Survey Says - We all remember the days when Richard Dawson host of Family Feud, would utter those famous words, “Survey says’, and viewers, players, and audiencemembers alike would all anxiously anticipate the answer.
Let’s pretend for a brief moment that I, Scott Underwood, am the host of Family Feud. The question is: ‘What income do Senior Citizens rely on to make ends meet in their retirement years?’
· Expect to work beyond retirement years
· Live on Social Security alone
· Rely on savings
· Rely on relatives
· Get a Reverse Mortgage on their existing home
The truth is any one of these answers could fit your situation. There is no one size fits all answer. Some of the surveys that I have recently read stated 75 percent of middle-income people between ages 45-65 surveyed expect to have to work into their retirement years. Another survey said the percentage of economically insecure seniors has surged 75-percent, according to the Institute on Assets and Social Policy’s brief titled: From Bad to Worse: Senior economic security on the rise. According to a July, 2011, Research and Policy Brief, circumstances for retired seniors have gone from bad to worse, as household budgets are increasing while household assets are draining away.
Today more and more people age 62 and above are using the Federally-Insured Reverse Mortgage program so they can retire at their desired retirement age or supplement their current retirement income. Many people just want to get rid of their mortgage payment. It’s not just the homeowners that are reaching out to me now; it’s also their adult children trying to find the funding to keep their parents in their familiar home by using the equity to pay for in-home care.
To fight senior fraud and abuse, the FHA constantly updates safeguards to ensure people in my industry aren’t “doing the wrong thing”. One of the best safeguards in place is required counseling by a HUD-approved housing counselor. I can send you a list of HUD Certified Counseling Agencies, so you can contact the agency of your choice. Reverse Mortgages require independent third-party counseling just to make sure that seniors fully understand the entire process of Reverse Mortgages.
One key component of the Reverse Mortgage program is that as the senior homeowner, you can never owe more than your house is worth thanks to FHA mortgage insurance. This is an integral part of the Reverse Mortgage program. The loan is not due and payable until the last borrower no longer occupies their home as their principal residence.
My goal is simply to help educate Alabama’s seniors and their families on how the federally insured Reverse Mortgage program can assist with various retirement needs from eliminating monthly mortgage payments, credit cards balances, funding in home care, home improvements / modifications, or supplementing retirement income. I would be happy to provide by an illustration and information at no obligation to help you start to determine if the Reverse Mortgage is the right fit for you.
You might assume that dealing with a big bank, a 1970’s actor with a TV commercial, a voice on the other end of a long distance call, or a website might help you get a little more money; but it is simply not the case. Working with me, Scott Underwood, the local “Reverse Mortgage Guy” will get you as much as possible from your home while getting local face to face service. My appointments are always flexible and I can make house calls when needed.
My concentration and expertise has been only in FHA Reverse Mortgages in Alabama since 2007. This is all that I do! I have A+ rating with the Better Business Bureau and am member of the National Reverse Mortgage Lenders Association (NRMLA).
Please call Scott Underwood, Reverse Mortgage Professional, locally at 205-908-2993, toll free at 1-866-254-1424, or email at Reversemortgagealabama@gmail.com.
