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Home Special Sections Wealth Management

Reverse Mortgages Now Essential Part of Retirement Savings

December 31, 2019
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By Donna Linton, Reverse Mortgage Adviser, Sterling Mortgage Services Provided By Bill Binkey, Hecm Vice President, The Federal Savings Bank
Every professional in the reverse mortgage field works tirelessly to help the public overcome the never-ending misconceptions that have been plaguing our industry for three decades. We have had some positive PR, but we are far from where an industry as old as ours should be.
I have sat with skeptics at many kitchen tables and overheard misinformed seniors talking about our product with only negative comments. Even close relatives can’t seem to grasp the facts after having explained it as best I can. The problem is the result of several factors, including common misconceptions about a complicated financial product that have been hard to dispel. Most Americans simply don’t understand the ins and outs of the product, with many holding on to the false belief that the bank owns the borrower’s home.
The reverse mortgage program has changed substantially from its inception. With protections in place for nonborrowing spouses, expanded rules to police industry participants and a financial assessment to ensure the loan’s suitability for a borrower’s circumstance, reverse mortgages are a better, stronger and safer product than ever. It has become a unique financial planning tool that we now have the opportunity to educate our borrowers, financial planners, real estate professionals and professionals in general about.
Nobel Prize-winning economist and MIT finance professor Robert Merton has drawn attention to reverse mortgages. Speaking at a conference, Merton said he believes reverse mortgages will become an essential component of retirement savings. The house is the largest and sometime only major asset for many in the working middle class, he said, and reverse mortgages are well suited to tap that wealth.
“Americans have wrongly steered clear of reverse mortgages,” Merton said “This is going to become one of the key means of funding retirement in the future.”
For more information, contact Bill Binkey at 928-237-9599 or visit www.isAreverseMortgage4me.com

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Prescott Living Magazine

3 hours ago

Prescott Living Magazine
VOLUNTEER DRIVERS NEEDED! Additional drivers are needed for the DAV Transportation Network to help Veterans get to their medical appointments. Can you help? This announcement from the Northern Arizona VA has the details.. . .PRESCOTT, Ariz. – With the Greatest Generation of World War II-era Veterans fading into history and baby boomers working longer into their retirement years, the Northern Arizona VA Health Care System, in partnership with the DAV (Disabled American Veterans) Transportation Network is recruiting additional volunteers to help provide transportation for eligible Veterans to and from scheduled medical appointments at facilities across Northern Arizona.Last year, DAV volunteer drivers provided more than 500 rides for Veterans with scheduled medical appointments to and from VA medical facilities. Each year the demand for Veteran transportation has grown.“We need people who recognize the service and sacrifices of our heroes and are willing to make a commitment to ensure the promises our country made to our Veterans are kept,” said Bruce Nogar, DAV Transportation Network Hospital Service Coordinator. “Our program provides a very important service to eligible Veterans at no cost to them, but we can’t keep up with the demand if we don’t have people who are willing and able to support it.”To become a DAV Transportation Network volunteer, drivers must have a valid, state-issued license, show proof of personal auto insurance, pass a basic physical through the VA, and commit to one year of volunteering for the program. VA will provide the driver physical, all required training as well as the vehicles used for transportation. Also, all volunteer drivers that work a minimum of four hours are eligible for a free meal at the Prescott VA’s main campus.Those interested in becoming a volunteer driver do not have to be a Veteran or a DAV member. We are looking for committed individuals who want to serve Veterans and show their appreciation for all that they’ve done in the service of our Nation.For more information on becoming a volunteer driver, please contact the Northern Arizona VA Voluntary Service Office at (928) 776-6013.Northern Arizona VA Website: www.va.gov/northern-arizona-health-care/ ... See MoreSee Less

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Prescott Living Magazine

21 hours ago

Prescott Living Magazine
OUT & ABOUT — Thank you to Karen Shaw for sending in these shots of Jerome and the San Francisco Peaks on a beautiful winter day! We publish reader photos in every issue of Prescott LIVING. Send in your best shots by email to photos@roxco.com. Photos should be taken by you, anywhere in the Greater Prescott area. Selected photos will appear in print and on our social media channels.#jeromeaz #prescott #northernaz #sanfranciscopeaks ... See MoreSee Less

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