1 00:00:09,160 --> 00:00:11,879 S1: Long term care is becoming one of the biggest pressures 2 00:00:11,880 --> 00:00:15,280 S1: families face, and many aren't sure where to turn. Hi, 3 00:00:15,320 --> 00:00:19,040 S1: I'm Rob West. Rising costs, limited coverage and an aging 4 00:00:19,040 --> 00:00:23,840 S1: population are creating challenges that few retirees are prepared for. Today, 5 00:00:23,840 --> 00:00:27,320 S1: we'll talk with Harlan Accola about the financial realities of 6 00:00:27,320 --> 00:00:30,080 S1: long term care and how home equity can play a 7 00:00:30,080 --> 00:00:33,200 S1: strategic role in meeting those costs. Then we'll take your 8 00:00:33,200 --> 00:00:40,080 S1: phone calls at 800 525 7000. That's 800 525 7000. 9 00:00:40,120 --> 00:00:43,760 S1: This is faith and finance. Live biblical wisdom for your 10 00:00:43,760 --> 00:00:48,160 S1: financial decisions. Well, it's always great to have our go 11 00:00:48,200 --> 00:00:51,080 S1: to guy on reverse. Mortgage is with us. Harlan Accola 12 00:00:51,080 --> 00:00:54,560 S1: is here with movement mortgage and underwriter of this program. 13 00:00:54,560 --> 00:00:58,560 S1: Harlan leads the reverse side of Movement Mortgage. And today 14 00:00:58,560 --> 00:01:02,630 S1: we're specifically talking about the rising cost of long term care. 15 00:01:02,910 --> 00:01:08,350 S1: How many Americans, many retirees, are not prepared to fund 16 00:01:08,350 --> 00:01:11,949 S1: those costs, and how, among other tools, home equity can 17 00:01:11,950 --> 00:01:16,030 S1: be a really valuable resource, in particular in this season 18 00:01:16,069 --> 00:01:18,790 S1: of life. Let me also say that Harlan will be 19 00:01:18,790 --> 00:01:21,510 S1: with us the entire hour. So this is the day 20 00:01:21,510 --> 00:01:25,030 S1: if you have questions about reverse mortgages. And these are 21 00:01:25,030 --> 00:01:28,950 S1: often misunderstood products, and for good reason, because they were 22 00:01:28,950 --> 00:01:32,869 S1: quite different decades ago. It's a different product today, and 23 00:01:32,870 --> 00:01:35,470 S1: I think at least a viable alternative for many in 24 00:01:35,470 --> 00:01:38,270 S1: this season. Uh, if you have a question on that topic, 25 00:01:38,310 --> 00:01:42,550 S1: today is the day to call 800 525 7000. That's 26 00:01:42,550 --> 00:01:47,830 S1: 800 525 7000. We'll begin taking those calls in just 27 00:01:47,830 --> 00:01:50,390 S1: a bit. And by the way, every call on that 28 00:01:50,390 --> 00:01:53,190 S1: topic today will allow us to send you a copy 29 00:01:53,190 --> 00:01:56,670 S1: of Harlan's book, Home Equity and Reverse Mortgages as our 30 00:01:56,670 --> 00:01:59,180 S1: gift to you. All right, let's dive in. Harlan, great 31 00:01:59,180 --> 00:02:00,260 S1: to have you here, my friend. 32 00:02:00,900 --> 00:02:02,580 S2: Great to be here. Thank you very much, Rob. 33 00:02:03,100 --> 00:02:06,860 S1: Harlan, you're seeing firsthand how many families are struggling with 34 00:02:06,860 --> 00:02:09,980 S1: long term care decisions. So why don't we start there? 35 00:02:09,980 --> 00:02:12,019 S1: What are you hearing and observing these days? 36 00:02:12,820 --> 00:02:15,900 S2: Well, it's kind of a terrible surprise because it's one 37 00:02:15,900 --> 00:02:19,820 S2: of the most unplanned for yet largest expenses in the 38 00:02:19,820 --> 00:02:21,980 S2: fourth quarter of life. And I had to deal with 39 00:02:21,980 --> 00:02:25,660 S2: it with with both parents, 100% of my parents, 50 40 00:02:25,660 --> 00:02:29,860 S2: to 70% of people need long term care of some sort. 41 00:02:30,220 --> 00:02:32,060 S2: And that number is going up. Because the good thing 42 00:02:32,060 --> 00:02:34,140 S2: is people are living longer. The bad thing people are 43 00:02:34,139 --> 00:02:36,579 S2: living longer, and it's really the elephant in the room. 44 00:02:36,580 --> 00:02:39,460 S2: Nobody really wants to talk about it. And it's, uh, 45 00:02:39,900 --> 00:02:42,100 S2: and not only that, I want to talk about it 46 00:02:42,380 --> 00:02:45,459 S2: because they don't they don't understand it. And most people 47 00:02:45,460 --> 00:02:47,980 S2: think that Medicare will somehow take care of their long 48 00:02:48,060 --> 00:02:51,660 S2: term care costs. When Medicare pays zero on long term care, 49 00:02:51,700 --> 00:02:54,540 S2: they only pay for rehab costs when people are getting better. 50 00:02:55,020 --> 00:02:58,930 S2: And so it can range anywhere from $5,000 a month 51 00:02:58,930 --> 00:03:03,290 S2: for basic home care to 15,000 at a memory care facility. 52 00:03:03,650 --> 00:03:06,690 S2: It's enough to wipe out anybody's nest egg. It's a 53 00:03:06,730 --> 00:03:10,250 S2: huge problem. And the the worst thing is, at the 54 00:03:10,250 --> 00:03:13,730 S2: same time that this huge financial pressure happens, very few 55 00:03:13,730 --> 00:03:16,850 S2: people can self-insure. You're dealing with a lot of emotional 56 00:03:16,850 --> 00:03:23,130 S2: issues with adult children and even grandchildren and, um, spouses. 57 00:03:23,290 --> 00:03:26,730 S2: It is very difficult to handle emotionally. And so if 58 00:03:26,730 --> 00:03:29,090 S2: you can at least take care of the financial part, 59 00:03:29,130 --> 00:03:31,290 S2: it makes the rest of it a lot easier. 60 00:03:31,810 --> 00:03:34,250 S1: Yeah. Well, you mentioned a few of those numbers, which 61 00:03:34,250 --> 00:03:37,210 S1: are hard to ignore. So kind of give us a 62 00:03:37,250 --> 00:03:40,610 S1: better sense of this and just what you're seeing, because 63 00:03:40,610 --> 00:03:43,570 S1: I know you're seeing that many families simply haven't planned 64 00:03:43,570 --> 00:03:44,730 S1: for this. Isn't that right? 65 00:03:45,410 --> 00:03:50,050 S2: Well, that's that's so true, because if you some people, 66 00:03:50,050 --> 00:03:53,410 S2: especially later in life, when sometimes long term care hits 67 00:03:53,410 --> 00:03:56,630 S2: in their 80s, uh, They may not have that much 68 00:03:56,630 --> 00:04:01,190 S2: left in their IRAs or investments and, uh, 15,000 a year, 69 00:04:01,230 --> 00:04:07,630 S2: even 5000 a year, 50 to $150,000 can wipe out 70 00:04:07,630 --> 00:04:11,030 S2: an investment scenario in less than a year. Um, sometimes 71 00:04:11,030 --> 00:04:14,270 S2: people only have enough to maybe go two years. Um, 72 00:04:14,430 --> 00:04:17,150 S2: and then they have to try to apply for Medicaid. 73 00:04:17,150 --> 00:04:20,510 S2: And that's where housing equity comes in, because sometimes people 74 00:04:20,510 --> 00:04:23,510 S2: are either forced to sell their homes or the home 75 00:04:23,510 --> 00:04:26,550 S2: is lost to the next generation. And sometimes it makes 76 00:04:26,550 --> 00:04:29,430 S2: sense to use some of that housing equity. Sometimes it 77 00:04:29,430 --> 00:04:32,430 S2: makes sense to get insurance, but you've got to do 78 00:04:32,430 --> 00:04:35,310 S2: that earlier in life. Uh, the long term care insurance. 79 00:04:35,310 --> 00:04:37,990 S2: And sometimes we're just a supplement. The worst thing that 80 00:04:37,990 --> 00:04:41,310 S2: people can do is cancel a life insurance policy that 81 00:04:41,310 --> 00:04:45,430 S2: has long term care riders or, uh, the insurance itself, 82 00:04:45,430 --> 00:04:48,870 S2: because they can't afford the premium. And that's where we 83 00:04:48,870 --> 00:04:50,669 S2: can help out as well with the cash flow. 84 00:04:51,150 --> 00:04:54,659 S1: Yeah. Well, we'll continue to unpack this today. We'll dig 85 00:04:54,660 --> 00:04:57,060 S1: a little deeper into the financial side of this, and 86 00:04:57,060 --> 00:05:00,220 S1: we'll also talk about how a reverse mortgage can be 87 00:05:00,220 --> 00:05:04,220 S1: one of those tools, among others, to really solve for 88 00:05:04,220 --> 00:05:07,660 S1: the need that exists here. If you're one of the 70% 89 00:05:07,660 --> 00:05:10,060 S1: of Americans that will need long term care for an 90 00:05:10,060 --> 00:05:13,140 S1: average of 2 to 3 years, Harlan Ackley here today 91 00:05:13,140 --> 00:05:16,100 S1: from Movement Mortgage, an underwriter of this program, will also 92 00:05:16,100 --> 00:05:19,979 S1: begin taking your calls in the next segment on reverse mortgages. 93 00:05:20,140 --> 00:05:25,059 S1: You can call right now 800 525 7000. Don't go anywhere. 94 00:05:25,060 --> 00:05:26,260 S1: We're just getting started. 95 00:05:35,700 --> 00:05:38,540 S3: The opinions offered during this program represent the personal or 96 00:05:38,540 --> 00:05:42,659 S3: professional opinions of the participants, given for informational purposes only. 97 00:05:42,820 --> 00:05:46,100 S3: Any information provided is not intended to replace advice from 98 00:05:46,100 --> 00:05:49,900 S3: a financial, medical, legal, or other professional who understands your 99 00:05:49,900 --> 00:05:51,339 S3: specific situation. 100 00:05:58,610 --> 00:06:00,330 S1: Great to have you with us today on Faith and 101 00:06:00,330 --> 00:06:03,370 S1: finance live. I'm Rob West. Our goal each day. Perhaps 102 00:06:03,370 --> 00:06:05,930 S1: you're new as the new year to Moody Radio or 103 00:06:05,930 --> 00:06:08,490 S1: new to Faith and finance live. We want to come 104 00:06:08,490 --> 00:06:11,690 S1: alongside you, help you manage God's money because that's what 105 00:06:11,690 --> 00:06:15,250 S1: it is as a steward, as a faithful steward, according 106 00:06:15,290 --> 00:06:18,890 S1: to biblical wisdom, encouraging you in that effort, pointing you 107 00:06:18,890 --> 00:06:21,450 S1: back to God's Word, but also dealing with the very 108 00:06:21,450 --> 00:06:24,930 S1: practical issues you face in your financial life every day. 109 00:06:24,930 --> 00:06:27,130 S1: And one of those is just the reality of the 110 00:06:27,130 --> 00:06:30,930 S1: rising cost of health care, most certainly in that fourth 111 00:06:30,930 --> 00:06:35,410 S1: quarter of life, where many Americans, 70% plus will need 112 00:06:35,410 --> 00:06:38,450 S1: long term care for some period of time. And to 113 00:06:38,490 --> 00:06:41,810 S1: Harlan Point, in our first segment, our guest today that 114 00:06:41,810 --> 00:06:46,529 S1: can run $10,000, even 15,000 a month if you needed, uh, 115 00:06:46,529 --> 00:06:51,400 S1: nursing skilled care full time. Now, there are other options. 116 00:06:51,440 --> 00:06:53,920 S1: A lot of folks are able to take advantage of 117 00:06:53,960 --> 00:06:57,159 S1: in-home care, but the reality is many are not prepared 118 00:06:57,160 --> 00:07:01,360 S1: financially to cover those costs. And looking at the various tools, 119 00:07:01,360 --> 00:07:04,760 S1: including home equity, is an important part of the financial 120 00:07:04,760 --> 00:07:08,120 S1: planning process. So, Harlan, before we head to the phones, 121 00:07:08,360 --> 00:07:11,119 S1: give us a sense of how a reverse mortgage can 122 00:07:11,120 --> 00:07:13,040 S1: play a role in long term planning. 123 00:07:13,960 --> 00:07:16,560 S2: Yeah. The National Council of Aging actually had a brochure 124 00:07:16,600 --> 00:07:18,920 S2: called Use Your Home to Stay at Home. And when 125 00:07:18,920 --> 00:07:22,200 S2: you think about it, most seniors have homes that are 126 00:07:22,200 --> 00:07:25,880 S2: worth the average home right now is 400,000. And so 127 00:07:26,000 --> 00:07:29,360 S2: some people have $200,000 homes, some people have $600,000 homes. 128 00:07:29,360 --> 00:07:31,880 S2: And all the reverse mortgage does is allow you to 129 00:07:31,920 --> 00:07:35,560 S2: tap into some of that money to create liquidity, to 130 00:07:35,600 --> 00:07:37,640 S2: perhaps stay at home where it might be cheaper than 131 00:07:37,680 --> 00:07:40,720 S2: going to a facility. And most people would prefer to 132 00:07:40,760 --> 00:07:44,679 S2: age in place instead of moving into a facility, especially 133 00:07:44,680 --> 00:07:47,920 S2: when there's shared beds and so on, or shared rooms. Um, 134 00:07:47,960 --> 00:07:51,030 S2: and so all we do is create some liquidity in 135 00:07:51,030 --> 00:07:53,590 S2: the house without them giving up title, without them having 136 00:07:53,590 --> 00:07:55,510 S2: to sell, to be able to use some of that 137 00:07:55,510 --> 00:07:57,910 S2: money to keep them at home longer and take care 138 00:07:57,910 --> 00:08:00,190 S2: of some of the care that is so important at 139 00:08:00,190 --> 00:08:04,070 S2: that juncture in life, because it's the most vulnerable time, 140 00:08:04,070 --> 00:08:06,350 S2: and it's scary when your health isn't there and you 141 00:08:06,350 --> 00:08:08,270 S2: can't take care of yourself, because most of us are 142 00:08:08,270 --> 00:08:10,430 S2: used to taking care of ourselves. And all of a 143 00:08:10,430 --> 00:08:12,270 S2: sudden when we need to rely on someone else. It's 144 00:08:12,310 --> 00:08:14,910 S2: a humbling experience and a difficult thing to go through. 145 00:08:15,190 --> 00:08:17,350 S2: And if we can help people do that for a 146 00:08:17,350 --> 00:08:20,429 S2: longer period of time, it's always a privilege for us. 147 00:08:20,950 --> 00:08:23,230 S1: Yeah, no doubt about it. Well, we're grateful for our 148 00:08:23,230 --> 00:08:26,750 S1: partnership to that end. And let's, uh, help some folks 149 00:08:26,750 --> 00:08:29,430 S1: answer a few questions today. Nearly all the lines full. 150 00:08:29,430 --> 00:08:32,670 S1: So we'll dive in. We'll begin in Jackson, Mississippi. Carol, 151 00:08:32,670 --> 00:08:34,110 S1: you'll be our first caller. Go ahead. 152 00:08:35,350 --> 00:08:38,270 S4: Yes. Thank you so much for taking my call. I 153 00:08:38,270 --> 00:08:40,469 S4: listen to you every day, and I get so much 154 00:08:40,510 --> 00:08:42,350 S4: information from you. Well. 155 00:08:42,350 --> 00:08:43,390 S1: That's great. Thank you. 156 00:08:44,429 --> 00:08:48,380 S4: I will be 85 in about ten more days. 157 00:08:48,780 --> 00:08:51,620 S1: Okay. Happy birthday in advance. 158 00:08:53,020 --> 00:08:55,900 S4: It's kind of like turning from 39 to 40. It's 159 00:08:55,900 --> 00:08:59,420 S4: kind of like, uh. But I am grateful that God 160 00:08:59,420 --> 00:09:03,060 S4: has given me this time. But. And I am. I'm not. Well, 161 00:09:03,059 --> 00:09:05,980 S4: I'm not really healthy, but. But I do take care 162 00:09:05,980 --> 00:09:10,939 S4: of myself. And my house is in a irrevocable trust. 163 00:09:11,420 --> 00:09:17,780 S4: And I want you to know it could. Could that be, uh, converted, um, 164 00:09:18,260 --> 00:09:22,420 S4: to the, um, the mortgage? Uh. It's kind of like 165 00:09:22,420 --> 00:09:25,660 S4: the trust owns it, and I, you know, I'm just 166 00:09:26,460 --> 00:09:29,340 S4: I'm it's the manager. It's the. I guess I manage it, 167 00:09:29,340 --> 00:09:33,060 S4: but it's the owner of the property. So could that 168 00:09:33,059 --> 00:09:36,740 S4: be done in a, um, trust like you're talking about? 169 00:09:36,940 --> 00:09:40,980 S1: Well, the good news is, Harlan's just about seen everything. So, Harlan, uh, 170 00:09:40,980 --> 00:09:43,180 S1: help her out with this irrevocable trust. 171 00:09:43,660 --> 00:09:48,760 S2: Yes, we, uh, trust, obviously, a different entity owns your property, 172 00:09:48,760 --> 00:09:51,600 S2: but you're still the one that's living in it. And 173 00:09:51,600 --> 00:09:55,120 S2: so because this is you couldn't do a traditional forward 174 00:09:55,120 --> 00:09:58,800 S2: mortgage with an irrevocable trust in most cases. But with 175 00:09:58,800 --> 00:10:02,720 S2: a reverse mortgage, we allow revocable trust, irrevocable trust and 176 00:10:02,720 --> 00:10:06,000 S2: life estates. So you have to live in the house. 177 00:10:06,000 --> 00:10:08,400 S2: It can't be a rental property or something like that. 178 00:10:08,400 --> 00:10:11,120 S2: But that does not stop you. You would still qualify 179 00:10:11,160 --> 00:10:14,400 S2: for being able to use that. Sometimes there has to 180 00:10:14,400 --> 00:10:18,400 S2: be some if you're irrevocable, trust doesn't allow for mortgages 181 00:10:19,320 --> 00:10:21,959 S2: or some. There's some language and trust. Sometimes it has 182 00:10:21,960 --> 00:10:25,040 S2: to be amended to fit in with it, but most 183 00:10:25,040 --> 00:10:27,560 S2: of the time the irrevocable trust wording works the way 184 00:10:27,559 --> 00:10:29,200 S2: that it is. We just have to see all pages 185 00:10:29,200 --> 00:10:32,000 S2: of it and evaluate it and let you know. But 186 00:10:32,120 --> 00:10:35,120 S2: I don't remember the last time we turned somebody down 187 00:10:35,120 --> 00:10:36,800 S2: that had a house in a trust. Sometimes there's just 188 00:10:36,800 --> 00:10:39,240 S2: a minor revision that the attorney can take care of 189 00:10:39,280 --> 00:10:44,080 S2: very quickly. So great question. Uh, probably at least a 190 00:10:44,080 --> 00:10:46,150 S2: third of our loans are done with a house and 191 00:10:46,150 --> 00:10:48,030 S2: a trust. That's not unusual. 192 00:10:48,429 --> 00:10:50,790 S1: Very good. Carol. Any follow up questions on that? 193 00:10:52,750 --> 00:10:56,190 S4: Well, at the end, say I passed away at the 194 00:10:56,190 --> 00:10:59,230 S4: end of the year or before my birthday or whatever, 195 00:11:00,350 --> 00:11:03,590 S4: and maybe Jesus comes back, I don't know, but. But 196 00:11:03,990 --> 00:11:08,870 S4: what what are the irrevocable trust? Would there be any 197 00:11:08,870 --> 00:11:10,630 S4: money left for my family? 198 00:11:11,630 --> 00:11:13,990 S2: Oh, absolutely. Think about it as a savings account. Let's 199 00:11:13,990 --> 00:11:18,390 S2: say your house is worth 400,000 and you use 50,000 200 00:11:18,630 --> 00:11:22,790 S2: up for costs for money that you've drawn out. Whatever. Well, 201 00:11:22,790 --> 00:11:25,670 S2: then your family just gets 350,000. It's just like you 202 00:11:25,670 --> 00:11:28,110 S2: had a $400,000 savings account. You use 50 of it. 203 00:11:28,150 --> 00:11:31,790 S2: Your your family gets whatever is left. We have no ownership. 204 00:11:31,870 --> 00:11:34,910 S2: The trust owns the house, not us. And so we're 205 00:11:34,910 --> 00:11:37,670 S2: just simply subtracting the amount that you owe us, the 206 00:11:37,670 --> 00:11:40,350 S2: amount that you use, just like you would in any account. 207 00:11:41,550 --> 00:11:44,030 S4: Oh, okay. And it's the interest on it. 208 00:11:44,820 --> 00:11:48,860 S2: Yes, there is an interest that is about 6.5% between 209 00:11:48,860 --> 00:11:51,219 S2: six and a quarter and 6.5%, very similar to what 210 00:11:51,260 --> 00:11:53,660 S2: a regular mortgage is. Not much of a difference there. 211 00:11:53,900 --> 00:11:56,940 S2: And so the interest is charged only on what you use, 212 00:11:56,940 --> 00:11:58,900 S2: not the amount that you have available, which is why 213 00:11:58,900 --> 00:12:02,100 S2: it's so wise to get a reverse mortgage when you 214 00:12:02,100 --> 00:12:05,179 S2: don't need it, because it grows based on the rate 215 00:12:05,179 --> 00:12:07,620 S2: of interest, and you only pay interest on the amount 216 00:12:07,620 --> 00:12:10,300 S2: that you've used. So it's a very small amount. If 217 00:12:10,300 --> 00:12:14,059 S2: you've only used 10,000, 20,000, 50,000, even if you had 218 00:12:14,059 --> 00:12:18,700 S2: 50,000 out, that's only about $3,000 a year that it 219 00:12:18,700 --> 00:12:21,179 S2: would go up. So it's not a big bite into 220 00:12:21,179 --> 00:12:23,100 S2: your equity. Your house will probably go up more than 221 00:12:23,100 --> 00:12:25,340 S2: what the interest charges are in most cases. 222 00:12:25,900 --> 00:12:27,940 S1: Carol, thanks for your call today. Stay on the line. 223 00:12:27,940 --> 00:12:29,780 S1: Our team will get your information. We'll send you a 224 00:12:29,780 --> 00:12:32,140 S1: copy of Harlan's book. Just a gift for being on 225 00:12:32,140 --> 00:12:35,140 S1: the program. We appreciate you being a regular listener. If 226 00:12:35,179 --> 00:12:38,540 S1: you'd like to learn more, just head to movement.com slash. 227 00:12:39,620 --> 00:12:43,090 S1: Or you can call the team. And Harlan, That number 228 00:12:43,090 --> 00:12:43,650 S1: is what? 229 00:12:44,250 --> 00:12:46,370 S2: Five. Eight. Oh, reverse. 230 00:12:46,850 --> 00:12:51,010 S1: Awesome. Carol, thanks for your call. Quickly to Sandra in Cleveland. Sandra. 231 00:12:51,050 --> 00:12:51,570 S1: Go ahead. 232 00:12:52,610 --> 00:12:53,170 S4: Hello. 233 00:12:54,250 --> 00:12:57,490 S1: Hi. How can I help you? 234 00:12:57,530 --> 00:12:58,010 S5: Yes, hi. 235 00:12:58,890 --> 00:13:03,650 S6: Um, I'm 77 years old. I own my condo, and 236 00:13:03,650 --> 00:13:06,850 S6: I wanted to know if you can get a reverse 237 00:13:06,850 --> 00:13:08,689 S6: mortgage for a condominium. 238 00:13:09,330 --> 00:13:11,570 S1: Yeah. Harlan, we've got just a minute before our next break. 239 00:13:11,570 --> 00:13:12,050 S1: Go ahead. 240 00:13:12,650 --> 00:13:15,010 S2: The quick answer is yes. Uh, we have to look 241 00:13:15,010 --> 00:13:17,730 S2: at the condo documentations to make sure that there's enough 242 00:13:17,730 --> 00:13:20,970 S2: reserves and all that sort of thing. So certainly, qualifications 243 00:13:20,970 --> 00:13:23,970 S2: for condo, just like there is for any home. Uh, 244 00:13:23,970 --> 00:13:28,810 S2: but we condo has specific, uh, cars, as they're called 245 00:13:28,809 --> 00:13:30,650 S2: with the regulations. And we just have to look at 246 00:13:30,650 --> 00:13:33,850 S2: that to make sure it's approved. Uh, condo project. If 247 00:13:33,850 --> 00:13:37,730 S2: it's not approved, then we can, um, look for ways 248 00:13:37,730 --> 00:13:40,209 S2: to get it approved, because some of them. This is 249 00:13:40,210 --> 00:13:42,839 S2: an FHA loan. And so we have to make sure 250 00:13:42,840 --> 00:13:45,679 S2: that Federal Housing Administration is okay with the condo docs. 251 00:13:46,280 --> 00:13:48,839 S2: But most condos we can get approved. That's not it 252 00:13:48,840 --> 00:13:50,120 S2: just takes a little extra time. 253 00:13:50,720 --> 00:13:53,520 S1: Excellent. Sandra, stay on the line. We'll get your information 254 00:13:53,520 --> 00:13:55,400 S1: as well and send you a copy of the book. 255 00:13:55,559 --> 00:13:57,679 S1: We appreciate you being on the program today, but it 256 00:13:57,679 --> 00:14:01,640 S1: sounds like upon review, usually that's not a barrier to 257 00:14:01,679 --> 00:14:05,680 S1: a reverse mortgage, if that makes sense for you. Well, folks, 258 00:14:05,679 --> 00:14:07,199 S1: we're going to take a quick break. When we come 259 00:14:07,200 --> 00:14:10,200 S1: back more with Harlan Accola, we'll continue to talk about 260 00:14:10,240 --> 00:14:14,880 S1: reverse mortgages as a planning tool specifically for long term 261 00:14:14,880 --> 00:14:19,320 S1: care and other needs, including income, and maybe even replacing 262 00:14:19,320 --> 00:14:22,400 S1: an existing forward mortgage in this season of life. Three 263 00:14:22,440 --> 00:14:26,920 S1: lines open 800 525 7000. Stay with us. We'll be 264 00:14:26,920 --> 00:14:38,120 S1: right back. Great to have you with us today on 265 00:14:38,120 --> 00:14:40,990 S1: Faith and finance. Live. Harlan Akil is here today. We're 266 00:14:40,990 --> 00:14:44,670 S1: talking reverse mortgages. We've got a few lines. Open 800 267 00:14:44,710 --> 00:14:49,950 S1: 525 7000. Again, that's 800 525 7000. If you have 268 00:14:49,950 --> 00:14:52,270 S1: a question on this topic, this would be a great 269 00:14:52,270 --> 00:14:55,030 S1: day to call while Harlan's here. And we'd love to 270 00:14:55,070 --> 00:14:56,990 S1: send you a copy of his book. It's our gift 271 00:14:56,990 --> 00:15:00,310 S1: to you, and we'll give you a great education on 272 00:15:00,310 --> 00:15:04,270 S1: this often misunderstood product. You know, Harlan, we say that 273 00:15:04,270 --> 00:15:08,670 S1: often that reverse mortgages are misunderstood in many cases. What 274 00:15:08,670 --> 00:15:11,150 S1: do you feel like is the biggest misunderstanding that you 275 00:15:11,150 --> 00:15:11,830 S1: run into? 276 00:15:12,630 --> 00:15:14,750 S2: Well, by far the biggest thing is, is that people 277 00:15:14,750 --> 00:15:17,270 S2: think they lose the house. They've given up their house, 278 00:15:17,270 --> 00:15:20,070 S2: that they've worked years and years and years to put 279 00:15:20,070 --> 00:15:24,390 S2: money into. And maybe they built it themselves. They paid 280 00:15:24,390 --> 00:15:26,910 S2: off mortgages. They've replaced the roof. And they think that, well, 281 00:15:26,910 --> 00:15:28,710 S2: when they do a reverse mortgage, they've lost the house 282 00:15:28,710 --> 00:15:30,470 S2: and their heirs don't get it. Which one of the 283 00:15:30,510 --> 00:15:35,670 S2: previous caller asked about that? What happens to the heirs? Um, 284 00:15:35,790 --> 00:15:40,290 S2: and it really is simply, um, big worry, and people 285 00:15:40,290 --> 00:15:43,970 S2: are constantly concerned that we're taking their house and we're lenders. 286 00:15:43,970 --> 00:15:47,930 S2: We're not landlords, we don't invest in houses. And that 287 00:15:47,930 --> 00:15:51,610 S2: is the biggest thing that scares people away is they 288 00:15:51,610 --> 00:15:53,530 S2: think that they're going to lose what they've worked their 289 00:15:53,530 --> 00:15:55,970 S2: whole life for. And it's no different than having an 290 00:15:55,970 --> 00:15:59,690 S2: IRA that you have $400,000 in and you use 100, 291 00:15:59,690 --> 00:16:03,010 S2: you still have 300 left, and we're just creating some 292 00:16:03,010 --> 00:16:04,850 S2: of the money for them to be able to use 293 00:16:04,890 --> 00:16:07,730 S2: risk free, so they don't have to worry about ever 294 00:16:07,770 --> 00:16:10,250 S2: having to move if they want to stay in their home. 295 00:16:10,730 --> 00:16:14,570 S1: Yeah, yeah, that's really helpful. And again, a lot of folks, uh, 296 00:16:14,570 --> 00:16:16,690 S1: you know, with a forward mortgage in this season of life, 297 00:16:16,690 --> 00:16:18,930 S1: do you, do you run into those more often than 298 00:16:18,930 --> 00:16:20,050 S1: not at this point? 299 00:16:20,050 --> 00:16:23,370 S2: Well, yes. You know, when my dad retired in 1981, 300 00:16:23,370 --> 00:16:26,530 S2: less than 5% of people had a mortgage payment. Today, 301 00:16:26,690 --> 00:16:31,610 S2: people over 62, about 50% still have a mortgage payment. 302 00:16:31,650 --> 00:16:34,850 S2: That is a problem in itself because, um, if you 303 00:16:34,850 --> 00:16:38,840 S2: can have a mortgage without a payment. It dramatically changes 304 00:16:38,840 --> 00:16:41,880 S2: what your situation is in retirement. And that's probably more 305 00:16:41,880 --> 00:16:44,560 S2: than half the loans we do is simply eliminate the 306 00:16:44,560 --> 00:16:47,160 S2: payments so that they can afford to do some of 307 00:16:47,160 --> 00:16:49,160 S2: the things that they wanted to do to enjoy this 308 00:16:49,160 --> 00:16:50,280 S2: fourth quarter of life. 309 00:16:50,760 --> 00:16:52,920 S1: Yeah, that could be a game changer. If we eliminate 310 00:16:52,920 --> 00:16:56,240 S1: that mortgage payment, which is probably the largest expense. And 311 00:16:56,280 --> 00:16:57,600 S1: I think you're right, I think a lot of people 312 00:16:57,600 --> 00:17:00,360 S1: don't realize that even if you didn't take an additional 313 00:17:00,360 --> 00:17:03,040 S1: dime of equity, I mean, you will have fees and interest, 314 00:17:03,040 --> 00:17:05,600 S1: but if you didn't take an additional dime of equity, 315 00:17:05,640 --> 00:17:09,480 S1: you could just simply refinance it, pay off the forward mortgage, 316 00:17:09,480 --> 00:17:12,960 S1: and now your payments optional for the rest of your life, right? 317 00:17:13,560 --> 00:17:16,640 S2: Well, that's so true. I had a caller that that 318 00:17:16,640 --> 00:17:21,160 S2: called into this, this show a month ago and specifically said, 319 00:17:21,200 --> 00:17:23,600 S2: you know, we we cannot retire until I can get 320 00:17:23,640 --> 00:17:26,639 S2: rid of my $2,000 mortgage payment. And I said, well, 321 00:17:26,640 --> 00:17:27,879 S2: how much longer is it going to take? And he said, 322 00:17:27,920 --> 00:17:31,520 S2: 20 years. Well, they were already 70. They didn't want 323 00:17:31,520 --> 00:17:34,880 S2: to work until they were 90. And so, um, they 324 00:17:34,880 --> 00:17:36,909 S2: didn't get any money, they had just enough to pay 325 00:17:36,910 --> 00:17:41,990 S2: off the mortgage. But we eliminated over $400,000 worth of 326 00:17:41,990 --> 00:17:45,230 S2: payments for the years going into the future. And that's 327 00:17:45,230 --> 00:17:50,470 S2: really especially when it comes to care or even enjoying life. Um, 328 00:17:50,510 --> 00:17:53,830 S2: there's better places sometimes for it to go, because I 329 00:17:53,830 --> 00:17:55,790 S2: always joke that we don't get extra credit in heaven 330 00:17:55,790 --> 00:17:57,949 S2: for entering heaven with a paid off house, and we 331 00:17:57,990 --> 00:17:59,909 S2: don't talk about how much equity we have in our 332 00:17:59,910 --> 00:18:02,550 S2: house at the end. But we do talk about maybe 333 00:18:02,550 --> 00:18:04,830 S2: the memories that we had with our kids and our grandkids, 334 00:18:04,830 --> 00:18:07,990 S2: and the enjoyment that we had of even living in 335 00:18:07,990 --> 00:18:09,230 S2: our fourth quarter of life. 336 00:18:09,869 --> 00:18:12,270 S1: Yeah. Very good. All right, let's head back to the phones. 337 00:18:12,270 --> 00:18:15,150 S1: We are taking your calls today on reverse mortgages while 338 00:18:15,150 --> 00:18:18,350 S1: Harlan is here to West Virginia. Patricia. Go ahead. 339 00:18:19,430 --> 00:18:23,550 S7: Um, hi. I, um, I think my, my topics are 340 00:18:23,590 --> 00:18:27,150 S7: maybe a little off. Um, what's going on is I'm 341 00:18:27,190 --> 00:18:29,550 S7: newly married. My husband and I have been married almost 342 00:18:29,550 --> 00:18:35,820 S7: two years. He's 66 and I'm 60, And I actually 343 00:18:35,820 --> 00:18:39,540 S7: bought a house, um, right before we got married. I 344 00:18:39,580 --> 00:18:44,780 S7: walked into it at 125,000. So we've only had this 345 00:18:44,780 --> 00:18:48,620 S7: house for a short time, but because, um, the everything 346 00:18:48,619 --> 00:18:51,100 S7: in the area, they were doing a lot of building, 347 00:18:51,540 --> 00:18:54,260 S7: the value of the house went way up. I have 348 00:18:54,260 --> 00:19:00,859 S7: $90,000 in equity in this house already. So, um, what 349 00:19:00,859 --> 00:19:06,660 S7: my question is, because we're we've pretty much worked through our, our, 350 00:19:07,340 --> 00:19:10,740 S7: our debt. We have like a minimal income, and we're 351 00:19:10,740 --> 00:19:14,860 S7: trying to work on the 3 to 6 months expenses. 352 00:19:15,100 --> 00:19:19,379 S7: My husband really feels the house can be a vehicle, 353 00:19:19,700 --> 00:19:22,660 S7: and we need to crunch and pay this house off 354 00:19:22,660 --> 00:19:28,740 S7: in five years. It is possible. But on the other hand, 355 00:19:28,740 --> 00:19:33,210 S7: what I'm dealing with is I have $55,000 in school 356 00:19:33,210 --> 00:19:38,810 S7: loans that have been deferred up until now. And with 357 00:19:38,810 --> 00:19:42,690 S7: all the changes going on right now, I'm like terrified 358 00:19:43,010 --> 00:19:46,330 S7: that my student loan payments are as much as my 359 00:19:46,330 --> 00:19:47,530 S7: mortgage payment. 360 00:19:47,850 --> 00:19:48,169 S5: Yeah. 361 00:19:48,210 --> 00:19:53,010 S7: So, uh, and, um, I'm, I don't know what to do. 362 00:19:53,530 --> 00:19:56,130 S1: Yeah, well, it's a great question. And, listen, I love 363 00:19:56,130 --> 00:19:58,050 S1: the idea that you all are going to just really 364 00:19:58,050 --> 00:20:00,409 S1: focus on getting out of debt. You've done a great job. 365 00:20:00,410 --> 00:20:02,850 S1: It sounds like you made a really smart purchase with 366 00:20:02,850 --> 00:20:05,810 S1: this home. I love the fact that it's appreciated. After all, 367 00:20:05,810 --> 00:20:09,530 S1: the additional construction has gone on since you bought it. 368 00:20:09,530 --> 00:20:14,010 S1: I love that you've clearly limited your lifestyle. You've prioritized 369 00:20:14,010 --> 00:20:16,930 S1: paying off debt, you've been very successful in that, and 370 00:20:16,930 --> 00:20:19,850 S1: now you've got yourself in a great spot. Um, you know, 371 00:20:19,890 --> 00:20:21,530 S1: as much as I'd love for you to have that 372 00:20:21,530 --> 00:20:24,570 S1: home free and clear, um, you have a low interest 373 00:20:24,570 --> 00:20:25,730 S1: rate on that, correct? 374 00:20:26,770 --> 00:20:28,129 S7: 3.6. 375 00:20:28,170 --> 00:20:31,720 S1: Yeah. So a phenomenal interest rate that home is appreciating. 376 00:20:31,920 --> 00:20:34,280 S1: And the reality is there's a couple of wins by 377 00:20:34,280 --> 00:20:37,720 S1: prioritizing the student loans first. Number one is you only 378 00:20:37,720 --> 00:20:40,800 S1: oh 55 instead of 120. So you're going to get 379 00:20:40,800 --> 00:20:43,480 S1: it paid off sooner. And as soon as you pay 380 00:20:43,480 --> 00:20:45,840 S1: off one of these loans in full and the student 381 00:20:45,840 --> 00:20:48,840 S1: loan would be the quickest, then that payment is gone. 382 00:20:49,240 --> 00:20:52,400 S1: And so you can eradicate that payment from your spending plan. 383 00:20:52,400 --> 00:20:57,399 S1: And every time you pay toward principal, that's a guaranteed 7% 384 00:20:57,440 --> 00:21:02,760 S1: return on your money or 6% whatever that interest rate is, which, 385 00:21:02,800 --> 00:21:05,280 S1: you know, that's a pretty good rate of return. So 386 00:21:05,640 --> 00:21:08,919 S1: I would continue to keep your lifestyle lean and mean, 387 00:21:08,920 --> 00:21:12,560 S1: continue to focus on debt reduction after you get your 388 00:21:12,560 --> 00:21:15,720 S1: 3 to 6 months built up. But I would prioritize 389 00:21:15,720 --> 00:21:19,760 S1: the student loans versus the home. And then let's circle back. 390 00:21:19,760 --> 00:21:22,040 S1: If you want to add to principal on the home 391 00:21:22,040 --> 00:21:24,960 S1: later at the student loans are gone and you'll have 392 00:21:24,960 --> 00:21:27,840 S1: a whole lot more surplus each month at that point 393 00:21:27,840 --> 00:21:30,459 S1: as well, because you'll get rid of that large student 394 00:21:30,460 --> 00:21:32,220 S1: loan payment. Does that make sense, though? 395 00:21:32,619 --> 00:21:33,139 S5: Yes. 396 00:21:33,660 --> 00:21:37,620 S1: Okay. So that would be my best advice, Patricia. Again, 397 00:21:37,619 --> 00:21:40,900 S1: I would affirm what your husband is saying, and you 398 00:21:40,900 --> 00:21:44,300 S1: would too. It's just a little different. Priority order. Let's 399 00:21:44,300 --> 00:21:47,980 S1: focus on the emergency fund, then the student loans, then 400 00:21:47,980 --> 00:21:50,980 S1: the house. At this point. Thanks for your call today. 401 00:21:50,980 --> 00:21:53,820 S1: We appreciate you being on the program more with heartland 402 00:21:54,500 --> 00:22:07,020 S1: just after this. Stay with us. Well, here at Faith fi, 403 00:22:07,060 --> 00:22:09,940 S1: as we help you live as a faithful steward, that 404 00:22:09,940 --> 00:22:13,180 S1: means taking all that God has entrusted to you and 405 00:22:13,180 --> 00:22:16,140 S1: seeing it as a tool to provide, to enjoy, but 406 00:22:16,140 --> 00:22:19,540 S1: also to give. And one of those opportunities to give 407 00:22:19,580 --> 00:22:23,100 S1: is with our friends at Cross International. That's right. This 408 00:22:23,100 --> 00:22:29,810 S1: quarter we've teamed up to provide 250 vulnerable children. Life 409 00:22:29,850 --> 00:22:35,170 S1: saving resources. Food, clean water, education and other essential care. 410 00:22:35,330 --> 00:22:39,730 S1: These children are in Malawi, Zambia, Uganda and other countries 411 00:22:39,730 --> 00:22:43,930 S1: where cross international works. And uh. This includes support for 412 00:22:43,930 --> 00:22:48,250 S1: locally grown foods as well as deliveries of prepacked vitamin 413 00:22:48,250 --> 00:22:54,050 S1: fortified rice. Uh $62 helps one child, 124 two children. 414 00:22:54,210 --> 00:22:56,129 S1: You can do the math. So if you'd like to 415 00:22:56,130 --> 00:22:59,649 S1: join with us, we'd like to, uh, provide this life 416 00:22:59,690 --> 00:23:04,810 S1: saving assistance, this food and other nutrients to 250 children 417 00:23:04,970 --> 00:23:10,730 S1: this quarter. And you can help us by heading to faith.com/cross. 418 00:23:10,890 --> 00:23:17,810 S1: That's faith five cross. Every $262 given will help us 419 00:23:18,010 --> 00:23:22,930 S1: reach our goal of 250 children. Again that website faith 420 00:23:23,410 --> 00:23:28,920 S1: com slash. Well Harlan is here today. We're talking reverse mortgages. 421 00:23:28,920 --> 00:23:32,359 S1: And specifically as it relates to long term care needs 422 00:23:32,359 --> 00:23:34,879 S1: that exist in the fourth quarter of life. But also 423 00:23:34,880 --> 00:23:38,520 S1: taking your questions on reverse mortgages today, anyone who calls 424 00:23:38,520 --> 00:23:40,720 S1: with a question on that topic will get a copy 425 00:23:40,720 --> 00:23:43,359 S1: of Harlan's book. It's our gift to you. Uh, we 426 00:23:43,359 --> 00:23:47,679 S1: do have a few lines open at 800 525 7000. 427 00:23:47,720 --> 00:23:50,400 S1: Let's head back to the phones. Chicago. Joel. Go ahead. 428 00:23:52,640 --> 00:23:55,439 S8: Hello. I just have a very specific question, and I 429 00:23:55,440 --> 00:23:58,960 S8: think I know the answer from the, uh, session with 430 00:23:58,960 --> 00:24:03,000 S8: the 85 year old lady. Um, I have a rental 431 00:24:03,000 --> 00:24:07,400 S8: family home. It's rented. I don't live there, so it 432 00:24:07,400 --> 00:24:11,960 S8: sounds like I cannot take advantage of the reverse mortgage tools. 433 00:24:12,560 --> 00:24:13,800 S1: Mhm. Yeah. Harlan. 434 00:24:14,280 --> 00:24:14,480 S5: Yeah. 435 00:24:14,520 --> 00:24:18,919 S2: Reverse mortgage only is available currently. That may change in 436 00:24:18,920 --> 00:24:23,320 S2: the future, but currently it's only available for your primary residence. Um, 437 00:24:23,440 --> 00:24:28,470 S2: not for rental properties, not for Airbnbs or anything that 438 00:24:28,470 --> 00:24:30,669 S2: you do not live in. So the only requirement of 439 00:24:30,670 --> 00:24:32,790 S2: a reverse mortgage is that you pay the taxes and 440 00:24:32,790 --> 00:24:35,270 S2: insurance and you live in the house, so obviously a 441 00:24:35,270 --> 00:24:39,910 S2: rental property would not qualify. But wherever you do live, um, 442 00:24:39,950 --> 00:24:43,669 S2: certainly you'd be able to. Some people actually take out 443 00:24:43,670 --> 00:24:46,790 S2: a reverse mortgage on their current home to pay off 444 00:24:46,830 --> 00:24:50,030 S2: or purchase a rental property. So we sometimes get involved 445 00:24:50,030 --> 00:24:53,830 S2: with rental properties, um, that helps out with cash flow overall, 446 00:24:53,869 --> 00:24:56,350 S2: because then if they have a mortgage on the property, 447 00:24:56,390 --> 00:24:59,550 S2: it gives them more cash flow from the renters. Um, 448 00:24:59,550 --> 00:25:02,310 S2: but that's the only way that it works is the, the, 449 00:25:02,590 --> 00:25:06,470 S2: the collateral that we have must be a primary residence. 450 00:25:06,910 --> 00:25:08,310 S1: Mhm. Is that helpful, Joel? 451 00:25:08,470 --> 00:25:11,669 S8: Well yeah. That brings up another question because I do 452 00:25:11,670 --> 00:25:14,869 S8: live in a five flat. And uh, would I be 453 00:25:14,869 --> 00:25:19,390 S8: able to use the reverse mortgages, uh, for my flat. 454 00:25:19,430 --> 00:25:21,270 S8: In other words, if I want to sell the building, 455 00:25:21,670 --> 00:25:24,150 S8: would I be able to do it just for my apartment? 456 00:25:25,180 --> 00:25:28,860 S2: Well, what we do. That's a great question. I had 457 00:25:28,859 --> 00:25:32,659 S2: a pastor that moved from Wisconsin down to Kansas, and 458 00:25:32,660 --> 00:25:35,940 S2: he used the money from his property that he sold 459 00:25:35,940 --> 00:25:38,419 S2: when he retired down in Kansas by his kids to 460 00:25:38,460 --> 00:25:41,380 S2: buy a four unit so we can go up to 461 00:25:41,420 --> 00:25:45,820 S2: four units on a property. Um, so if you own 462 00:25:45,820 --> 00:25:49,780 S2: four units, then, um, even though you don't live in 463 00:25:49,780 --> 00:25:52,060 S2: the other three, you only live in one, it still 464 00:25:52,060 --> 00:25:54,580 S2: is considered owner occupied. So it depends on how many 465 00:25:54,580 --> 00:25:57,140 S2: units there are, where you live and what you own. 466 00:25:58,660 --> 00:26:02,580 S8: Okay. Okay. That's all the questions I had. 467 00:26:02,980 --> 00:26:04,820 S1: Very good. Joel, if you want to talk further to 468 00:26:04,859 --> 00:26:07,940 S1: the team, just head to movement.com/faith. We appreciate you being 469 00:26:07,940 --> 00:26:10,780 S1: on the program. Uh, down to Coral Springs, Florida. I 470 00:26:10,780 --> 00:26:12,260 S1: know it well, Victor. Go ahead. 471 00:26:14,140 --> 00:26:16,699 S9: Uh, thank you for taking my call. Um, basically, I 472 00:26:16,700 --> 00:26:20,020 S9: have two questions. And the first one, I believe I 473 00:26:20,020 --> 00:26:21,740 S9: was able to go ahead and get the answer, but 474 00:26:21,740 --> 00:26:25,290 S9: I'm going to ask you anyway if. If I have 475 00:26:25,290 --> 00:26:29,370 S9: a lady bird deed, and as soon as I pass away, 476 00:26:29,609 --> 00:26:33,210 S9: that property goes into my son's. Um, am I still 477 00:26:33,210 --> 00:26:37,930 S9: eligible to open the reverse mortgage? And my second question is, 478 00:26:37,970 --> 00:26:40,810 S9: what is the outside of applying to a home to 479 00:26:40,850 --> 00:26:41,970 S9: a reverse mortgage? 480 00:26:43,050 --> 00:26:43,850 S1: Yeah. Harlan. 481 00:26:44,690 --> 00:26:48,129 S2: Well, uh, whether it's a lady bird deed, um, a 482 00:26:48,250 --> 00:26:52,970 S2: transfer on death deed, whatever. The, uh, wherever the home 483 00:26:52,970 --> 00:26:57,570 S2: is going after you pass away. We don't change any 484 00:26:57,570 --> 00:27:00,570 S2: of that because, of course, the ownership doesn't change. So 485 00:27:00,609 --> 00:27:03,410 S2: a lady bird deed, um, operates similar to a life 486 00:27:03,410 --> 00:27:05,850 S2: estate in some states. Uh, every state is a little 487 00:27:05,890 --> 00:27:07,810 S2: bit different in what they call it and so on. 488 00:27:07,810 --> 00:27:11,850 S2: But the short answer is, yes, you're eligible for that 489 00:27:11,850 --> 00:27:14,330 S2: as long as, of course, your son, we want your 490 00:27:14,330 --> 00:27:16,410 S2: son to know what's going on so that he doesn't 491 00:27:16,410 --> 00:27:19,969 S2: get surprised when you pass away. Um, and as far 492 00:27:19,970 --> 00:27:23,639 S2: as the advantages, Um, I guess I was reading my 493 00:27:23,640 --> 00:27:26,440 S2: devotional this morning in Proverbs, and one of the verses 494 00:27:26,440 --> 00:27:29,320 S2: I ran across was the prudent see danger and take refuge, 495 00:27:29,320 --> 00:27:32,320 S2: but the simple keep going and pay the penalty. We 496 00:27:32,359 --> 00:27:34,639 S2: don't know what kind of danger there is in our future. 497 00:27:34,640 --> 00:27:36,960 S2: In the fourth quarter of life. I'm 65. I don't 498 00:27:36,960 --> 00:27:39,560 S2: need a reverse mortgage, but I did one because it's 499 00:27:39,600 --> 00:27:41,960 S2: easier to get a mortgage when you don't need it, 500 00:27:41,960 --> 00:27:43,840 S2: and when you can just kind of plan ahead when 501 00:27:43,840 --> 00:27:47,520 S2: there aren't any problems going on. So the real advantages 502 00:27:47,520 --> 00:27:49,640 S2: is simply if you have your house paid off or 503 00:27:49,680 --> 00:27:53,240 S2: freeing up the ability to have money if you need 504 00:27:53,240 --> 00:27:58,320 S2: it or want it for early giving of for lifestyle, uh, 505 00:27:58,320 --> 00:28:02,720 S2: for um, just helping others, including yourself. Um, and of course, 506 00:28:02,720 --> 00:28:05,159 S2: if you have a mortgage, the upside of a reverse 507 00:28:05,200 --> 00:28:07,480 S2: mortgage is simply that you don't have to make a 508 00:28:07,480 --> 00:28:10,520 S2: mortgage payment unless you want to. The option the payment 509 00:28:10,520 --> 00:28:13,560 S2: becomes optional the day after you do a reverse mortgage, 510 00:28:13,560 --> 00:28:15,439 S2: so you can make payments if you wish to defray 511 00:28:15,440 --> 00:28:17,480 S2: the interest. But if you don't want to, you don't 512 00:28:17,480 --> 00:28:20,900 S2: have to. The privilege of having an optional payment is 513 00:28:20,900 --> 00:28:23,060 S2: powerful in the fourth quarter of life when there are 514 00:28:23,060 --> 00:28:25,419 S2: so many not just long term care, but just so 515 00:28:25,420 --> 00:28:29,500 S2: many surprises of different things that happen that we have 516 00:28:29,500 --> 00:28:31,820 S2: no control over. The only thing we know for sure, 517 00:28:31,859 --> 00:28:34,380 S2: the only thing that's certain, is that life is uncertain. 518 00:28:34,380 --> 00:28:37,900 S2: And especially in our, excuse me, our fourth quarter of life. 519 00:28:38,140 --> 00:28:40,460 S2: And so that's really the upside is it just gives 520 00:28:40,460 --> 00:28:43,900 S2: you more resources to be able to handle anything that 521 00:28:43,900 --> 00:28:46,180 S2: comes along your way. Thank you. Victor. 522 00:28:47,220 --> 00:28:48,780 S1: Excellent. Victor. Is that helpful? 523 00:28:50,180 --> 00:28:54,060 S9: Yes it is. Um, and finally, can you elaborate a 524 00:28:54,060 --> 00:28:56,580 S9: little bit more on the, uh, on the negative side 525 00:28:56,580 --> 00:28:57,940 S9: of applying for one of those? 526 00:28:58,780 --> 00:28:59,100 S1: Yeah. 527 00:28:59,660 --> 00:29:02,620 S2: Of course, the negative side is, is a little bit complicated. 528 00:29:02,620 --> 00:29:04,700 S2: It's different than a regular mortgage. And you have to 529 00:29:04,700 --> 00:29:06,460 S2: learn a little bit more. You have to go through 530 00:29:06,500 --> 00:29:09,340 S2: a counseling. Typically we spend a couple of hours on 531 00:29:09,340 --> 00:29:11,020 S2: the phone with you to find out if it even 532 00:29:11,020 --> 00:29:13,540 S2: makes sense for you and looking at your whole picture. 533 00:29:13,820 --> 00:29:17,620 S2: So it's a it's not I mean, we do a 534 00:29:17,820 --> 00:29:20,850 S2: literally thousands of these. So it's not something that is 535 00:29:21,490 --> 00:29:24,130 S2: hard to do, but it's new for you and so 536 00:29:24,130 --> 00:29:27,090 S2: you need to learn those things. The second disadvantage is 537 00:29:27,130 --> 00:29:30,690 S2: is there are costs because, um, you're guaranteed never to 538 00:29:30,730 --> 00:29:32,370 S2: make a payment even if the value of the house 539 00:29:32,370 --> 00:29:35,170 S2: goes down. Even if you live to be 150 years old. 540 00:29:35,530 --> 00:29:39,450 S2: If you're Methuselah, I guess. And so, um, you know, 541 00:29:39,490 --> 00:29:43,050 S2: there is a cost for that privilege and that's 2% 542 00:29:43,050 --> 00:29:45,490 S2: of the value of your house. And so this isn't 543 00:29:45,490 --> 00:29:47,570 S2: a short term thing. It's better as a long term thing, 544 00:29:47,610 --> 00:29:50,810 S2: at least over three years. But those are the things 545 00:29:50,810 --> 00:29:53,410 S2: that you run into as a negative. Uh, and I've 546 00:29:53,410 --> 00:29:55,410 S2: been doing this for more than 20 years, and those 547 00:29:55,410 --> 00:29:58,810 S2: are really the only two negatives because you are completely safe, 548 00:29:58,810 --> 00:30:01,610 S2: even if the value of your house goes down. Um, 549 00:30:01,650 --> 00:30:05,250 S2: and that's a very important issue as it goes forward. 550 00:30:05,250 --> 00:30:07,890 S2: So there's a when you do the little T chart, 551 00:30:07,890 --> 00:30:10,010 S2: there's a lot more on the positive side than there 552 00:30:10,010 --> 00:30:12,130 S2: is on the negative side. But we review that with 553 00:30:12,130 --> 00:30:16,370 S2: everybody individually so that you know what works and what 554 00:30:16,370 --> 00:30:18,120 S2: doesn't and what's best for you. 555 00:30:19,320 --> 00:30:22,640 S1: Excellent. Well, listen, Victor, I hope that was helpful. Thanks 556 00:30:22,640 --> 00:30:24,320 S1: for your call today. If you stay on the line, 557 00:30:24,320 --> 00:30:26,880 S1: we'll get your information. Our team will send you a 558 00:30:26,880 --> 00:30:30,520 S1: copy of Harlan's book, Home Equity and Reverse Mortgages. Just 559 00:30:30,520 --> 00:30:32,280 S1: so you can do a little deeper dive into this 560 00:30:32,280 --> 00:30:35,400 S1: topic and understand it more fully. It really is a 561 00:30:35,400 --> 00:30:38,240 S1: wonderful resource. So, uh, stay on the line. We'll get 562 00:30:38,240 --> 00:30:40,000 S1: your information. By the way, folks, if you want to 563 00:30:40,000 --> 00:30:43,760 S1: connect with Harlan and his team. 580, reverse is the 564 00:30:43,760 --> 00:30:48,000 S1: number or movement com slash movement, of course, a longtime 565 00:30:48,040 --> 00:30:50,720 S1: underwriter of this program. All right, a quick break and 566 00:30:50,720 --> 00:30:52,680 S1: then back with our final segment. We'll get to as 567 00:30:52,680 --> 00:30:55,320 S1: many calls as we can. There's a ton waiting. Stay 568 00:30:55,320 --> 00:31:08,640 S1: with us. You know, when you get to the fourth 569 00:31:08,640 --> 00:31:10,680 S1: quarter of life and you're trying to put all the 570 00:31:10,680 --> 00:31:13,840 S1: pieces together, a lot of decisions to be made, and 571 00:31:14,120 --> 00:31:16,150 S1: we want to help give you some counsel here today. 572 00:31:16,150 --> 00:31:18,830 S1: We're talking specifically about one tool. And that's all it 573 00:31:18,830 --> 00:31:21,070 S1: is that a lot of folks take advantage of in 574 00:31:21,070 --> 00:31:24,030 S1: this season of life and often misunderstood tool that is 575 00:31:24,150 --> 00:31:26,870 S1: a reverse mortgage. Now, many folks get to this point 576 00:31:26,870 --> 00:31:28,550 S1: in life and they're debt free and they want to 577 00:31:28,550 --> 00:31:30,790 S1: stay that way. And that's great. And they've got plenty 578 00:31:30,790 --> 00:31:33,910 S1: of assets to cover their income needs. In some cases, 579 00:31:33,910 --> 00:31:36,430 S1: that's just not the way it is. And so therefore 580 00:31:36,430 --> 00:31:40,470 S1: they're looking at what's the most efficient way to fund lifestyle, 581 00:31:40,870 --> 00:31:43,630 S1: factoring in the taxes and the assets that we have. 582 00:31:43,670 --> 00:31:46,470 S1: And you know, often, as Harlan likes to remind us, 583 00:31:46,630 --> 00:31:50,110 S1: Harlan is at what, 14 trillion that's in home equity 584 00:31:50,110 --> 00:31:51,190 S1: right now. Is that right? 585 00:31:51,630 --> 00:31:53,670 S2: And that is correct. And it's going up every day. 586 00:31:54,870 --> 00:31:58,590 S1: Yeah. Yeah. Especially as the these home prices continue to increase. 587 00:31:58,590 --> 00:32:01,390 S1: So what an opportunity. And that's what we're talking about today. 588 00:32:01,390 --> 00:32:02,950 S1: We'll get back to the phones here in just a moment. 589 00:32:02,950 --> 00:32:05,990 S1: But before we do Lois teed something up that we 590 00:32:06,030 --> 00:32:09,350 S1: hear periodically on this program where people want to know, 591 00:32:09,350 --> 00:32:12,310 S1: if I go into a nursing home, what protects my 592 00:32:12,310 --> 00:32:15,420 S1: home for my heirs, especially if I run through my 593 00:32:15,420 --> 00:32:19,660 S1: assets and I end up having Medicaid, you know, below 594 00:32:19,660 --> 00:32:23,500 S1: the asset limits, apart from my home fund, some of 595 00:32:23,500 --> 00:32:26,100 S1: my care. And I know this is something you teach 596 00:32:26,140 --> 00:32:28,740 S1: on all the time. Would you share a little tidbit 597 00:32:28,780 --> 00:32:30,380 S1: on what might that look like? 598 00:32:31,020 --> 00:32:34,300 S2: Sure. This is a huge subject, and we could easily 599 00:32:34,300 --> 00:32:36,660 S2: spend an hour talking about this and we don't have that. 600 00:32:36,660 --> 00:32:38,860 S2: But the first thing to know is that every state 601 00:32:38,860 --> 00:32:42,060 S2: is different. All the rules are different. In the 20 602 00:32:42,100 --> 00:32:45,540 S2: years that I've been in this business, um, no state 603 00:32:45,540 --> 00:32:48,620 S2: has ever taken any of the out of thousands of 604 00:32:48,620 --> 00:32:51,740 S2: mortgages that we've been involved in. No state has ever 605 00:32:51,740 --> 00:32:54,100 S2: taken a house that had a reverse mortgage on. Most 606 00:32:54,100 --> 00:32:55,860 S2: of the time, they take a house that's free and 607 00:32:55,860 --> 00:33:01,020 S2: clear after the person has passed. So, um, there is 608 00:33:01,060 --> 00:33:03,300 S2: a state planning that needs to be done, attorneys that 609 00:33:03,300 --> 00:33:07,260 S2: need to be consulted. I don't have a law degree. Um, 610 00:33:07,300 --> 00:33:10,020 S2: but everybody should look into this because there's all kinds 611 00:33:10,020 --> 00:33:12,220 S2: of people that say, I want to give a certain 612 00:33:12,220 --> 00:33:15,730 S2: inheritance to my kids. There's all kinds of ethical situations 613 00:33:15,730 --> 00:33:17,810 S2: around that of who should pay for care and so 614 00:33:17,810 --> 00:33:20,770 S2: on and so forth. Um, some people have insurance. Most 615 00:33:20,770 --> 00:33:24,850 S2: people don't. It is a very big discussion. And often 616 00:33:24,890 --> 00:33:27,050 S2: the attorneys that we work with, the reverse mortgage, is 617 00:33:27,050 --> 00:33:30,090 S2: part of the solution of what ends up going to 618 00:33:30,130 --> 00:33:31,930 S2: the kids in the end. So I'd be happy to 619 00:33:31,970 --> 00:33:35,490 S2: talk to Lois or anybody that's on the listening today, 620 00:33:35,530 --> 00:33:37,770 S2: to go further into that, of how this fits into 621 00:33:37,810 --> 00:33:40,730 S2: long term care planning, how it fits into estate planning 622 00:33:40,730 --> 00:33:43,450 S2: and preserving an asset that you want to go to 623 00:33:43,450 --> 00:33:48,410 S2: the children. Um, it is not a simple nobody has 624 00:33:48,410 --> 00:33:53,010 S2: a simple, easy magic bullet, but often the reverse mortgage 625 00:33:53,010 --> 00:33:55,530 S2: and an attorney can be part of that in figuring 626 00:33:55,530 --> 00:33:58,970 S2: out how best to do that, that your wishes happen 627 00:33:58,970 --> 00:34:01,690 S2: after you're gone, or unfortunately, after you no longer have 628 00:34:01,690 --> 00:34:02,730 S2: mental capacity. 629 00:34:04,010 --> 00:34:06,730 S1: Yeah, okay. That's helpful. Thank you for that. Harlan, let's 630 00:34:06,730 --> 00:34:09,490 S1: head back to the phones to Indianapolis. Hi, Lee. Go ahead. 631 00:34:11,630 --> 00:34:14,750 S10: Uh, yes. My question was, uh, when you have a 632 00:34:14,989 --> 00:34:17,350 S10: reverse mortgage, is it a fixed rate mortgage or a 633 00:34:17,350 --> 00:34:21,669 S10: variable mortgage? And then, uh, if I do that, what 634 00:34:21,670 --> 00:34:23,910 S10: kind of cost would be passed on to my heirs 635 00:34:23,910 --> 00:34:25,069 S10: once I'm deceased? 636 00:34:26,590 --> 00:34:31,750 S2: Yes. Very simple question. Uh, thank you for that. Um, uh, the, uh, 637 00:34:31,750 --> 00:34:33,870 S2: you can get a fixed or an adjustable rate. There's 638 00:34:33,910 --> 00:34:36,629 S2: advantages and disadvantages to both. It probably makes more sense 639 00:34:36,630 --> 00:34:38,550 S2: to do an adjustable right now, because it's more likely 640 00:34:38,550 --> 00:34:40,790 S2: that interest rates will go down. But we give you 641 00:34:40,790 --> 00:34:44,149 S2: both options. Uh, the cost that your heirs will take 642 00:34:44,150 --> 00:34:46,830 S2: care of is the money that you've used, plus the 643 00:34:46,830 --> 00:34:49,790 S2: accrued interest and the closing costs that were incurred in 644 00:34:49,790 --> 00:34:52,549 S2: the beginning. We make it very clear to you in 645 00:34:52,550 --> 00:34:55,750 S2: a report before you ever get into it, uh, that 646 00:34:55,750 --> 00:34:58,109 S2: shows you, based on what you're going to borrow and 647 00:34:58,110 --> 00:35:02,070 S2: what you expect to borrow, what you will owe at 65, 648 00:35:02,110 --> 00:35:06,710 S2: at 75, at 85, at age 100. Um, and what 649 00:35:06,750 --> 00:35:10,029 S2: the based on whatever interest rate is selected and how 650 00:35:10,180 --> 00:35:12,500 S2: you do it. What the average is. So we can 651 00:35:12,500 --> 00:35:14,859 S2: come pretty close to what you owe. If you can 652 00:35:14,860 --> 00:35:17,020 S2: tell us when you're going to die, which obviously most 653 00:35:17,020 --> 00:35:20,859 S2: people can't do. But we give you a good understanding 654 00:35:20,860 --> 00:35:23,620 S2: of what is there. But be aware that no matter 655 00:35:23,620 --> 00:35:25,500 S2: what happens, your kids will never owe more than the 656 00:35:25,500 --> 00:35:28,180 S2: house is worth, even if you live a long time. 657 00:35:28,700 --> 00:35:30,620 S2: But we will give you a pretty good idea of 658 00:35:30,620 --> 00:35:32,860 S2: what's going to be left. And because of the increasing 659 00:35:32,860 --> 00:35:35,500 S2: values of houses, usually there's more equity left at the 660 00:35:35,500 --> 00:35:38,180 S2: end than there was at the beginning with the reverse 661 00:35:38,180 --> 00:35:41,660 S2: mortgage because of that value. And we're only giving you 30, 40, 50% 662 00:35:41,660 --> 00:35:46,100 S2: of value early in life anyway. Early in retirement. So 663 00:35:46,140 --> 00:35:49,580 S2: great question. Uh, there's really no different than taking money 664 00:35:49,580 --> 00:35:52,100 S2: out of an IRA. There's going to be less for 665 00:35:52,100 --> 00:35:53,500 S2: the kids at the end. 666 00:35:53,940 --> 00:35:56,219 S1: Yeah. Lee, is that helpful? 667 00:35:56,580 --> 00:35:59,819 S10: This is worth 300. Yes it is. And if my 668 00:35:59,820 --> 00:36:03,939 S10: house today is valued market value at $320,000 and it's 669 00:36:03,940 --> 00:36:07,500 S10: paid for. Um, how much of that am I able 670 00:36:07,500 --> 00:36:09,410 S10: to take out of that in reverse mortgage. 671 00:36:09,930 --> 00:36:14,090 S2: How old are you, Lee? What is your age, Lee? 672 00:36:14,730 --> 00:36:16,610 S10: 565. 673 00:36:17,330 --> 00:36:20,730 S2: 65. So you're eligible for about 35% of the value. 674 00:36:20,730 --> 00:36:23,450 S2: So you'd get about $100,000 in the beginning in a 675 00:36:23,450 --> 00:36:26,850 S2: line of credit. And then it grows at about 6% 676 00:36:26,890 --> 00:36:29,290 S2: a year. So next year would be 106, the year 677 00:36:29,290 --> 00:36:32,930 S2: after that, 112 and so on. But you'd initially get 678 00:36:32,930 --> 00:36:36,130 S2: somewhere between 100 and 120, depending upon exactly how the 679 00:36:36,130 --> 00:36:39,090 S2: appraisal came out, about a third of the value. And 680 00:36:39,090 --> 00:36:41,210 S2: because you're on the young side, you're 65. If you 681 00:36:41,250 --> 00:36:44,290 S2: were 75 would give you 200 and some thousand. Um, 682 00:36:44,690 --> 00:36:46,250 S2: so you get about a third of the value of 683 00:36:46,250 --> 00:36:50,810 S2: the house in the beginning stages when you're young like that. Mhm. 684 00:36:52,530 --> 00:36:54,609 S1: Lee, thanks for your call today. We appreciate you being. 685 00:36:54,610 --> 00:36:56,090 S1: I'm sorry. Did you have another question? 686 00:36:58,010 --> 00:37:00,169 S10: Does it make sense to take take that loan out 687 00:37:00,170 --> 00:37:01,330 S10: sooner rather than later. 688 00:37:02,010 --> 00:37:03,650 S2: It definitely makes sense. A lot of people say, well, 689 00:37:03,650 --> 00:37:05,410 S2: I'll just wait until I need it. The best time 690 00:37:05,410 --> 00:37:07,680 S2: to borrow money is when you don't need it. And 691 00:37:07,880 --> 00:37:09,799 S2: the earlier you take it out, the more it grows to. 692 00:37:09,840 --> 00:37:11,480 S2: If you take it out at 65 and you don't 693 00:37:11,480 --> 00:37:14,400 S2: need it until 75, you're $100,000. Line of credit would 694 00:37:14,400 --> 00:37:17,280 S2: have grown to 200,000, so you're far better off taking 695 00:37:17,280 --> 00:37:20,759 S2: it in the beginning. Um, even when you don't need it. 696 00:37:20,760 --> 00:37:22,680 S2: That's what my dad did and when he needed some 697 00:37:22,680 --> 00:37:27,080 S2: health care needs, it was there. Um, so the earlier 698 00:37:27,080 --> 00:37:29,640 S2: you take it out, the better, because it gives you 699 00:37:29,640 --> 00:37:31,759 S2: more time to grow. And you're not paying interest on 700 00:37:31,760 --> 00:37:34,960 S2: money that you're not using. You're gaining more equity availability. 701 00:37:35,160 --> 00:37:37,719 S2: So the earlier you do it, the better, uh, so 702 00:37:37,719 --> 00:37:39,960 S2: that you know that that's there for you in the future. 703 00:37:41,239 --> 00:37:43,680 S1: And, Harlan, that's your story as well. Didn't you take 704 00:37:43,680 --> 00:37:44,880 S1: one out at 62? 705 00:37:45,360 --> 00:37:49,040 S2: I did, I turned 62 on April 26th. On April 27th, 706 00:37:49,040 --> 00:37:51,320 S2: in the morning at 8:00, I did my reverse mortgage. 707 00:37:51,320 --> 00:37:53,359 S2: So because I know the numbers and I know what 708 00:37:53,360 --> 00:37:56,279 S2: makes sense, I didn't need it, but it certainly made 709 00:37:56,280 --> 00:37:58,600 S2: sense to do it as early as possible, because I 710 00:37:58,880 --> 00:38:00,880 S2: went through the numbers enough times for everybody else. I 711 00:38:00,880 --> 00:38:02,399 S2: couldn't wait to get to be 62. 712 00:38:04,719 --> 00:38:07,029 S1: That's great. Hey, Lee, thanks for your call. Stay on 713 00:38:07,030 --> 00:38:09,350 S1: the line. We'll send you a copy of Harlan's book. Uh, 714 00:38:09,350 --> 00:38:11,190 S1: hopefully that's helpful to you. And again, folks, if you 715 00:38:11,190 --> 00:38:13,470 S1: want to learn more, connect with somebody at the team there. 716 00:38:13,469 --> 00:38:17,550 S1: Just go to movement. Uh, let's go to Mississippi. Hi, Nancy. 717 00:38:17,590 --> 00:38:18,110 S1: Go ahead. 718 00:38:19,469 --> 00:38:24,430 S11: Hello. Um, thank you so much. Um, I have a 719 00:38:24,469 --> 00:38:30,190 S11: home equity line of credit. I'm 75, and I just wondered, 720 00:38:30,190 --> 00:38:36,350 S11: how does that work in getting a reverse mortgage? 721 00:38:38,030 --> 00:38:40,950 S2: Well, that's a question that we get asked all the time, Nancy. 722 00:38:40,989 --> 00:38:43,430 S2: Many people have lines of credit, which is usually a 723 00:38:43,430 --> 00:38:45,790 S2: wise thing to do when you're younger. You take out 724 00:38:45,790 --> 00:38:48,150 S2: a line of credit. So if you need money, it's there. 725 00:38:48,270 --> 00:38:50,029 S2: Even if you don't use it. And it's just sitting 726 00:38:50,030 --> 00:38:54,150 S2: there as an availability. Um, uh, with the difference though, 727 00:38:54,190 --> 00:38:57,750 S2: when you get to be 62, uh, past 62, uh, 728 00:38:57,750 --> 00:39:01,029 S2: which you're a little ways past that at 75 is 729 00:39:01,030 --> 00:39:03,870 S2: you should get a different line of credit. That guarantees 730 00:39:03,870 --> 00:39:08,020 S2: three things. It's always available. It always goes up no 731 00:39:08,020 --> 00:39:11,140 S2: matter what happens to home values. And you never have 732 00:39:11,140 --> 00:39:14,620 S2: to make a payment. So, um, unless you want to. 733 00:39:14,660 --> 00:39:18,140 S2: So you have the complete flexibility and it cannot be 734 00:39:18,180 --> 00:39:21,299 S2: cancelled even if the house value goes down, even if 735 00:39:21,300 --> 00:39:23,739 S2: something bad things happen with the economy, even if some 736 00:39:23,739 --> 00:39:26,020 S2: bad things happen with your credit. So to be able 737 00:39:26,020 --> 00:39:29,020 S2: to have replace that existing line of credit which is 738 00:39:29,020 --> 00:39:32,020 S2: designed for young people, then we simply give you one 739 00:39:32,020 --> 00:39:35,580 S2: that's designed for people that are in retirement, uh, and 740 00:39:35,580 --> 00:39:38,940 S2: past 62. And, um, a lot of people say, well, 741 00:39:38,940 --> 00:39:40,739 S2: I've already got this one. Well, a lot of people 742 00:39:40,739 --> 00:39:43,540 S2: don't realize is regular lines of credit can be canceled. 743 00:39:43,900 --> 00:39:46,660 S2: Even when people lost their homes in the fire or 744 00:39:46,700 --> 00:39:49,819 S2: in with the hurricanes, that line of credit was still 745 00:39:49,820 --> 00:39:52,540 S2: available that they could use to rent before they rebuilt, 746 00:39:52,540 --> 00:39:55,899 S2: and so on. So it's something that is a guaranteed 747 00:39:55,900 --> 00:39:58,940 S2: line of credit. We call it non-recourse. And that guarantee 748 00:39:58,980 --> 00:40:01,300 S2: is very important because if we have another housing crash 749 00:40:01,300 --> 00:40:04,280 S2: like we had in 2009, it's very likely your regular 750 00:40:04,280 --> 00:40:08,879 S2: line of credit would be cancelled. So it's very important 751 00:40:08,880 --> 00:40:11,840 S2: that you just make sure that when you need money 752 00:40:11,840 --> 00:40:14,319 S2: that's available, you want an umbrella that's not taken away 753 00:40:14,320 --> 00:40:17,279 S2: when it starts to rain. So excellent question. And a 754 00:40:17,280 --> 00:40:19,640 S2: very important one Nancy. And we can kind of go 755 00:40:19,640 --> 00:40:21,520 S2: through the options and the pros and cons and what 756 00:40:21,520 --> 00:40:24,959 S2: you're eligible for because you went past that age of 62. 757 00:40:26,280 --> 00:40:29,719 S1: Excellent, Nancy. Thanks. Victoria is in Franklin, Tennessee. Victoria, we've 758 00:40:29,719 --> 00:40:31,520 S1: got just a minute and a half left. How can 759 00:40:31,520 --> 00:40:32,080 S1: we help you? 760 00:40:33,800 --> 00:40:36,279 S11: Well, thank you for taking my call. I've heard a 761 00:40:36,320 --> 00:40:38,440 S11: lot of things that are helpful, and I think I'll 762 00:40:38,440 --> 00:40:41,600 S11: definitely call and talk to movement about it. Because we 763 00:40:41,640 --> 00:40:45,480 S11: are 65 and 70. My husband and I are still working, 764 00:40:45,480 --> 00:40:49,799 S11: but we know that really our our retirement is our house. 765 00:40:50,200 --> 00:40:52,839 S11: So the idea that maybe we could stay in our 766 00:40:52,840 --> 00:40:55,759 S11: house and still retire. Sounds wonderful. 767 00:40:56,920 --> 00:40:58,640 S12: Well, we'd love to help people like that. 768 00:40:58,719 --> 00:41:02,150 S2: It changes a tremendous amount of things. I'm so glad 769 00:41:02,150 --> 00:41:04,989 S2: you called Victoria and we'd love to go through it. 770 00:41:04,989 --> 00:41:06,350 S2: And you know, some people don't like to go on 771 00:41:06,350 --> 00:41:08,350 S2: the websites or they don't have that as much. And 772 00:41:08,390 --> 00:41:11,190 S2: you can always call 580 reverse. It's an easy number 773 00:41:11,190 --> 00:41:15,310 S2: to remember 7383773 for anyone that wants to not not 774 00:41:15,310 --> 00:41:17,310 S2: that you're getting one, but just that you want to 775 00:41:17,310 --> 00:41:20,190 S2: talk about how it fits. Maybe something you do in 776 00:41:20,190 --> 00:41:23,190 S2: the future. It's just a good idea to say, hey, 777 00:41:23,230 --> 00:41:25,630 S2: how does this work? How would it fit with me? 778 00:41:25,870 --> 00:41:27,430 S2: Whether you do it or not, at least you know 779 00:41:27,430 --> 00:41:30,270 S2: what your options are. And so many people get to 780 00:41:30,510 --> 00:41:33,670 S2: 70 or 80, and they the biggest complaint that they 781 00:41:33,670 --> 00:41:35,670 S2: have is, why didn't I do this earlier? How come 782 00:41:35,670 --> 00:41:38,229 S2: I didn't find out about this earlier? It's very wise 783 00:41:38,230 --> 00:41:40,510 S2: that you're checking it out now. And we sure appreciate 784 00:41:40,510 --> 00:41:41,710 S2: your call in. Victoria. 785 00:41:42,989 --> 00:41:45,350 S1: Victoria, stay on the line. Our team will get your information. 786 00:41:45,350 --> 00:41:47,590 S1: We'll send you a copy of this book. And again 787 00:41:47,590 --> 00:41:52,069 S1: movement.com/faith is the as the place to go. Harland I 788 00:41:52,070 --> 00:41:55,830 S1: really appreciate you my friend. Appreciate your just your approach 789 00:41:55,830 --> 00:41:58,509 S1: to this. I know you're all about kingdom advancement. You're 790 00:41:58,510 --> 00:42:02,060 S1: all about helping and educating God's people, and that comes 791 00:42:02,060 --> 00:42:04,180 S1: through every time you join us. So thanks for your time. 792 00:42:04,700 --> 00:42:07,180 S2: Thanks for the opportunity. Really appreciate what you do, Rob. 793 00:42:08,300 --> 00:42:11,540 S1: All right. Lord bless you. Well, folks, again, that's Harlan Achola. 794 00:42:11,540 --> 00:42:14,620 S1: He's with Movement Mortgage, an underwriter of this program. He's 795 00:42:14,620 --> 00:42:17,540 S1: our go to guy on reverse mortgages. Again, if you 796 00:42:17,540 --> 00:42:20,940 S1: want to learn more, just go to movement. What a 797 00:42:20,940 --> 00:42:23,259 S1: treat to be along with you today. So thankful for 798 00:42:23,260 --> 00:42:27,140 S1: my team that makes this happen each day. Josh, Taylor, Omar, 799 00:42:27,140 --> 00:42:30,540 S1: Tahira and everybody here at Faith by making this possible, 800 00:42:30,940 --> 00:42:33,060 S1: want to remind you that Faith and Finance Live is 801 00:42:33,060 --> 00:42:35,819 S1: a partnership between Moody Radio and Faith Fi. And again, 802 00:42:35,820 --> 00:42:38,580 S1: if you'd like to support our work as a listener 803 00:42:38,580 --> 00:42:42,420 S1: supported ministry, we cannot do this without you, and especially 804 00:42:42,420 --> 00:42:44,700 S1: this time of year as we head toward year end. 805 00:42:44,739 --> 00:42:46,980 S1: Really important for us to hear from you at Faith 806 00:42:46,980 --> 00:42:53,460 S1: by Faith. Com. Enjoy the rest of your day. Come 807 00:42:53,500 --> 00:42:55,540 S1: back and join us tomorrow. We'll see you then. Bye bye.