Feb 25, 2017|
Automatically Generated Transcript (may not be 100% accurate)
Broadcasting from the top thirteen seventy studios. You're listening to financial lies with your host Suze said Blackburn and Elizabeth Jane's the good the bad and the fine print on reverse mortgages as fiduciary is Blackburn and James are required to work in your best interest. Helping you until own retirement in today's economy so stay tuned as they bring you an informative approach to your retirement. Each and every week and now your host and Suzanne Blackburn and Elizabeth Jane said. Welcome to financial lies I'm sees it Blackburn and the owner of caps are financial Imus series 65 financial planner. Here in Austin, Texas we've been in business golly Moses twenty something years have been on the radio station for over four years. And we try to give view in packed full topics that you can use to protect you when your family in retirement. And today is not going to be short of that I tell yeah. We're gonna talk about reverse mortgages. And specifically how to use them in a financial planning scenario. There's a lot of buzz about that most people that I talk to I hated them frankly when I first got to know them because I saw. The carnage of big fees. Lots of messes. And it was using elapse. A skis B a last ditch effort if somebody was completely out of money or was sick. And those kind of things in May and it was bad. But now guess what the government has turned it around and standardized. It. So that it's not expensive it gives you an income you can now do a lot of things with your equity position in your home. That was never available before. And you can get tax free proceeds. From the equity of your home. So we're gonna go today into the good the bad and the fine print so I'm talking TU. And Ian everybody hates listening has seen the wizard Abbas is my favorite show I hit my children and I we watch it Christmas. Every year and we just came at a Christmas and I was reminded of that shell. Talking about this topic. Because you remember that scene when their walking down new scare their mind and they see the wizard. And all the smoke and fire and they finally arrived and they've got this critics. Harriet and then all of a sudden Toto is not scared off tunnel goes over and pulls the curtain and Mayer is the man behind the curtain pulling all the levers. Well in Italian that's we're gonna do today it's not a scary topic this is not something. You need to be fearful of we're going to have Rick Davis on the phone here in a minute. To go through this he is with a community bank fidelity bank. And we're gonna get into some of these details. See your home is one of the largest assets you have. And a lot of you in retirement are house rich in cash pork. And you haven't sufficiently saved enough money take care of yourself and long life. So the horrible consequences of that can beat a arrested. If you've got a home. But you know there's another misstep you can do if you're not structuring your income correctly. With some tax free proceeds. If you're not structured your income to avoid. 85% or so security being taxed are irate tack says. Medicaid premium taxes means testing. There's a lot of things around they can really really upset. On good income plan. You know real estate they talk about. Location location location will in retirement. It's in come in come in come. Please don't forget that and even beyond that it's how your taxes taxes taxes and retirement. So if you are going to be withdrawing money in retirement. You could have up to thirty years we year saving test to be your paycheck. So what we're going to explore today. Is the tax free proceeds. From your home equity. How to we structure that to get the most out of that the the least amount of cost. So this topic of understanding. A home equity conversion mortgage. It's not the old time me. You know give your house to the bank paying and when he dies and it would you know you lose your home I promise it's a different deal it's a big topic. So my guest today is going to be Rick Davis. Welcome Rick I'm so glad you're here today you know my listeners are so interested in this topic. And they want to know what you have to say about this topic. Good morning good morning. So I'm estimated to top it got to talking about it a new reverse and you re burst mortgage each. Yes sir great. Well I'd love the product I've been studying it for about three and a half years I am a community banker. Dig in the mortgage business about 300 million dollars a year and I knew that we had issues coming forward with the age. And you issues so I went all the way through AARP. Who would've been a leading force some of the dramatically changes that they've made and that will get harbored on at what point. And UCLA. Not counting about thirty television stations. But the program itself. It presented by the right people in the best thing that happened and in many many many years. And that's why we need financial planners to present it. Well we isn't as a financial planning tool. Because it's an equity position and you can withdraw that as tax free proceeds that's a very attractive and retirement. Well and predicted for Medicare and everything else besides tax recruited the other sweet thing about it though is not doing a whole bunch nationwide with. Would homes were purchased or people have more house than they need a lot of them called into their relatives are one and closer to their kids the grandkids. They could sell a lot of home and take appropriate and never make a payment on their new house is pretty wonderful program. So you can buy a home. With a home equity conversion mortgage. What are the high levels on that. We didn't go very high tech haggled over 700000 dollars as far as a million some moderate as a 1300000. Dollars out possible. But most are at that level but most are wonderful how does a lot of time to help someone buys. Would get the lead they burned over the years he's actually way better for what they have. Were snapped and other issues and Lleyton incident and being just just doubled to enjoy and love rather than on the have to take care. Well the new home equity conversion mortgaged. Everything I'm reading. From the national council on aging has now endorsed that we've guts and they say in all the literature that it's safe. And guaranteed. And that Hud isn't ball to ensure the loans. And how does that new law how is that helpful to our seniors. Well but when I was almost like amateur talent on this particular discussion where you're just asked me. I'd spent a year and a half creating a program to work with financial planners directly I've actually believe the industry of housing. Should also not be economic community bank. We actually we're not a hell what your price today on the phone we meet with people to help them and look at all the different avenues to get the best program relaxed out whether that they take. Well you can't make this decision ought to on equality act alone and home improvement this loan needs a personal meeting. In need to go over the data. It's actually need to go the same computer basically you do want having a bigger investment to make sure that the right thing for that customer at this time of their lives. No one does that. Puke community banks like myself. And a quality. 65 tied it. Reverse reverse first and put them with a pat of background you've got. In the perfect fit I think I'll do we give to who you are and now the product going together with a few Indy bank protecting you. Would hut to guaranteeing it. With I'm meeting and it ended direction and professional showing them the that is possible the whole family knows what's going on there's no surprises. And it gave you a lot of lives I've done a whole bunch of happy tears under Islam. We have to it's been wonderful and that they don't and a vet yeah well for units listening I want you to know specifically. That the old ideas and the myths and misconceptions. Of the reverse mortgage world. That's changed. And he you know there's new laws now that make it much more attractive too much they've leveled the playing field on the fees. They've made it we have illustration software infect everyone it's listing today I want you to call me right now. At 5122159030. And eat well we'll give you. And absolutely no charge illustration. On your home equity there's three things I need from me your age. The value of your home if you currently have a mortgage or not. And what your plans are with that if you plan to keep that as your home base. We will do an illustration for absolutely no charge to show you the growth in that home equity. Because it actually grows doesn't it doesn't wreck. Look we have people that it put it on put it as far as your retirement of one Clyde political committee 84 in 93 based Al. The program worked to never run out of money which would pretty exciting job. Last week I wanna tell you about one of the home purchases that happened to me I guess we close the last week it happened three weeks ago. I understand we're a large mortgage local bank. In and we can't look like personally. I had one of my employees committed we helped us lady's got great credit 80000 dollar down we take the loan in house. And I and why would I take that loan and how to do better on a thirty year fixed through whatever is out there in the marketplace. Indeed they could lower incomes so low that you could never for the house. On a government restrictions as to how well she. And what happened. Our husband died less than a year ago she sold the property had some cash. And really what kind of out there. Moderate government only a little over 16100 dollars a month while security yeah you could not afford a house payment. But she had enough for a down payment card debt in tablet from a 64%. And 90%. Going to pay now it did do a daughter Congo. And a property taxes and homeowners insurance. And when I told you that could you bought a Condo three doors down from her daughter and three grandchildren. It would like the list I abused it would look amazing. For in that room so. I don't know what program someone needs to what issues someone need we have talked more about forty different professional programs this is one of them that I love. But having the other 39. Mean the issue is that in your client at the benefit. All of a real consultation. Not just think you have to go we have today than did the big deal is domain to get this information. The book by. Channel would you also Alex factor. Probably in the bat clearest look armed to read the new reverse and understanding it. The dead people bought the record book. If you get ten people what their questions are I will personally go look at the book in highlight what applied to them and mail it to yeah. You got a book coming blood couple hours worked fired up how good equipment so we need to get that let them. I loved getting more called on your radio Sheldon you would give without me. I wanna give the book away and I want to make W people brighter and smarter and happier. Happier in the big part of. So call me at 512215. And 9830. And what the offer is. Is the book understanding reversed by Dan hall quest he's a professor. He would knows this inside now it's and it's a very good read. If you're interested in knowing how your equity. Can be used. In your retirement income plan so call us 5122159. But they will also get an illustration. Directed by me to show you how your. Particular home equity works and remember some folks are financial lives and the rest are otherwise I'm seize up like hard. This is all about making sure you don't run out of money into retirement this is talk radio since at Blackburn postal financial wise radio and she's now taking her retirement based information or radio show to do with her new class retirement elevated take a deeper dive with scenes that into today's relevant retirement topics and create a plan for reaching long term financial goals we are living into our late eighty's and ninety's that means thirty years without a paycheck this is Suzanne Blackburn. Learn to play well retire well live well learn how to fight back and where and when it comes to taxes long term care costs and inflation come front and avoid planning mistakes it's now time you had this kind of information available to you so called capstar financial about Suze that's upcoming class retirement elevated. Five point 2215. Not 8030 joins Suzanne Blackburn for retirement elevated and concordia university Tuesday's February 21 and 28. Or Thursdays February 23 in March 2 630 to 9 PM. Welcome back to financial wise with C said Blackburn and Elizabeth James. Welcome back the financial lives wow what a topic this is a big topic. A lot of deep dive in we're doing I have Rick Davis on the phone with me. He is with fidelity bank it's a charter bank a community bank that does home equity conversion mortgages. And as I told you in the past I have not been a fan not an opinion at all of this whole area. But everything changed when the laws changed and Jane Bryant Quinn who's a contributing art article. Writer in AARP. She writes all the financial news. For seniors. She actually has two or three blog saying please reconsider. This as an income source in retirement using your home equity. To receive in come without a tax. And I can tell you the people that have the incumbent idea set up correctly especially in those first ten years of retirement. When they can lower their tax burden. Man it last sometimes an additional ten years the other great expert that really turned me onto this idea. Was doctor wade well I think it's follower foul. But he is a CF day he wrote articles and a book specifically. On this topic he's the American college of financial services. Professor so when I don't do my continuing education. This is one of the guys I study. And so his book was very impacts fall on my understanding. Of the use of tax free proceeds. From. This asset class called your home and many viewers hit you're listening. You know I own a home. I it's I've heard a lot of bad press about this. But man I wanna know more so my offered today if you call me right now 512215. 9030. Rick generously offered ten books on understanding reverse its written by Dan hole with another professor. It's getting out their folks this is it's time for you to get on board and understand. How reverses work now Rick you're with me. There's a budget afloat on this topic. And I am actually representing the fidelity bank in Austin taxes to help people understand this topic. That's correct we picked it up I actually up in the purview rollout for the system we're going nationwide. I've spoken Harvard and about nine months to financial planners at Harvard University. Don't like you know that there is an 86 year old man was in the program and Ronald Reagan wouldn't let. That program would not a very good program but they didn't have any idea what was going they were just worried about the baby boomers. And the fact that the this year 20%. Of the population. Are over 621. Time ever thought to be about 7% to congratulations Google about. That made that landmark week we aren't we aren't out of winners from the big. Only that's the issue would be that we didn't know about free trade so somebody like that might be hindered. If they have a house payment Herbert and without payment or need other things done to make the money glass we're as long as they're gonna last mile of a lot longer than we did. Even thirty years ago. This program the best. And it's been the most secure along with the people you talked about AARP. Would grate in the modification. The secret to know about this program it really was made to make sure people get reelected because they want us to be happy. Because the one thing we do do is we vote. That have allowed us to have our life the way we can service the way we work for. Well we wanna get. Everything we can out of our income buckets you know once you go to retirement you lose. The W two paycheck you're not earning from a company anymore now you're stuck with. What ever you saved. And I'll tell you I'm running into a lot of people. That have a red line or run out of money Lleyton their seventies and eighties and especially. My goodness if a spouse dies if they get sick later in life. If there's any market corrections it could be devastating. And so using the home equity option is something that will really give people comfort and longevity in their money. You can put harbors a 100% correct the nicest thing at some of the husband and had some issues and different things were about the light being okay and out. The wives and Alfred long she lived nobody makes a payment on that housed. Still the last Linley and it felt how you really have a quality of life protected. So you can have less threat and enjoy each other and enjoy your Keaton during agreeing to it to the world this is the best thing I've ever seen. In this age group. Well Jane Bryant Quinn who's the contributing not odd skinny contributing. Editor. For years and years sued news week she's been writing articles and AARP. She's got to blog saying please seniors reconsider this. We've got articles by some of the top professors. In colleges from Texas Tech the American college of financial services Penn State. They're get written all the time I think saw a Wharton study literally a Wharton study. That was about income planning using least tax free. Proceeds from using your home equity now how you did that is very intricate that's a personal conversation with knee. As a financial planner we start with York income plan find out where you are today but you've got a call me and I can do for you the first five callers. An absolutely no cost illustration. Of your home equity and how that Paul plays out for you so calming at 512215. 9030. I'm at capstar financial dot com and debt in the first five callers calling in not only. We'll get this illustration. But Rick what is it T you're offering to those people that are. Who wanted to send them a copy of the book based Goodyear illustration will be highlighted how it applies by college professor. Who is considered the most knowledgeable about it the mathematical doctorate map and another program going back through it he tersely told me. That anyone over 62 years old. Should look at this program there homeowners no matter they got twenty million dollar they had 20000 dollar. This to the program that she is really worked out for everybody the changes. Change the program I would they change the name. I do not really the same point that the idea at the same but that hit everything is better. That's why you need a financial planner. Do that thing you can do is call opponent yet we need. You might or might not get alone you need to be a consultation Skype client. Just like you were when he made all the other cities you didn't. Get married on your first date. The election that especially competitive markets about it without. Go see her spend the time to make a decision. So as you've heard me say on this radio show for that for years and I've been on this financial wise radio program. If you don't have a written in come plan that's like taking a car ride cross country without a map. And what we're going to do for you absolutely no charge is an income planned. But we're also going to incorporate. An illustration of using your home equity we may or may not be a good fit for you. But this will give you the facts you need to make an intelligent decision that's been vetted by. Experts all over the whole US so call my office 512215. 9030. And remember some folks are financial lies and the rest are otherwise I'm Susan at Blackburn. This is all about making sure you don't run out of money in retirement this. As talk radio since at Blacksburg post a financial wise radio and she's now taking the retirement based information old radio show to do with her new class retirement elevate ticket deeper dive with scenes that into today's relevant retirement topics and create a plan for reaching long term financial goals we are living into our late 80s90s. That means thirty years without a paycheck this is Suzanne Blackburn. Learned to play well retire well live well learn how to fight back and where and when it comes to taxes long term care costs and inflation come front and avoid letting mistakes it's now time you had this kind of information available to you so called capstar financial about Suze that's upcoming class retirement elevate. Five point 221598030. Joins Suzanne Blackburn for retirement elevated at concordia university Tuesday's February 21 and 28. Or Thursdays February 23 and march 2 630 to 9 PM. Welcome back to financial wise with C said Blackburn. And Elizabeth James. Welcome back to financial wise radeon series at Blackburn series 65 financial planner. Owner of cats are penny until you go to caps are financial dot com and check out these wonderful topics we're talking about today. Reverse mortgage the new reverse mortgage it's called home equity conversion mortgage. And the reason why I'm highlighting this folks I was not a believer. In this program for many many years. But what started to happen. Is I realized that there was a whole lot of people that we're going to run out of money late in life or they hadn't planned properly for a long term care issues. Illnesses later in life a spouse dying early tax consequences of peeling and come. And my goodness it's just good to have another bucket of money could drop from. You know if you want to lose control of your life loose control of your financial life. And this is a way. That will give you another asset class you may never touch it but we opened the door to using home equity for you in the future. That's but that's what I want to offer you. That's listening in doesn't mean that it's going to be a big charge your a lot of expense TU I just wanna introduce to you a topic. That's got a lot of buzz around it frankly but there's a lot of salesman they're out they're trying to sell you a product because their product pushing. Sales guys that only get paid if they do that. That's not our firm we're feed based in advisory firm and we act as a fiduciary. A fiduciary means I have to bylaw acting your best interest in every transaction. And you know what it costs with the fees are. All the details the good the bad luck and Brent you've heard me say. For the last four years. We have never not been the fiduciary standard that's the buzz again all over the place Elizabeth Warren thank you for bringing that up at. We've already been there. So one of the things that I want you to do is to call our office at 512. 2159030. And get that free report my goodness this is an illustration of your home equity. This is to give you an idea. If this is something that you ever wanna take advantage every year future. And it's a conversation that you need to have with a financial planner not a mortgage loan officer. They're not expert their skis that they're not an expert in income planning tax free proceeds. If this is something that works for you and your family. So if you call me at 5122159. The book understanding reversed by Dan whole quest now we have a lunch and learn on March the seventh. A luncheon learning something we've been doing for the last four years it's been wonderfully attended by you listening. And this is a way to ask any questions to me about financial planning about your specific issues in retirement. You can ask me about estate planning you can ask me about. Borland k.'s taxes Social Security. All the different topics that impact view. In today's economy but you've got a policy again 5122159. And we wanna be helpful TU we have an office location in the river place. Office we have a classroom setting that we can sit down we'll have lunch to sandwich a glass of iced tea. And talk about your retirement issues I hope today. Has been a good in how hopeful topic this is a deep deep topic. You know on a loan application we're talking about 87 signatures the government. And you know doesn't do anything simple nothing simple but this is actually a good thing for you. And it's something you want to explore and see if it's right for your family so I look forward to talking to be a go to capstar financial dot com check this out. Let me know write me an email let me know if this has been a good show for you. And remember some of you are financial lies and the rest your otherwise and seize up like. Our. 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