Imagine waking up with no mortgage payment. Does it sound like a castle in the sky? A reverse mortgage allows our retirees to enjoy the remaining days of their lives without getting stressed in paying the large monthly mortgages for their homes.
Today’s guest is an expert and a true professional from Mutual of Omaha Mortgage. No other than Jerry Garner, also known as “Home Equity retirement specialist”. He is a loan officer for 20 years. He graduated from East Carolina University, majored in business, and spent most of his professional career in the conventional traditional mortgage world. In 2004, he was relocated back here in Charleston, where he lived on James Island, and started working specifically with baby boomers and retirees. He helped find the right house for someone and allowed our retirees to age in place.
Staying in your own home as you get older is called “aging in place.” These are common issues for older people. With Home Equity Conversion Mortgage or HECM, aka reverse mortgages, older people age 62 years of age or older, help them refinance their homes into the reverse mortgage and eliminate the monthly payment. The Home Equity Conversion Mortgage was created in 1988 by the Department of Housing and Urban Development (HUD), a government program that’s been in 30 years.
Wanna know more?
Listen and discover how you can live a comfortable retirement.
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What You’ll Learn From This Episode:
- How to help your parents as they retire
- How can to help people to be able to age in place
- What is HECM (Home Equity Conversion Mortgage)
- What are its benefits, its primary purpose, and how to qualify with HECM
- How you can leverage HECM to purchase a home
- Know what longevity risk in the financial world means
- Learn the #1 use of aging in place
- Two ways to pull these equities out of the house
- Three primary reasons people are relocated & buying a house
- Three ways to buy a house
- How you can leverage your downpayment so you can buy what you really want
- Hear our success stories
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