Ken Wieland NMLS # 162727 CRMP Reverse Mortgage

Ken Wieland NMLS # 162727 CRMP Reverse Mortgage Ken Wieland is the only Certified Reverse Mortgage Professional in Tennessee! Only 120 hold this prestigious title from NRMLA, out of Washington D.C.

09/06/2021

Happy Labor Day!

Head into the fall with peace of mind about your Reverse Mortgage options. Talking to a Reverse Mortgage professional li...
09/02/2021

Head into the fall with peace of mind about your Reverse Mortgage options. Talking to a Reverse Mortgage professional like Ken Wieland will keep you informed and in the know about the best options for you.

Visit www.KenWieland.com for more information and to contact Ken Wieland today. 🏘

What’s the most important thing to know about a reverse mortgage? 🏘Visit Ken Wieland at www.kenwieland.com your Reverse ...
08/23/2021

What’s the most important thing to know about a reverse mortgage? 🏘

Visit Ken Wieland at www.kenwieland.com your Reverse Mortgage Professional.

The most important thing a borrower can do is to make sure they are educated about all of their options. Clients opting for a reverse mortgage may be required to speak with a financial counselor to make sure they understand the process.

“The biggest thing is making sure you understand what happens when you vacate the property or stop paying taxes and insurance.

A reverse mortgage can be an extra source of income in your retirement years. It’s a big decision, so borrowers should take the necessary time to look at all of their options and speak with different lenders before moving forward. As a borrower, you should be aware that there are other alternatives to a reverse mortgage that may better suit your needs. Things you might consider include:

-Reworking your budget or taking on a small side job to increase your income
-Selling your home for a smaller or less expensive living space
-Refinancing your current home loan
-Taking out a home equity line of credit
-Factor in every aspect of your decision (including your ability to make appropriate tax payments, and maintenance of your property) before relying on this type of loan.

Your golden years should be the time you finally get to sit back, relax and enjoy everything you worked for. Visit Ken ...
08/20/2021

Your golden years should be the time you finally get to sit back, relax and enjoy everything you worked for. Visit Ken Wieland your Reverse Mortgage Professional at www.kenwieland.com and plan your golden years.

How much money can you get from a reverse mortgage? 🏘Visit Ken Wieland at www.kenwieland.comThe amount of money you can...
08/17/2021

How much money can you get from a reverse mortgage? 🏘

Visit Ken Wieland at www.kenwieland.com

The amount of money you can get from a reverse mortgage depends upon a number of factors, such as the current market value of your home, your age, current interest rates, the type of reverse mortgage, its associated costs and your financial assessment.

The amount you receive will also be impacted if the home has any other mortgages or liens. If there’s a balance from a home equity loan or home equity line of credit (HELOC), for example, or tax liens or judgments, those will have to be paid with the reverse mortgage proceeds first.

“Regardless of the type of reverse mortgage, you shouldn’t expect to receive the full value of your home, Instead, you’ll get a percentage of that value.” 💲

Visit www.kenwieland.com for more information about your Reverse Mortgage 🏘What are the types of reverse mortgages? The...
08/05/2021

Visit www.kenwieland.com for more information about your Reverse Mortgage 🏘

What are the types of reverse mortgages?
There are different types of reverse mortgages, and each one fits a different financial need.

*Home Equity Conversion Mortgage (HECM) – The most popular type of reverse mortgage, these federally-insured mortgages usually have higher upfront costs, but the funds can be used for any purpose. Although widely available, HECMs are only offered by Federal Housing Administration (FHA)-approved lenders, and before closing, all borrowers must receive HUD-approved counseling.
*Proprietary reverse mortgage – This is a private loan not backed by the government. You can typically receive a larger loan advance from this type of reverse mortgage, especially if you have a higher-valued home.
*Single-purpose reverse mortgage – This mortgage is not as common as the other two, and is usually offered by nonprofit organizations and state and local government agencies. Borrowers can only use the loan (which is typically for a much smaller amount) to cover one specific purpose, such as a handicap-accessible remodel.

Be Wary of Sales Pitches for a Reverse MortgageAsk Ken Wieland, your Reverse Mortage Professional to help you understand...
07/26/2021

Be Wary of Sales Pitches for a Reverse Mortgage

Ask Ken Wieland, your Reverse Mortage Professional to help you understand. Is a reverse mortgage right for you? Only you can decide what works for your situation. A counselor from an independent government-approved housing counseling agency can help. But a salesperson isn’t likely to be the best guide for what works for you. This is especially true if he or she acts like a reverse mortgage is a solution for all your problems, pushes you to take out a loan, or has ideas on how you can spend the money from a reverse mortgage.

For example, some sellers may try to sell you things like home improvement services – but then suggest a reverse mortgage as an easy way to pay for them. If you decide you need home improvements, and you think a reverse mortgage is the way to pay for them, shop around before deciding on a particular seller. Your home improvement costs include not only the price of the work being done – but also the costs and fees you’ll pay to get the reverse mortgage.

Some reverse mortgage salespeople might suggest ways to invest the money from your reverse mortgage – even pressuring you to buy other financial products, like an annuity or long-term care insurance. Resist that pressure. If you buy those kinds of financial products, you could lose the money you get from your reverse mortgage. You don’t have to buy any financial products, services or investment to get a reverse mortgage. In fact, in some situations, it’s illegal to require you to buy other products to get a reverse mortgage.

Some salespeople try to rush you through the process. Stop and check with a counselor or someone you trust before you sign anything. A reverse mortgage can be complicated, and isn’t something to rush into.

Some reverse mortgage salespeople might suggest ways to invest the money from your reverse mortgage – even pressuring you to buy other financial products, like an annuity or long-term care insurance. Resist that pressure. If you buy those kinds of financial products, you could lose the money you get from your reverse mortgage. You don’t have to buy any financial products, services or investments to get a reverse mortgage. In fact, in some situations, it’s illegal to require you to buy other products to get a reverse mortgage.

Let Ken Wieland help you review the different types of reverse mortgages, and compare shop before deciding on a particul...
07/25/2021

Let Ken Wieland help you review the different types of reverse mortgages, and compare shop before deciding on a particular company. 💲s! If you want money to pay off your mortgage, supplement your income, or pay for healthcare expenses – you may consider a reverse mortgage. It allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. But take your time: a reverse mortgage can be complicated and might not be right for you. 🏘
www.kenwieland.com

Let Ken Wieland help you review the different types of reverse mortgages, and comparison shop before you decide on a particular company. 💲

Have NO FEAR!! VIsit Ken Wieland at www.kenwieland.com A reverse mortgage can help seniors make choices based on possib...
07/18/2021

Have NO FEAR!! VIsit Ken Wieland at www.kenwieland.com

A reverse mortgage can help seniors make choices based on possibility, not fear.

Seniors Can Find Power and Peace of Mind with a Reverse Mortgage!!! 🏘💲

Retiring, planning for retirement, and actually living out your golden years can be among the most exciting times in your life. They can also be among the most daunting. The choices can feel overwhelming and might make some seniors feel unsure of themselves. Some seniors may even feel like they have lost their power.

What can a reverse mortgage be used for?Supplementing retirement income, covering the cost of needed home repairs or pay...
07/15/2021

What can a reverse mortgage be used for?

Supplementing retirement income, covering the cost of needed home repairs or paying out-of-pocket medical expenses are common and acceptable uses of reverse mortgage proceeds. 🏘

In each situation where regular income or available savings are insufficient to cover expenses, a reverse mortgage can keep seniors from turning to high-interest lines of credit or other more costly loans. 💲
www.kenwieland.com

How does a reverse mortgage work?Despite the reverse mortgage concept in practice, qualified homeowners may not be able ...
07/14/2021

How does a reverse mortgage work?

Despite the reverse mortgage concept in practice, qualified homeowners may not be able to borrow the entire value of their home even if the mortgage is paid off. The amount a homeowner can borrow, known as the principal limit, varies based on the age of the youngest borrower or eligible non-borrowing spouse, current interest rates, the HECM mortgage limit ($765,600 in 2020) and the home’s value.

Homeowners are likely to receive a higher principal limit the older they are, the more the property is worth and the lower the interest rate. The amount might increase if the borrower has a variable-rate HECM. With a variable rate, options include:

Equal monthly payments, provided at least one borrower lives in the property as their primary residence
Equal monthly payments for a fixed period of months agreed on ahead of time
A line of credit that can be accessed until it runs out
A combination of a line of credit and fixed monthly payments for as long as you live in the home
A combination of a line of credit plus fixed monthly payments for a set length of time
If you choose a HECM with a fixed interest rate, on the other hand, you’ll receive a single-disbursement, lump-sum payment.

The interest on a reverse mortgage accrues every month, and you’ll still need to have adequate income to continue to pay for property taxes, homeowners insurance and upkeep of the home.
www.kenwieland.com

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