"We got in touch with Marie Bjornson after receiving her mailing, she was the only one who called us back.
We were at a critical point in our lives. We had lost about 2/3 of our income, and had become behind on our mortgage payments, property taxes, and car pmt. We were about 4 months from "the streets".
Marie looked into seeing what could be done and got the ball rolling for our reverse mortgage. She was on top of everything, talked to the different people that we needed; kept us up to date, was always there if we had any question, explained every thing well. Marie went way beyond what you would expect an agent to do. She pulled out all the stops. Marie is the kind of person that you would want to do business with again, and recommend to everyone
She reminds us of the kind person that people used to do business with about 50 or 60 years ago, that was local, and not this big corporation.
Now we are done and many thanks to Marie!"
Lloyd and Virginia M.
Ferndale, WA
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"Aside from helping us with reviewing our financial picture and making excellent suggestions, Marie showed us that she takes her job of helping people very seriously.
She was helpful, not pushy, caring and patient. Marie is good at taking, what seemed to us to be a complicated process, explaining it in simple terms, and making it a pleasurable, relaxed experience. I now count Marie, as not only my Mortgage Advisor, but also a friend that I would not hesitate to do business with again, and refer my friends and family."
Dean and Sue B.
Port Orchard, Washington
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"I could feel their vast experience with the finance process. I felt like I was putting my life in their hands, and it turned out to be the right choice! I will remember them as my dream team!"
Nonnie K., Retired
Bellingham, WA
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The Top 8 Reverse Mortgage Misconceptions
One way to be able to enjoy "The Golden Years" has many seniors reaching for their phones. Reverse mortgages continue to grow in popularity, as seniors and their families find the use of it can be an advantage for all involved. Once the reverse mortgage details are understood, family members are relieved and happy to know that their parents have a solution to help them live more independently and financially secure, in their retirement years.
| Myth 1: |
The Equity is used up and my children & grandchildren will lose out.
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| Reality: |
In contrast, by doing a reverse mortgage, in most cases, the home will be kept for a longer period of time. This will usually result in more equity increase, hence more value for the home. For example, using a 5-7% conservative appreciate rate on a $300,000 home, the increase in value would be $15,000 annually. By using the reverse mortgage as a tool in this way, not only will keeping their home longer increase the quality of life for the senior, but will also allow the greatest asset they have to continue to appreciate (hence, increase in value). Thus, it is typical for the increase in the appreciated value to be a great benefit for the senior, and later the heirs. It is a win-win situation that most are not quite aware of.
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| Myth 2: |
It's cheaper to move to a smaller house.
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| Reality: |
While there can be pros and cons to downsizing, costs need to be carefully analyzed, before making this assumption. The costs of selling a home will be typically 8-9% of the sales price. For example, on a $300,000 home, closing costs and real estate commission can total close to $27,000.
Surveys show that most seniors, if given a choice, would prefer to stay in their own home, where they are more comfortable and familiar. Many seniors, with the support of their families, are using the reverse mortgage to pay for "in-home care", which can be less expensive than nursing home costs. Hence, the reverse mortgage creates an investment advantage by being able to keep the home longer, and most importantly, allows the senior to stay at home for the remainder of their life.
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| Myth 3: |
My Income Tax will Increase, and the reverse mortgage will affect Social Security or Medicare benefits.
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| Reality: |
The cash proceeds from a reverse mortgage are tax-free because it is already your money. Also, a reverse mortgage will generally not affect regular Social Security payments or Medicare benefits. It is recommended that the borrower speak with his or her financial advisor and appropriate governmental agencies.
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| Myth 4: |
The bank could take my house OR I could lose the house.
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| Reality: |
As with any mortgage, it would be impossible for the borrower to lose the home, providing property taxes and insurance are paid. The borrower retains title to the home throughout the life of the reverse mortgage. Once the last borrower permanently moves out of the home, the loan must be repaid.
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| Myth 5: |
I could end up owing more than the home is worth.
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| Reality: |
The safeguards for the reverse mortgages is structured so that the borrower or his estate can never owe more than the value of the home upon repayment. In addition, the HECM reverse mortgage program is insured by the Federal Housing Administration, a division of the U.S. Department of Housing and Urban Development (HUD).
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Qualifying is surprisingly easy in a reverse mortgage. To qualify, a borrower must be 62 years old, and there must be sufficient equity in the home. No credit or income is needed to qualify!
Information and Articles
This information is solely advisory, and should not be substituted for legal financial or tax advise. Any and all financial decisions and actions must be done through the advise and counsel of a qualified attorney, financial advisor, and/or CPA. We cannot be help responsible for actions you may take without proper financial, legal or tax advise.
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