Pat Smoot Reverse Mortgages NMLS# 208308

07/02/2022

Retirement concerns...
More than two-thirds (70%) of American retirees wished they had saved more and planned earlier for retirement,
according to the 2022 Retiree Reflections Survey, published recently by the Employee Benefit Research Institute (EBRI)
The survey, which included responses from 1,109 retirees between the ages of 55 and 80 and a minimum of $50,000
in retirement assets, sought to understand use of financial plans, financial advisor use and assistance, priorities in
retirement, spending concerns in retirement, financial worries pre-retirement and post-retirement and reflections
upon past financial decisions.

07/01/2022

What worries you?
Inflation
Health Care expenses
Medical expenses
Running out of money
Day to day expenses
Market volatility
security for a surviving spouse

Share your thoughts.

Housing costs

06/27/2022

To those of us who are 50 years and older…. most of us are going through the next phase of our lives.
We are at that age where we see wrinkles, gray hair, and extra pounds. We have run households,
paid the bills, dealt with sickness, sadness, and everything else life has assigned us. We are
survivors… we are warriors in the quiet… we are strong... like a classic car or a fine wine. Even if our
bodies may not be what they once were, they carry our souls, our courage, and our strength. We shall
all enter this chapter of our lives with humility, grace, and pride over everything we have been through,
and we should never feel bad about getting older. Remember those who are gone. A long life is
a privilege that is denied to many.

05/03/2022

Advice we all can take note of.... focus on you,
your life, your health, your family.
adjust as needed.

02/28/2022

WAR. . .

Star Trek Creator: The Authorized Biography of Gene Roddenberry
https://amzn.to/3JYbvma

01/31/2022

01/31/2022

Which one will you feed?

12/01/2021

FHA LENDING LIMIT INCREASING TO
$970,800 !
A Reverse Mortgage (also known as a Home Equity Conversion Mortgage or HECM) is a great way to enhance your financial security. As of January 1, 2022, the FHA Lending Limit will increase to $970,800 from $822,375 opening the door for more homeowners over the age of 62 and with higher home values to tap into more of their home equity. There is no limit to the home value for a Reverse Mortgage, however, as of January 1st the FHA-Insured Reverse Mortgage will use a maximum value of $970,800 in the calculation to determine the amount you are eligible to borrow. In other words, one would be eligible to borrow the same amount whether their house appraised at $970,800 or $5,000,000. For these higher priced homes we offer several non-FHA Jumbo Reverse Mortgages.

11/15/2021

WAYS HOME EQUITY IS ERASED
It's not what you think by Shannon Hicks
of HECM WORLD.. and no, it is not always a reverse mortgage

Often critics and media pundits disparage the reverse mortgage loan as erasing a homeowner’s accumulated equity. Do reverse mortgages consume accumulated equity? Certainly, when the homeowner is not making payments. Reverse mortgages are negative amortization loans in which unpaid interest is added to the previous month’s principal balance. However, the equity is not ‘erased’ until a triggering event takes place. This week we look at the ways an older homeowner’s equity can actually be erased with or without a reverse mortgage.
Negative AMORTIZATION LOANS
1. FRAUD
2. FORECLOSURE
3. Loss of employment
4. Loss of a life partner
5. Adjustable rate loans; traditional rates can cause future interest rates hikes
6. Divorce
7. Overspending
8. Credit Card debt

09/28/2021

Can you afford retirement?

As human lifespan climbs steadily towards the century mark, Social Security is only one — and woefully inadequate

07/02/2021

Make it a great day ! Enjoy the holiday weekend and hopefully
Tropical storm Elsa will veer away form us.