Hecmadvisorsgroup.com

HECM Advisors Group

Where those who advise retirees look to for relevant, truthful and up to date information about the new reverse mortgage tool

Actived: Monday Nov 30, 2020

URL: https://hecmadvisorsgroup.com/

HECM Advisors Group - Fees and Costs - HECM Advisors Group

Details: This required insurance is purchased by the borrower and financed into the loan. It goes to the Federal Housing Administration (a division of the United States Department of Housing and Urban Development—HUD), and guarantees that the total debt repayment will never be greater than the value of the home at the time of repayment.

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HECM Advisors Group - Pros & Cons - HECM Advisors Group

Details: HECM fees also include the Initial FHA Mortgage Insurance Premium, as well as an annual MIP of 1.25%. (Please see chart below for details regarding the initial MIP.) Needs-based government programs such as Medicare may be affected by HECM loan proceeds. Therefore, you are encouraged to consult your trusted financial advisor and appropriate

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HECM Advisors Group - Interest Rates - HECM Advisors Group

Details: An annual Mortgage Insurance Premium (MIP) of 0.5% The current interest rates being charged (the note rate) For borrowers who choose the line of credit disbursement option, it is good to note that the credit line grows at the same rate that the loan balance does.

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HECM Advisors Group - Resources - HECM Advisors Group

Details: Preserve Credit as an ‘Insurance’ Policy by Wade Pfau in Forbes May 2019. Reverse Mortgage Risks by Wade Pfau in Forbes May 2019. FINRA’s Stance on Reverse Mortgages by Wade Pfau in Forbes May 2019. Despite Tough Sell, Don’t Ignore Reverse Mortgages citing Wade Pfau and Christopher Mayer at FPA Retreat May 2019

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Using Home Equity to “Insure” Retirement Success

Details: insurance” in the event of negative market returns, extended longevity, or unanticipated expenses. To assist with long-term planning, HECM lenders can create custom projections that allow you to determine approximately when your client’s HECM line-of-credit tenure payments may replace the monthly cash flow provided by his or her

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HECM Advisors Group - 10 Benefits of A HECM Reverse

Details: At this writing, a 62-year-old could get a $142,593 credit line on a HECM with at an interest rate of 3.72 percent (including the mortgage insurance premium). If rates rise by 3 percentage points, you could borrow only around $85,000. The low interest-rate environment of today offsets whatever advantage there is to waiting.

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Frequently Asked Questions - HECM Advisors Group

Details: The required Mortgage Insurance Protection (MIP) premium and monthly set aside protects you should your property value experience a decline. 16) What if I move out temporarily, will the loan become due? FHA’s policy states that if a borrower remains out of the home for 12 consecutive months, the loan would become due.

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HECM Advisors Group - HECM History 101 - HECM Advisors Group

Details: – They increase Mortgage Insurance Premium from 0.25% to 1.25% per year – They lower the interest rate floor from 5.5% to 5%, which is the first time in Reverse Mortgage history. In 2013, HUD releases new HECM policies that make the product safer, stronger, and less risky for the borrower. These changes include a policy that allows

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Don Graves, RICP® - HECM Advisors Group

Details: As a Certified Instructor with the Department of Banking and Insurance as well as the Real Estate Commission, Don has taught hundreds of financial advisors, real estate agents, and institutions in sound retirement financing through Reverse Mortgages.

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HECM Advisors Group - {Case Study} How One Couple

Details: They do not have long-term care insurance as they are uninsurable, so they’d also like to have access to funds should they need them to cover an extended care episode. How Did Their Advisor Introduce Housing Wealth into the Conversation? “If you could increase your cash flow, reduce your expenses, and add new money back into your retirement

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HECM Advisors Group - Housing Wealth Book - An Advisor's

Details: With the current retirement income crisis facing baby boomers and existing retirees, today’s assets mangers, insurance agents and hybrid advisors need every viable resource to help their clients and sustain their practice. In Housing Wealth, American College instructor and reverse mortgage expert, Don Graves, distills more than 20,000 advisor/client engagements over two decades into

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HECM Advisors Group - About Don Graves, RICP®, CLTC®, CSA

Details: Don’s specialty is his ability to summarize more than 20,000 advisor/client engagements over two decades into practical, easily to implement, back-of-the-napkin, common sense concepts. His strategies help assets mangers, insurance agents and hybrid advisors attract new clients, strengthen existing client relationships, and generate more revenue.

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HECM Advisors Group - Are Traditional Retirement Income

Details: The Insurance Bucket (annuities, life insurance, business to be sold in future, second home, ) It was from these available sources that advisors transformed client wealth into lifetime income, while attempting to lessen risk and meet the retirement expectations of their clients. The question arises:

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HECM Advisors Group - HECM Basics - HECM Advisors Group

Details: A Reverse Mortgage is a loan that allows qualifying homeowners to convert a portion of the equity in their home into cash. A Home Equity Conversion Mortgage (HECM) loan, also known as a Reverse Mortgage, does not become due as long as the borrowers live in the home as their primary residence and continue to meet the obligations of the mortgage, including paying property taxes and insurance on

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HECM Advisors Group - How One Advisor Lost a Client Over a

Details: He managed their money, sold them annuities for fixed income and got them life insurance with a long-term care rider. The Johnson’s had recently had their annual review with David and he had expressed his concern that their current spending level could put them in danger of prematurely depleting their investments.

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HECM Advisors Group - Why Doesn't Every Realtor in the

Details: Mortgage Insurance (MIP): 1.25% (Just to give you an idea of how the numbers change for a 75 year-old borrower, everything stays the same, except the amount of required down payment goes down. Instead of $310,765… the 75 year-old buyer on needs to put $265,730 down on that $625,500 home… which would increase the beginning mortgage balance

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HECM Advisors Group - What's the Impact of Paying Off An

Details: They are comfortable both with funds and budget, but they have heard that there is a way a way to turn that money saved from a monthly loan payment in a sizable Life Insurance policy for their heirs or into Long Term Care insurance protection for their portfolio.

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HECM Advisors Group - Can A Reverse Mortgage Help Manage

Details: 2. What if the Client HAS Life Insurance but does not want to use it. This happens when the client has a strategic LEGACY based purpose for the Life Insurance or it has already been borrowed against. The strategy still works. The client simply uses the HECM line to mitigate the portolio risks and leaves the Life Insurance in tact. 3.

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HECM Advisors Group - What Should I Do if a Reverse

Details: Mary has $300,000 in her investment account as well as money in cash equivalents, a small annuity she isn’t drawing from, and $50,000 of cash value in life insurance. She could choose the best account to draw $25,000 from, combine it with the HECM proceeds and pay off her current mortgage. (2) Hope for better appraisal value.

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HECM Advisors Group - SFSP - HECM Advisors Group

Details: “In addition to serving as a hedge against portfolio depletion, a standby reverse mortgage line of credit can serve as long-term-care insurance or a deferred annuity, using the home as collateral instead of paying insurance premiums. If you had dismissed reverse mortgages in the past, they’re worth a second look.

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About Monte Rose - HECM Advisors Group

Details: He holds Real Estate, Life Insurance, and Residential Lending NMLS license and currently leads an Executive Branch of HighTechLending in Irvine, California. In addition to helping clients directly as a senior advocate and reverse mortgage consultant, he has also managed a 450-member national reverse mortgage sales force.

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Reverse Mortgage Strategy Example - HECM Advisors Group

Details: This estimate applies to those with traditional Medicare insurance coverage and considers premiums, co-payments, deductibles, and out-of-pocket drug costs. It does not consider the cost of a nursing home or long-term care that clients may need; long-term care alone is estimated to be an additional $130,000.

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HECM Advisors Group - Spending Options for a Reverse

Details: 1. Lump-Sum Payment. Take out a large amount initially, though not necessarily the full amount available. As I’ve mentioned before, the government discourages taking out more than 60% of the available credit within the first year by charging a higher mortgage insurance premium on the eligible home value (2.5% instead of 0.5%) when this is done. . Taking out more than 60% of available credit

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HECM Advisors Group - How Does the HECM Reverse Mortgage

Details: The required Mortgage Insurance Protection (MIP) premium and monthly set aside protects you should your property value experience a decline. What if I move out temporarily, will the loan become due? FHA’s policy states that if a borrower remains out of the home for 12 consecutive months, the loan would become due.

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The Reverse Mortgage Process - HECM Advisors Group

Details: The servicer will also ask the client to certify on an annual basis that they are living in the property and maintaining the property. Additionally, the servicer may remind clients of their property-related expenses—property taxes, insurance payments, and HOA fees. However, these expenses are ultimately the clients’ responsibility.

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HECM Advisors Group - The Reverse For Purchase Program

Details: Providers. The HECM Advisors Group is the regions leading provider of HECM Reverse Mortgage Education since 2000.; The American CE Institute is the foremost topic specific school on the subject of HECM Reverse Mortgages. Together they have trained thousands of Real Estate Agents, Builders, Bankers, Accountants, Attorneys and Financial Advisors.

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HECM Advisors Group - Broaching the Housing Wealth

Details: A 65-year old couple retiring this year (2018) will need an estimated $275,000 to cover out of pocket health care costs in retirement, according to a recent Fidelity study. This estimate applies to those with traditional Medicare insurance coverage and considers premiums, co-payments, deductibles, and out-of-pocket drug costs.

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HECM Advisors Group - NAELA News - HUD Makes Mandatory

Details: Mortgage insurance premiums have been increased and, most importantly, there is now a limit on how much of the proceeds can be accessed in one lump sum at the point of origination of the mortgage. The maximum amount that can be accessed after September 30, 2013, is 70 percent, and even that will be allowed only for “mandatory and legal

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RISK MANAGEMENT - HECM Advisors Group

Details: as taxes and insurance. The amount of money they receive is based on their age, the home’s value (up to the lending limit of $636,150), and the current interest rates. Today a 65-year-old could receive around 50 percent of the home’s value. For more information on rates, go to www.HECMAdvisorsGroup.com. What’s So Special about the Line of

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Housing Wealth Book Series - HECM Advisors Group

Details: In the Housing Wealth Series, American College instructor and reverse mortgage expert, Don Graves, distills more than 20,000 advisor/client engagements over two decades into practical, back-of-the-napkin, common sense strategies. The Advisor’s Guide is written for professional Wealth Managers, Insurance Agents and Hybrid Advisors. The Retiree’s Guide limits some of the technical jargon and

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HECM Advisors Group - The Reverse Mortgage Tenure Payment

Details: These payments, insured by the Federal Housing Administration of the U.S. Department of Housing and Urban Development, are guaranteed to come to your clients for as long as they maintain the terms of the loan (live in and maintain the property, pay your property related taxes, and keep homeowner’s insurance in force).

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HECM Advisors Group - Can Reverse Mortgages Hedge the Most

Details: They must continue to pay all property related charges such as taxes and insurance. The amount of money they receive is based on their age, the home’s value (up to the lending limit of $636,150), and the current interest rates. Today a 65-year-old could receive around 40-50 percent of the home’s value.

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HECM Advisors Group - 95 Things Real Estate Agents Do to

Details: Confirms Receipt of Title Insurance Commitment. 89. Makes Homeowners Warranty Available. 90. Performs Final Walk-through. 91. Reviews Closing Documents. 92. Coordinates with Next Purchase. 93. Ensures “No Surprises” Closing. 94. Completes Final MLS Update. 95. Hands the keys to the new owner- Congratulations!

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Ways to Fund A Long-Term Care Plan with Housing Wealth

Details: long-term care insurance may be the best way to cover long-term care costs. However, to some, this type of insurance is considered more expensive. There are four pricing features on these policies, that when adjusted, can make the price more affordable. Benefit Amount: How much per day the policy will pay.

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HECM Advisors Group - {Podcast} Why One of the Nation's

Details: In reality, we’ve always looked at cash value life insurance as that non-correlated asset so from a brokerage general agency we’ve seen that with non-correlated assets but what significant is that you’re introducing another source of capital, so you’re not mitigating your death benefit because you’ve taken a loan out of your cash

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HECM Advisors Group - Tuition Rewards for Reverse

Details: The insurance industry is heavily regulated by state authorities; each participating carrier has compliance departments that have carefully scrutinized and approved our program. Member colleges sign contracts with SAGE Scholars agreeing to provide tuition discounts to our students.

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HECM Advisors Group - How to Choose a Lender - HECM

Details: The Mortgage Insurance Premium (MIPs) is the same for all lenders as it is required by the HECM program guidelines, but origination fees, interest rates, closing costs and servicing fees may be different. Decide Which Reverse Mortgage Lender is Best For You. Side-by-side comparisons may help you save money.

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HECM Advisors Group - New Reverse Mortgage Rules Open Door

Details: The new rules apply to the Home Equity Conversion Mortgage (“HECM”) program, which is the primary reverse mortgage program representing approximately 95% of the market. The new rules will require potential borrowers to demonstrate their ability to pay property taxes, fees, and insurance premiums based on their income and available credit.

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HECM Advisors Group - 8 Reasons Advisors Can No Longer

Details: CW Copeland, professor of insurance and retirement income, said it best: “Advisors have a fiduciary responsibility to their clients. In no uncertain terms, this means that they must do what is in the best interest of their clients. If an advisor fails to become informed about the benefits of HECMs, they are failing at their fiduciary duty.

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What is a Reverse Mortgage? - HECM Advisors Group

Details: Generally, the higher the value of the home, the higher the loan amount will be, up to the FHA’s maximum lending limits. The loan is typically not due as long as the homeowner lives in the home as their primary residence, continues to pay property taxes and insurance and maintains the home according to FHA guidelines. When the loan becomes due

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Disclosures & Disclaimers - HECM Advisors Group

Details: Legal Disclaimer. The publisher of this website takes great care to thoroughly research the information provided in the HECM Advisors Group Blog to ensure that it is accurate and current.

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HECM Advisors Group - 12 Smart, Savvy and Surprising Ways

Details: A 62-year-old couple with no long-term-care insurance may want to set up a reverse mortgage line of credit. With a home worth $625,000, their initial line of credit at current interest rates would be worth $327,375. Left untouched, the equity line would be worth $613,365 in 10 years and $1,149,143 in 20 years.

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HECM Advisors Group - What Heirs Need to Know About

Details: The government insurance picks up the difference on the loan. But if there is no potential equity, heirs may decide to simply hand the keys to the lender and avoid the hassle of trying to sell the home. Known as “deed in lieu of foreclosure,” the heirs sign the deed over to the lender. If the property was underwater, the heirs may have no

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HECM Advisors Group - Do HECM Reverse Mortgages Have

Details: The HECM reverse mortgage is riskier for FHA, and it charges more for the insurance to cover its losses. On the standard mortgages that FHA insures, the borrower’s repayment obligation is a first line of defense against loss. Only in the event that borrowers default on their repayment obligations do lenders/insurers fall back on their second

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HECM Advisors Group - Should Condo Owners Press Their

Details: The condominium must be covered by hazard, flood, liability and other insurance required by state or local condominium laws or acceptable to FHA. This minimizes the risk that a natural or other disaster will jeopardize the solvency of the condo.

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HECM Advisors Group - Combining Annuities with Reverse

Details: The Insurance Commissioner was called, the Banking Commissioner, The US Congress and Senators Claire Conner McCaskill and Congressman Barney Frank got involved. The NASD (which morphed into FINRA) was involved. People were fired, fined and even punished further than that. And the edict eventually thundered down from above.

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HECM Advisors Group - The Mortgage Professor: After March

Details: The Set-Aside is an amount drawn under the HECM that is reserved for payment of property taxes and insurance by the lender. The amount, calculated using a formula provided by FHA, is viewed as sufficient to assure the required payments can be met though the entire life span of the borrower.

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HECM Advisors Group - {Podcast} Ed Slott on Reverse

Details: I recently had the opportunity to interview my colleague and friend, Ed Slott. He is a nationally recognized professional speaker, star in several public television specials and creator of the The IRA Leadership Program TM and Ed Slott’s Elite IRA Advisor Group SM. Ed used to tell people, “Stay away from reverse mortgages,” but when he saw that the reverse mortgage topic seemed to be

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25 Ways to Use a Reverse Mortgage - HECM Advisors Group

Details: Pay for health insurance during early retirement years until Medicare eligible at 65. Pay your Medicare Part B and Part D costs. Combine life tenure payments with Social Security and income generated by assets to replace your salary and maintain your monthly routine of paying bills from new income.

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HECM Advisors Group - {Case Study} How Eliminating a

Details: Client Scenario Mike and Jenny (age 74/69) own a home worth $615,000 with a mortgage balance of $239,000 with 26 years remaining on the balance and a monthly payment of $1,310. Assets: $347,000 in IRA’s, mutual funds and savings. Social Security: $2780/month Pension: $1410/month Distributions: Taking RMD’s of $7300/year Goals | Concerns Longevity Concerned about inflation and health care

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