November 3, 2012
This past week’s show we covered a lot of different topics. We started off with our special guest, my daughter Morgan, to help me talk about the process of moving and how that affects a family (from a kids point of view). We just moved from Prior Lake this past June, where I have lived most of my life, to Minnetonka. We moved into an actual neighborhood (we had lived her whole life on acreage) so Morgan talked about how hard those changes were as a 9 year old, but how she adapted to the changes in a positive way.
That’s what’s important when moving. Staying positive. Enjoy your new home and make it the best place possible for you and your family. In addition, Morgan and I also talked about family traditions and she wants to make ours camping… I am hoping she considers the Holiday Inn a campground.
We were then joined by Jeff Flannery and Matt Helling of Cambria Mortgage to help us transition into the topic of reverse mortgages. Yes… the confusing world of reverse mortgages! This has always been a hot topic with Real Estate Radio Hour because, as I mentioned in the show, I’ve been doing this a long time and I’m still working on getting them down.
Why do a reverse mortgage?! As Jeff and Matt discussed, reverse mortgages can eliminate large mortgage payments and you can do a reverse for purchase to get into a home without a mortgage payment. They recommend welcoming others such as family members and even your financial planner into the process, so everyone is educated with what is going on. Also, one of our callers asked how does a reverse mortgage end?! Jeff explained only when the property is no longer the primary place of residence for the last surviving homeowner do you have to pay back the loan. The estate would sell the property, and through the sale, pay back the mortgage. These are non-recourse loans so that means if the payoff is higher than the value, they can not go after you for the deficiency.
To give people a better understanding of this they are hosting a seminar TODAY! November 8. Click the banner on the home page to get more information of where and when. Until next week…
– Chris Rooney