chance of loosing their homes. A Reverse Mortgage needs to be part of a total financial plan and not just money. The person needs to look at the longterm needs and think about what might happen to them. The one thing everyone can be sure of is there is going to things will happen to them in later years. I know this to be a fact from personal issues in my own family and if there was not a Reverse Mortgage my own parents would have been totally wipe out and lost their home. When a senior takes a Reverse Mortgage they need to think about what is important and what is really needed like do we really need a new garage or barn or can we just repair the one we have. Or should we just take a portion of the money and take a life income with the rest. Remember if someone chooses to spend the money on something that is not related to their financial security and spend the money on things that they can do without then they need to take responsibility for doing that and the consequence. I will say this if people will look at the current financial situation and figure they are going to need maybe 50% more in the future then maybe they should think about how they are going to fund those years and use the money accordingly and just throw the money out the window. As a specialist I can educate the person on everything pertaining to the mortgage but I can’t tell them how to spend it that is up to them. It’s kind of like you can lead a horse to water. If you are considering a Reverse Mortgage please do yourself a favor and think about the future and not the spur of the moment and Plan-Plan-Plan the Reverse Mortgage is truly one of the best programs ever designed to help the senior live a good life in the golden years but they must be as wise with the money has they were in purchasing the home in the first place

Comments on: Reverse mortgages gain steam

By: Tim Robbins