Manuel Angeles, Home Loans Made Simple (Doorway Home Loans NMLS #222730)

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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

I'll let the lenders here speak to this.

Personally, I haven't suggested it before but, I've been asked and I only have one lender that does them so, I refer them to her. She's never felt the reverse mortgage was a fit for the ones who have inquired though.

Feb 27, 2019 05:27 AM
Rainmaker
4,059,870
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

I have not. It's a personal decision best handled by a professional skilled in their job.

 

Feb 27, 2019 05:14 AM
Rainmaker
887,783
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Lender, financial advisor advise on that. I can provide those resources but that's as far as I go.

Feb 27, 2019 04:27 AM
Rainmaker
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Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

I don't. I don't suggest any kinds of mortgages to my clients. If they are looking for financing information or assistance I refer them to my top lenders.

Feb 27, 2019 03:54 AM
Rainmaker
1,104,714
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

I have although the number of instances are rare when these become the only alternative available. It all sounds great until their true cost is evaluated. This bitter pill is very hard to swallow.

Feb 27, 2019 12:40 AM
Rainmaker
1,716,204
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

I never suggest it unless I have given them all the options. It's not my job.

I will say that often times 'the kids' are upset because this is the parents actually living off their equity. When they do this, obviously it's less for the kids to inherit. You really see some nastiness from the kids on how the parents money is already 'theirs' even though they are alive.

Feb 27, 2019 05:52 AM
Rainer
148,496
Ken Jones, Commercial Real Estate
Kenneth J. Jones, Inc. - Toms River, NJ
Serving Central & Northern New Jersey Since 1971

Manuel Angeles No.

I sell real estate, not money.

Feb 27, 2019 05:10 AM
Rainmaker
440,291
Buzz Mackintosh
Mackintosh REALTORS - Frederick, MD
“Experience, reliable, leadership”

Never have

Feb 27, 2019 04:14 AM
Rainmaker
872,651
Peter Mohylsky. Broker -BRIX REALTY
Miramar Beach, Florida - Santa Rosa Beach, FL
BRIX REALTY -DESTIN

No, That is a very personal decision and what is the desired outcome?

Feb 27, 2019 02:44 AM
Rainmaker
790,449
Chuck Willman UtahHomes.me
Utah Homes - Alpine, UT
Utah Homes

I have only had one extreme case where it may have been an option for a person in a hardship. The "gotchas" are plenty. Fortunately they managed to receive a gift that was able to tide them over until they found employment.

Feb 27, 2019 02:33 AM
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Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

NO!

I think that most of these prey on our seniors and I would never want to be a part of this.

Feb 27, 2019 10:15 AM
Rainmaker
6,543,982
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

When the product should be considered.

Many seniors have lots of equity and an inadequate income. The benefits are a better quality of life when funds are available.

Feb 27, 2019 06:42 AM
Rainmaker
2,634,187
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

NO...great for the moment and going in but then....dum de dum dum

Feb 27, 2019 06:06 AM
Rainmaker
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Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

I do not. 

Feb 27, 2019 05:54 AM
Rainmaker
577,189
Gloria Valvasori, Accredited Senior Agent
BETTER HOMES AND GARDENS REAL ESTATE SIGNATURE SERVICE - Mississauga, ON
REAL Experience | REAL Commitment | REAL Results!

I would never suggest that.. that would be irresponsible of me.  I'm not a financial planner and know nothing about reverse mortgages.  I would refer them to their accountant, financial planner or their bank.

Feb 27, 2019 05:37 AM
Rainmaker
3,321,246
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

It takes the right person and the right situation for a reverse mortgage to work well. Often someone who owns the home outright, who is retired, little income but wants to stay in their home. The money then is used to pay taxes and upkeep of the home. Not go and buy a motorhome. 

Feb 27, 2019 05:07 AM
Rainmaker
882,427
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

It is a unique solution to a real problem.

However, finding someone who lives in the assurance their plans for the future will not change significantly is difficult.

Imagine moving into a house, paying about 60-70% of value and never making a mortgage payment. For some, that could appear as an advantage. For those who have always moved into communities where they always found bad neighbors, this would be a real and costly disadvantage.

An agent would be well advised to have an array of solutions to suggest to a buyer or seller as compared to referring them to their 'trusted' lender and letting that lender determine the outcome.

Feb 27, 2019 05:06 AM
Rainmaker
507,733
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

I would refer them to a lender or financial advisor.  

Feb 27, 2019 11:29 AM
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Never.

Feb 27, 2019 07:21 AM
Rainmaker
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Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

No from these lips

Feb 27, 2019 06:43 AM
Rainmaker
1,874,100
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

I don't suggest ANY mortgage to my clients, it's not my job.

Feb 27, 2019 06:33 AM
Rainmaker
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Richard Weeks
Dallas, TX
REALTOR®, Broker

If I were asked I would refer them to someone who knows more about that subject then I do.

Feb 27, 2019 06:00 AM
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Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

No. Family should decide that.

Feb 27, 2019 04:09 AM
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Doug Dawes
KW Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Only once or twice and to folks that have no other heirs. And I suggest they speak with the proper people

Feb 27, 2019 11:58 AM
Rainmaker
1,715,201
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

The stories I've heard from people who got into them have not been good. 

Feb 27, 2019 10:18 AM
Rainmaker
5,571,310
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

I would suggest they speak to a professional lender about it just to make some decisions ....

Feb 27, 2019 09:18 AM
Rainmaker
895,177
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Reverse mortgages can be a good thing for some homeowners. The advantages and disadvantages are too many to cover here. Potential reverse mortgage borrowers definitely need to be counseled by a professional with the clients best interests in mind.

Feb 27, 2019 07:54 AM
Rainmaker
1,380,473
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

No.  Not a fan of them.  Supposedly they've gotten better over the years, but it's not something that my clients have a need for.

Feb 27, 2019 07:48 AM
Rainmaker
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Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Once in a blue moon, but more often than not I refer them to my Reverse Mortgage expert.

Feb 27, 2019 07:41 AM
Rainmaker
4,799,481
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I don't suggest any type of loans to my clients.  I refer them to professionals who knoe\w about these products better than me.

Feb 27, 2019 07:31 AM
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Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Let the borrowers decide. 

Feb 27, 2019 07:03 AM
Rainmaker
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Manuel,

No.  and I agree with Michael Jacobs 

Feb 27, 2019 06:17 AM
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

No. I agree with Corinne Guest and Michael Jacobs 

Feb 27, 2019 07:53 PM
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Joyce Marsh
Joyce Marsh Real Estate LLC - Daytona Beach, FL
Joyce Marsh Real Estate LLC - Coast & Luxury

No, I  have not. 

Feb 27, 2019 05:10 PM
Ambassador
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Mimi Foster
Falcon Property Solutions - Colorado Springs, CO
Voted Colorado Springs Best Realtor

RUN, FORREST, RUN!!

I have never met anyone who has done a Reverse Mortgage who thought it was a good idea after-the-fact.

 

Feb 27, 2019 04:28 PM
Rainmaker
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Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

If they don't have enough Cash Flow at retirement

Feb 27, 2019 03:10 PM
Rainer
313,688
Caroline Gerardo
Sun West Mortgage Corporation - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

It can be suitable for: Person who has equity in their home but small income or income that doesn't meet their needs. They can live off the home's equity as long as they reside in the property. REverse is an expensive line of credit that is easy to qualify for.

Other products that might work: 

Offset Mortgage with drawing line ( we have an All in One loan which is cheaper than a reverse and they can draw for 30 years. 

or

traditional HELOC is inexpensive but they make payments out of the line and the time is shorter

or

Sell and live off the cash

Feb 27, 2019 01:56 PM
Rainmaker
843,896
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

It could really benefit some depending on the situation.

Oct 03, 2019 12:01 PM
Rainmaker
4,884,514
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I am not a lender, and don't suggest loan products.

Mar 09, 2019 10:34 AM
Rainmaker
3,985,837
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

HELL NO!

My parents did one and cost them over 20%

Mar 04, 2019 06:38 PM
Rainmaker
3,969,656
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I refer them to one of my lenders that do them.

 

Mar 03, 2019 08:46 AM
Rainmaker
818,487
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

The fees are outrageous and the heirs may not be happy, but there may be times when such an instrument might make sense.

Mar 01, 2019 10:30 AM