Colette Gray, Senior Loan Officer HomeSafe Reverse Mortgages

Someone asked me about my experiences with seniors recently. She wanted to know how I knew any given senior actually had the mental capacity to execute a Reverse Mortgage.

I didn't have to think too long about the time I was called to a senior's residence by a caretaker who wanted me to come out and discuss a reverse mortgage with the lady of the house.

When I arrived I met the caregiver, Bill, at the door. He smiled cordially and invited me in. He introduced me to Mrs. Smith, a sweet woman who sat comfortably in her padded rocking chair by an old upright piano in a parlour done in chintz and lace. She could've been the subject of Norman Rockwell painting.

First things first...I told Mrs. Smith I was very glad she had invited her son to sit in on our meeting. "Oh," she giggled. "He's not my son but he's just like a son to me. He was my handyman but then I rented him a room and now he helps me around the house."

We exchanged pleasantries and I explained to her the basics of the Reverse Mortgage product. As is my custom, I would explain a point and ask for feedback. I noted with each question I asked, Mrs. Smith would continue to smile as she turned to Bill who would respond to my questions. He would answer for her, she'd turn back to me to see if his response was satisfactory, and I would go on to the next point.

Despite the congenial atmosphere and Mrs. Smith's deference and obvious trust in Bill, I felt uneasy. Bill was doing all the talking while Mrs. Smith kept smiling.

I asked Mrs. Smith if I might please have a glass of water. As I expected, she turned to Bill and nodded in the direction of the kitchen and he momentarily left the room.

I knew my next statement could be the turning point for this loan application.

I smiled broadly at Mrs. Smith and said "I had lunch the other day with Herbert Hoover. He asked me to send his regards to you". This dear, sweet lady clasped her hands together and said "Oh, he's such a nice man, isn't he?"

And that was the defining moment that killed my Reverse Mortgage deal. Ultimately, I called Adult Protective Services and let the professionals make sure Mrs. Smith relationship with Bill was not to her detriment.

Seniors are often exceptionally good at masking the onset of Alzheimer's and dementia. Like Mrs. Smith, they act the way they think they should and rely on others to fill in the blanks for them saying they're too tired to respond, or not feeling well. Often they remember things from long ago and forget the short term.

WARNING: Applying this information with your own senior clients may help you kill your own business, but you'll sleep better at night.

Colette A Gray

Senior Loan Officer & Reverse Mortgage Specialist

HomeSafe Reverse Mortgages

(310) 405-1703

cgray@ColetteAGray.com

www.ColetteAGray.com

A Los Angeles based Reverse Mortgage Loan Officer and Mom visit the Doctor's office

Not so long ago I took my mother to her primary care physician for a check up. We were scheduling a follow up appointment and I remarked to the nurse that we couldn't make an appointment before 11 am since it's taking Mom a little longer to get going in the morning these days.

"You're telling me", the nurse exclaimed. "Yesterday I asked my mother to go somewhere with me on Wednesday. She said 'I couldn't possibly go anywhere on Wednesday."

"I asked her, 'What do you have to do on Wednesday?'"

"She told me, 'I have to get ready for Thursday'".

If you're out there reading this, give a senior a call. They'll appreciate it so much you'll feel better about yourself all week.

Colette A Gray

Senior Loan Officer & Reverse Mortgage Specialist

HomeSafe Reverse Mortgages & Retirement Solutions

(310) 405-1703

cgray@ColetteAGray.com

www.ColetteAGray.com

Reverse Mortgage for Purchase, a Loan Officer covering Los Angeles, San Diego, Riverside, and Ventura Counties Explains

If you live in Los Angeles, San Diego, Riverside or Ventura county and are 61 years of age talk to me about improving your retirement lifestyle with a Reverse Mortgage for Purchase, also known as the Home Equity Conversion Mortgage for Purchase.

At first glance it may seem confusing, but it’s actually as simple as a regular reverse mortgage. The difference is that the reverse mortgage is done on a house you want to purchase instead of the house in which you currently live.

Are you a senior who has trouble getting up the stairs? Do you feel unsafe in a changing neighborhood? Does your home no longer function well for you? Is your home too big now that your children have gone off on their own? Do you want to remain independent in a home of your own? Do you want to move into a 55+ community? A Reverse Mortgage for Purchase may be the perfect solution for you.

Here’s how it works. You’d need to purchase the home with a higher down payment but the balance gets rolled right into a reverse mortgage! After the initial down payment is made there are no further payments necessary! Where does that down payment come from? From the sale of your current home or other assets.

Just like other Reverse Mortgage products you need to be close to 62 years of age, own and live in the home you will purchase, pay the taxes and insurance and keep up the maintenance on the home.

There are many beautiful 55+ communities in Los Angeles, Riverside, San Diego and Ventura counties. Many have golf courses, swimming pools, club houses, tennis courts and organized activities for their senior members. This could be your opportunity to live in one you’ve always admired! Call me today to find out how a Reverse Mortgage for Purchase could help you move into one of them.

Colette Gray, Senior Loan Officer & Reverse Mortgage Specialist

(310) 405-1703

email me: cgray@ColetteAGray.com

Reverse Mortgages Redondo Beach, CA

Have you been considering a reverse mortgage in Redondo Beach?

Some Loan Officers and Bankers will tell you to "just go do a Home Equity Line of Credit" instead of getting a Reverse Mortgage. Is that really a good strategy for someone on a fixed income?

Personally, I don't think it is. In my area of Redondo Beach, CA I'm seeing the result of a lot of people who took a Home Equity Line of Credit instead of a Reverse Mortgage.

Before the financial crisis knocked the wind out of most people's investments the banks were encouraging their clients to take a line of credit in case of emergency. It sounded like a good idea, right? Most people don't know that when the economy fell apart that the first thing banks did was call for the repayment of most Home Equity Lines of Credit or HELOC's, as they're known in my world. If you had one, more than likely you got a letter from the bank saying they to pay off your outstanding debt immediately. As the name suggests, the loan is tied to your home. If you couldn't pay it off, your home went into foreclosure.

A lot of seniors didn't realize that their monthly social security was used to qualify them-to show the bank they could repay the loan. They told their senior borrower "You qualify" and most people didn't question that. They were too happy to hear that they would get the money. But those seniors had already allocated social security funds for necessary items like food, prescriptions, heating and cooling. To add a huge loan payment to that simply wouldn't work.

Depending on the debt involved, that HELOC may have encumbered their properties too much to be able to do a reverse mortgage which might ordinarily pay off that loan. That's why it's important for you to learn how these products really compare before you make any decisions.

Had those same folks gotten the facts on a reverse mortgage BEFORE they signed up for that HELOC, it's quite possible they'd still be in their homes. With a reverse mortgage you don't repay the loan until you move, sell or permanently vacate your home. There's no income requirement and no credit requirement. You only need to be 62 or older and have enough equity in your home. You should also know that whatever money remains in your Reverse Mortgage Line of Credit will accrue a little bit of interest.

If you or someone you know is considering a Reverse Mortgage in Redondo Beach or anywhere in Los Angeles, Riverside, or San Diego Counties, feel free to give me a call so I can answer any questions you may have.

Warm regards,

Colette A Gray, Senior Loan Officer & Reverse Mortgage Specialist

www.ColetteAGray.com

(310) 405-1703

email me at cgray@ColetteAGray.com