CHRISTIE BYNUM REVERSE MORTGAGES THE FACTS AND WHO QUALIFIES.mp3

Sunday, June 17th

00:33:59

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

Good morning and radio family it is time once again to welcome you to the week in addition of community focused wonderful company has always thank you for listening here. On our intercom stations not just your great company but the company of members of our community focused relic. What this lady is such a launch us and it's always great. When we have family. Regular members of our community focused Stanley joining us she is irregular and every sense of the word as I want to welcome back from Bynum. Law firm PL LC Kristen don't used to. Good morning you're looking so good thank you know welcome you know we were just talking about this and and ready a family Chris because we. You know we're just so conversational. Vocal. Off as well as on the air is just ironic. That now that summer we might as well say is officially hear the news and usually during the summer months the biggest concern and I'm talking to my ladies this morning so some fellas you make and understand. If you're lady is going through this is that time of of the season when you're like what am I gonna do my hair. And it sure enough we both have decided to go natural. We have about the similar curl pattern not to mention the same Erica what I did yeah. And I think I don't think that we haven't seen each other in a while in my. That's even better but welcome back to the programming. Is so nice to have you bat because Kristi every time we get together we have a great opportunity. To share information with our radio family. With our listeners. Especially whiz. Individuals who. Are constantly. Trying to be educated as much as possible and I thank you for being an expert in this. Area of expertise on reverse mortgages so right away reaffirming that is aside from from. I'm from what we just talked about is going to be the focus of our conversation this morning. But for those who may not be too familiar with few. Let's do a little recap Christie if you will tell us a little bit about who you Warren what you'd. All right well again my name is Christie bottom with the bottom law firm and I MA real estate attorney specifically asked you're traveling coast time. On stock closed you know mortgage transactions purchase refinance as well as reverse mortgage to actions. On location so that's with the traveling peace is now will go to client's home. Most people don't put an attorney General Motors mortgage in the same set its. Well actually I met a reverse mortgage lender. Has now been about six years ago com. And we became introduced because of the champ pretty okay so. Seem learned about the travelling and she loved it she did reverse mortgages she. Was they begin an attorney to go to her clothes. And so was she found at the actual apple you know she approached me about it. And like many Ers I was hesitant because I didn't know much about the product and I had heard so many harm. And a farce and yes I did my home restarts and I learned the truth that he had about it and how it can be helped prop. Absolutely and I'm so happy that you mentioned that because when we have someone like yourself to come on a public affairs shows such as community focus. Of course the primary goal is to educate our radio family. About various topics of discussion that comes up a lot especially not only one. As being home owners of. But particularly who reverse mortgages really are. Geared toward him which are older adults who have been in their homes for a number of years they've raced children. They've raise grandchildren summit had the joy of raising even great grandchildren. But their at a point in their life where they're likely in the house. For a number of years not only raising family. But have decided this likely is going to be the very last house and that. That mother or father are gorgeous scene Europe plans to own. For the rest of their life ice because a lot of people sometimes when you find a really good. House. A really good neighborhood. You have very good neighbors sometimes you just don't wanna uproot and go other places. And if you're in a position to be stationary is for a long period of time because validation have people who are seen in their homes and yeah. A lot longer than they have maybe in previous generations here's a great opportunity to learn about. The positives than negative those sort of like the of the myths in the fax or write about reverse mortgages won't define what a reverse mortgage is and what it's not now than we've talked about okay. Well I'll start with what is not act. The bank is not come in and take your house with a reverse mortgage used on the house. Ann Arbor storage is very similar to a refinance transactions. In that essentially reverse mortgages is pulling equity act house. On so the home is that accident of course. House's filthy and it you know it is not a monetary not only when asked. We're so reverse mortgage allows you to liquidate accident meaning just pulling equity out and eating cash value out of it while you as the homeowner still own home. And that's a nice thing about it because as as homeowners and I'll use myself for example. The nice thing is when we make either certain renovations into the home if we wanna say let's repaint the a wanna put shatters on the house I wanna get a new roof and write something that I did it recently about a couple of years ago. Just the little things a kind of spruce it up as an add value to the home. Really nice that as your putting that money in them when it's time to do the reverse of the opposite. In taken out you'll have the money there for you. Ryan is similar to elect with a home equity lying in a you can do at home equity line right over a homemaker and I and I have to make payment. Yeah with a reverse mortgage Arnold Payne won. And so the reverse mortgages repay it was the borrower no longer is at an. When I mean she's a house and and it's a retirement community righty or. You know. And you know if you pass away but you don't necessarily have to leave there until he passed you can sell my house you know whenever you. Well that's fantastic Christian let me just ask you this question as an aside and in the years. That you've been doing reverse mortgages how much of an increase. From individuals. Once they do. No though the real behind the story of what a reverse mortgage can do. And especially can help the individual how much of an increase have you releasing. A lot of older adults take advantage of this. Well we at what point we saw Hughes in this is now the rules changed back and I believe it was October September. Whereas you know they've decreased the amount of lassie do you have to have about fifty to 60%. Equity in the home depending on how old are running home so we have seen a bit of the decrease in you know over the last several months just because it changed my butt you know a lot of people use it for different reasons Appel went ladies reverse mortgage papers aren't as well. Why Powell yes. Some people use it to paper and home care who's who had at a lot but. So you can use it for serious things such as medical vehicles medications. And those seniors are trying to just app between. Those are she's up on medications. And then others had just you need additional income. My main nation accidentally hitting yeah. Is really amazed because you know your your typical wedding included is dependent that this is just gonna depend and I and I don't want to go into the specifics. With your particular client. But just trying to figure out you know when we think of weddings that is a very special day is food for a lot of people and you want. The best as much as you can get with in. Whatever your budget constraints. May happen to be so how wonderful. That she was able to do that for her daughter's. 22 you know real late may. Perhaps some of the most important days of her life truly special right typing and winning also on. Mom has some people use it for retirement you on because with a reverse mortgage you know you can leave the funds land air as a lot of crack the moon which means that you know. Either personalities between and this money sit there rises waiting in Ryan ever need to pull from it. And then but the longer this is Eric it's earning interest is myth so some people are either reverse mortgage early you know or ideas before they actually need it grin when you need it for obviously Eddie happened more in there earning all right. You know their retirement income is not where was he happy in my being an ops absolutely. You touched on this a little bit let's get more into detail those stories about people who have done reverse mortgage is in their house was was taken from a because probably a lot of people and let's just say for some of our listeners this morning. Christie may be thinking and that's the one thing when you have insomnia. In the middle of the night. Tennessee and commercials does everywhere. And I remember when that that used to be me that would be one of the first things that I would see that would come on late night television. And like you said a lot of people leaving yourself originally before you got into doing it on a regular basis or a little hesitant. How can that actually happened what are some of the do you Santos went and we think about the story. Well just like you know with the traditional mortgages and you making eggs pain usually your taxes and insurance RS growth into markets and right which means that mortgage companies in escrow account wearing a pay taxes and insurance. Whether reverse mortgage you don't have pain so it's it's. Varying fairy very. Important for the bargain understand and we. We go over it multiple times excellence as we remind the bar you will be responsible for paying those taxes and insurance every. Now having said that the rules also change with reverse mortgage. Even though there is no credit requirements or reverse mortgage. If they review your credit and the credit might not be great then they were over Iowa's caucus and meaning they will send a sat and accounts are numb out OK for that particular bar that they think they may have trouble paying taxes and insurance every year. They will pull a certain amount of funds is that those as hasn't been the reverse mortgage lender will pay the taxes and insurance for them. Our piece lets really get to know because that really puts me in the mind of maliciously like a rainy day account is that you would have with a bigger bang for your credit union where every month they will set aside whether or just a few cents. Or even as much as a dollar maybe even two. Some really great way to sort of lessen the burden. Of wondering whether or not you're gonna have enough money to pay those taxes and insurance like it's because. That was the. Atheist down we need more help those stories about. You know debate taking their house and his visit foreclosure just like with the traditional more numerous mortgage lender camp or closed just traditional mortgage man. But. That the 3-D files to reverse mortgage our number one failure to resign in the home. If you pay taxes and insurance Ciba vision and dry mouth so to have this to really help that individual make sure that they have those monies are there rice that is a great thing to do and it is so great. Christie finances have you back. Here on the program no one more question before we got our first rank of the morning we mentioned. That as far as reverse mortgages you touched the line. The the age requirement ladies let's share that with our listeners so you have to be sixty. Each human older and of course owning your home. And cat and my message do you have to have a good enough equity in the hall right. Com the amount of equity you know about fifty to 60% now wears depends on year figure eights because it's based on. You know you're like X and the older you are. You know you'd be up a little more access to a younger borrow. Right excellent well actually job my dear didn't expect anything less he's eight years so welcome as a sound nice twin. It should be back. Of course is is radio's a family just use your imagination but trust me I'd say we're winning here at the air and everything. But thank you so much Christine great information we're gonna continue and our conversations. And get back on track for its reverse mortgage is I have some more questions for you black. Family welcome back home. And thank you ready a family for taking the time to be. With us here on the program joining me Rene Vonn is Kristi Bynum a Bynum law firm. PL LC and we will return with more of the weekend edition of community focused were coming back right activist and it is more the weekend edition of community focused for Saturday and Sunday mornings here on our inner conversations thank you radio famine for your great company. And I certainly am loving the company of Kristi. Mine up against is when Bynum law firm PL LC Kristi as an attorney and she's telling us some great information about reverse mortgages. So Christie just for those who may not have been with this at the beginning of the program. Just sort of recap if you're an individual 62 years of age or older who are you currently own your home you have at least up to. If more than hopefully fifty to 60% of equity in your home you are a prime candidate. For a reverse mortgage. So as we get back in the conversation let me ask you this why would someone even want a reverse mortgage in the first place. Well like I said this is if you're one of those seniors head coach Canada's app between our purse and medication or purchasing earth right. Or if you're in a situation to where maybe how does not quite where it used to be and but you don't wanna go into a nursing home an in home care can be really expensive. A reverse mortgage can be used as a tool to aid in place and things. Paper and home care. On the fact and it reverse mortgage in Burlington a few weeks ago. Com where since they were the key is our want the papers and and home care for their mom you and they used to reverse mortgage and her well so there. So meaning that in different situations. Different scenarios because of course everybody's situation is not going to be exactly. The same. But how nice to know that if that money is needed it's there right absolutely. Now we touched on this earlier to. But if we can do another recap on this as well give us some examples and feel free. Suited to share as many as she lied okay but how some of your clients have taken advantage of a reverse mortgage. And I have three let's let's start with saved from foreclosure for example. So on what we have is we've had a situation in the past where in the home was in foreclosure than people in the borrowers had an existing mortgage on the home and so even though they were in foreclosure. You know they still had a good bit of equity in the home so we were able to do either reverse mortgage payoff they're existing mortgage. Now they can stay in the home name lease payment three you don't have to make any payments and also coming out the government in this. Proceeds from the reverse mortgage our tax free because it's alone with kids so even if you do either reverse mortgage to powerful foreclosure or you do it to get a lot song me you don't have to pay taxes on that money and the money's just repaint must homes sold later on that is fantastic that's really good to know especially as before we know it. Taxis will be rolling around yet again. Gives you an example on retirement. So I'm acting images before we need to either reverse mortgage you have three options you can either pull up a lump sum. Or leave the money on there's a lot of credit or you can receive monthly payments. So for retirement purposes let's say you know you have financial capacity to go over your retirement plan. Your retirement funds aren't where you quiet want him to beat this so you did a reverse mortgage early on. So did you delete those funds only as a lot of credit and that line Craig is earning interest is yeah. And growing that's right and so calm. Four years down the road and you'll have a lot more money in the ending you did initially yeah so what's your return your retirement funds start to deplete conveniently just pull from those fines as needed. And and again I'm on the damage in this either you're a lot of credit is not added to the loan balance until you actually make withdraw from it. So he'd never mentally dropped from a business less money that you have to pay back the house that sold exact but it's certainly is there. If and when it's every need that's another excellent example and one more relentless touched on in home care is too. So arm we'd get a reverse mortgages are two sisters men actually one sister has serious health problems she was in a wheelchair and a healthier sister was taking care. Unfortunately the healthier sister passed away when. And so the loan officer actually did this and this is why. I urged people not how does 1800 numbers top to an individual success unless they're healthy sister passed away. On the loan officer helped the you know the I'm the sister who need care and owns her. Give the funds from her reverse mortgage to pay for that and home care so she was able to stay they were able to pay for 24 hour nursing care for turn ten cities nuts when nurse had. Is beautiful and in very seldom do we have situations like that who's in which unfortunately she didn't lose her sister. Who was without question her primary. Caregiver who but the fact that they're loan officer just stepped and that's Santa Ana. Still again the long process now where where I mean. Day really care absolutely you know they don't exist they have clothes and never speak to him again and why any Guinness bar XP I know we see those commercials on TV. But Colin speak to somebody who you can sit down with eight severely. And I like that too Chris because you write when we see those infomercials and we see that 1800 number you're right. If you just are fortunate enough to know someone like yourself who's. And you have questions. That's the best source right I believe that one should go to. To get the correct information. And to find out what reverse mortgage is really are bound and what they can and cannot do right where the individual. Reality is you know each situation is did exactly now are reverse mortgage may be a good tool for some person and you may not necessarily be the best tool for you that's why. You need to sit down and talk to somebody accidentally let them know what's your situation in my eyes. You know when he ran some numbers that article credit airing and we can just trends and numbers based on your date of birth and I'll. All we can you know use an approximate valuation on the property and we can go from there. And Moffett main focus is of course is just educate people eat out a loan officer. I'm an attorney I'm just trying to educate people on the product and that it can be helpful tool is not every one they can be hell and is in this. Situation exactly Christiane thank you for mentioning that because this at least worse. Getting. In contact with you to find out more about it right like you said they may not needed down the road but then again. How much more so bad if they should do it and it there really in a great place having talks to someone like yourself. This too can really be a great situation Kristi I was thinking about. Win and we talk about who qualifies. As soon with a reverse mortgage. Individuals 62 years of age and older who are homeowners. A lot of those homeowners are single individuals and they don't have a spouse or an additional in content that's coming in. So for a lot of those courses and they may be widowed they may have lost a husband or wife drank. And in that situation. How much more so than that reverse mortgage can help when situations like that come across. In situations we seen a lot of freak a lot more frequently here lately I'm you know parents have gotten into situations where they help their kids online right pass. So there's savings is not quite where it. We're used to be my hand so this is where a lot of times a reverse mortgage will come in and mom and my tested 62 in order and a homeowner that there is no credit what harm exam now they do pull credit of course you know we actually don't have any outstanding judgments out there grinding that credit will also come into play if they require I satisfactory and an insurance but. You don't have to have a minimum or maximum score to qualifier. It's now and that's a very great lead into the next question if wine. Does fit that criteria they're probably asking what do I need good credit quality. Right an answer is now. You do not have to have a great credit like ascent. You know if your credit is not that great then there will require a status which means. You might be able to pull out a little bit less funds than they're gonna set some money is saddened. And they want to Linder and when I say Sammy the Linder losing here Pena taxes and insurance every year. Because first and foremost they wanna make sure that patent or they don't want the tax department come in for whom they don't wanna house burning down and it's not. Shares kinks actress serious right very much south. Radio family thank you for your great company enjoying the company of Kristi dynamic it is the week an additional community focused. Thank you for tuning in every Saturday and Sunday morning here on our inner constellations. We are really engaged in a very informational conversation. On reverse mortgages and Christie as we do continue talking this morning. Here in the week in addition a community focused I wanted to ask what are some of the recent changes that have taken place. With reverse mortgages you you also mentioned that earlier in the program tip so. All the biggest changes really affected the industry is like I said you know they're crying you have a little more equity why didn't you. Are you not able to pull out quite as much as it used to be. But in there that the biggest thing that's a positive to the borrowers can see it is that sent a sad to track so make sure that you know you avoid that foreclosure in this and I listen to reverse mortgage lender can foreclose is like educational and there. A traditional Orlando requires that taxes and insurance and the general maintenance and how does need me tanked. Perverse martial arts the same thing not only differences with the reverse is just not built into the paint OK and so that's where they came up with dissent a sack to try to remedy some of that. Excellent now would reverse mortgages being good for someone who is involved with. Let's say financial planning and investments yes and we actually have several referrals from financial advisors for the retirement piece of so like I said you can use it for those retirement funds. Let Natalie just sit there weren't that interest on a lot of credit and then pulled from an as needed if need OK excellent and you say you can join us again how long now. For about six years now. Wow. And you I'm sure without question it helped a lot of seniors who do in these particular situations I just wanted to get back chew on a lot of the things with which. Pulling that equity Allen has has helped has there been any particular situation don't have to go into particular particulars but. Is there any one person who sticks out. Who was able to to use that in May be some unusual situation that you normally wouldn't find light. OK I wouldn't exactly would have thought of using the reverse mortgage for this particular situation. Oh. I. You know he did or reverse mortgage on his primary residence. But he's using the proceeds from their personal vision and he just let money sit there and I want to correct OK and he's pull in from an as needed to purchase investment properties company didn't want to see you know he'll do whatever repaired mix the house and then sell it yet and once he sells the house and receives those proceeds he'll put it back on line of credit. So who just make payment yeah and it acting as my Trenton and then when he gets ready to purchase another ethics are up our heroes from an again. And I'm proud that I see and that's. An NRA AF NUI did not mean to put you on the spot when you came through like H yeah. Because you know given what you do as an attorney and especially when you got onboard with. Reverse mortgages and like he said. Quite a bit has changed since the last time that we have talked and we mentioned a couple of things. Here on the week in addition of community focused but to know that there are so many different ways. In which that money can be of a benefit. I'm I'm still stuck won the mother should help the daughter out. To help her on her wedding day mood and you can only imagine because here we are were in the throes of graduation season is for wind we've got a lot of kids that are getting out of school and not just you know. You wore elementary and and high schools and and middle schools but. You know colleges and probably some kids are coming out of grad school just so many different situations. And which people have really benefited too especially as homeowners and those who qualify. The 62 and op. As people are hearing about this Kristi when they come to you when they come to your office what's typically the most frequently asked question. Outside of the fact. Dey wanna know exactly how was this reverse mortgage gonna help me. Well the frequent the most frequent question I have to say is well you know where's my kids wanna keep house yeah and so you know like he said typically with rivers more days of the mortgage is paid must house sultan and so I. However I will say probably about 80% of my clients either our mortgage so their kids while I open house and hang. In the rare circumstance where they they may wanna keep the house and the family and I always tell clients you can get a life insurance large enough to a life insurance policy in writing us to pay off the reverse. On and in you know once the person has passed away the kids will be the beneficiaries in the wrong way they can pay off there averse to keep the house bringing clear. Alternatively. Accused can always just refining Smith right there on mortgage known rivers and keep the house. The lender doesn't necessarily up. Mortgage lenders not in the business of owning property agents want to loan paid off here so you know as long as the K can find some way to pay Oppenheim. Meant this or refinance a life insurance policy or whatever. That's the main thing. Really great as I think Christine that would be such a great teaching tool would do well a lot of parents in and teaching their kids because as they get older. And they start doing things in their own. You know when you think about. Purchasing a home. That's a major life changing event for a lot of us. Whether it's our first home whether it's inheritance. Who you know in in a situation in which you've become. The what the executive or the status is what I'm thinking about. Which was a situation for me after my grandmother died I I took over the mortgage is in the home that we both had been in one week. First move to the Carolinas back in in the eighties. And still on the same home here we are in 2018. So yeah it is it's it's just great to be and that that one house I love my neighborhood I have an excellent neighbor. That takes care of things you know when when I'm away because I work schedules are so completely different so again as I mentioned when you have those scenarios. And you are person that you feel most comfortable it's really great and now that you have something like this help you. I really appreciate you made a very interesting point. A few minutes ago. That this would be a good situation. In which if you happen to be apparent. That wants to say perhaps she passed the house quote unquote in the family. And you have several children. Yeah that can be a nightmare disorders when you have kids fighting over property. As to who you know is the rifle air our owner write once a parent. You know passes on. And sell the fact that now all if any who are listening to receive on the weekend edition. A community focus are at that point when they're starting to make plane was especially as a parents are aging. You wanna know what how to prepare. Long term. Because you know worst case scenario something tragic sic happened and you don't know how to prepare. That that can even beat putting someone in dire straits so how great Christine that you take the time to sit down. With us as individuals. Whether we even hire you as an attorney or we just one additional information. On how to to really have. The correct. Information. Education. Knowledge and know how about reverse mortgages we can also go to a person like yourself. And I also want to mention I don't think I'm engineers throughout the broadcast but. Reverse mortgages can also be used to purchase and home why don't they ask some seniors who are may be downsizing. Or something like that. You can easily reverse mortgage to purchase ninety we'll have to put and you know make it a significant down payment may be about 50% more. But again. You can purchase a new home brand new or near what hall when no mortgage. You know and this is why I'm glad you're you every time you come back we learned something new from you Christie which is fantastic because. Really when we think about it who knew that reverse mortgages. That have so many benefits. You gain some excellent examples of carnage you work with personally. And and just giving us an example of a situation where if that's where we find ourselves. Here are the necessary steps to put us in a position to where reverse mortgage can help that individual. While Christie I guess my final question of the morning well first of all is there anything that I didn't cover that you want to mention. I'm not thinking about just about a. Fantastic and he did a phenomenal job anyways you always do now if a person should have. Additional questions and they're listening to the program this morning and they get in contact with you share. My number is 33628. 9217. And certainly. I'm happy to answer any questions that anyone may have. Again 33628. 917. Mom and my office's bottom law firm and we are located directly behind the Kristy curry. Offered little car that. Yeah. I feel landmark keeping V don't remember the office or even main meal just now I know it's right I. Krispy Kreme business so as 2000 filed boulevard street suite B is humble OK if Iraq I Christmas or bring you cannot miss it. And gimme that number once again raising 33628. 921. Cent and check. Fantastic in. And Christine this is something that I don't think I've mentioned to you that's become a a new part of our public affairs show is now. We all sell outside of hearing great conversation of members of our community focused family. Like yourself. This information we also will share on our podcast. So we encourage you have radio family that outside of taking what you have learned today. And sharing it with others. They can certainly go to our various radio stations a web sites. Including WQ one G dot com and ending will be able to listen to us on the podcasts and. I guess actually of modern techno run late it is really great and so are you my dear thank you so much easier won't come really do appreciate the time. You know I always have to ask. House of family doing well. I'm Aaron well a little precious girl viewers installed now my little diva she's area that we are what the hell yeah. Green going on thirty it to me absolutely they grow so fast but hopefully not too fast. Absolutely well how is specialist she's is she like in pre K no holes should be starting pre saying wow it is off in the fall easily decide where this summer oh my goodness she ran me she's forgiven harmonizing and gal Laurie yeah. Give her hug form and how will do it. Thank you so much you're welcome thank you Christie Bynum attorney would Bynum law firm. PL LC again our great conversation on reverse mortgages that location warmer time I Christine 2000 file boulevard street. Can we be as simple excellent 3362859217. Yes played OK that is the number. So already a family visit Chrissie and person her bubbly personality I promise you as what you will get things just as you've got video here you're welcome. Other weekend edition of community focus and certainly if you do you have. Any additional questions radio Stanley reach out to Kristi shall be more than happy to give you that information you need we'll Christie is has been wonderful. You know me there are no good buys a gap on this program indeed just until next time so has. Any additional changes are nor in new information. I'm reverse mortgages comes in by all means still free to come back and and will update and information for for her thank you you're so. Well gonna say how glad to have radio fairly back and Kristi Bynum. And radio family it is always great to have your wonderful company and of course I would be. Remiss if I didn't thank you. For the good things that you were doing and our communities as well so please continue. To keep up the great work and indeed no goodbye it's just until next time. Do enjoy the rest of your day and the rest of this weekend. As we do wrap up another great conversation here at the weekend edition of community focus into that next time do taking.
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