Senior Care Live 02.017.18.mp3

Senior Care Live
Saturday, February 17th

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Welcome back you listened to seniors here live on the senior care broadcasting network. For more information about the services offered on this program. And how we can help you in your family collar toll free number at any time that's 1800. 3316445. Again 1800. 3316445. And don't forget if you ever miss an episode a senior care life. May be wanna share of the program with a friend or family maybe just wanna go back to listen to the information again. No worries at all just go to senior care lie about dot com senior care lie about. Dot com click on the podcast have been that's where you'll find all of the previously aired it. Episodes. Our rights without any further delay. Like to introduce you to mr. Josh Buffon he's with community First National Bank he's a reverse mortgage specialist. Josh welcome to senior care life thanks for having me Steve could be all right all right is great to have you here. It and I'm a huge huge fan and a reverse mortgages. And and I think while I know there's a lot of misunderstanding on the marketplace so I'm really I am so happy that you're here to set the record straight we are all about education and information. I hear on the program so tell us as a reverse mortgage specialists are with community first national make. Tell us yet what is well to start up with 101 what is a reverse mortgage. For smaller her. Mortgage Steve is slang term. And it was given to the loan by industry people because it was easy way to describe. What was going on to a layman's. Okay so's not really a reverse mortgage that's just kind of a yacht. Just to just kind of I like you said just kind of a slang term that was. Thrown out there correct it's actually called home equity conversion mortgage OK and it was put into effect during the Reagan administration. It was really. There to help people that were returning that we're World War II veterans that may have been struggling trying to finance retirement okay. Common that was kind of just it was just kind of there to help. But as the blower has evolved and changed. It's really become more financial total. So it's not just a loan of last resort like many people think that some misconceptions are out there but it actually can be something that may. Be allowed you to dollar cost average your current investments return OK all right. You know at home equity conversion mortgage to me that really says what it is an absolutely says exit so he is so home equity conversion mortgage your converting your home equity into a mortgage and CN ISE unload all kinds of such as I was I was a reverse mortgage but. That's interest seeing so so that term was just made up to it as a kind of a basic. Just to determine just so great I can understand yeah yeah so I've met home equity conversion mortgage okay. And so let's let's tackle. Some of these misconceptions about the about the. Reverse mortgage. Well some of the misconceptions are that all the things gonna take your home. Well that there have been foreclosures in the reverse world yeah but they are brought on by people not paying taxes. Or defaulting on interest pain so. Any mortgage can be foreclosed upon. Correct including a reverse mortgage or a standard mortgage or any mortgage if you don't pay your taxes. Or year you don't pay your your your mortgage payments sit on a traditional mortgages set Iraq. Any mortgage can be for Coke foreclosed upon so it's not a reverse mortgage issue it's just someone not taking care distance. Correcting all means if you own your own free and clear and you don't pay your taxes eventually that. The county will sell your home up. For so a guy you can lose your home for not paying taxes regardless of what lean on know he you have only property and that's for the majority of foreclosures have come from. You know so obviously you know of the media gets a hold of it or something like that then you know it's this poor old lady lost her home. But it was due to be non tax and I'm David mitigate against that in recent changes to the product. Now they do what's called a life expectancy set aside so they think there's. There's danger of somebody not be able to pay. For their taxes and insurance they'll put what's called a life expectancy set aside release. Take on the alone. And that's basically hoped setting aside some of the equity in the property. For the life expectancy of the borrower to pay taxes an inch. CNN I love that extra layer of protection. Frankly for both parties for the lender and for the homeowner. And so the lease on life expectancy set aside. Just to protect just in case there's. There may be a chance of no not paying your taxes keeping your shorts up at setter. Yeah and that's all part of the financial assessment OK and with financial assessment does it basically assesses the borrower's ability to pay. And the willingness to pay pink so are there some credit issues or some you know the you know. Opera things that it may have not been paid in the past farce taxes and insurance moment homeownership. And that's when the leases and to implement. OK so if you're right if you're not scoring quite as high as someone else. Maybe just build in this little this little. And if you will two to take care of any any chance of that ball makes them makes sense that makes sense so the incomes not okay. So how does the written this reverse mortgage (%expletive) in a case so I may I may have to change might might turn out terminology to home equity conversion mortgage. I signed into into. Into law by under president Reagan's. A term to help. World War II the greatest generation try to keep up on some of their. There there income shortfalls in and and frankly for the purpose of this program to keep you independent he remained independent in your own home. Well this product has become more mainstream. You're recently and it's primarily driven by the baby boomers is about 121000. People turned 62 every day. In the country and you know a lot of them are either completely prepared for retirement or would like to enhance their current retirement plans. With utilizing. The asset that is currently a hard asset in the form of home Luke and you know traditionally you have to sellout home. Take at all home equity line of credit which would cause another payment. Access adequate. With a reverse mortgage you're able to access it and do what you want with that equity in not creating new payments are you have the options. That's was beauty about this loan as you have many options you can decide to pay the interest only on that. And there could be even a tax benefit he needs check with your accountant on that Cher but you can also make it like a traditional mortgage you can pay. Interest and some principal paid on the way to just not pay at all kite or could do it intermittently the choices are yours are so this sounds like there. Is this a lot more flexible than maybe used to be when reverse mortgages first came out. The other it's always and always been there it's always dubbed the option to pay has always been OK okay but but the thing about it is isn't most people feel like. You know they don't have any options and and you know that need to have that explained to him because. It can be a brilliant financial tool because if you decide that this is your final home. You may never realize it investment aspect. And the only way you're gonna actually see some of the investment from that you made into the home is by accessing. OK so and so it. Here's here's the bottom line in like I always go back to this and maybe. Maybe this it seems seems elementary but AARP did a huge huge study and they asked a lot of people. You know we. Really do you wanna stay home or do you wanna move to senior care community nine out of ten people say you know I'm staying home while staying home. If you're if you're getting older and you may need some help around house maybe needs a special equipment some home Il modifications to agent place. That costs money and what if you don't have a lot of disposable. Cash and available to it to work. To pick up some of those costs you can use a reverse mortgage as a financial tool again to help you remain independent at home. Correct. You know. You know it is a fabulous tool. What but the problem is is. Many people don't understand it end and you know what I pride myself on an all people I work with as we believe education is for so. You know fewer reach out to us and we were talk to you you'd. You've polished and at least half an hour 45 minutes. With me making sure that your completely educational product before we went in any further. It's it's important to know what all your options are and everybody's situation is completely different. And what what works were one person may not work for the other. But the product is so diverse and there's so many ways in which you can utilize it it usually has a fit for almost 80%. People that I talk. Okay so to reach out to Josh buffalo with community first. National bank let me give you his personal number. And Josh answers this phone I mean all the time you don't have to call specifically between eight to five. If he misses you he'll call you back promptly he is so he's a stickler on customer service I think you're really enjoy working with Josh it's 816. Seven to eights. 28 to eights. Really easy to remember 81672. Waits to hates. Two eights. Indo Josh we only have about so little over a minute left but gee you work with a lot of people around the Kansas City area. From all over Kansas City are we limited to Kansas or Missouri. Well my bank is fifty state license so I can work with anybody in the fifty state area okay so you're not owns all over the country bow wow okay primary focus is right here within a hundred miles. Because that's where I live. I'd I always feel like if I can see somebody face to face or deal with them in their own environment it makes everybody more comfortable. And I truly believe that customer service believe begins. With availability and so I answer my phone or Walid answer Tex or. Or or voicemails. Almost anytime of the day and even on the weakens. All right excellent so so called Josh but slumped you can even text him on this line if you like. But here's the bottom line is he's gonna respond to you he's gonna spend a lot of time with you know make sure that your comfortable that you thoroughly understand the reverse mortgage in all the ways that you can benefit. And in and understand a very thoroughly 816. 7282828. Again 81672. Weights. 2828. Can also click on line. And an here's an easy way just go to senior care live dot com under the partner sponsors program. And net page you'll see you'll find Josh right there with community First National Bank. And 816728. To wait too late that Josh thanks so much for being here today I appreciate it thank you Steve appreciate. It all right we'll have a lot more right after the break. You're listening to senior care lives on the senior care broadcasting network. For more information call now toll free 1803316445. Operators are standing by 1803316445. I'll be right back.