Mark Mcnairy, Mike Ditka, LA discussed on Morning Show with Sean and Frank
Payments if they want to beauty of it. I mean, if you wanna make payments, you can't I mean, most people don't, but they like to have that option. And that's you know, when I have a lot of people that have existing mortgage is still I'd say look at the reverse has an alternative because if you want to pay you can if you don't you know, and you could choose when you pay or not pay because Dr no payments required. So yes, you can pay if you would like the terms similar like we have see fifteen year mortgage thirty year mortgage or or the terms pretty similar in mortgage. Well, now, the great part. Is is that you can choose the payment. So again fencers no payment requires you can choose how much you pay and when you pay. So in other words, if you have some money to pay at some point you want to pay down on it. You can buy let's say six months later, you don't you don't have to because it's not required. So it gives you that flexibility because we all know on your regular mortgage, you'd better pay it each month, or they're gonna come get you. So you've taken out of the reverse mortgage the question, then is can you still sell your home if you had done, so yes, I mean, the reverse mortgages lean on your house, just like any other loan? So if you want to sell the future you handle it the same way you listed with an agent get it sold at the time. The settlement to go ahead and pay off the existing reverse mortgage, you keep the rest. That's again. One of the biggest misconceptions is people think they're stuck in the house forever. They can't sell it. You have all the same rights, except he had a mortgage that you don't have to make a payment on putting money back in your pocket. What are some of the typical reasons Mark? You know for taking out a reverse mortgage to begin with a lot of my clients use it to pay off existing mortgages, that's probably one of the biggest things existing mortgages and other dads. But you know, we don't have a lot of clients that come to us to have a lot of money, and you know, are doing well. A lot of them. Are you know, by the time you're done paying off there bills? They don't have a whole lot left. And you know, what they're using it for is like you said to get rid of that mortgage figure if you're paying a twelve hundred dollar mortgage payment, and you use a reverse mortgage to get rid of that you just play twelve hundred dollars back in your pocket each month. So that's a big thing and getting rid of the other day because what a lot of my clients say is once I can get rid of these other debts. I can't live anywhere cheaper, and my monthly checkers LA farther at that point. Of course, you know, there are a lot of people out there who just don't have enough to. Live out their years. They do. And and the sad part is is I have a lot of people that you know. The answer to the reverse mortgage are afraid to call cause they're worried I guess that you know, once they call we're going to be all over. I'm and that's not the case. And I hear it all the time. And gosh, I wish I would call it earlier. And they think about it so long, you know, what we try to encourage everybody to do is give us a call get the facts, see if it's right for you. And and go from there, and one of the things I really wanna say quickly that if they hear our interviews are commercials. And you guys have been great about this that people, you know, if you can't get the number one, we give it to you. You can always call into the station. I'll give it to you. Always you guys always great job doing that. Yeah. Speaking of that number. What is it? It's four one zero seven eight eight seven zero seven zero four one zero seven eight eight seven zero seven zero thanks so much Mark mcnairy had reverse mortgage answers. This is Mike Ditka. And you might.