How Ben Carson Saved Reverse Mortgages
On October 2, 2017, Ben Carson and his team at HUD dramatically changed Reverse Mortgages. They did this to avert a proverbial train wreck. This train wreck was the eventual result of the program guidelines of the Old Reverse Mortgage. In testimony to the House Appropriations Subcommittee, Ben Carson said, “The people who put the program together had very good intentions, but they didn’t put it together very well, so we inherited a mess.”
The Old Reverse Mortgage
If you’ve heard some of the negative stories about the Old Reverse Mortgage it is for good reason. In certain situations, the Old Reverse Mortgage caused a lot of problems for some homeowners and their families.
Since I became a Reverse Mortgage Specialist and opened Heritage Reverse Mortgage I’ve met with dozens of people who closed on a Reverse Mortgage years ago and now find themselves in very restrictive circumstances.
The New Reverse Mortgage
The New Reverse Mortgage was modified to address these issues and make the Reverse Mortgage a better option today and for many years to come. These New Reverse Mortgage rules will:
- Reduce the short-term and long-term costs of a Reverse Mortgage
- Protect a homeowner’s equity
- Protect a surviving spouse
- Leave a much higher inheritance to the family and estate
- Enhance the financial planning tools of the HECM Reverse Mortgage
In a hearing before the House of Representatives late last year Ben Carson explained that the New Reverse Mortgage Rules will “Stop the Bleeding” and so far it has done just that.
When I retire in 30 years, Reverse Mortgages will be the predominant mortgage of my generation. As a Reverse Mortgage Broker, I see that these changes make HECMs better for my clients and their families as well as better for FHA. They will also ensure that Reverse Mortgages are still available in 30 years.
Every month my team and I host free dinner seminars to offer a comfortable relaxed environment where people can come and learn about the New Reverse Mortgage and how it is changing people’s lives. Everyone who attends our seminars leaves feeling informed and surprised at how the New Reverse Mortgage does not match up with what they’ve heard about Reverse Mortgages in the past.
If you would like to learn more about these incredible changes or would like to attend one of our dinner seminars, Call us at (435) 359-9000 or visit us at www.heritagereversemortgage.com
President – Reverse Mortgage Specialist
Heritage Reverse Mortgage
Heritage NMLS #1497455 Trevor?s NMLS #: 267962
1060 South Main Street Bldg. A Suite 101B
St George Utah 84770