Planet Boomerville & Boomer Income Ideas.. Two sides to the same coin

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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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