REVERSE MORTGAGES, HOW TO USE YOUR HOME TO STAY AT HOME
During this episode of Real Estate Mortgage Shoppe I will be talking with Nic Ponzo, Reverse Mortgage Specialist for Evolve Bank and Trust about the pros and cons of using a reverse mortgage. You’ll also get some ideas on ways you may never have thought about to make the reverse mortgage work for you. Mary Lou Nowak of Mid South Home Helpers, offering non-medical help in the home, will be talking about how reverse mortgage funding and how it can help someone remain longer in their own home.
Thank you for joining us around the table at Real Estate Mortgage Shoppe. If you have a question or if you want to get into more specific scenario options for your particular situation, please contact me at (901) 482-0354. You can also email me at jo@192.232.195.219. Please subscribe to our regular podcasts at www.JoGarner.com so we can stay in touch with you.
To Your Success,
Jo Garner
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Good morning, Memphis! Hello to our listeners across America! You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Officer. You can connect with me at www.JoGarner.com. Sponsoring today’s show on August 20th, 2016 is Evolve Bank and Trust, Chad Irwin’s Memphis Mortgage Office at 6070 Poplar Ave in Memphis, TN. Our general topic is“REVERSE MORTGAGES, HOW TO USE YOUR HOME TO STAY AT HOME.” . If you have a question or comment and you’re on Twitter, make them to #JoGarner or call me directly off the show at (901) 482-0354. You can call us while we are live at (901) 535-9732 or outside the Memphis area (800) 474-9732
Reverse mortgage programs have been through quite a few changes. Today on Real Estate Mortgage Shoppe I will be talking with Nic Ponzo of Evolve Bank and Trust about the pros and cons of using a reverse mortgage. You’ll also get some ideas on ways you may never have thought about to make the reverse mortgage work for you. Mary Lou Nowak of Mid South Home Helpers, offering non-medical help in the home, will be talking about how reverse mortgage funding can help someone remain longer in their own home.
Nic Ponzo, Reverse Mortgage Specialist with Evolve Bank and Trust in New York. Nic has extensive knowledge in the banking industry. It’s great having you on the show, Nic. Tell our listeners a little bit about yourself and what you do at Evolve Bank and Trust.
Also sitting in the studio with us is Mary Lou Nowak, Mid-South Home Helpers. Mary Lou has a lot of experience with offering good quality non-medical help in the home. And she’s got some great advice on how to get the most from your long-term care policies too. Mary Lou, glad to have you back on the show. Tell our listeners a little about yourself and what you do at Home Helpers.
(Jo) Mortgage rates sneaked up just a little bit yesterday but stayed fairly close to home where they have been for the last few days. But next week they could start heading up again depending on how strongly Janet Yellen hints on when she plans to move the Fed rate up again. Even though the Fed rate is not tied directly to mortgage rates, the reaction of the bond market to the Fed rate is what generally moves the mortgage markets. 30YR FIXED – 3.375 – 3.5%; FHA/VA – 3.0 – 3.25%; 15 YEAR FIXED – 2.75% On Real Estate Mortgage Shoppe we say, “MAKE YOUR PLAN, WORK YOUR PLAN—IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.” If you want to compare some numbers for buying a home or refinancing a home or two to lower your interest costs, shorten the term on your mortgage or even pull cash out to reinvest, call me personally. You have to talk with me personally to work with me personally, and I want to work with you. Let’s compare some numbers on YOUR financing. Call me directly after the show at (901) 482-0354 (901) 482-0354 or email me at jo@192.232.195.219 Nic, I bet the reverse mortgage market is offering some great opportunities to some homeowners now too.
(Jo) Susan, my very experienced mortgage assistant, and I have talked to several customers who made a point to buy a home with a mother-in-law suite so they can live in the smaller living area or they planned to use the space later so their caregivers would have a place to live in needed. It’s nice having a private place or area of the house to call you own. Less stressful. My mother used to tell me that the more bathrooms a house had, the happier the people inside. I think she was alluding to the benefit of being able to get away from other household members when you needed to. That was how she kept her sanity when I was growing up. She would disappear into the bathroom for a while. The ways you can use funds from a reverse mortgage are endless, like using the money to make the house more handicapped user-friendly or even modifying the space to allow for more privacy for family members or care-givers. A reverse mortgage could help you do this, but sometimes you can achieve these benefits by refinancing your existing mortgage and pulling cash out or refinancing to lower your existing mortgage payment. Everyone’s situation is going to be different. But of course, a regular mortgage you would have to make payments back to the mortgage company each month and you wouldn’t have to make a monthly payment on the reverse mortgage. Call me and I can show you the payment and costs numbers on a regular refinance or get you directly over to Nic to explore the numbers on a reverse mortgage. Call us while we are live August 20th, 2016 at (901) 535-9732 or (800) 474-9732. Our you can call me personally after the show at (901) 482-0354 (901) 482-0354 or connect with me at www.JoGarner.com
LET’S TALK SHOP—TALK SHOPPE’S BUSINESS TIP FOR REAL ESTATE PROS:
2nd segment after 9:15 advertising break –It’s time to talk shop with Talk Shoppe’s Business Tip For Real Estate Professionals. Talk Shoppe is a marketing company offering free education and networking to anyone interested in real estate or in business. Talk Shoppe is made possible by the financial support of its sponsors and advertisers. For more about Talk Shoppe, go to www.TalkShoppe.com (shoppe) For our Talk Shoppe Business Tip today we have Talk Shoppe advertiser retired US Navy Line Commander, Peggy Lau. Peggy has been showing us at Talk Shoppe how she can help us take dream vacations and get paid to do it. She regales us at Talk Shoppe with her awe- inspiring stories of her recent days in Maui and the Florida Keys and other paradise places. Peggy Lau what is our Talk Shoppe Business Tip for Real Estate Professionals today? You can contact Peggy at (901) 289-0747.
QUESTIONS ANSWERED BY PEGGY LAU
Stick to basics. Sticking to your foundations in life is a lot like building a house in real estate.
⦁ Define what you want and be specific so that you can track your progress.
⦁ Know that you can’t become your best without taking other people with you.
⦁ Be a student of your craft. Invest in yourself and it will pay you dividends the rest of your life.
⦁ Give your time and your expertise freely and money when you can. Do it without expecting anything in return and it will come back to you.
⦁ If you are not getting the results you want, ask yourself better questions.
⦁ Faith is an action word.
⦁ If all else fails, shut up and listen to your heart and to what others are telling you.
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QUESTIONS ANSWERED BY Nicolo Ponzo
1) How the Reverse mortgage works
2) Misconceptions
3) No mortgage payments/ responsible for taxes/insurance/upkeep of home
4) Who owns my Home?
5) How can we use the cash for the Reverse Mortgage
6) If my spouse is under 62 what happens?
7) What happens if my spouse passes while in a Reverse Mortgage?
8) What happens if we both pass away? Who is entitled to my Home?
9) Monies received from loan is Tax free or effect SS and medicare?
10) How would a reverse mortgage help someone in a situation where one spouse in good health and one is needing assistance in a nursing facility or in the home? Nick shared that many of his clients use the funds from the Reverse Mortgage funding to pay for a spouse’s care in an assisted living or nursing facility. He also shared that funds from a reverse mortgage can also cover medical and non-medical assistance in the borrower’s own home. Reverse mortgages can also be used to BUY a home. The reverse mortgage money can be used for anything—even for taking vacations.
11) What if both spouses were in poor health and needing a nursing facility?
12) What are the advantages that you see for using reverse mortgage funds to pay family members to care for the family member needing assistance in the home?
QUESTIONS ANSWERED BY MARY LOU NOWAK:
⦁ What are some of the benefits Home Helpers of the Mid South, offer your clients needing non-medical assistance in their home? Mary Lou briefly mentioned a new music therapy that has proven effective with the clients Home Helpers assists in their homes. Also, among other state of the art techniques, Home Helpers uses a scientifically designed pill dispenser system that helps prevent clients from accidentally overdosing on their prescription medications.
2. Can you share one of your secrets to getting the most from long-term care insurance just in the way you file the claim? Mary Lou shared a simple method she shares with her clients on a strategic method of filing for long term care claims that has saved one or more of her clients about $15,000 in pay outs.
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QUESTIONS ANSWERED BY JO GARNER:
⦁ Are there any financing solutions that would allow the family members of the reverse mortgage borrower to pay off the reverse mortgage and keep the family home before or after the family member’s passing?
There are several possible solutions for keeping the “family house” in the family. I would recommend that the family members consult with their CPA and certified financial adviser first to determine the best financial course for everyone.
Our regular radio and podcast listeners know that I am always talking about the importance of having more than one exit strategy when you buy a house or make any major financial move. After talking with your certified financial advisors, then call me personally and let’s compare some mortgage programs that may allow you the funds to pay off your elderly family member’s reverse mortgage when it comes time to pay it. We have talked about the reverse mortgage holder buying a term life insurance policy for enough to pay off the reverse mortgage on their death, allowing the home to stay in the family.
We have also looked at family members coming up with enough funds from other sources to pay off the reverse mortgage if the reverse mortgage borrower has to live away from the house in an assisted living type facility for a year or more and the reverse mortgage comes due and payable. At that point the house must be sold. But if the other family members want to keep the house, I can look at some refinance products on the other family members’ homes or inexpensive credit lines secured on other collateral assets like trade-able stocks. If you or someone you know is interested in getting a quote on a cash out refinance, a Home Equity Line of Credit or Evolve Bank’s new Private Asset Lending program which could be an inexpensive source of funds for you to use to pay off your loved one’s reverse mortgage when the time comes and keep the family home in the family.
⦁ What are the most common mortgage scenarios used by the baby-boomer and civic generations?
The tried and true Civic generation where born from around 1928 to 1945 are called the Civic Generation because they were civic-minded-all about serving God, country and their fellow man. These consumers are mostly settled where they are currently living. It is delightful to get to be on the lending journey with them though when they decide to down size or buy a bigger house so they can live with family members. One of my all-time favorite clients was a sprite little 92-year old gal. Her husband wanted to get the house paid off so the kids would not have to worry about paying the mortgage. After his passing his wife came bounding into my office one day and asked me point blank if I was an optimist. I was a little taken aback, but answered, “Yes, absolutely, I’m an optimist.” She put her hand on her hip and almost shouted at me, “Good, because I’m 92 years old and I’m here to apply for a 30 year loan!” She told me she wanted to buy a cabin on the river so she could spend some quality time with her kids, her grandkids and great-grandchildren. She laughed and said the kids could have her house AND the mortgage after she was gone. She had a lot of living to do and couldn’t be tied down with the high 15 year mortgage payment. I got her a very long term mortgage with a REALLY low note.
The generation of Baby-Boomers were born from around the mid 40’s to the early 60’s. They are still buying houses. They are buying up, buying down, moving over and buying more. They are considered the wealthiest generation, the generation that grew up always expecting their world to improve with time. These baby-boomers are investing strategically for a comfortable retirement with as many options open as possible. I am doing all different types of home purchase loans, mortgage refinance programs and restructures for them right now. If you are a baby-boomer or know one (chances are you do), let’s talk! With mortgage rates being as low as they are, there are a plethora of ways you can reduce your interest costs, make money on your money or just increase your positive cash flow each month and enjoy more of life. You can call me at (901) 482-0354 (901) 482-0354 after the show or email me at jo@192.232.195.219
REAL ESTATE TIP OF THE WEEK Jo shares a tip for anyone interested in looking into the terms for a reverse mortgage. Government guidelines require that they first complete counseling with a HUD approved Reverse Mortgage Consultant. For information on where to go and find a government approved Reverse Mortgage Consultant near you, contact Jo Garner at (901) 482-0354 or jo@192.232.195.219 OR contact Nic Ponzo at 917.930.2496
ANNOUNCEMENTS:
Talk Shoppe offers free networking & education to anyone interested in real estate or in business. Talk Shoppe meets every Wednesday 9A-10A CT at the University of Phoenix 65 Germantown Center 1st floor Cordova, TN. This Wednesday August 24th, 2016 Talk Shoppe presents “The Proper Eviction of Tenants” by attorney John (Bucky) Philip www.crislipphilip.com . Talk Shoppe events are free thanks to advertisers like Gwen Christensen, owner of Builders Floors and Interiors www.buildersfloorsandinteriors.com Gwen can use her decorating skills to help you select the perfect flooring for your home and often can install it for less costs than the big box stores. Thank you to Beverly Borwick, who can custom design jewelry just for you. Thanks you, Beverly for your smiling weekly welcome as Talk Shoppe’s greeter. www.beverlyborwickdesigns.com
2. This August 20th, 2016 show was sponsored by Evolve Bank and Trust—Chad Irwin’s Memphis Mortgage Production Office at 6070 Poplar Ave Memphis, TN 38119 https://www.getevolved.com/mortgage If you are a loan officer searching for a great place to build your mortgage career in the Memphis area or anywhere in the nation, talk with Chad Irwin at Evolve Bank. (901) 260-1480
4. FOR THIS PODCAST OF REAL ESTATE MORTGAGE SHOPPE AND MORE, GO TO JOGARNER.COM
5. Real Estate Mortgage Shoppe reminds you that IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.
QUOTE CORNER:
Life is like a roll of toilet paper. The closer you get to the end, the faster it goes – Anonymous
I don’t do alcohol anymore – I get the same effect just standing up fast – Anonymous
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REJOINERS: 3 NAME, BUSINESS AND CONTACT INFO,
⦁ Nancy Beaudoin from Auburn, Maine
⦁ Sally Baker, The Source in Memphis MSA (professional organizer, estate sale coordinator and event planner) (901) 258-4775
⦁ Sherry Fincher, Eastern Arkansas VP Branch Manager with Evolve Bank & Trust 301 Shoppingway Blvd.West Memphis, Ar 72301 870-735-6100 Fax 870-735-7234 (Home Equity Lines, Business Loans, Construction Loans and more)
Transitional Music: “Good Ole Days” by Roger Miller; “Remember Song” by Tom Rush; “Forever Young” by Rod Stewart; “Taking Care of Business” by Bachman Turner Overdrive for Talk Shoppe Business Tip For Real Estate Pros.
MARY LOU NOWAK
Mary Lou Nowak is a professional who began client care at a 500 bed community hospital in 2001 and since, while working with seniors and their families as owner of Home Helpers became an expert in expediting long term care insurance policies saving families thousands.
Home Helpers – (901) 414-9696
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PEGGY LAU
Born & grew up in Detroit, Michigan. – Graduated from Wayne State University with a BS in Education
– Nationally rated basketball referee. Officiated the women’s Final Four and championship games
– Taught at Durfee Junior High School
– Played on a World Championship softball team
– First woman to Graduate from the Detroit Fire Fighter Academy
– Joined the U.S. Navy. Hospital Corpsman, Pharmacy Tech, and retired Line Commander
– Graduated from San Diego State University with a Master’s in Education Training, Leadership, and Management
– Played on the All-Navy softball and racquetball teams
– Played on the All-Armed Forces softball team
– Senior Research Analyst Contractor for the USN’s Retention website
– Contractor, Senior Program Manager with oversight for 6 IT contracts
– WorldVentures member and Independent Representative
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ABOUT Nicolo Ponzo, Reverse Mortgage Specialist Evolve Bank and Trust
“ A reverse mortgage is a great financial product for people 62 years and over to supplement their retirement income through the leveraging of the untapped equity their homes.”
I am a senior banking professional with extensive experience in the reverse mortgage industry.
I am pleased to be a member of the Evolve Bank & Trust Reverse Mortgage team servicing all 50 states. I joined Evolve in November 2012. Just prior to joining Evolve, I was the manager of the Bank of America New York City and Westchester County Customer Assistance Center, Mortgage Modification Office. Where I was responsible for helping keep delinquent Bank of America Mortgage holders remain in their homes.
I began my reverse mortgage career at Wells Fargo, when they were the nations reverse mortgage leader. While at Wells, I was a” Presidents Club Member”, as the number one reverse mortgage loan officer in the New York Metropolitan Region.
As your reverse mortgage specialist, I will deliver prompt, friendly and professional service.
I am happy to meet personally with you anywhere in the greater New York Metropolitan Region.
My goal is to deliver a 100 % customer experience .Nothing less.
I presently reside in New York City and Long Beach, New York.
Nick Ponzo Nicks cell 917.930.2496
Evolve Bank & Trust, Reverse Mortgage Specialist NMLS#527403
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ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
www.JoGarner.com (901) 482 0354 jo@192.232.195.219 twitter @jogarner
Jo describes her job description: “As a mortgage loan officer, my job is to give my client the benefits they want from their financing terms– listening to my client and determine what’s of the most value to THEM– What is their comfort level on a house payment, how much are they comfortable paying down, what type of financing do they need to get the house they want to buy or refinance. Different clients have different priorities in life—some are buying their first home with very little down payment funds. Some are recovering from medical challenges, divorces or preparing to send children to college and some are embarking on a long term goal of buying properties to build rental income. Whatever their personal priorities are, my job is to put together a mortgage with comfortable terms that will help them achieve their goals.”
Jo Garner is a mortgage officer with extensive knowledge in tailoring mortgages to her customers who are refinancing or purchasing homes all over the country. She offers conventional, FHA, VA or other loan programs for refinancing and purchases.
Jo can help you look at rent vs buy, when it makes sense to refinance, how to get the best deal on your home purchase financing.
Jo Garner has been in the real estate/financing business for over 20 years. She got her start in Portland, Maine where she first began her real estate career. She received her real estate education from the University of Southern Maine and was personally mentored in San Diego, California by Robert G. Allen, author of Nothing Down, Creating Wealth and The Challenge.
On moving back to West Tennessee in 1987, she went into business buying and selling discounted owner-financed notes secured on real estate. In 1990 Jo went to work for a residential mortgage company and has been a mortgage loan officer for over 20 years. Her goal is to offer excellent, affordable service to her customers, tailoring the loan programs to the specific needs of her clients.
In addition to her work in the mortgage field, Jo Garner is the primary sponsor and founder of Talk Shoppe in Memphis. www.TalkShoppe.com She was also the editor of Power Shoppe, a free weekly e-zine designed for real estate professionals and others indirectly connected to the real estate industry and currently publishes on her blog www.JoGarner.com