1 00:00:08,760 --> 00:00:12,720 S1: Many retirees feel the pressure of rising costs and limited income. 2 00:00:12,920 --> 00:00:17,320 S1: Yet one of their largest assets often sits completely unused. 3 00:00:17,480 --> 00:00:21,079 S1: Their home equity. Hi, I'm Rob West. For years, reverse 4 00:00:21,079 --> 00:00:25,160 S1: mortgages carried a mixed reputation. But significant reforms have made 5 00:00:25,200 --> 00:00:28,920 S1: today's program safer, more flexible and better suited to help 6 00:00:28,920 --> 00:00:33,760 S1: retirees navigate financial uncertainty. Today, Harland Alcala joins us to 7 00:00:33,800 --> 00:00:36,320 S1: walk through what you need to know. And then it's 8 00:00:36,360 --> 00:00:40,920 S1: on to your calls at 800 525 7000. That's 800 9 00:00:40,920 --> 00:00:46,239 S1: 525 7000. This is faith and finance. Live. Biblical wisdom 10 00:00:46,240 --> 00:00:51,720 S1: for your financial decisions. Well, our guest today is Harlan Accola, 11 00:00:51,760 --> 00:00:55,680 S1: the reverse mortgage expert with Movement Mortgage, an underwriter of 12 00:00:55,680 --> 00:00:58,280 S1: this program. Harlan, great to have you back with us. 13 00:00:58,840 --> 00:01:01,150 S2: Great to be here. Rob. Thanks for the opportunity to help. 14 00:01:01,190 --> 00:01:03,750 S1: Let me also mention Harlan will be here throughout the 15 00:01:03,750 --> 00:01:08,910 S1: broadcast today and we will prioritize questions specifically about reverse mortgage. 16 00:01:08,910 --> 00:01:12,030 S1: He joins us several times each year. He's our go 17 00:01:12,069 --> 00:01:14,390 S1: to guy on this topic. And what we find is 18 00:01:14,390 --> 00:01:18,990 S1: that this topic is often misunderstood, often underutilized as a 19 00:01:18,990 --> 00:01:22,550 S1: financial planning tool in that fourth quarter of life will 20 00:01:22,550 --> 00:01:25,670 S1: unpack some of the reasons why and the benefits. But 21 00:01:25,670 --> 00:01:28,229 S1: clearly we we want to be taking your calls and 22 00:01:28,230 --> 00:01:31,190 S1: questions today. So if you're thinking about a reverse mortgage, 23 00:01:31,190 --> 00:01:33,509 S1: you have questions about them. You want to get in 24 00:01:33,510 --> 00:01:38,630 S1: on the conversation. Today is the day 800 525 7000. 25 00:01:38,870 --> 00:01:40,789 S1: We do have lines open at the moment. So you 26 00:01:40,790 --> 00:01:46,630 S1: can call right now 800 525 7000 Harlan, let's begin 27 00:01:46,670 --> 00:01:50,309 S1: with this. And that is the the idea of home 28 00:01:50,310 --> 00:01:55,390 S1: equity as an untapped asset is fascinating. Why do you 29 00:01:55,390 --> 00:02:00,100 S1: think it's so often missing from retirement planning conversations. 30 00:02:00,580 --> 00:02:05,059 S2: Well, obviously when things started out, um, some there was 31 00:02:05,060 --> 00:02:09,260 S2: definitely some abuses of people taking advantage of seniors and 32 00:02:09,260 --> 00:02:12,860 S2: so on. So, uh, there was some bad reputation in 33 00:02:12,860 --> 00:02:15,060 S2: the beginning. But the big thing is really going back 34 00:02:15,060 --> 00:02:19,380 S2: to my dad's, uh, time period. We were taught as 35 00:02:19,380 --> 00:02:22,020 S2: kids to pay off your house. And the safest thing, 36 00:02:22,060 --> 00:02:24,900 S2: we even see the movie It's a Wonderful Life. Um, 37 00:02:24,940 --> 00:02:27,540 S2: at this time of year that the evil banker took 38 00:02:27,540 --> 00:02:32,459 S2: people's houses away. And so there's a certain cultural and 39 00:02:32,460 --> 00:02:35,660 S2: then further religious scenario of the dangers of debt and 40 00:02:35,660 --> 00:02:38,180 S2: getting rid of mortgages. I went to mortgage burning parties 41 00:02:38,180 --> 00:02:43,500 S2: as a kid in the 60s. And so culturally and religiously, 42 00:02:43,580 --> 00:02:46,500 S2: a lot of people just feel that scared of it. 43 00:02:46,500 --> 00:02:49,419 S2: And so it's just simply considered a resource that is 44 00:02:49,419 --> 00:02:52,500 S2: not used. People think nothing of using an IRA or 45 00:02:52,540 --> 00:02:56,900 S2: Social Security or an annuity, but they are scared to 46 00:02:57,050 --> 00:03:00,250 S2: death of using the equity that is their house, because 47 00:03:00,250 --> 00:03:03,130 S2: they think it's going to endanger their house and kick 48 00:03:03,130 --> 00:03:05,650 S2: them out. And then a lot of professionals who don't 49 00:03:05,650 --> 00:03:10,130 S2: know the details, um, end up advising against it, because 50 00:03:10,130 --> 00:03:12,169 S2: they don't know the changes that have happened and all 51 00:03:12,169 --> 00:03:16,370 S2: the safeguards that have come in from a regulatory perspective 52 00:03:16,370 --> 00:03:18,609 S2: and all of the things that make it a very 53 00:03:18,610 --> 00:03:22,010 S2: safe way to use some of the equity inside your house. 54 00:03:22,490 --> 00:03:25,369 S1: Yeah. Well, clearly there's also been a ton of negative 55 00:03:25,370 --> 00:03:29,130 S1: press around reverse mortgages over the years. Do you think 56 00:03:29,130 --> 00:03:30,650 S1: that perception has changed? 57 00:03:31,090 --> 00:03:33,929 S2: It's starting to change a little bit. Uh, every once 58 00:03:33,930 --> 00:03:36,130 S2: in a while there's a journalist that puts out some 59 00:03:36,130 --> 00:03:38,290 S2: good stuff. And of course, we all know we never 60 00:03:38,290 --> 00:03:40,770 S2: knew about fake news until a few years ago. But 61 00:03:40,770 --> 00:03:42,570 S2: we all know that there's things out there on the 62 00:03:42,570 --> 00:03:46,570 S2: internet and in the news media that is simply not correct. 63 00:03:46,730 --> 00:03:48,970 S2: Or it's kind of a seed of a truth, but 64 00:03:48,970 --> 00:03:53,410 S2: it's really a lie. Um, and, uh, and it's incorrect 65 00:03:53,450 --> 00:03:56,960 S2: or it's just simply misinformation. And so I think that's 66 00:03:56,960 --> 00:04:00,480 S2: really the problem, Rob, is that there's so much out 67 00:04:00,480 --> 00:04:03,720 S2: there in the news media that people bad news sells. 68 00:04:03,720 --> 00:04:05,600 S2: And so if a widow gets kicked, gets kicked out 69 00:04:05,600 --> 00:04:07,360 S2: of her house, of course it must be the fault 70 00:04:07,360 --> 00:04:10,080 S2: of the reverse mortgage, whether it was or not. And 71 00:04:10,080 --> 00:04:14,360 S2: so the even though it's changing somewhat, um, to more 72 00:04:14,360 --> 00:04:17,600 S2: positive than negative than 15 years ago when I started 73 00:04:17,600 --> 00:04:21,839 S2: in the business, uh, there's still plenty of negative, uh, 74 00:04:21,839 --> 00:04:24,240 S2: and outright misinformation out there as well. 75 00:04:24,800 --> 00:04:28,839 S1: Yeah. Very good. Harland is here today. We're talking reverse mortgages. 76 00:04:28,839 --> 00:04:31,840 S1: Today's your day to get your questions answered. So if 77 00:04:31,839 --> 00:04:35,560 S1: there's something going on in your life related to reverse mortgages, 78 00:04:35,560 --> 00:04:38,800 S1: you're considering it. You don't understand it. You're wondering if 79 00:04:38,800 --> 00:04:41,839 S1: it might apply. Well, today's a great day to call 80 00:04:41,880 --> 00:04:48,840 S1: the number 800 525 7000 again. That's 800 525 7000. 81 00:04:48,880 --> 00:04:51,080 S1: The calls are beginning to come in, but we've still 82 00:04:51,080 --> 00:04:53,960 S1: got room for you at the moment. Harland here from 83 00:04:53,960 --> 00:04:56,589 S1: Movement mortgage much more to come right around the corner. 84 00:04:56,589 --> 00:04:57,270 S1: Stay with us. 85 00:05:02,390 --> 00:05:05,430 S3: The opinions offered during this program represent the personal or 86 00:05:05,430 --> 00:05:09,910 S3: professional opinions of the participants, given for informational purposes only. 87 00:05:10,029 --> 00:05:13,430 S3: Any information provided is not intended to replace advice from 88 00:05:13,430 --> 00:05:17,909 S3: a financial, medical, legal or other professional who understands your 89 00:05:17,910 --> 00:05:19,430 S3: specific situation. 90 00:05:26,430 --> 00:05:28,550 S1: Great to have you with us today on faith and finance. 91 00:05:28,550 --> 00:05:30,870 S1: Live here on Moody Radio. I'm Rob West. We're taking 92 00:05:30,870 --> 00:05:33,750 S1: your calls and questions. All the lines filling up today. 93 00:05:33,910 --> 00:05:37,030 S1: We've got Harlan Achola here, our go to guy on 94 00:05:37,029 --> 00:05:41,870 S1: reverse mortgages. He'll be taking those questions today on that topic. Uh, 95 00:05:41,870 --> 00:05:47,310 S1: we do have, uh, looks like one remaining 800 525 7000. Uh, 96 00:05:47,310 --> 00:05:50,109 S1: we'll begin today in Georgia. Francis. Go ahead. 97 00:05:50,830 --> 00:05:53,700 S4: Hey, Rob, thank you so much for taking my call. 98 00:05:54,100 --> 00:05:57,099 S4: My husband, who has not listened to you as much 99 00:05:57,100 --> 00:05:59,860 S4: as I have, but has begun listening, and he's heard 100 00:05:59,860 --> 00:06:04,780 S4: a lot about reverse mortgages that he's encouraged by. As 101 00:06:04,779 --> 00:06:11,900 S4: I said, we are, um, 64 and 66. My husband, um, 102 00:06:11,980 --> 00:06:15,380 S4: we own our home. We don't have any debt. Uh, 103 00:06:15,420 --> 00:06:22,580 S4: we have approximately 100,000 in some IRAs and that sort 104 00:06:22,580 --> 00:06:25,700 S4: of thing. That's all our retirement. My husband still works, 105 00:06:25,700 --> 00:06:30,380 S4: I still work. We have about approximately $40,000 a year 106 00:06:30,380 --> 00:06:37,060 S4: in income. I haven't. But I'm planning to next month. When? 107 00:06:37,060 --> 00:06:40,779 S4: I mean, in March when I turned 65. Should we 108 00:06:40,779 --> 00:06:46,700 S4: get a reverse mortgage and can we use it to, um, repair, 109 00:06:46,740 --> 00:06:48,140 S4: do repairs on our home? 110 00:06:48,580 --> 00:06:51,260 S1: Yeah. Yeah, that's a great question, Francis. And we'll get 111 00:06:51,300 --> 00:06:52,930 S1: Harlan to weigh in on that. Let me just ask 112 00:06:52,930 --> 00:06:56,690 S1: a follow up. As you transition into retirement, what are 113 00:06:56,690 --> 00:07:00,530 S1: your thoughts about how you will fund retirement? Are you 114 00:07:00,529 --> 00:07:04,770 S1: looking at basically Social Security alone with the retirement account 115 00:07:04,810 --> 00:07:08,010 S1: just as a supplement? Uh, or will there be other 116 00:07:08,010 --> 00:07:09,130 S1: income sources? 117 00:07:10,650 --> 00:07:14,170 S4: Um, we will both. My husband's going to work until 118 00:07:14,210 --> 00:07:18,250 S4: at least 70, and, um, I will continue to work. 119 00:07:18,250 --> 00:07:20,369 S4: I work at a small part time job that is 120 00:07:20,370 --> 00:07:24,330 S4: not physically demanding. And mentally, I hope it keeps me sharp. 121 00:07:24,890 --> 00:07:28,290 S1: Yeah, I like that a lot. Uh, well, it's reverse 122 00:07:28,330 --> 00:07:31,530 S1: mortgage is certainly not for everyone, but, uh, the extent 123 00:07:31,530 --> 00:07:33,970 S1: to which you all want to stay in the home and, 124 00:07:34,090 --> 00:07:37,530 S1: you know, need a bit extra, either on a regular 125 00:07:37,530 --> 00:07:40,370 S1: basis or as a line of credit for, you know, 126 00:07:40,410 --> 00:07:43,330 S1: unexpected things like home repairs. Or maybe you want to 127 00:07:43,330 --> 00:07:45,610 S1: take a, a trip that's not in the budget. I 128 00:07:45,610 --> 00:07:49,250 S1: think that's where it can be an effective planning tool. Uh, Harlan, 129 00:07:49,290 --> 00:07:51,270 S1: why don't you give Frances an overview of how it 130 00:07:51,270 --> 00:07:52,670 S1: might work in their situation. 131 00:07:53,270 --> 00:07:55,830 S2: Yes, Francis, always what we talk to any of our 132 00:07:55,830 --> 00:07:58,590 S2: clients about is everybody has three buckets of wealth there. 133 00:07:58,950 --> 00:08:01,430 S2: They have their income, like their Social Security and the 134 00:08:01,430 --> 00:08:04,830 S2: money that you're earning working. Um, and then bucket two 135 00:08:04,870 --> 00:08:08,030 S2: is the bucket. You have 100,000 in there. And then 136 00:08:08,070 --> 00:08:11,429 S2: your house is your third bucket. And so the best 137 00:08:11,470 --> 00:08:15,110 S2: retirement plans, how to use all three of those and 138 00:08:15,110 --> 00:08:18,270 S2: putting it together. So we never say yes you should 139 00:08:18,270 --> 00:08:20,350 S2: get a reverse mortgage or no you shouldn't until we 140 00:08:20,350 --> 00:08:23,390 S2: really know your whole situation. But should you investigate it 141 00:08:23,390 --> 00:08:27,630 S2: without question? Um, because it's one of your assets that's 142 00:08:27,630 --> 00:08:31,470 S2: probably larger than the 100,000. And so when you take 143 00:08:31,470 --> 00:08:34,429 S2: a look at the whole picture, how should that be 144 00:08:34,429 --> 00:08:36,510 S2: brought together? And you said your husband plans to work 145 00:08:36,550 --> 00:08:39,230 S2: until he's 70 and you like your job. But one 146 00:08:39,230 --> 00:08:41,430 S2: of the things that we find out is sometimes people 147 00:08:41,429 --> 00:08:44,030 S2: end up having health issues or something pops up with 148 00:08:44,030 --> 00:08:47,309 S2: the job market that sometimes the job terminates early, or 149 00:08:47,350 --> 00:08:51,699 S2: sometimes we don't last forever, and a lot of people 150 00:08:52,100 --> 00:08:56,540 S2: plan their retirement together with the husband and wife. And 151 00:08:56,580 --> 00:08:59,340 S2: yet often the husband goes first. And so one of 152 00:08:59,340 --> 00:09:00,940 S2: the plans that Brenda and I made and why we 153 00:09:00,940 --> 00:09:03,700 S2: did our reverse mortgage is so my wife is going 154 00:09:03,700 --> 00:09:05,860 S2: to be able to be okay if something happens to 155 00:09:05,900 --> 00:09:10,100 S2: me early. So it kind of goes through. Sometimes our 156 00:09:10,100 --> 00:09:12,460 S2: best laid plans don't turn out the way that they are. 157 00:09:12,580 --> 00:09:14,380 S2: So it's good to have that as a buffer. And 158 00:09:14,380 --> 00:09:16,699 S2: the earlier you put a reverse mortgage in place, the 159 00:09:16,740 --> 00:09:19,660 S2: more it grows that that money is available for the future. 160 00:09:19,700 --> 00:09:21,660 S2: Even if you don't use it today or tomorrow or 161 00:09:21,660 --> 00:09:24,260 S2: next year or the year after that, you want to 162 00:09:24,260 --> 00:09:26,660 S2: just make sure that there's some liquidity there that if 163 00:09:26,660 --> 00:09:29,620 S2: you need it, it's there. Kind of borrowing money before 164 00:09:29,620 --> 00:09:31,939 S2: you need it. Getting the umbrella before it rains. So 165 00:09:32,059 --> 00:09:33,740 S2: a lot of wisdom in that, and we'd be happy 166 00:09:33,740 --> 00:09:38,140 S2: to investigate that further. Um, for your situation specifically. 167 00:09:38,620 --> 00:09:41,460 S1: Francis, any specific questions Harlan can address? 168 00:09:43,420 --> 00:09:48,380 S4: Um, yes. So, um, if if my husband were to die, 169 00:09:48,530 --> 00:09:53,370 S4: I would be drawing his social security and the house 170 00:09:53,370 --> 00:09:57,850 S4: would still be, um. Would still have. We can only 171 00:09:57,850 --> 00:10:02,370 S4: borrow a certain amount against the total value of the home. Right. 172 00:10:02,850 --> 00:10:06,809 S2: Right, right. Usually at your age, between 30 and 40%. 173 00:10:07,770 --> 00:10:10,770 S4: Okay, so you're also working. 174 00:10:11,250 --> 00:10:12,130 S2: I'm sorry. Go ahead. 175 00:10:13,330 --> 00:10:18,050 S4: If maybe we should wait a bit before looking at 176 00:10:18,050 --> 00:10:20,850 S4: a reverse mortgage. We're both healthy. Well, my husband's got 177 00:10:20,850 --> 00:10:22,610 S4: a heart condition, but it's well maintained. 178 00:10:23,090 --> 00:10:25,410 S2: Um, yeah. I wouldn't wait to look at it. The 179 00:10:25,410 --> 00:10:27,730 S2: situation is, is whether or not you might wait to 180 00:10:27,770 --> 00:10:30,210 S2: to get one, depending upon where you fully plan to 181 00:10:30,210 --> 00:10:32,130 S2: live and what kind of work that you need. But 182 00:10:32,130 --> 00:10:35,489 S2: you mentioned you needed some home improvements. You should probably 183 00:10:35,490 --> 00:10:38,810 S2: not use the 100,000 for your home improvements. That money 184 00:10:38,809 --> 00:10:41,050 S2: should probably. You should use your house to pay for. 185 00:10:41,050 --> 00:10:44,210 S2: Your house is usually the wisest thing to do. And 186 00:10:44,210 --> 00:10:47,800 S2: so it's something that you should most people should look 187 00:10:47,800 --> 00:10:50,640 S2: at when they're 62. That doesn't mean that they do it, 188 00:10:50,640 --> 00:10:52,920 S2: but they should look at it and say, how does 189 00:10:52,920 --> 00:10:55,520 S2: this fit with our overall planning with bucket one, two 190 00:10:55,520 --> 00:10:58,920 S2: and three? So it's certainly nothing that you should put 191 00:10:58,920 --> 00:11:01,400 S2: aside and say, well, let's wait until we have a problem. 192 00:11:01,679 --> 00:11:04,480 S2: It's a good idea to investigate. How does this fit 193 00:11:04,480 --> 00:11:07,200 S2: in with our plan, depending upon when we might retire. 194 00:11:09,080 --> 00:11:13,240 S4: Okay, so look at it now and think ahead to 195 00:11:13,280 --> 00:11:14,760 S4: when we might retire. 196 00:11:15,520 --> 00:11:20,000 S2: Yes, that's what our that's what our team does, is 197 00:11:20,040 --> 00:11:22,000 S2: we sit down with you if you go to movement, 198 00:11:23,240 --> 00:11:28,079 S2: as Rob had mentioned earlier, um, or give us a call, 199 00:11:28,080 --> 00:11:31,400 S2: then we just go through specifically your plan and say 200 00:11:31,400 --> 00:11:34,360 S2: this is how it might fit in. And so my 201 00:11:34,360 --> 00:11:36,679 S2: advice would be, yes, you should look at it now. 202 00:11:36,720 --> 00:11:39,160 S2: Don't put it off. Um, just like you look at 203 00:11:39,160 --> 00:11:41,760 S2: when you should draw Social Security. Uh, that doesn't mean 204 00:11:41,760 --> 00:11:43,920 S2: that you're necessarily going to do it today, but you 205 00:11:43,920 --> 00:11:46,230 S2: look into what your options are and it's a good 206 00:11:46,230 --> 00:11:48,390 S2: time to look into the options right now. And I'm 207 00:11:48,390 --> 00:11:50,110 S2: glad that you and your husband have been listening. 208 00:11:50,750 --> 00:11:53,310 S1: And, Harlan, you know, your example of what how you 209 00:11:53,309 --> 00:11:57,709 S1: and your wife approach this might be helpful scenario for Francis? 210 00:11:58,429 --> 00:12:01,390 S2: Yeah. Francis, we didn't wait because, um, I know that 211 00:12:01,390 --> 00:12:04,870 S2: if something happens to me, yes, Brenda gets my Social Security, 212 00:12:05,070 --> 00:12:07,990 S2: but she loses hers. And so she's going to be 213 00:12:07,990 --> 00:12:10,110 S2: living on less. And I wanted to make sure that 214 00:12:10,110 --> 00:12:12,430 S2: she was protected if something happened to me early. Because 215 00:12:12,429 --> 00:12:16,189 S2: we never know when we're going to, uh, to meet Jesus. 216 00:12:16,190 --> 00:12:19,309 S2: And so, um, I just wanted to make sure that 217 00:12:19,309 --> 00:12:23,150 S2: if I'm gone early that she is not in difficult situation. 218 00:12:23,150 --> 00:12:26,070 S2: And usually the men go first, and we want to 219 00:12:26,070 --> 00:12:29,270 S2: just make sure that things are okay for her regardless 220 00:12:29,270 --> 00:12:32,790 S2: of what happens. Uh, and that's, that's really an advice 221 00:12:32,790 --> 00:12:36,230 S2: for everybody who's listening is we we don't always know. 222 00:12:36,270 --> 00:12:38,750 S2: And I, I've talked to hundreds of widows over the 223 00:12:38,750 --> 00:12:43,470 S2: last 20 years that their husband didn't do very good planning. And, um, 224 00:12:43,510 --> 00:12:46,460 S2: that's I feel a big responsibility that that's what we 225 00:12:46,460 --> 00:12:47,819 S2: should be doing as husbands. 226 00:12:49,179 --> 00:12:50,460 S1: Francis, is that helpful? 227 00:12:51,700 --> 00:12:53,900 S4: That is very helpful. Could you tell me one more 228 00:12:53,900 --> 00:12:58,380 S4: time who to contact with you to, to get some 229 00:12:58,380 --> 00:13:02,540 S4: more information, to some more specifics based on our our details? 230 00:13:02,820 --> 00:13:04,500 S1: Yeah. If you want to go online, you can do 231 00:13:04,500 --> 00:13:10,500 S1: that movement. That's movement.com. And someone will give you a 232 00:13:10,500 --> 00:13:12,980 S1: call back. Harlan, perhaps you could give a phone number 233 00:13:12,980 --> 00:13:13,819 S1: if they'd prefer. 234 00:13:14,460 --> 00:13:19,219 S2: Yes. Or you can just go to five. Eight. Oh, reverse. Reverse. 235 00:13:19,420 --> 00:13:21,780 S2: I don't even know the numbers. It's five eight reverse. 236 00:13:21,780 --> 00:13:25,140 S2: But I'll get those numbers later because I just got 237 00:13:25,140 --> 00:13:26,620 S2: that in into my head. 238 00:13:27,460 --> 00:13:29,860 S1: Francis, thank you for your call today. Well, folks, Harlan 239 00:13:29,860 --> 00:13:32,860 S1: Akil is here today. We're talking reverse mortgages. We've got 240 00:13:32,860 --> 00:13:35,700 S1: plenty of phone calls waiting. We do have room for 241 00:13:35,700 --> 00:13:37,660 S1: a few more that we'll be able to get to 242 00:13:37,700 --> 00:13:42,780 S1: during the broadcast today, the number to call 800 525 7000. 243 00:13:42,820 --> 00:13:47,290 S1: That's 800 525 7000. A quick break and back with 244 00:13:47,290 --> 00:14:00,250 S1: much more just around the corner. Don't go anywhere. Thanks 245 00:14:00,250 --> 00:14:02,730 S1: for joining us today on Faith and Finance Live I'm 246 00:14:02,730 --> 00:14:06,290 S1: Rob West Harlan Achola here today. He's literally written the 247 00:14:06,290 --> 00:14:09,810 S1: book on the topic of reverse mortgages. He's a fellow 248 00:14:09,890 --> 00:14:13,849 S1: Christ follower and he's our resident expert on this topic. 249 00:14:14,170 --> 00:14:17,050 S1: You know, we love the idea of becoming debt free 250 00:14:17,050 --> 00:14:20,330 S1: and staying completely out of debt. Uh, I think the 251 00:14:20,330 --> 00:14:24,330 S1: opportunity here is the reverse. Mortgages of today are very 252 00:14:24,330 --> 00:14:28,290 S1: different than the ones of the past, and it is 253 00:14:28,410 --> 00:14:32,770 S1: a piece or one tool in the financial planning tool 254 00:14:32,810 --> 00:14:35,850 S1: belt for that fourth quarter of life. And it's often 255 00:14:35,850 --> 00:14:40,410 S1: overlooked where most families are sitting on significant home equity 256 00:14:40,610 --> 00:14:44,360 S1: in that season. those who are ill prepared, meaning they 257 00:14:44,360 --> 00:14:47,720 S1: haven't saved enough. And it's affecting their lifestyle because they 258 00:14:47,720 --> 00:14:51,440 S1: either have a forward mortgage that could be refinanced with 259 00:14:51,440 --> 00:14:54,640 S1: reverse so the payment goes away, or they could get 260 00:14:54,640 --> 00:14:57,600 S1: a monthly income stream. Their kids probably are not going 261 00:14:57,640 --> 00:14:59,920 S1: to keep the house anyway. They could stay in the 262 00:14:59,920 --> 00:15:03,040 S1: home until they both of them pass away, and then 263 00:15:03,040 --> 00:15:05,600 S1: at the time that it's sold, whatever equity is left 264 00:15:05,600 --> 00:15:08,040 S1: in the home goes to the heirs, and that's typically 265 00:15:08,040 --> 00:15:11,440 S1: the way that unfolds for those who have more capacity. 266 00:15:11,440 --> 00:15:13,920 S1: They have saved quite a bit. They look at this 267 00:15:13,920 --> 00:15:16,720 S1: as the third bucket to Harlan's point. You know, we 268 00:15:16,720 --> 00:15:19,240 S1: have our income, we have our assets, we have, uh, 269 00:15:19,280 --> 00:15:23,160 S1: home equity. And we're often looking at that and saying, 270 00:15:23,440 --> 00:15:26,480 S1: is it better to pull from the home rather than 271 00:15:26,520 --> 00:15:30,720 S1: a taxable withdrawal or some other vehicle that might be 272 00:15:30,720 --> 00:15:34,640 S1: appreciating more rapidly, uh, like in the stock market and 273 00:15:34,640 --> 00:15:37,560 S1: putting that on the table? As for at least consideration, 274 00:15:37,560 --> 00:15:41,910 S1: is one opportunity, given that these products are far different 275 00:15:41,910 --> 00:15:44,430 S1: than they were in the past, and really don't have 276 00:15:44,430 --> 00:15:47,710 S1: the same problems that we've heard about for many years. 277 00:15:47,710 --> 00:15:49,670 S1: So that's what we're discussing today. If you have a 278 00:15:49,670 --> 00:15:52,230 S1: question on how this might work in your financial life, 279 00:15:52,230 --> 00:15:56,030 S1: feel free to give us a call 800 525 7000. 280 00:15:56,070 --> 00:15:58,070 S1: Let's go back to the phones. Thomas is in Tennessee. 281 00:15:58,110 --> 00:15:58,790 S1: Go ahead sir. 282 00:16:00,710 --> 00:16:07,910 S5: Yeah. Rob. Hello? Um, I just turned 65 a week ago. Uh, 283 00:16:07,910 --> 00:16:09,950 S5: two months ago, I applied for. I wanted to get 284 00:16:09,990 --> 00:16:15,310 S5: a reverse mortgage. I've been disabled since 2005. And, uh, 285 00:16:15,870 --> 00:16:18,910 S5: after I went through and found out what my house 286 00:16:18,910 --> 00:16:24,270 S5: was all paid for in great shape for about, uh, 280,000. 287 00:16:25,350 --> 00:16:29,670 S5: So I go get this reverse mortgage, I go through, uh, everything, 288 00:16:29,670 --> 00:16:33,430 S5: and I find out, uh, the money I could get 289 00:16:33,470 --> 00:16:37,110 S5: won't meet the needs that I wanted it for. So 290 00:16:37,190 --> 00:16:39,590 S5: if I wanted to just pay off some debt, which 291 00:16:39,590 --> 00:16:42,940 S5: was about $13,000. I was only going to get like 292 00:16:42,940 --> 00:16:53,260 S5: $41,000 total. The fees were $13,000. It was about 6500, uh, 293 00:16:53,300 --> 00:16:57,860 S5: to originate the loan. And then there was, uh, it 294 00:16:57,860 --> 00:17:01,780 S5: wasn't PPI, but it was something along that line which 295 00:17:01,780 --> 00:17:04,300 S5: was going to cost the same amount. And I thought, 296 00:17:04,780 --> 00:17:07,459 S5: and I was going to borrow 13,000. I thought, wait 297 00:17:07,460 --> 00:17:11,820 S5: a minute, I'm going to pay 13,000 to get 13,000 298 00:17:12,300 --> 00:17:16,820 S5: at 6% interest. And it just didn't add up to me. 299 00:17:17,460 --> 00:17:20,620 S1: Yeah. Something doesn't sound quite right there. Harlan. Your thoughts? 300 00:17:21,180 --> 00:17:23,580 S2: Yeah. I'd like to take a look at, you know, 301 00:17:23,619 --> 00:17:27,460 S2: what's what was actually offered to you and run through, uh, 302 00:17:27,460 --> 00:17:31,340 S2: what's there? Um, there is no question that the first 303 00:17:31,340 --> 00:17:34,580 S2: thing is, is that one thing that is correct. Um, 304 00:17:34,859 --> 00:17:39,650 S2: is the mortgage insurance. FHA takes money out. Not that 305 00:17:39,650 --> 00:17:42,850 S2: you pay, but that comes out of the equity. So 306 00:17:42,850 --> 00:17:44,930 S2: you pay for it with equity, not with cash. It's 307 00:17:44,930 --> 00:17:48,210 S2: still money that comes off the list. It's not something 308 00:17:48,210 --> 00:17:51,810 S2: that you get, but that insurance guarantees that even if 309 00:17:51,810 --> 00:17:54,930 S2: you live to be 150, which obviously is unlikely, but 310 00:17:54,930 --> 00:17:58,290 S2: no matter how long you live, another 20, 30 years, 311 00:17:58,290 --> 00:18:00,570 S2: whatever the situation is, you will never have to make 312 00:18:00,570 --> 00:18:03,930 S2: a payment and you'll never be upside down. Um, and 313 00:18:03,930 --> 00:18:07,410 S2: so if your house is worth somewhere around 300,000, uh, 314 00:18:07,410 --> 00:18:11,570 S2: about $6,000 a little less, about 5500 would go to 315 00:18:11,850 --> 00:18:14,650 S2: FHA mortgage insurance. Some of the other fees, I'm not sure, 316 00:18:14,690 --> 00:18:17,929 S2: depending upon exactly what they are in Tennessee and so on. 317 00:18:18,290 --> 00:18:20,850 S2: Sometimes there's state fees, and I'd be happy to review 318 00:18:20,850 --> 00:18:23,369 S2: that for you. Um, if you checked in to see 319 00:18:23,369 --> 00:18:27,050 S2: whether or not it made sense. Um, but, uh, the 320 00:18:27,050 --> 00:18:30,570 S2: big thing is, is that we never have someone spend 321 00:18:30,570 --> 00:18:32,969 S2: money that it doesn't make sense, that it can't be 322 00:18:32,970 --> 00:18:36,370 S2: justified in their overall picture. So for some people, they 323 00:18:36,369 --> 00:18:38,840 S2: should not do a reverse mortgage, or they shouldn't do 324 00:18:38,840 --> 00:18:41,200 S2: any mortgage at all, or they shouldn't have credit card debt, 325 00:18:41,200 --> 00:18:44,080 S2: depending upon what the situation is. So we always look 326 00:18:44,119 --> 00:18:47,040 S2: at what is the alternative and what is the situation. 327 00:18:47,040 --> 00:18:48,639 S2: And the other thing is, is the line of credit 328 00:18:48,640 --> 00:18:50,359 S2: that you would get would be guaranteed to grow. If 329 00:18:50,400 --> 00:18:53,719 S2: you only use the 13,000 in 10 years, by the 330 00:18:53,720 --> 00:18:57,679 S2: time you're 75, that, uh, $40,000 line of credit, if 331 00:18:57,680 --> 00:19:00,520 S2: that's what it is, would be worth 80,000. Sounds low, 332 00:19:00,520 --> 00:19:02,879 S2: but I'd like to go over that with you. Um, 333 00:19:03,080 --> 00:19:06,159 S2: but in this situation, there are more costs than a 334 00:19:06,160 --> 00:19:08,440 S2: reverse mortgage. But it is something that comes out of 335 00:19:08,440 --> 00:19:11,840 S2: the equity, not out of cash. And some things are 336 00:19:11,840 --> 00:19:16,040 S2: worth the cost. Sometimes it's not depending upon your individual situation. 337 00:19:16,200 --> 00:19:18,240 S2: And that's what we weigh out when we take a 338 00:19:18,240 --> 00:19:20,560 S2: look at your whole picture and know what your tax 339 00:19:20,560 --> 00:19:23,040 S2: situation is, what, how much money you have in bucket two, 340 00:19:23,240 --> 00:19:25,000 S2: how long you're going to stay in the house, what's 341 00:19:25,000 --> 00:19:27,720 S2: your Social Security income? ET cetera. ET cetera. And if 342 00:19:27,720 --> 00:19:30,280 S2: you're married and you know all kinds of other factors 343 00:19:30,280 --> 00:19:32,160 S2: that we would look at before, we'd say, yes, this 344 00:19:32,160 --> 00:19:35,560 S2: is a good idea, it doesn't seem like most people 345 00:19:35,560 --> 00:19:38,229 S2: that are selling reverse mortgages really don't go through a 346 00:19:38,230 --> 00:19:41,870 S2: comprehensive planning session with you, and that's what's critical. That 347 00:19:41,869 --> 00:19:42,790 S2: needs to be done. 348 00:19:43,630 --> 00:19:45,949 S1: Very good. Thomas, I hope that helps. Feel free to 349 00:19:45,990 --> 00:19:50,750 S1: reach out to the team. Moved quickly to North Carolina. Hi, Kathy. 350 00:19:50,790 --> 00:19:55,909 S1: Go ahead. Kathy, are you with us? I am great, 351 00:19:55,910 --> 00:19:56,470 S1: how can we help? 352 00:19:56,510 --> 00:20:00,590 S6: My question. Oh, my question is, um, so my mom, 353 00:20:00,590 --> 00:20:04,510 S6: my dad has passed away. Um, and my mom has 354 00:20:04,510 --> 00:20:09,430 S6: a reverse mortgage on her house. Um, we, my husband 355 00:20:09,430 --> 00:20:14,030 S6: and I feel like we would probably like, um, the 356 00:20:14,030 --> 00:20:19,070 S6: house and the land when she passes. So my question is, 357 00:20:19,070 --> 00:20:21,989 S6: would it be better to go ahead and purchase it 358 00:20:21,990 --> 00:20:26,870 S6: from her now, or give her living rights to it 359 00:20:27,510 --> 00:20:33,830 S6: and or let her pass away and use the reverse 360 00:20:33,830 --> 00:20:37,060 S6: mortgage and then buy it after. Does that make sense? 361 00:20:37,500 --> 00:20:38,380 S1: Yeah. Harlan. 362 00:20:38,740 --> 00:20:39,419 S7: It makes complete. 363 00:20:39,420 --> 00:20:41,540 S2: Sense. That's an exercise that we do with a lot 364 00:20:41,580 --> 00:20:45,260 S2: of families. Just did one last week with a family that, uh, 365 00:20:45,619 --> 00:20:47,540 S2: she was concerned that they were going to lose it 366 00:20:47,540 --> 00:20:51,379 S2: because the cost was too high. We, uh, the the 367 00:20:51,420 --> 00:20:55,540 S2: short answer is, uh, probably not. It very rarely makes 368 00:20:55,540 --> 00:20:58,820 S2: sense to purchase out the reverse mortgage beforehand. It will 369 00:20:58,820 --> 00:21:02,180 S2: probably almost always make sense to let it go, because 370 00:21:02,220 --> 00:21:04,699 S2: at the end, you could owe more than what the 371 00:21:04,700 --> 00:21:06,780 S2: house is worth, and you never have to pay that 372 00:21:07,060 --> 00:21:09,540 S2: if you do it now. It's something you'd have to pay. 373 00:21:10,220 --> 00:21:12,939 S1: Very good. Uh, let's do this. Uh, stay on the line. 374 00:21:12,940 --> 00:21:15,179 S1: We'll get your information and get someone in touch with 375 00:21:15,180 --> 00:21:17,580 S1: you to help you analyze that back with much more 376 00:21:17,580 --> 00:21:26,700 S1: after this. Stay with us. Hey, thanks for joining us 377 00:21:26,700 --> 00:21:29,620 S1: today on Faith and finance live here on Moody Radio. Hey, 378 00:21:29,619 --> 00:21:31,380 S1: as we head toward the end of the year, we 379 00:21:31,420 --> 00:21:36,920 S1: are drawing close to our goal of $175,000. That's right. 380 00:21:36,920 --> 00:21:39,680 S1: As a listener supported ministry, this is a really important 381 00:21:39,680 --> 00:21:42,200 S1: time for us to hear from you at Faith Fi. 382 00:21:42,400 --> 00:21:45,359 S1: And so many of you have already responded. In fact, 383 00:21:45,359 --> 00:21:49,560 S1: we're about 40,000 away from reaching our goal. We can 384 00:21:49,560 --> 00:21:53,119 S1: do it. We've still got 15 days remaining, and every 385 00:21:53,119 --> 00:21:56,120 S1: gift that comes into faith by between now and December 386 00:21:56,119 --> 00:22:00,000 S1: 31st is doubled. Gifts of any amount and every gift 387 00:22:00,000 --> 00:22:02,960 S1: ensures you'll get a copy of my new devotional, Our 388 00:22:02,960 --> 00:22:06,080 S1: Ultimate Treasure. Our thank you to you. Just head to faith. 389 00:22:07,960 --> 00:22:12,480 S1: That's faith. Com give Harland is here today. We're taking 390 00:22:12,480 --> 00:22:16,680 S1: your calls on reverse mortgages. We're talking about reverse mortgages 391 00:22:16,680 --> 00:22:19,840 S1: as a planning tool for the fourth quarter of life. 392 00:22:19,840 --> 00:22:21,520 S1: And if you have a question about how it may 393 00:22:21,520 --> 00:22:24,200 S1: apply in your situation, feel free to call right now 394 00:22:24,200 --> 00:22:29,000 S1: 800 525 7000. Let's head back to the phones. Connie 395 00:22:29,040 --> 00:22:30,560 S1: is in Florida. Connie. Go ahead. 396 00:22:31,760 --> 00:22:32,160 S6: Hi. 397 00:22:32,390 --> 00:22:35,229 S8: Um, I have a question concerning a letter that I 398 00:22:35,270 --> 00:22:40,270 S8: keep receiving. Then it says that their records indicate that 399 00:22:40,270 --> 00:22:43,150 S8: I have not contacted them yet about my home warranty 400 00:22:43,190 --> 00:22:48,390 S8: up to date. I most certainly do. I have insurance 401 00:22:48,390 --> 00:22:51,550 S8: on the home, and it's never lapsed. We always. We 402 00:22:51,550 --> 00:22:54,270 S8: just paid it, as a matter of fact. I feel 403 00:22:54,270 --> 00:22:58,189 S8: like they're trying to make me buy more insurance, and 404 00:22:58,430 --> 00:23:01,270 S8: I have called them and I tell them, no, I 405 00:23:01,270 --> 00:23:05,390 S8: don't want any more insurance. Yet I keep getting these letters. 406 00:23:05,390 --> 00:23:06,590 S8: I don't know what to do. 407 00:23:07,470 --> 00:23:12,830 S1: Yeah, well, unfortunately, a solicitation can be challenging, especially when 408 00:23:12,830 --> 00:23:16,149 S1: you've not requested any information. I think perhaps the next 409 00:23:16,150 --> 00:23:18,750 S1: step is to call back, see if you can escalate 410 00:23:18,750 --> 00:23:22,790 S1: it to someone who is in a higher position. Let 411 00:23:22,790 --> 00:23:25,470 S1: them know the experience you've had to this point that 412 00:23:25,470 --> 00:23:28,870 S1: you've already more than once asked that they not contact 413 00:23:28,869 --> 00:23:31,620 S1: you again, and that doesn't seem to be doing the trick, 414 00:23:31,619 --> 00:23:35,379 S1: but unfortunately there's little recourse there apart from just getting 415 00:23:35,380 --> 00:23:38,899 S1: someone who's in a position to actually take the step 416 00:23:38,900 --> 00:23:42,460 S1: needed to remove you from their database so you're not 417 00:23:42,460 --> 00:23:45,340 S1: contacted again in the future. Uh, did you have any 418 00:23:45,340 --> 00:23:48,659 S1: other questions, though, about your situation or a reverse mortgage? 419 00:23:49,580 --> 00:23:53,220 S8: Well, my husband and I, he's 91. I'm 80. The 420 00:23:53,220 --> 00:23:56,500 S8: house is too big. We considered selling it and downsizing 421 00:23:56,540 --> 00:24:00,460 S8: to a smaller house. But what we owe the reverse 422 00:24:00,460 --> 00:24:06,220 S8: mortgage company would only leave us with 120 or $135,000. 423 00:24:06,220 --> 00:24:10,460 S8: That doesn't buy much, even for a two bedroom, two 424 00:24:10,500 --> 00:24:14,500 S8: bath house. So, um, do you think it's best if 425 00:24:14,500 --> 00:24:18,139 S8: we just sit on it and wait out our time 426 00:24:18,140 --> 00:24:20,859 S8: here in the house until we both pass? 427 00:24:21,740 --> 00:24:22,820 S1: Hmm? Harlan. 428 00:24:23,900 --> 00:24:27,740 S2: We, um, work on those situations a lot. It's. You 429 00:24:27,740 --> 00:24:30,370 S2: don't have to pay cash for the next house. At 430 00:24:30,369 --> 00:24:32,650 S2: your age, you get a substantial amount of difference, and 431 00:24:32,650 --> 00:24:35,770 S2: you can more than double the amount of money that 432 00:24:35,770 --> 00:24:38,490 S2: you have to put down. And if that house is 433 00:24:38,490 --> 00:24:40,889 S2: too big for you and you're downsizing, it would make 434 00:24:40,890 --> 00:24:42,730 S2: a lot of sense for us to talk to you 435 00:24:42,730 --> 00:24:45,609 S2: about using a reverse mortgage for purchase, which will allow 436 00:24:45,609 --> 00:24:48,409 S2: you to go to a different one and still, uh, 437 00:24:48,570 --> 00:24:52,050 S2: in the downsizing and still not have any payment and 438 00:24:52,050 --> 00:24:54,770 S2: not have to worry about ever making the payment, but 439 00:24:54,770 --> 00:25:00,690 S2: yet having lower costs on everything from insurance to utilities. Um, 440 00:25:00,810 --> 00:25:01,729 S2: so that's. 441 00:25:01,770 --> 00:25:02,810 S8: An awesome idea. 442 00:25:03,570 --> 00:25:07,490 S2: Yeah. Please, um, please reach out, uh, Connie, and we'll 443 00:25:07,490 --> 00:25:09,649 S2: be happy to tell you how that would work. You 444 00:25:09,650 --> 00:25:11,250 S2: don't have to pay cash for the next house. You 445 00:25:11,290 --> 00:25:13,170 S2: probably have more than enough to be able to take 446 00:25:13,170 --> 00:25:15,930 S2: care of that. And I hate those solicitations as much 447 00:25:15,930 --> 00:25:17,810 S2: as you do. It's the best thing you can do 448 00:25:17,850 --> 00:25:20,050 S2: is file them, because if you kill one, the next 449 00:25:20,050 --> 00:25:25,369 S2: one pops up. And so just, um, it's annoying, but, uh, 450 00:25:25,770 --> 00:25:27,609 S2: send them to the file. But the one thing I 451 00:25:27,609 --> 00:25:30,360 S2: can help you with is to review that. So reach 452 00:25:30,400 --> 00:25:35,800 S2: out to us at 580 reverse or.com, and we'll give 453 00:25:35,800 --> 00:25:38,080 S2: you what your options are. Because maybe you should move 454 00:25:38,080 --> 00:25:40,640 S2: to something that is just less expensive and help your 455 00:25:40,640 --> 00:25:41,720 S2: whole situation. 456 00:25:41,760 --> 00:25:45,040 S1: Very good Connie. Thanks for your call today to Georgia. Jimmy. 457 00:25:45,080 --> 00:25:45,600 S1: Go ahead. 458 00:25:45,920 --> 00:25:51,119 S9: Yes, sir. Uh. Appreciate you. So good subject. Uh, we, uh, 459 00:25:51,160 --> 00:25:56,119 S9: my wife and I are both about 75. We have no, uh, 460 00:25:56,440 --> 00:26:03,240 S9: no debt. Um, we're living off our savings and investment. And, uh, 461 00:26:03,560 --> 00:26:08,080 S9: our question is, number one is, would be we're thinking 462 00:26:08,080 --> 00:26:12,120 S9: about donating our house after death would take and reverse 463 00:26:12,119 --> 00:26:19,200 S9: mortgage and, uh, using that money for the donation rather 464 00:26:19,200 --> 00:26:22,640 S9: than wait to sell the house. And number two, with 465 00:26:22,640 --> 00:26:27,869 S9: the skyrocketing, uh, value of real estate instead of getting 466 00:26:27,910 --> 00:26:32,109 S9: a reverse mortgage, let the equity build up in the 467 00:26:32,109 --> 00:26:36,389 S9: house and getting a reverse mortgage. And we don't have 468 00:26:36,390 --> 00:26:40,630 S9: long term health care. So thinking about that. 469 00:26:40,630 --> 00:26:44,630 S1: So yeah, lots of considerations Harlan. 470 00:26:45,310 --> 00:26:49,670 S2: Well, you can kill 2 or 3 birds with one stone. Um, the, uh, 471 00:26:49,910 --> 00:26:52,710 S2: certainly if you're planning on giving one of my clients 472 00:26:52,910 --> 00:26:54,750 S2: a number of years ago took out some of the 473 00:26:54,750 --> 00:27:00,430 S2: money to help his church build an unwed mothers, uh, refuge, um, 474 00:27:00,790 --> 00:27:03,350 S2: and used all of the reverse mortgage money to do that, 475 00:27:03,350 --> 00:27:05,910 S2: because he was fine with the rest of his money 476 00:27:05,910 --> 00:27:09,670 S2: and got a substantial tax deduction because it doesn't cost 477 00:27:09,670 --> 00:27:11,030 S2: money to take money out of your house, but you 478 00:27:11,030 --> 00:27:14,149 S2: get a tax deduction, obviously, if you're doing if you're 479 00:27:14,150 --> 00:27:19,350 S2: doing donations. Um, and then after he passed away, um, 480 00:27:19,390 --> 00:27:23,390 S2: there was still over $300,000 left in his house and 481 00:27:23,390 --> 00:27:25,630 S2: then the church that he wanted it to go to 482 00:27:25,670 --> 00:27:28,660 S2: got the remainder even though he had given the money, 483 00:27:28,660 --> 00:27:31,899 S2: but for over ten years they had helped been helping 484 00:27:31,940 --> 00:27:36,659 S2: unwed mothers keep their babies. So he accomplished two things. 485 00:27:36,740 --> 00:27:38,780 S2: Seeing some of the results while he was alive and 486 00:27:38,780 --> 00:27:43,060 S2: it still helped out the charity when he passed. Um, 487 00:27:43,580 --> 00:27:46,100 S2: at the same token, if he would have needed some 488 00:27:46,100 --> 00:27:48,780 S2: long term care, he still would have had some money 489 00:27:48,780 --> 00:27:51,340 S2: left in his house to do that as well. Uh, 490 00:27:51,340 --> 00:27:52,859 S2: so that it wouldn't have he wouldn't have been a 491 00:27:52,859 --> 00:27:54,540 S2: burden to somebody else, and that he would have been 492 00:27:54,540 --> 00:27:57,060 S2: able to take care of things. So depending upon your 493 00:27:57,060 --> 00:28:00,060 S2: situation and how much money you have in bucket two, uh, 494 00:28:00,140 --> 00:28:02,700 S2: this could be a very wise thing to Ron blue 495 00:28:02,700 --> 00:28:05,660 S2: always said be given while you're living because you're knowing 496 00:28:05,660 --> 00:28:09,340 S2: where it's going. And maybe that applies in this situation. 497 00:28:10,260 --> 00:28:11,340 S1: Jimmy, your thoughts. 498 00:28:11,660 --> 00:28:12,300 S10: Why don't you have it? 499 00:28:12,940 --> 00:28:16,900 S9: Well, uh, what about the growth and equity in the 500 00:28:16,900 --> 00:28:21,740 S9: house right now? Um, that a few years down the road, 501 00:28:21,780 --> 00:28:27,130 S9: it'd be worth more in return. um, instead of getting 502 00:28:27,130 --> 00:28:28,090 S9: a reverse mortgage. 503 00:28:29,050 --> 00:28:30,970 S1: Yeah. Do me a favor and turn your radio down, 504 00:28:30,970 --> 00:28:33,610 S1: if you don't mind. Uh, you're exactly right. Because that 505 00:28:33,609 --> 00:28:36,729 S1: home will continue to appreciate. Which means there's more and 506 00:28:36,730 --> 00:28:40,530 S1: more to tap into there over time versus selling it. 507 00:28:40,530 --> 00:28:43,930 S1: You're kind of locking that in. Uh, Harlan, any follow 508 00:28:43,970 --> 00:28:45,010 S1: up thoughts on that? 509 00:28:45,090 --> 00:28:45,370 S10: Yeah. 510 00:28:45,410 --> 00:28:50,410 S2: Just remember, uh, Jimmy, the the increase in equity belongs 511 00:28:50,410 --> 00:28:53,370 S2: to you. Uh, not to us. We don't have any 512 00:28:53,370 --> 00:28:55,970 S2: ownership in the house. So if the house continues to 513 00:28:56,010 --> 00:28:59,610 S2: rise like it has at 4 or 5, six, 7% 514 00:28:59,610 --> 00:29:02,130 S2: in a lot of areas of the country, all of 515 00:29:02,170 --> 00:29:05,250 S2: that will still be available for you and your wife 516 00:29:05,250 --> 00:29:09,570 S2: or after you're gone, uh, to whoever you're giving that 517 00:29:09,570 --> 00:29:13,530 S2: to so you can give some. Now, like this gentleman that, uh, 518 00:29:13,570 --> 00:29:17,490 S2: gave to the unwed mothers shelter. Um, and there's still 519 00:29:17,490 --> 00:29:20,450 S2: money left over at the end. We don't get that money. 520 00:29:20,450 --> 00:29:23,290 S2: We just get the interest that has been used. So 521 00:29:23,440 --> 00:29:27,760 S2: the big growth in equity you continue to retain. That's 522 00:29:27,760 --> 00:29:30,000 S2: what you own. And you have the ability to give 523 00:29:30,040 --> 00:29:31,000 S2: after you're gone. 524 00:29:31,640 --> 00:29:32,720 S1: Does that make sense, Jimmy? 525 00:29:33,000 --> 00:29:36,000 S9: Uh, yeah, it makes sense now. We had a friend 526 00:29:36,000 --> 00:29:41,640 S9: that got a reverse mortgage, and it was, uh, very disappointing. 527 00:29:41,680 --> 00:29:44,680 S9: It was. The assessment was a lot less than the 528 00:29:44,680 --> 00:29:47,800 S9: value of the house. Is that something you run into? 529 00:29:48,120 --> 00:29:50,040 S1: Let's do this, because that's a great question. I'm sure 530 00:29:50,040 --> 00:29:53,600 S1: many have that same question. We're up against a break here, Jimmy. 531 00:29:53,600 --> 00:29:55,680 S1: If you'll hold the line, we'll get Harlan to tackle 532 00:29:55,680 --> 00:29:58,040 S1: that right after the break. We'll talk to Jim in 533 00:29:58,040 --> 00:30:00,040 S1: New Hampshire as well. And we have room for a 534 00:30:00,040 --> 00:30:03,320 S1: few more questions. Harlan here till the end of the program. 535 00:30:03,320 --> 00:30:06,240 S1: One more segment. If you have a reverse mortgage question, 536 00:30:06,240 --> 00:30:10,720 S1: call right now, 800 525 7000. We'll be right back. 537 00:30:19,040 --> 00:30:20,680 S1: Great to have you with us today on Faith and 538 00:30:20,680 --> 00:30:25,110 S1: Finance Live. Harlan is here today. We're talking reverse mortgages. 539 00:30:25,110 --> 00:30:27,710 S1: We're taking your calls and questions. We have room for 540 00:30:27,710 --> 00:30:30,270 S1: perhaps one more call between now and the end of 541 00:30:30,270 --> 00:30:34,870 S1: the show. Other than those holding 800 525 7000. Before 542 00:30:34,870 --> 00:30:38,030 S1: the break, we were talking to Jimmy in Georgia. Harlan? 543 00:30:38,030 --> 00:30:40,590 S1: Jimmy asked a great question. He had a home that 544 00:30:40,590 --> 00:30:45,470 S1: he felt didn't appraise properly, uh, when considering reverse or 545 00:30:45,510 --> 00:30:48,110 S1: knew someone who did. Uh, your thoughts on that? 546 00:30:48,550 --> 00:30:53,070 S2: Well, the vast majority of loans that we've done, literally thousands. Uh, 547 00:30:53,070 --> 00:30:57,990 S2: most clients are surprised, uh, that the value is as 548 00:30:57,990 --> 00:31:02,190 S2: high as what it is. There are some scenarios where 549 00:31:02,230 --> 00:31:04,590 S2: there's a lot of land. We can't take full value 550 00:31:04,590 --> 00:31:06,950 S2: of land if it's a 40 acre farm or something 551 00:31:06,950 --> 00:31:10,190 S2: like that. Uh, that will throw some of the numbers off, 552 00:31:10,190 --> 00:31:14,310 S2: but most of the time it comes out, uh, higher. Now, 553 00:31:14,350 --> 00:31:16,990 S2: sometimes it can be the fault of the company that's 554 00:31:16,990 --> 00:31:20,110 S2: doing it that they hire an appraiser that's too far away. 555 00:31:20,150 --> 00:31:23,020 S2: Somebody who's not familiar with the area doesn't understand the 556 00:31:23,020 --> 00:31:26,460 S2: value of shoreline. If it's on on the water or 557 00:31:26,460 --> 00:31:30,060 S2: different things like that. But, um, there are some cases 558 00:31:30,060 --> 00:31:32,660 S2: where people are disappointed in the value, but most of 559 00:31:32,660 --> 00:31:37,500 S2: the time it comes out higher than expected. Now, in Florida, 560 00:31:37,500 --> 00:31:39,500 S2: for example, where there has been a little bit of 561 00:31:39,500 --> 00:31:42,140 S2: a decrease because there was such a big increase. There's 562 00:31:42,140 --> 00:31:44,060 S2: a lot of people that have values coming in lower 563 00:31:44,060 --> 00:31:47,300 S2: than they were two years ago, but that's in the 564 00:31:47,300 --> 00:31:51,620 S2: shoreline areas where there were hurricanes. That's rare. However, most 565 00:31:51,620 --> 00:31:53,580 S2: of the time things are are just up a little 566 00:31:53,620 --> 00:31:56,180 S2: bit higher. Um, but it could be the fault of 567 00:31:56,180 --> 00:31:59,380 S2: just hiring the wrong appraiser. And that's one thing. We 568 00:31:59,380 --> 00:32:02,980 S2: own our own appraisal management company. And so it's much 569 00:32:02,980 --> 00:32:05,140 S2: easier for us to control to make sure the best 570 00:32:05,140 --> 00:32:08,980 S2: appraisers there that's most familiar with the area. And that's 571 00:32:08,980 --> 00:32:11,420 S2: a big deal. That's that's half the loan right there. 572 00:32:11,940 --> 00:32:13,500 S1: Yeah. Jimmy, is that helpful? 573 00:32:14,620 --> 00:32:18,580 S9: Yeah. That's very good I guess finally not having a 574 00:32:18,580 --> 00:32:21,690 S9: long term health care knowing that is this the best 575 00:32:21,690 --> 00:32:25,330 S9: way to go if you're concerned about long term health care? 576 00:32:25,370 --> 00:32:26,690 S9: The reverse mortgage now? 577 00:32:27,650 --> 00:32:30,050 S2: Well, it was for my parents. It's not for everybody. 578 00:32:30,050 --> 00:32:33,650 S2: But when you're 75, um, the you're not going to 579 00:32:33,650 --> 00:32:37,330 S2: get regular long term care. Usually that's best purchased at 50. 580 00:32:37,370 --> 00:32:40,050 S2: And so it's going to be very expensive or not 581 00:32:40,050 --> 00:32:43,410 S2: possible to get it all. So, uh, is it better 582 00:32:43,410 --> 00:32:46,850 S2: to use the reverse mortgage for long term care if 583 00:32:46,890 --> 00:32:48,570 S2: you need it? And I hope you don't. But if 584 00:32:48,570 --> 00:32:50,489 S2: you do, is it better to take it out of 585 00:32:50,530 --> 00:32:53,410 S2: there than investments that there'll be more left at the end? 586 00:32:53,450 --> 00:32:57,770 S2: Almost always. Um, because it's something that is tax free 587 00:32:57,770 --> 00:33:01,770 S2: and it's something that's separated from those other investments. So, um, 588 00:33:02,130 --> 00:33:04,450 S2: it just depends on a lot of factors. But almost 589 00:33:04,450 --> 00:33:06,490 S2: always it's the best place to pull it out. It 590 00:33:06,490 --> 00:33:07,610 S2: was for my parents. 591 00:33:08,410 --> 00:33:11,170 S1: Jimmy, thanks for your call today. We appreciate it out 592 00:33:11,170 --> 00:33:12,770 S1: to New Hampshire, Jim. Go ahead. 593 00:33:14,210 --> 00:33:18,840 S11: Yes. I was just looking at an ACA A home 594 00:33:18,840 --> 00:33:25,000 S11: equity agreement. And, um, this is they're going to give 595 00:33:25,000 --> 00:33:29,280 S11: me a note or a loan for $20,000. Something that 596 00:33:29,280 --> 00:33:32,560 S11: would carry me over for two years because I lost, uh, 597 00:33:33,080 --> 00:33:38,520 S11: $10,000 of income on a yearly basis. And, um, it 598 00:33:38,520 --> 00:33:42,440 S11: would carry me to I get Social Security and which 599 00:33:42,440 --> 00:33:46,720 S11: would be about, uh, 2000 a month. And I was 600 00:33:46,720 --> 00:33:49,120 S11: just wondering if it was okay because I pay on 601 00:33:49,120 --> 00:33:52,320 S11: the backside of this. So when I sell the home, 602 00:33:52,320 --> 00:33:58,120 S11: they get about 7% of the equity accrued from when 603 00:33:58,120 --> 00:34:00,320 S11: I take the note to when I sell the home, 604 00:34:00,320 --> 00:34:03,480 S11: which is about ten years. Yeah. 605 00:34:03,880 --> 00:34:05,120 S1: Uh, Harlan, your thoughts? 606 00:34:06,080 --> 00:34:08,800 S2: Yeah. I, um, I want you to know that movement 607 00:34:08,800 --> 00:34:15,160 S2: mortgage will not touch. He's, um, home equity agreements are, uh, dangerous. 608 00:34:15,160 --> 00:34:19,069 S2: Nothing is always good or always bad, but the vast 609 00:34:19,070 --> 00:34:21,790 S2: majority of Agas I've looked at usually end up to 610 00:34:21,830 --> 00:34:27,469 S2: be 30 to 50% interest costs. They say they only 611 00:34:27,469 --> 00:34:31,750 S2: take a certain percentage of the the total. But the 612 00:34:31,750 --> 00:34:34,150 S2: other thing is, is you are giving up control of 613 00:34:34,150 --> 00:34:36,190 S2: your deed. You can end up being kicked out of 614 00:34:36,190 --> 00:34:38,910 S2: your house early if you don't do the repayment when 615 00:34:38,910 --> 00:34:44,109 S2: you should. Um, uh, I have looked at hundreds of hea's. 616 00:34:44,510 --> 00:34:47,630 S2: I've only recommended that somebody took it one time, and 617 00:34:47,630 --> 00:34:49,549 S2: that was because they had a terminal illness and they 618 00:34:49,590 --> 00:34:51,149 S2: were going to be gone in a couple of years, 619 00:34:51,150 --> 00:34:53,310 S2: and they wanted a lot of money to give away 620 00:34:53,310 --> 00:34:56,670 S2: and to do their bucket list. That's the only time 621 00:34:56,670 --> 00:34:59,509 S2: that it made sense. Uh, if you're not, if you 622 00:34:59,510 --> 00:35:03,510 S2: don't have a terminal illness. Hea's are typically very dangerous. 623 00:35:03,550 --> 00:35:06,790 S2: There's a number of lawsuits out there against them. Uh, 624 00:35:06,790 --> 00:35:12,310 S2: very low satisfaction rate. Reverse mortgages have a 90% satisfaction rate. 625 00:35:12,469 --> 00:35:16,730 S2: Hgas less than 10%. Um, be very, very careful. I'd 626 00:35:16,770 --> 00:35:18,489 S2: be happy to go through the fine print with you 627 00:35:18,489 --> 00:35:22,250 S2: and explain what it's really about. They are not regulated 628 00:35:22,250 --> 00:35:25,129 S2: by FHA. They don't have anywhere near the regulation that 629 00:35:25,130 --> 00:35:28,290 S2: we have. Um, it makes me very nervous. And I'd 630 00:35:28,290 --> 00:35:30,770 S2: love to visit with you and look through the numbers. 631 00:35:30,770 --> 00:35:33,969 S2: But we as a rule, we do not sell hcas 632 00:35:34,210 --> 00:35:36,050 S2: and we do not recommend them. 633 00:35:36,850 --> 00:35:41,569 S1: Jim, I know you're 67. Uh, you've got 244,000 you 634 00:35:41,570 --> 00:35:44,649 S1: still own on the home or. Oh, on the home. Uh, 635 00:35:44,650 --> 00:35:45,650 S1: what is it worth? 636 00:35:47,330 --> 00:35:50,370 S11: It's about, uh, 700,000. 637 00:35:50,930 --> 00:35:55,250 S1: Okay. So, Harlan, obviously you don't like Hea's, and I 638 00:35:55,290 --> 00:36:00,130 S1: completely agree. So what would you generally recommend here using 639 00:36:00,130 --> 00:36:01,210 S1: reverse instead? 640 00:36:01,810 --> 00:36:03,610 S10: Yeah, there's a couple of reverses. 641 00:36:03,610 --> 00:36:05,969 S2: That's going to give you, uh, some of the money 642 00:36:05,969 --> 00:36:10,170 S2: that you're going to need to bridge that gap. And the, uh, 643 00:36:10,770 --> 00:36:14,570 S2: the fact is, is that, um, you may not need 644 00:36:14,719 --> 00:36:17,000 S2: as much as what's there. If we take a look 645 00:36:17,040 --> 00:36:19,840 S2: at eliminating the mortgage payment, how much of a difference 646 00:36:19,840 --> 00:36:23,080 S2: does that make? So I need to understand a little 647 00:36:23,120 --> 00:36:27,360 S2: bit more about your situation. Um, but if you plan 648 00:36:27,360 --> 00:36:31,120 S2: on being out of the house within ten years, uh, 649 00:36:31,120 --> 00:36:34,320 S2: that's a whole different situation. But you may be forced 650 00:36:34,320 --> 00:36:37,399 S2: out otherwise in that scenario, but, um, you may be 651 00:36:37,400 --> 00:36:39,279 S2: pretty close to being able to have the problem solved 652 00:36:39,280 --> 00:36:42,600 S2: with a regular, uh, reverse or a proprietary reverse that 653 00:36:42,600 --> 00:36:45,200 S2: gives a little higher value but still doesn't take the 654 00:36:45,200 --> 00:36:48,320 S2: ownership or the equity away. We never share in the equity. 655 00:36:50,920 --> 00:36:51,400 S1: That helpful? 656 00:36:51,400 --> 00:36:54,920 S11: Jim, I have. Uh, can I just say one more thing? 657 00:36:55,320 --> 00:36:55,840 S1: Sure. 658 00:36:56,000 --> 00:37:00,719 S11: I do have the $2,000 coming from Social Security, and 659 00:37:00,719 --> 00:37:03,279 S11: that's really money that I could use to pay it 660 00:37:03,280 --> 00:37:09,040 S11: off before I have to even think about selling the home. Well, 661 00:37:09,040 --> 00:37:09,520 S11: that's true. 662 00:37:11,239 --> 00:37:13,000 S2: But if the value of your house declines, they can 663 00:37:13,000 --> 00:37:16,870 S2: force a sale whenever they want. And that's what's scary, 664 00:37:16,870 --> 00:37:20,550 S2: is you're giving up the control of the ownership. And 665 00:37:20,550 --> 00:37:24,350 S2: that's what almost all Hcas have a clause in there 666 00:37:24,350 --> 00:37:28,950 S2: that if the value decreases, they can force a sale. And, um, 667 00:37:29,390 --> 00:37:33,190 S2: that those are some other considerations. But there's a whole 668 00:37:33,190 --> 00:37:39,510 S2: bunch of companies out there, um, and uh, different requirements. Um, 669 00:37:39,630 --> 00:37:43,589 S2: and I'd be happy to review what's there and run 670 00:37:43,590 --> 00:37:45,069 S2: through it with you. I don't want to give you 671 00:37:45,070 --> 00:37:49,070 S2: a quick answer over the radio that doesn't fully exhaust 672 00:37:49,070 --> 00:37:51,910 S2: all of your questions and all of the factors that 673 00:37:51,910 --> 00:37:53,029 S2: are in that agreement. 674 00:37:53,790 --> 00:37:58,430 S1: Very good. Jim. You can reach out. And we appreciate 675 00:37:58,430 --> 00:38:01,830 S1: your call today, sir. Uh, quickly to Akron. Ellen. Go ahead. 676 00:38:02,390 --> 00:38:05,589 S12: Hi. Thank you for taking my call. I confess that 677 00:38:05,590 --> 00:38:08,310 S12: every time I get to listen to a conversation on 678 00:38:08,310 --> 00:38:10,589 S12: reverse mortgages, I only hear bits and pieces of it, 679 00:38:10,590 --> 00:38:12,660 S12: so I'm not sure I understand it fully. but here's 680 00:38:12,660 --> 00:38:16,940 S12: my question. I'm 61. My husband is 60. We both 681 00:38:16,980 --> 00:38:21,299 S12: still work. I am drawing from an opus retirement that 682 00:38:21,300 --> 00:38:24,660 S12: I retired out of already, and we both have Social Security. 683 00:38:24,980 --> 00:38:28,180 S12: We also have investments. And when I heard Harlan talking 684 00:38:28,180 --> 00:38:31,260 S12: about his he and his wife having a reverse mortgage, 685 00:38:31,300 --> 00:38:34,020 S12: I thought, well, they surely they have investments as well. 686 00:38:34,060 --> 00:38:37,219 S12: So my question is, is reverse mortgage for someone who 687 00:38:37,260 --> 00:38:43,259 S12: already has a good retirement plan through investments and their, um, 688 00:38:43,780 --> 00:38:44,700 S12: their pensions? 689 00:38:45,340 --> 00:38:46,300 S1: Yeah. Harlan. 690 00:38:47,100 --> 00:38:50,300 S2: Well, yes. Obviously, if somebody is has a very small 691 00:38:50,300 --> 00:38:52,660 S2: amount in bucket two and doesn't have much for investment, 692 00:38:52,660 --> 00:38:54,660 S2: that's a different use of the reverse mortgage. They need 693 00:38:54,660 --> 00:38:57,859 S2: the money to maintain their lifestyle. I'm still working. So 694 00:38:57,900 --> 00:38:59,819 S2: obviously I could afford to make a mortgage payment. I 695 00:38:59,820 --> 00:39:02,660 S2: don't need to pull money out of my reverse mortgage. Um, 696 00:39:02,660 --> 00:39:05,980 S2: but I specifically did it so that I could create 697 00:39:05,980 --> 00:39:09,820 S2: a safe situation for my wife, number one and number two, 698 00:39:09,860 --> 00:39:12,089 S2: so I could use it for financial planning so that 699 00:39:12,090 --> 00:39:15,210 S2: I could save money in taxes and give more money 700 00:39:15,210 --> 00:39:18,009 S2: to our four sons. When we do pass, when we 701 00:39:18,010 --> 00:39:20,930 S2: both are gone. Um, so I'm using it for a 702 00:39:20,930 --> 00:39:23,890 S2: different purpose because I do have a significant amount in 703 00:39:23,890 --> 00:39:28,049 S2: investments and have, uh, saved from that perspective. And I've 704 00:39:28,050 --> 00:39:33,090 S2: been fortunate and blessed, and I'm still working at 65. Um, but, uh, 705 00:39:33,090 --> 00:39:35,370 S2: you would be using it for a different reason. And 706 00:39:35,370 --> 00:39:37,290 S2: a lot of people say, well, if I've got enough money, 707 00:39:37,290 --> 00:39:40,170 S2: I don't need it. Um, it's just a question of 708 00:39:40,690 --> 00:39:43,450 S2: we need to use stewardship in every area of our life. 709 00:39:43,450 --> 00:39:46,890 S2: What's the best stewardship for working? What's the best stewardship for, uh, 710 00:39:46,890 --> 00:39:49,650 S2: investing our money? What's the best stewardship for using the 711 00:39:49,650 --> 00:39:52,330 S2: money in our house? And I would just look at 712 00:39:52,330 --> 00:39:54,089 S2: it if I were you and say, how can I 713 00:39:54,090 --> 00:39:57,130 S2: do this in the best way? Not out of need, 714 00:39:57,170 --> 00:39:59,370 S2: but what is the most efficient way to use my 715 00:39:59,370 --> 00:40:02,450 S2: home equity? Because it's a big resource that should not 716 00:40:02,450 --> 00:40:04,609 S2: be ignored and just looked at it how it fits 717 00:40:04,610 --> 00:40:06,770 S2: into your plans. And that's what we do with your 718 00:40:06,770 --> 00:40:10,680 S2: financial advisor or directly with you is just go over 719 00:40:10,680 --> 00:40:13,120 S2: the planning. Look at bucket one, two and three and say, oh, 720 00:40:13,160 --> 00:40:17,200 S2: you could save $100,000 in taxes. Or this allows you 721 00:40:17,200 --> 00:40:20,160 S2: to have more cash flow or whatever the situation may be, 722 00:40:20,160 --> 00:40:24,160 S2: but you should not ignore reverse mortgage simply because you 723 00:40:24,160 --> 00:40:25,680 S2: have a lot of money in investments. 724 00:40:26,120 --> 00:40:29,719 S1: Mhm. Very good. Let me read Marissa's question in Tampa. 725 00:40:30,000 --> 00:40:32,640 S1: We just have a minute left. She says she owns 726 00:40:32,640 --> 00:40:35,400 S1: the house, but her mom and sister live in the home. 727 00:40:35,560 --> 00:40:39,320 S1: If she got a reverse and something happened to her, 728 00:40:39,360 --> 00:40:42,040 S1: do her mom and sister still get to live in 729 00:40:42,040 --> 00:40:42,600 S1: the home? 730 00:40:43,560 --> 00:40:47,279 S2: Um. Great question. Um, anybody who's over 62, I would 731 00:40:47,280 --> 00:40:49,799 S2: put your mom on the mortgage. I assume she's would 732 00:40:49,800 --> 00:40:54,359 S2: be over 62. Um, uh, and depending upon what age 733 00:40:54,360 --> 00:40:57,960 S2: your sister is, and then whoever's over 62 is going 734 00:40:57,960 --> 00:40:59,440 S2: to be able to stay in the house, even if 735 00:40:59,480 --> 00:41:02,640 S2: you pass first, um, plans would need to be made 736 00:41:02,640 --> 00:41:06,400 S2: for anybody that's under the age of 62. Um, and 737 00:41:06,440 --> 00:41:10,790 S2: they could participate in an insurance plan, or in some 738 00:41:10,830 --> 00:41:14,350 S2: sort of investments, or paying down on the reverse mortgage 739 00:41:14,350 --> 00:41:17,549 S2: so that they could afford it when mom and you 740 00:41:17,550 --> 00:41:20,630 S2: would pass. Um, but it certainly can be part of 741 00:41:20,670 --> 00:41:24,390 S2: a we have a lot of multigenerational housing, uh, people 742 00:41:24,430 --> 00:41:28,350 S2: living together in that situation. The key is just planning. 743 00:41:28,350 --> 00:41:31,150 S2: How does this end up? Seven Habits of highly effective 744 00:41:31,150 --> 00:41:33,750 S2: people is begin with the end in mind. So if 745 00:41:33,750 --> 00:41:36,150 S2: we know how you want to end up, um, having 746 00:41:36,150 --> 00:41:38,350 S2: younger people in the house does not preclude doing the 747 00:41:38,350 --> 00:41:42,310 S2: reverse mortgage. That's a very important way to, um, to 748 00:41:42,350 --> 00:41:44,350 S2: to plan for working together with you. 749 00:41:44,790 --> 00:41:46,670 S1: Very good. We're going to have to leave it there. Harlan, 750 00:41:46,670 --> 00:41:48,589 S1: give the phone number if someone wants to reach you 751 00:41:48,590 --> 00:41:49,230 S1: in the team. 752 00:41:49,870 --> 00:41:54,030 S2: Yes, that's 580 reverse r e v e r s. 753 00:41:54,270 --> 00:41:56,629 S2: We look forward to being of help to you in 754 00:41:56,630 --> 00:41:57,469 S2: a servant to you. 755 00:41:57,950 --> 00:42:00,110 S1: Thank you very much, Harlan. We appreciate your time. 756 00:42:01,270 --> 00:42:01,990 S2: Thank you. 757 00:42:02,670 --> 00:42:05,310 S1: Faith and Finance Live is a partnership between Moody Radio 758 00:42:05,310 --> 00:42:07,150 S1: and Faith five. We'll see you next time.