Richard W. McWhorter

10/14/2024

You or your senior loved ones have been carrying a house for years... Maybe it’s time for it to start carrying its own weight!

With a reverse mortgage line of credit, your home can work for you in ways you might not have considered. Whether you’re planning to age in place, create a space for family, or even recover from life’s unexpected events, this option offers flexibility and peace of mind.

Unlike a HELOC, a reverse mortgage line of credit can guarantee lifetime access to funds and help prepare your home for whatever comes next.

You might be surprised by what you don’t know about today’s reverse mortgages and how they can make a big difference in your life (or someone you care about).

Send me a message or visit my profile for more info. I’m happy to help answer any questions you have!

07/18/2024

Inflation readings through the second quarter have spurred more Fed members to signal they are leaning in to cutting interest rates.
Odds appear to be growing that a rate cut as early as September is in the cards.

It all depends, of course, on inflation and labor market data over the coming months.

What should you do? Many believe the sweet spot for starting your home purchase journey is now.

Why? Because mortgage rates do not follow Fed rate cuts... they are anticipatory of those cuts.

Why wait for the market to heat back up with the rush of buyers who are "waiting for rates to fall"?

Get prequalified, find your real estate professional (I can help with that, too!) and start shopping homes that have been on the market for a while. They're looking for offers!

This window won't last long, and why not ride the next appreciation train that future lower rates may bring?

04/18/2024

We do this for a living. Could not be a more satisfying career choice than to help older Americans stay in their homes, improve their monthly cashflow by eliminating mortgage payments and having a growing line of credit that cannot be frozen or cancelled for as long as it is the primary residence.
Insured by FHA, heavily regulated by HUD... the government does not want your house.

A financial planner says that a retiree confronted by rising property taxes might find a reverse mortgage helpful, according to MarketWatch.

03/25/2024

🛑📬 Tired of unsolicited solicitations? Take back your privacy and prevent trigger leads by registering at http://www.optoutprescreen.com to stop credit bureaus from selling your information! 🙅⛔️ Want to learn more? Don’t hesitate to contact me at [email protected] for more information. Here’s to a safer, quieter mailbox! 📮

02/28/2024

As life expectancies increase, medical treatments advance, and increasing numbers of people live with chronic illness and disabilities; more and more of us find ourselves caring for a loved one at home. Whether you’re taking care of an aging parent or a declining spouse, providing care for a family member is not an easy task.

Caregiving by its nature, is not usually something that can be added on top of daily activities in a neat, stress-free package. It must be integrated with your many other responsibilities. Which family member is going to perform, or pay for the necessary care and unexpected medical bills? Are they physically or financially able to do so?

How will you prepare for the inevitable future?

Let’s take the burden of worrying off the table. A reverse mortgage can help!

How can you, or your aging in place parent benefit from instant line of credit access to equity in their home?

- Provide resources to help pay for any in-home care needs now or in the future
- Help avoid having home care services prematurely or unnecessarily lowered or canceled
- Improve the longevity and quality of life
- Reduce financial stress over potential aging in place costs
- Lessen the burden on family members who provide or pay for care
- And, importantly, retrofit, remodel or modify the home for safety, accident prevention and other needs.

Want to have your questions or concerns answered? Message me, book a free planning session today or just email me below! https://calendly.com/richardmcwhorter/schedule-a-30-minute-telephone-or-zoom-meeting

Richard McWhorter, Reverse Mortgage Advisor
NMLS # 1618644 | FL LO-44137 | GA 57530
863.456.2434 | 404.313.9785
[email protected]
Reverse Loan Solutions, powered by Amerifund
2655 First Street, Suite 220 | Simi Valley, CA 93065
Company NMLS # 347051

02/27/2024

Older Florida condo owners are facing a grim reality. HOA and Insurance costs are skyrocketing, making it difficult for owners to keep up.

For those with good equity, it might make sense to make sure they secure a equity line of credit to augment their cashflow. While a HELOC typically makes little sense for older homeowners, a reverse mortgage line of credit (RELOC) is by far the easiest to qualify for and the safest long term financial strategy.

HELOCs typically add to monthly cash obligations with interest only payments required for the first 10 years, followed by an amortization period of 10-20 years thereafter. Unfortunately, many older homeowners could be in jeopardy of losing their homes given the uncertainty that can come with affordability 10-20 years later.

RELOCs on the other hand have no such repayment requirements... nor any prohibitions against making voluntary repayments. And, each repayment goes dollar for dollar towards replenishing the line of credit, which grows in the amount available to draw at the same rate as is applied to the outstanding balance on the line.

For those condos that are HUD approved, the Home Equity Conversion Mortgage (HUD regulated and FHA insured) is generally recommended. They can be a little more expensive to close, but will have the most competitive interest rates. And the HECM LOC grows every month at the same rate as is being applied to the outstanding balance.

If the condo building is not HUD approved (and cannot get HUD spot approved), there are several proprietary reverse mortgage products available from lenders which follow Fannie guidelines for easier approval. They have similar borrower protections and have lower closing costs overall. But, they also have higher interest rates and lower growth rates on the available line of credit.

However, both can easily help solve cashflow problems and help older borrowers comfortably age in place.

Want to learn more? Just message me. Happy to answer any questions you might have.

Richard McWhorter, Reverse Mortgage Advisor
NMLS # 1618644 | FL LO-44137 | GA 57530
863.456.2434 | 404.313.9785
[email protected]
Reverse Loan Solutions, powered by Amerifund
2655 First Street, Suite 220 | Simi Valley, CA 93065
Company NMLS # 347051

Florida’s condo market is faltering as the increasing intensity of natural disasters pushes up home insurance costs, and HOA fees soar in the wake of the 2021 Surfside condo collapse.

02/23/2024

🪛🪚🔨 Is a reverse mortgage the right tool for your financial workshop? Let’s explore the advantages and see if a Reverse Mortgage from Reverse Loan Solutions could help you enjoy your golden years on your terms. Message me here and let’s discuss your options.

02/19/2024

Have you set aside enough funds for the high probability of needing care? If you have long-term care coverage, is your budget adequate? The figures below are based on 2021 data. It has been estimated all have grown by 20%+ to date.

According to recent estimates from the American Association for Long-Term Care Insurance, the industry’s top trade group, somewhere between 44 percent and 51.5 percent of people over 70 who apply for a long-term care policy are now 🅳🅴🅲🅻🅸🅽🅴🅳. Almost one-third of those between 60 and 65, a less risky demographic, are turned down.

The 𝒈𝒐𝒐𝒅 𝒏𝒆𝒘𝒔 is... you do not need a health exam or medical history to get approved for a Reverse Mortgage. Tap into your hard earned equity, with its Line of Credit feature that:
- cannot be called or frozen without significant default on the loan (similar to "regular" mortgages), and
- whose available credit line grows in borrowing capacity every year at the same rate as is applicable to your outstanding loan balance... for the care you need 𝓲𝓷 𝔂𝓸𝓾𝓻 𝓱𝓸𝓶𝓮 without worry.

02/13/2024

Don't miss it! The next event in our Amerifund Connect series is just two days away! If you're a real estate professional, this is the perfect opportunity to learn about VA Loans from LeRoy Romero, a veteran advocate and expert in veteran loans and veteran loan education.

02/08/2024

Fact 2: Reverse Mortgage Borrowers Report Higher Financial Satisfaction
A 2018 Journals of Gerontology survey of 1,088 adults over 65 found that HECM borrowers surveyed had higher financial and housing satisfaction three to five years after getting a HECM than their nonborrower counterparts who received HECM counseling but opted not to get the loan.
Source: The Relationship Between Reverse Mortgage Borrowing, Domain, and Life Satisfaction

AbstractObjectives. Reverse mortgages allow adults aged 62 years and older to borrow against the equity in their homes without incurring monthly loan repayments

02/05/2024

HELOC's can seem like an easy answer, but if you qualify, a Reverse Mortgage line of credit (HECM ReLOC) can be a much better fit for retirement years.

𝑯𝒆𝒓𝒆 𝒂𝒓𝒆 𝒔𝒐𝒎𝒆 𝒐𝒇 𝒕𝒉𝒆 𝒉𝒊𝒈𝒉𝒍𝒊𝒈𝒉𝒕𝒔:
📎No monthly payment required, nor prohibited
📎Easier to qualify for... Social Security is typically all that is needed
📎Rates comparable to regular mortgages
📎Life of Loan Draw period (HELOC’s only allow draws the first 10 years, them require 20 years of repayment... when your income can be most uncertain)
📎Will not be called or frozen if home values decrease
📎No Pre-Payment Penalties
📎Pay back when you sell or refinance the home or last remaining borrower no longer lives in the home
📎No personal guarantees to borrowers or heirs

Best of all, the unused line of credit 𝑮𝒓𝒐𝒘𝒔 over time at the same rate as is being charged on the outstanding balance... And, 100% of any payments made on the loan goes towards increasing the available line of credit!

Let's see what your options look like and if a Reverse Mortgage is a good fit for you and your family.

Richard McWhorter, Reverse Mortgage Advisor
NMLS 1618644 | (404) 313-9785
[email protected]
Reverse Loan Solutions, powered by Amerifund
2655 First Street, Suite 220 | Simi Valley, CA 93065
Company NMLS # 347051

01/18/2024

Great interview discussing the differences between a retail lender and a wholesale broker. Would you rather go to a grocery store that only had their in-house brands on the shelf or to a Costco?

Get the best possible loan tailor made for your specific circumstances from across the nation of mortgage lenders... not a one size fits all retailer.

No matter what your circumstances, Amerifund has your loan now or will offer a clear map for how you get there as quickly as possible. Try that with Rocket, or Wells Fargo, or Navy Federal or... The list could go on.

Bottom line? Mortgage brokers work for you. Our only job is to provide you with the best possible loan. We're not compensated by the interest rate we can sell you or the volume of our business. We are compensated by competing against the world of other mortgage brokers in rate, cost and quality of service.

Before you take what they give you, give us a call.

What's the difference between a Mortgage Broker and an Traditional Mortgage Lender?Typically when going to a traditional lender or bank you are confined to t...