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Letter From the Heart - Harry Gordon
On this page, Harry Gordon outlines why you should choose to work with him and iReverse. In the section 'Staying In Your Home - Putting Your Mortgage in Reverse!' he reiterates the main points of the reverse mortgage.
'Dear Prospective Client,
If you allow me to handle your reverse mortgage, in the process of helping you select the best possible program and payment options, I will learn a lot about you. It, therefore, seems only right that I share some important information about me, my background, and my values. You have the right to know exactly what to expect from me and my team.
For many years, my wife Karen and I owned and operated a very traditional regional mortgage company in Truckee, California just a few miles from Lake Tahoe. The business grew and prospered but I was often troubled because I never really felt that what I did was really making a difference in the lives of those for whom I was working.
One day, several years ago, a client called. She was exploring the pros and cons of a reverse mortgage for her mother. She wanted my opinion. At that time, I was far from an authority on reverse mortgages. After several hours of research, I realized that here was a mortgage program that could change lives.
My continued study provided insights and my insights turned to passion. Believing that teaching is one of the best ways to learn, I became certified to teach reverse mortgage continuing education classes for CPAs, financial planners, and life insurance agents. In order to fully understand the issues associated with aging, I received the Certified Senior Advisor designation.
Eventually, I was asked to join the faculty of the CMPS Institute. For the Institute, I teach basic and advanced reverse mortgage planning strategies to mortgage industry professionals. Despite all my experience and knowledge, I was only able to serve the seniors of California and Nevada because of my licensing limitations. By this time, I was receiving requests for assistance and was receiving referrals from around the country.
The solution was achieved by blending my reverse mortgage practice into a federally chartered bank. Today, I operate a branch of iReverse Home Loans, a subsidiary of 80 year old Hopkins Federal Savings Bank. This means I can now serve seniors regardless of where they live.
My practice is built on personal relationships. I also believe that the reverse mortgage professional with whom you work must be there for you – start to finish. Because of these core beliefs, I was determined to develop a system that will allow you and I to develop a solid and trusting one-on-one relationship. I’m by your side start to finish.
I believe that most people would rather work with a nationally recognized reverse mortgage professional by phone then a less qualified person who is close by. To make that happen in real time required me to create a system that consistently delivers superior service. That system is discussed under “How to Apply – Application Made Easy.”
I promise to respond to every e-mail the same day. And, I promise that every question will receive a fast and accurate answer. I also promise to return every call the same day. In other words, I promise you a great experience.
On close, you will receive a nice gift from the Kitchen of Grandma Hattie. Grandma Hattie is not only a wonderful pastry chef, but she is also a client. Grandma Hattie would tell you that her reverse mortgage changed her life.'
Perhaps it could do the same for you.
Best wishes,
Harry Gordon, CSA, CMPS
The Reverse Mortgage Coach
Staying In Your Home - Putting Your Mortgage in Reverse!
Your family, home, neighborhood, friends, church, & clubs, are exactly what you’d like to keep. Millions of seniors wish to stay in their homes as long as possible. A lack of funds to pay the mortgage, heath care, and home modifications are critical to granting those wishes. A reverse mortgage may be your answer.
Many seniors don’t know how or where to look to find the funds to help age in place. A relatively new financial instrument called “A Reverse Mortgage” can be the answer for many seniors.
If you are reading this letter in your home, you are literally standing on a pot of Gold and the rainbow ends at your doorstep. Now may be the time to mine your Gold and draw on your resources to give you the financial independence you deserve. You can use your home and its assets to ‘Stay at Home’ and provide you additional income, to make needed repairs, travel, long term care, and any other reason you may choose.
The really great thing about a Reverse Mortgage, is there is NO income & No credit requirements, and best of all No monthly payments, for as long as your residence is your primary residence. You must be 62 years of age and your home must have enough equity to qualify.
- What's the difference between a Home Equity loan and a Reverse Mortgage?
- How do I know I qualify?
- How much can I borrow?
- How about my children and my heirs?
- Can I be forced to sell my property if the value declines?
- Will I lose ownership of my home?
- Who is entitled to my home's appreciation?
- What if I decide to sell my Home?
- 5500 Turning 65 Everyday
- Which Generation are You?
- I Might be Interested How much can I Afford?
- What are the Tax Ramifications if you take the CASH?
- Still wondering, Is a Reverse Mortgage the Right Choice for You?
- No Monthly Mortgage Payments!
- Solving the Needs & Wants of Real People in Real Situations!
- How about you? Do you have a Dream?
- The Bottom Line! About me & How I know I can Help You!
- So, What Can You do Now!
What’s the difference
between a Home Equity loan and a Reverse Mortgage?
Basically a Reverse Mortgage is a Home Equity loan without a payment. You do not repay your loan for as long as you own and live in your home.
How do I know I
qualify?
First you must be at least 62 years of age. All potential clients must first meet with a reverse mortgage counselor. This required counseling is at no cost to you and can be done on the phone or in person.
How much can I
borrow?
The amount you can borrow is based on your age, the current interest rate, value of your home, the amount you owe, and the current loan limits within your county.
How about my children
and my heirs?
You, your heirs, or children will never owe more than your property is worth. This is called a non-recourse loan. So, if your loan amount ever exceeds the value of your home, no additional claim can be made.
Can I be forced to sell my property if the
value declines?
Simply put NO! The lender only wants the remaining loan balance owed on the house when you permanently vacate. You can never be forced to move or sell.
Will I Lose Ownership of My Home?
No, you will retain
full ownership & title to your home.
Who is entitled to my homes appreciation?
If your home goes up in value, you get the benefits of the appreciation. The lender only wants the monies owed on your home once you no longer permanently occupy your home.
What if I decide to sell my Home?
You can sell your home anytime you want. There is no prepayment penalty on the HECM reverse mortgage. Once you decide to sell, you would still have to satisfy the payoff on the loan and any proceeds left over will belong to you or your heirs.
5500
Turning 65 Everyday
With over 5500 people turning 65 every day, there is a need to provide that group with additional retirement income. The challenge was to create a loan that didn’t add stress and burden, hence, was born the REVERSE MORTGAGE.
What Generation are You?
Reverse mortgage clients fall into 3 well defined groups:
1. The GI Generation, (1901-1924)
2. The Silent Generation (1925-1942)
3. The Boom Generation (1943-1960)
Which Generation are You?
Have you found your Generation? Wherever you fall, I can tell you that you all have different ideas about your finances, along with family values, and various other life’s mysteries. I could put all 3 generations in one room and have a heck of time keeping you separated. That’s how different you are. Some of you will sacrifice to no end to leave the kids the house, others will clip coupons, do without, and scrape by so you don’t have to incur any debt. You all want to contribute to society in some way, but maintain your independence. And most of you deep down want to be comfortable & enjoy your senior years. . All 3 generations comprise over 160 million seniors. That’s a pretty strong brotherhood. So if you think you are all alone, there are millions out there with the same concerns. Now here’s the difference.
Owning a home gives you an advantage, yes, a financial advantage that is waiting to be tapped for your use, if you need it. Why not use your resources? You busted your back, scrimped, saved, done without, and put the kids through school, (heck most aren’t doing too bad), now its time for you. My Father once said, “a Mom & Dad can raise 12 kids, but 12 kids can’t take care of a Mom & Dad”. Well, I’m not saying this is your situation. However, there does come a time when your well being, care, & financial stability should become a priority. Think about it!
I
Might be Interested How much can I Afford?
Reverse mortgage loan amounts are tied to your age, your property, the appraised value & prevailing interest rates at the time you apply.
You paid off your mortgage & you’re saying to yourself you could use some cash. You have some stock, but if you draw the cash from the stock, the stock is gone! The interest income or dividend is gone! The reverse mortgage is the perfect alternative. Not only do you get the cash, but you get to keep the stock! So if your financial requirement is for a lump sum of cash or a monthly amount, or even a line of credit, the reverse mortgage is a perfect choice.
The explosive growth in house values has created a major asset for your use and even when you take a reverse mortgage, your house will continue to gain in value via appreciation. For my analysis, I use around 4% which is way below the national average for the past 10 years.
What
are the Tax Ramifications if you take the CASH?
The money that is received from you is not taxable to you. The interest that you accumulate on the loan is deductible, but not until the loan is paid off.
Still
wondering, Is a Reverse Mortgage the Right Choice for
You?
I have one client who said a reverse mortgage is more like a ‘full circle’ mortgage. You worked hard to build equity in your home, now you are going to convert that equity into CASH. Full circle, when you work hard, good things come back to you.
No
Monthly Mortgage Payments!
I know what you’re thinking, ‘No way can I get money, get qualified with no income, no credit, and still have NO Payment.” I have to agree it sounds to good to be true, but it is true. To add to your comfort level, HUD (US Dept of Housing) regulates almost all reverse mortgages. Check it out on the HUD web site, www.hud.gov.org.
Solving
the Needs & Wants of Real People in Real Situations!
Seniors throughout the country are discovering
the benefits of a Reverse Mortgage. How about a
Or the Carson City Senior couple, who received cash out to add an addition to their home, made remodeling adjustments to assist them within the home, and put all their everyday living accessible on the first floor.
A
In Sacramento, a senior dreamed of owing his own luxury RV, so he could climb aboard and see the country, and while gone, not have to worry about his mortgage payments or other debts.
In the nick of time, a reverse
mortgage saved a
In search of a Dream, Swimming with the Dolphins.
Did you ever say to yourself, I want to do this or
that, and before you know it, time gets away, the money is not there, and
well, it just doesn’t happen. Well a
How
about you? Do you have a Dream?
Here are some of the things you could do with a reverse mortgage:
- Eliminate a monthly mortgage payment
- Supplement income on a monthly basis
- Line of Credit
- Cash for remodeling or repairs
- Payoff debt, credit cards, autos
- Buy a car
- Education for yourself or family member
- Start a business
- Long term care
- Medical expense
- Charitable Giving
- Funding a Trust
- __________________________(fill in your Dream or Need)
