Senior Care Live 03.10.18.mp3

Senior Care Live
Saturday, March 10th

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Welcome back. Listening to senior care lives. On the senior care broadcasting network. For more information about the services offered on this program. And how we can help you and your family call our toll free number literally at any time we answer the phone 24 hours a day that's 180331. 6445. Operators are always standing by so call any time 18033164. Four or five adelphia. Don't miss an episode of senior care live for many wanna share the program with a friend or family every one just go back and listen to it again. No worries at all go to senior care live dot com. Click on the podcast tab and that is where you'll find all. Of the previously aired episodes just click play and boom you're in it is as simple and lots of people do that every single day week end months. All right man next special guest today mr. Josh Buffon. A reverse mortgage specialist with community First. National Bank in Josh show welcome back senior care life as going to be here thank Steve. All right so. It you know that last time you were on the program. You really really made an impact with me. By letting us know it was just one of those aha moments. The reverse mortgages since it really is kind of the the slang term for the technically what did slowness is at home equity conversion mortgage into me. Home equity conversion Morris to me that's a lot more descriptive and makes a whole lot more sense but this is commonly known as a reverse mortgage satire I really appreciated you. Can clarifying that last time. Yeah I mean people need to realize first and foremost. A reverse mortgages of financial cool. You don't you don't even qualify. To do it until your 62 years old OK so it's yup you have to have a significant amount equity in your home and dubbed. Like for instance recently I. Work with a couple out of over one park. James and Barbara. And down they have a very nice home and you know they've raised kids there. They've got great neighbors. Below where they live. You know they've created all life there for 25 years. They had a mortgage on their home and it was encompassing about 40%. Of the total equity of the home. And you know after speaking with them and talking to him about what their goals were and I even had a conversation with their son was a lawyer who. And he had some questions forming we were able to answer all his. They found that extinguishing them mortgage and implying that money. It cost dollar cost average their current investments was the best financial. Solution. While so they they they got rid of mortgage payment. They they entered into a home and home equity conversion mortgage. Commonly known as a reverse mortgage and actually don't pay mused that those funds to dollar cost average their investments correct that's debts. CNET you just don't hear about but that this so that's truly demonstrating. That the equity in your home is a financial tool I mean that that's just system the best way to describe how the value disuse it's. Perfect while you're at this point now. They can treated as if they're free and clear they can pay taxes and insurance and maintain the property if you would if you don't have free and clear sharp. Or if they decide they can even make an interest only payment and so the balance never goes up. Or they can even make a principal payment if they want to pay it off. Most people. Sometimes Joseph combination some people don't make any payments and that's always an option because the big loans designed. To allow you live their payment free for the rest your lifers or who live in the property I had some people. Say well you out a reverse mortgage is certainly an option met why should not just like I just go out I've got a lot of equity a Disco hit home equity loan like a second. We you can do that and that always is an option. But generally there's a qualification that has to occur some people don't have the necessary and come to qualify for a home equity lines credit. Also go home equity or credits gonna create a payment. In a lot of times are OB a balloon attached that to so if you don't have it paid off it within a certain timeframe. They'll be expecting all the money remain on that alone at that time. And end up in and that's to catch so at first glance shall ecologists get a second but then your cash flow just went down. Because your monthly payments just went up and so you're you're you're kind of going and in a negative direction here so you may have access some cash that it. Would be needed for you know what ever the purpose since. Amid the same time here cash flow just went down and in your your your payments your monthly payments just went up. And that is usually not not the best recipe released these first situations that you might discuss on the program. Right well in the case of Barbara and James and they had. Actual for mortgage that was eating up about 40% of what they've had in total equity of home. You know therefore mortgage was not going to be paid off for another eighteen years. And it just it you know you don't do in the numbers are just didn't make sense to go through that when you could. You know dollar cost average the difference in the mortgage pain. And by doing that but by the way is there at the stock market is going crazy. And if you know there's some ups and downs and there'll always be legitimate the bottom line is. A lot of people make a lot of money in the stock market today for sure. And even more than when the times arts so grades at dollar cost averaging networks out over the long term. Yes so so all right so if if this is catching your attention. The tenure I know why maybe we ought to look into that eight home equity conversion mortgage commonly known as to reverse mortgage. Give Josh buff McCollum Josh Dickey you're you're obviously you were commit with clients in the Kansas City area but. The you can also do reverse mortgages in most states in all produced all off fifty I'm. By excellent call Josh but some he's the reverse mortgage specialist with herb bed community First National Bank in here assists phone number. And I know Josh answers his phones eight even if it's not eight to five because he's answered my folk also 8167. To eights. 28 to wait just super easy number to remember. Josh buff them with community First National Bank 81672. Weights. 282. Weeks. In two and in Josh I just I look I love. The fact that these folks an end their son. Who is an attorney who probably had some you're very pointed questions it's Eric is he's the kind of look now offers his parents he's like no let them make sense this equity in your home. This just in financial tool we can really benefit by your by actually taking it down a dollar cost averaging and that's fantastic. Fantastic so also so ballots you know he. When we indicted talked earlier talked about explaining a reverse mortgage foray. Are you a purchase our excuse me for a a purchase in the toaster or an example of of how that works. Well. It's little known actually most times I talked to clients and I tell them there's along the so reversal purchase. They're and they're usually amazed by that because they didn't know that even existed. Column that lots of real estate agents don't even know that that won't existed and I doubt works I never heard of it either so well and and I'll tell you it's. It's it's another great tool. Here's in a nutshell this is basically what you're able to do. You know say that you have. You're empty Nester is and you have a and we home that you raised three kids and and it's. Just bigger and you know maybe has multiple levels and you just what we want everything to be on one level. You want it downside to say a patio home or something similar that. And you sell your home and you make. 400000 dollars on the sale and now you have this tax free money that you're able to do with pay as you will. Many people take that money and spend most of it on another home. What they can do the pay don't age obviously the percentage down is different. The older you get its book the last down you need but you put a portion of that money down and then not have a mortgage payment. And then the rest of the monies that you got from the proceeds of your sale. You can then put into investment that's right exactly. So I had no idea can do that's. Dad is is very very interesting. And yeah we we talked a lot about the aging in place. And in doing that you're safely in remaining independent. And so. You know on on the break here I introduce you have direct shepherd and he's with the gold in her senior care inside sitting here putting all these ideas together saint. You know so why and 90% of the people surveyed say yeah we I'd like to stay home. And I have all a lot of my money's tied up in my home Mac but why not use some of the home equity in a reverse mortgage with Josh Buffon to. I tell it to stay home. And I. I do some remodeling their age in place in G a lot of your clients do that is well. Yeah I find that many people. The number one desires they wanna stay in the home that usually is what motivates the call or the interest initially. Would you like I said the reversal purchases kind of little known so yeah people are people only call in for that because they don't know it's out there and available to them. But that you have people have all kinds of needs and they wanna stay in their home they wanna beat me you know maybe they have to retrofit so because they have. You know. You know some kind of disability. Or possibly they need you know the mother to be taken care of in home part of the day. And it won't are searching for a way to pay for that these are all reasons why they may initiate. And so with a reverse mortgage should and I can't believe we only have about a minute left. Did they just call you what what's the process look like home well it's it's easy I've got a web site it's called reverse mortgage simple dot com. And you can reach out to me there and I you can also looking to a look like and and and also see you know the different content on the web site there or they can reach me at 8167282828. Again my name's Josh buffalo were first mortgage. All right mr. Josh bustle with community First National Bank go to the website reverse mortgage simple dot com it's got great information there. In and you can contact Josh right through that website reverse mortgage simple. Dot com where you can just simply pick up the phone to make phone call in on net and out younger kids like my daughter they would much rather taxed. But it and you can taxes while it's most you know if you're my age or older and I think most of our clients are my age or older just give Josh a call 816. 7282828. Stevie surprised how many people. Even in our demographic prefer to tax is Eric and dad that is a cell phone number I'm giving you got 167 to wait too great to patent you're more than welcome to text mail takes back to perfect it takes me any time weekends evenings. And our sponsors on it. Excellent Josh. But from the community First National Bank it definitely gives Josh called Josh thanks for being here today reduced need all right we'll have more right after the break. You're listening to senior care lives on the senior care broadcasting network. For more information call now toll free 1803316445. Operators are standing by 1803316445. I'll be right back.