This Government Program Is Under Attack

Notes Section

The ability to take out a Reverse Mortage Line of Credit is under attack. This is something that is not being advertised and if you do not act now, it could be gone forever. Find out how to take advantage of this valuable program scheduling a call with one of our counselors.

 

this is boomer income ideas dot-com
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here’s your host Dan Farnsworth I’m
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walking with this week’s segment of
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boomer income ideas dot-com today we’re
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not going to follow the usual format
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instead of having an interview with
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someone I want to talk about a subject i
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think is a really pretty important
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it’s especially important to me many of
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you who read my blog in the past know
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that I’m a real big proponent of using a
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reverse mortgage to unlock dead equity
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in your home so that you can redeploy
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and do something else with that ability
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is now under attack and the issue is
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whether or not in the near future you’ll
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actually have access to that program or
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not
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ironically in 1988 it was Republican
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president that signed the law
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authorizing FHA to bring the reverse
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mortgage under its umbrella and sponsor
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a government backing of that program
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since then however Republicans in the
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House have been very very adamant about
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trying to do something to eliminate many
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of the FHA programs reverse mortgage
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among them now whether you actually
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think that maybe you want to take
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advantage of reverse mortgage or it’s
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really not that important to you
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that’s really kind of beside the point
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right now the real issue is whether or
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not it will be available to you and now
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that but both the house and the
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legislative the legislative and the
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executive branch are both controlled by
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a single party and i was curious to find
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whether or not there was something that
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kind of pointed to are indicated that
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this program may be under attack and
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actually i found exactly what i was
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looking for on page 4 of the Republican
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platform there is warning that
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specifically talks about this in oneself
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that says we must scale back to federal
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role in the housing market promote
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responsibility on the part of the
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borrowers and lenders and avoid future
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taxpayers
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your bails now that sounds a pretty
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sublime doesn’t it basically says
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everybody needs to be responsible party
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and that in doing so it will limit
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taxpayers responsibility and bailing out
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those that are less responsible but then
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the law that goes on to say the Federal
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Housing Administration which provides
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taxpayer-backed guarantees in the
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mortgage market quote should no longer
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support high-income individuals well
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high-income individuals are the people
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that can afford to pay off their loans
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it’s the low-income individuals that
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have a more difficult time
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so really what this is code its it goes
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on and says and the published not be
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financially exposed by risk taken by FHA
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officials in other words this is code
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for we don’t want to get the high income
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individuals which means that low-income
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individuals are already blocked so we
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want to pretty much eliminate the
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program now that in itself may or may
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not be a problem for you but it is a
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problem for me because I like to have
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the option the opportunity to utilize
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this vital program to unlock equity debt
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equity in my principal residence if I
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wish to and redeploy that in other areas
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were i can draw income from now how do
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you protect yourself against that well
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here’s the deal
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the reverse mortgage is currently a
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program offered under FHA what you
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qualify for that program it can’t be
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taken away from you
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so even if you don’t need the money
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right now it might be a very good idea
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to actually take out a line of credit
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not use the money but simply have a line
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of credit in place very much like a
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HELOC that is they’re available to you
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in the future should you decide to draw
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the dealer’s once you actually take out
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that line of credit
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it’s there it’s locked in they can’t
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take it away from you so even if they
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eliminate the program in the future you
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have your line of credit available to
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you and incidentally one of the features
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of the line of credit is that it grows
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as you age and as the value of your
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property increase
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so you may take out a line of credit
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right now that it gives you the ability
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to access up to a hundred and thirty
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thousand dollars for instance and in
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five years that may grow to a hundred
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and ninety thousand dollars without you
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doing anything you don’t have to read
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apply you don’t have to re-qualify
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nothing takes place other than you
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simply say okay I’m ready to start
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drawing against this line now so the
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main idea is whether or not you decide
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that this is something that you want or
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not for the future
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why not protect yourself at least to
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have the option of taking out this
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reverse mortgage line of credit so that
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it’s they’re available to shoot you
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decide and should you choose to utilize
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that benefit
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thanks for watching and thanks again for
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watching this segment I hope that it was
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informative and helpful sure is
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concerned about this as I am by the way
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if you’d like to talk with the counselor
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about your opportunity to take out a
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reverse mortgage line of credit
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I just go to our website fill out one of
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the forms that allows us to contact you
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will get you in touch with one of the
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reps around the country that we network
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with and we can get you information that
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we think that you’ll find very
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informative so thanks again we’ll see
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you next week

 

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