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My wife and I did our Reverse Mortgage in 2015. Have no complaints. I worked with a Broker that worked with us. He educated and patiently worked through our situation and the appropriateness of the concept, terms and conditions for us. You can imagine, me a retired-mortgage banker (a know it all) still needing help. Regardless, through the process I felt he appreciated my professional background and experience. When it really hit him he was not dealing with just any "mushroom in the forest" his posture changed; especially when I asked him for not just a copy of the 'estimated closing statement', but a detailed breakdown of fees we were to pay at closing; but, all would be wrapped into the loan. Still, my experience told me I needed to scrutinize a certain category of "fees" that must contain the amount of money the Broker receives from the Mortgage Banker for originating and packaging the Reverse Mortgage loan. Not just "junk fees". This is the 'holy grail' that if you're NOT in the family (mortgage profession) you would and will never know. Regardless, to make a long story short. I was astounded at the profitability of the RM Loan Product. The category of fees in question on our loan was 12% on the borrowed amount. When I could "see" this I was stunned. But, what to do?
Well, we resolved matters equitably and closed the loan and have never looked back. If terms and conditions are like what we experienced, I absolutely suggest it to be beneficial to invest the time in learning about an excellent option for us OK Boomers. If you would like to know further details that can save you thousands in closing costs, feel free to contact me. I'm willing to share since it's my personal experience. Our mortgage is with AMG (now RMF: Reverse Mortgage Funding, Lansing MI) and they've been absolutely great in closing and servicing our loan for the last 7 years.
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My inspiration for "cracking the code" for multi-generational wealth is due to James E Hughes; and, my personal life-experiences and observations. Hence, the purpose for this page. A "sharing" of me, my family experience. And, how new views of "family" regardless of color, shape or form are needed today. Evidence of Change?Two TV series I've enjoyed are The Blacklist and Suits. Starting in about Season 6-7 of the Blacklist you could see the script-writing change. Raymond Reddington softens; and, the 'special' Intelligence Task Force. On the other hand, Suits from inception is about "family" in a corporate law practice. A must see for anyone interested in integrating "family" into corporate-culture.
My personal speculation is: The concept of "family" is transforming. Never before have we experienced such polarization and fragmentation of Family (old structures). A hard reality for all of us to not just see, understand or accept. And, we are all struggling with these changes. However, my view is that the Family shows signs of making a comeback: less patriarchal, gender equality and inclusiveness of all views. God has never defined us different than "his" children; and, family all, we are. Seems odd to think that humanity can improve upon the model. However, that said: humanity can embrace a "new consciousness" around the concepts of family that is expansive, inclusive and how the seeds of Sovereign principles are planted and nurtured into the human race beyond bioligy to include God; and, God's concept of Family. (Note: please feel free to offer your respective insights topics and stories we might write about. Or, better yet, submit and the Family Office will publish all our family stories that uplift, educate, inspire and entertain). |
Greg Johnson
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