Planet Boomerville For Baby Boomers With Jim Enright

In this first of 3 episodes, we address Reverse Mortgage myths, define the programs and how they work, and delve into the HECM Line of Credit that continues to increase over the years. You will be surprised. Approximate Time Stamps 2:15- Three ways to use Reverse Mortgages 3:20- What is a Reverse Mortgage? 5:01- How much money will you receive and how long will it last? 6:09- Factors that determine how much you can borrow. 6:54- Obligations of the borrower. 7:53- When banks can consider you in default. 8:25- Celebrity endorsements. 8:52- Who owns the house? 10:20- Internal amortization rate. 11:13- Can you check your loan balance? 12:58- Can you get out of a Reverse Mortgage without dying? 13:28- Who you are working with. 14:40- TRID, Loan Estimates, and Closing Disclosures. 15:20- Will this be a hardship on the adult children? 15:35- Are the adult children responsible for selling the home? 16:10- Can surviving spouse be evicted from home if not on mortgage? 18:40- New legislation for Reverse Mortgages. 20:30