This is not a comprehensive overview of the HECM reverse mortgage. This way of looking at the reverse mortgage just makes the loan product a little bit easier to understand.

You should speak to a local, licensed Reverse Mortgage Planner for more information.
With a Home Equity Conversion Mortgage the homeowner must maintain the home as their primary residence, pay their homeowner's insurance and property taxes.

Kirk M Rau Retirement Mortgage Planner NMLS 1466931

Copyright©2022 Fairway Independent Mortgage Corporation (“Fairway”) NMLS # 2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800. All rights reserved. Fairway is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency. Reverse mortgage borrowers are required to obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency. The youngest borrower must be at least 62 years old. Monthly reverse mortgage advances may affect eligibility for some other programs. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Opportunity. AZ License # BK-0904162.

"I'm going to do my very best to make the reverse mortgage, really simple to understand in the next three minutes or less. So most of us, as we move through our working years and head towards retirement, hopefully we are putting some money away in the form of IRAs, or 401, K's or buying stocks or mutual funds and stuff like that. And then when we get to that retirement day, hopefully we'll have those assets available so that we can supplement our retirement lifestyle with those.

Many folks, most of us, hopefully, as we move through our working years and get to that retirement day, we will have also in retirement, a little bit of income in the form of a social security check. And then if we have a partner, the partner may have a social security check as well. And then lastly, some folks it's not very common anymore, but some folks will have some form of a pension check. And then now that is currently, for most Americans, that looks like the retirement income planning bucket, we got got some liquid assets a little bit, sometimes a lot, hopefully. And then we've got some pension, and definitely, hopefully, some social security income. Here's the great thing. Many of these folks went through life and they bought a house. And because they bought a house, today, many of them will have a significant amount of home equity. Truth of matter is right now Retired Americans have somewhere around $9 trillion worth of equity sitting in their homes.

And for most folks, when they get to that 65, 66 or 67 year spot where they're retiring, actually, most people have the buckets are almost proportional, it's actually the liquid assets is usually a little bit smaller, in comparison to how much how much how many dollars are sitting in the home equity.

Now, here's why I love the reverse mortgage, the reverse mortgage allows the eligible homeowner who also lives in an eligible residence to be able primary residence to be able to take a portion of that home equity to be able to access it, and then have it available so that it can be included in the retirement income plan in the form of housing wealth converted either into a monthly check in the check might, as long as they the borrower maintains the home pays the property taxes, and maintains the homeowners keeps paying the homeowners insurance, that check is gonna come in until they till they leave the home permanently. Or they could leave those dollars, leave that equity in a line of credit and let it sit and provided they maintain the home and pay the property taxes and homeowners insurance, that line of credit is going to go up it's going to grow it's guaranteed to do that. And it's also guaranteed not to be frozen, canceled or reduced. So down the road, the homeowner can one either just reach into it when necessary. So if an emergency unplanned for large expense comes up, they don't need to lose sleep, they've got that line of credit that they can reach into or if lifestyle changes and maybe a significant monthly expense comes up, they may choose to access now that that equity in the form of of now monthly check so they might wait three or four or five or 10 years or whatever, and then turn on that that stream of tax free revenue. So that's it. That's what I got. My name is Kirk Rau. I'm a senior mortgage advisor at fairway independent mortgage. And if you have not get sat down with someone to discuss what it would look like to include a portion of your home equity into your retirement income plan. I'd be happy to do that. Give me a call. Thank you"

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