Social Security

Misconceptions About Reverse Mortgages

Despite the numerous benefits that reverse mortgages offer, there are still common misconceptions surrounding this financial tool. One misconception is that the lender takes ownership of the home. In reality, with a reverse mortgage, the homeowner retains ownership of their property, just like with a traditional mortgage. As long as the homeowner fulfills their obligations, such as paying property taxes and maintaining the home, they can continue to live in the property.

Another misconception is that reverse mortgages are only for desperate or financially desperate seniors. On the contrary, reverse mortgages are a viable financial option for seniors who want to enhance their cash flow, access their home equity, or age in place. It is a strategic financial tool that can provide seniors with peace of mind and financial freedom.

Furthermore, some may believe that reverse mortgages are a burden to their heirs. However, as previously mentioned, reverse mortgages are non-recourse loans. This means that if the loan balance exceeds the home’s value, the lender can only collect the home’s worth, and the remaining balance is forgiven. Therefore, heirs are not responsible for repaying the loan, and they can even choose to keep the home by paying off the loan balance.

Having a reverse loan can reduce withdrawals from a retirement portfolio, possible taxation and running out of money.  It is safe and an excellent option to age in place without financial worries.

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Living on Social Security

Well, that’s an interesting thought, because in reality no one can financially “thrive” or survive on the income they may receive from Social Security.   It is unrealistic.   But for many seniors, it is their only income and after Medicare and taxes are deducted, the amount left over is not very much.

This year 2019, saw a bump in the amount of funds seniors are entitled to via the COLA or “cost of living adjustment” and that in of itself is laughable.     It comes out to be on the average $39.00 more each month.  Essentially it does not make an impact on the cost of living and the monthly expenses that continue to increase.

Fuel, food, utilities, medical prescriptions, medical care, home maintenance, insurance premiums for homes and or medical coverage.   And the list goes on.   Plus there are always those unexpected expenses that appear when one can least afford them.

See what my clients are saying!

A solution for seniors would be to utilize funds from a government-insured reverse loan to cover the financial shortfalls, maybe eliminate a mortgage payment freeing up additional cash flow and not constantly worrying about how they are going to get through each month without running out of money.

If you were to do a survey of the senior community and asked each one of them, what is their biggest worry, it wouldn’t be health problems, but outliving their savings and having no money to take care of their lives.

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Social Security is Increasing for 2018

But don’t get excited about this awesome news, because it’s only increasing 2% which on the average, will boost up benefits 20 to 25 bucks a month.

Just imagine how you could spend that extra money you will be receiving beginning in January of next year.  Ummm, let’s see?  I can think of a number of thrilling possibilities.

New tennis balls in lots of different colors for your Walker.  Or extra money to blow at the Dollar Tree Store where one can find so many awesome deals, especially the junk from China.

Or maybe a couple cocktails at a Denny’s restaurant where you can get a Senior Discount when you order some of their nutritious food.

“Yes”, I am being sarcastic I know.   But really only 2% increase?

I may look very youthful in my picture on this website, but I’m a senior too and if I wasn’t working I would be standing on a street corner begging for money and food.

I’m lucky however, because I enjoy being a Reverse Loan Consultant and meeting many wonderful and amazing people who are considering using the funds from a Reverse loan to pay for medical expenses   ( I just had a partial knee replacement in August.), home improvement, care giving or maybe simply taking that long “talked about, one day we will go to Maui” and finally doing it.

The number one concern of everyone, but especially seniors is out-living their retirement funds ( If they have any) and not being able to afford to remain in their home for the rest of their lives.

But there is an option, a wonderful option and no one should be “scared” to look into the FHA  government insured loan program just for seniors affectionately referred as the HECM.

Its smart to find out if you would benefit from it or not, plus it’s better than being reduced to groveling each month for enough money to pay on going expenses and staying awake at night in a state of fear.

Oh and by the way.   I have a Reverse loan on my home that I used to pay off two mortgages I had at the time during the height of the Recession and Financial “crash”.  So unlike the majority of any of my competitors,  I’m qualified about the advantages of using the loan because of my own experience.

And I’m glad I did.  It was a great decision at the time and I don’t regret it.

If I hadn’t taken advantage of using a Reverse mortgage for my own situation, I would have lost my home in a foreclosure as I was quickly running out of money.



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Social Security Income

I am sharing an article on Social Security income that was written by Tom Hartfield.   He can be reached at

Estimating your future Social Security benefits used to be a difficult task, but not any longer. Every year, the Social Security Administration (SSA) provides a Social Security Statement to working taxpayers aged 25 and older. This statement, which is sent automatically two to three months before a taxpayer’s birthday, provides a report of how much the taxpayer and his or her employer paid in Social Security taxes and a summary of the estimated benefits the taxpayer may be eligible to receive now and in the future.

The Social Security Administration will also provide a statement to any taxpayer who requests one. To request a statement, simply submit a copy of the Social Security Statement request form (SSA-7004). You can obtain a copy by calling 800-772-1213 or by applying online at

This form will ask you for a number of facts, including your name, Social Security number, date and place of birth, your mother’s maiden name, your previous year’s earnings and an estimate of your current and future earnings, and the age at which you plan to retire.

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