April 23, 2025 • 43 mins
Did you know there’s a way to tap into your home’s equity for tax-free cash—without having to make monthly payments? It’s called a Home Equity Conversion Mortgage—what many of you know as a reverse mortgage. But today’s reverse mortgage isn’t what it used to be. On today's Faith & Finance Live, Rob West will welcome Harlan Accola to unpack how they work and whether one might be right for you.
Faith & Finance Live is a listener supported program on Moody Radio. To join our team of supporters, click here.
To support the ministry of FaithFi, click here.
To learn more about Rob West, click here.
To learn more about Faith & Finance Live, click here.
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
S1 (00:08):
Did you know there's a way to tap into your
home's equity for tax free cash without having to make
monthly payments? It's true. I'm rob West. It's called the
Home Equity Conversion Mortgage, or Hecm. What many of you
know as a reverse mortgage. But today's reverse mortgage isn't
what it used to be. Harlan Alcala is here to
help us unpack how they work and whether one might
(00:30):
be right for you. Then we'll take your calls and questions.
The number 800, 505, 7000. That's 800, 500, 25, 7000.
This is faith and finance. Live biblical wisdom for your
financial decisions. Well, I'm so glad to dive into this
topic today. You know, it's one we talk about frequently here. And,
(00:52):
you know, there are many misconceptions related to reverse mortgages
will dispel those today, many of them at least as
it relates to home equity conversion mortgages. You know, as
I often say here on this program, there's many of
you that want to heed the warnings of Scripture around debt,
get out of debt and stay out of debt. And
I think that's great. We talk about that all the time.
(01:14):
I think there is a difference, though, in understanding the
places where debt can be used. Certainly we always want
to follow the rules for borrowing. Number one, the economic
return is greater than the economic cost. Spousal unity. We're
not denying God an opportunity to work. Uh, and so
I think there are productive uses for debt. And I
(01:36):
think the key here with reverse mortgages is we're talking
about non-recourse debt. So you are not personally obligating yourself.
It is solely your home that then affords the opportunity,
especially for those and more and more entering retirement. Two
thirds of retirees now have a mortgage. Still, that largest
expense in their budget is often really, causing challenges for
(01:59):
them just to maintain their lifestyle. Maybe they haven't saved enough.
So the ability to see home equity as one of
the planning tools, as you look at it, alongside IRAs
and Social Security and other assets, I think is an
often overlooked tool that's tax free. It's often our biggest asset.
And even if we're just replacing an existing mortgage payment,
(02:20):
allowing that to go away and then to be able
to live in your home for the rest of your
life when it's sold, whatever's equity is left after the
mortgage is paid, is passed on to the heirs. That's
a missed opportunity. And I think it often goes back
to some of these misunderstandings about the reverse mortgages of
the past that are much different than those today. And
(02:40):
that's why I'm excited to have Harlan Akela here. He's
a good friend, a regular contributor. He's an expert on
reverse mortgages with Movement Mortgage, an underwriter of this program. And, Harlan,
it's great to have you back with us.
S2 (02:52):
Yeah, great to be here this afternoon. Thanks for the opportunity, Rob.
S1 (02:55):
Absolutely. By the way, Harlan's going to stick around for
the show today. We're going to be looking forward to
taking your calls and questions. If you have them. Specifically
on reverse mortgages, you can call 800 525 7000, something
we're going to do today. Every call on reverse mortgages
is going to get a copy of Harlan's book, Home
Equity and Reverse Mortgages. It'll be our gift from the
(03:18):
team here at Faith fi to you. So after you
ask your question on reverse mortgages, hang on the line
and we'll get your information and get that right out
to you. Uh, Harlan, let's dive into this topic before
we head to the phones here and begin to mix
in these questions. And perhaps you could start by talking
about this idea that I shared that the reverse mortgages
of today aren't what they used to be. How is
(03:41):
the hecm different from those that got such an unfavorable
reputation in the past?
S2 (03:47):
Well, I think the biggest thing is, is that they
are non-recourse, meaning that every other debt you're personally liable for.
When I signed my reverse mortgage. I signed a form
that said Release of Personal Liability. This is really unusual
because a credit card, a car loan, anything like that
you are personally responsible for. If you wreck your car
(04:07):
and don't have insurance, if your house burns or your
house doesn't have insurance or anything else, those debts could
do not go away with the reverse mortgage. You're completely
relieved of the responsibility of that debt, and it has
to be 100% paid for by the House. And yet,
the important thing is you don't give up ownership. Many
(04:28):
people think, well, I worked all my life to get
this house, and now I'm giving it away to the bank.
And you're not. All you're doing is using some of
the money inside and you're protected. That you're guaranteed to
live in the house because of that non-recourse factor until
you pass away or permanently move out of the house.
That guarantee is really important because without it, quite frankly,
(04:50):
Movement Mortgage wouldn't even offer it. But we know that
we can guarantee any senior the ability to live in
their house as long as they want to. Up to
age 150, that is.
S1 (05:00):
And that includes their spouse as well. Right, Harlan?
S2 (05:03):
That is exactly correct. It's not that the wife is
kicked out at the after the husband passes.
S1 (05:08):
Yeah. Very good. Well, this is our topic today. We're
going to continue to unpack it. We're going to cover
a lot of ground today. So you're not going to
want to go anywhere. Harlan Ackley here today every call
and reverse mortgages gets a copy of his book. Call
right now 800 525 7000. We'll be right back.
S3 (05:35):
The opinions offered during this program represent the personal or
professional opinions of the participants, given for informational purposes only.
Any information provided is not intended to replace advice from
a financial, medical, legal, or other professional who understands your
specific situation.
S1 (05:58):
Great to have you with us today on Faith and
finance live here on Moody Radio. Helping you live as
a wise and faithful steward. Manage the money God has
entrusted to you. We're talking today about an often misunderstood, uh,
tool for financial planning in the retirement season of life,
the home equity conversion mortgage. Uh, we've got all the
(06:18):
lines full, Harlan. So we're going to head to those
calls here in just a moment. But first, uh, you know,
one of the questions we often get from folks about
a reverse mortgage is how do I receive the money? Uh,
there are several options, although I know some are more
common than others.
S2 (06:34):
Yes. The most common one is a line of credit,
because we don't encourage people to borrow more money than
what they need or what they're going to use. So
we set up a line of credit of, let's say, $200,000.
If somebody only uses $10,000, then that other amount stays
there and continues to grow. In fact, that there's more
available in the future for whatever is not used. But
you can also get a lump sum, which is typically
(06:55):
used either to buy a house with a reverse mortgage,
or to pay off an existing loan, or to take
care of a large remodel cost or something that is
necessary for the house. The third way, which is the
least common, is getting a monthly check, kind of like
a social security check or an annuity payment just deposited
into your account every month. So some of these are
(07:15):
mixed and matched. They might take out a $50,000 line
of $50,000 big chunk, and then take the rest out
in a line of credit. It just depends on what
situation is we're trying to accomplish. We ask a lot
of questions before we make a recommendation on how to
use it.
S1 (07:33):
Yeah. Very good. That's really helpful. I think the key
to understanding this is to recognize, although you can make
a payment at any time, you're just never required to.
No matter which of these methods you choose. All right.
Let's head to the phones. We'll be going to Chattanooga
here in just a minute. But first, Thomas is in Vermont. Hi, Thomas.
Go ahead.
S4 (07:52):
Hello? Yes. Um. I'm calling my goal being to be
debt free for life. And I'm vigorously considering a reverse mortgage.
I am 83 years old. I'm a male with no
savings or investments, but I have a nice piece of
property that's worth about 180,000, and I have a $45,000 debt,
(08:18):
and I have an income of 4200 a month. That's
where I'm at, sir. And so I'm looking for advice
on this, uh, consideration of reverse mortgage to get out
of debt and retire.
S1 (08:36):
Yeah. Very good. Thomas. Uh, Harlan. Your thoughts?
S2 (08:40):
Yes, I really you are very good at distilling a
lot in a short period of time. You mentioned that
you have no savings and no investments. That is obviously
true in other scenarios, but you have a substantial, as
you just mentioned, substantial savings in your house. You have
$180,000 asset. And in a sense that's a savings account.
(09:02):
So what we would do is replace that debt. You
still have a debt that is taken care of after
you pass, but you're going to be eligible for a
little bit more than half of the value of the house.
So about 80,000. So we would pay off your existing mortgage,
which then takes your mortgage payment to zero. So you
don't have to use any of the $4,200 to make
(09:24):
that payment and then give you an additional 40 or
$50,000 in a line of credit that's available if you
need it, for whatever purposes would be in the future.
You won't need a lot of it, because obviously now
you'll have a zero payment. So the key to being
debt free and the reason why we always push for
that is because we don't want the payment. Well, fortunately
(09:45):
once we get to be 62 You can have a
debt without a payment or with an optional payment, and
that's what this would allow you to do. And so
you could decide every month whether or not you wanted
to write a check for the interest or not. But
quite frankly, most of the time our clients don't because
they can use the money for living, giving and doing
other things in their fourth quarter of life. You brought
(10:05):
up a perfect example, because most people who are over
62 should not continue to make a mortgage payment if
they don't have to. They're better off giving it to
their children, their church, um, doing some sort of giving
with it instead of just storing it in the house
where it accomplishes nothing. Uh, when you do not have
to make a payment. So, uh, excellent example, Thomas, for, uh,
(10:28):
your call today.
S1 (10:30):
Thanks very much, Thomas. Uh, hang on the line. We'll
get you a copy of the book. And if you
want to connect with Harlan or get more specific information,
just head to Movement.com and let's go to Chattanooga. Hi, Susan.
I think you had a comment or a testimony today.
Go ahead.
S5 (10:46):
Uh, yes. Um. Can you. Can you hear me? Okay.
S1 (10:49):
I sure can, yes, ma'am.
S5 (10:50):
Okay, great. Great. Uh, one year ago. Um, today, actually, today,
I did the reverse mortgage. I'm 81 years old when
I did it, and it has been fantastic for me. And, uh,
the follow up is what I wanted to mention. I
had any little question. It was George that helped me out.
(11:11):
And he said, no matter what the question is, you
call me, I'll help you. And he has. My question
is on the line of credit, does the interest change
that you that we accumulate on our line of credit?
S1 (11:26):
Excellent, Susan, thank you for that testimony. And, Harlan, that's
a testimony to your team there at, uh, movement. But, uh,
go ahead with your thoughts.
S2 (11:34):
Yeah. We're, uh, very glad to hear that. Uh, sure. Glad.
And I hear that a lot about George and the
rest of our team that, uh, they care about you
after they get done, not just during the process. Um,
the only interest that's charged is on the amount that
you owe, um, and that you've used the line of
(11:55):
credit portion, uh, continues to go up at the same
rate of interest, giving you more money available to borrow
at any time that you want to in the future.
You are never charged interest on the amount of money
that you're not using, but your line of credit that
you're not using does continue to go up at the
current rate of interest, which is right now between 6
and 7%. And we're so glad that your client of ours,
(12:18):
and we're glad that we can make, uh, your fourth
quarter of life just a bit easier.
S1 (12:22):
Susan, is that helpful?
S5 (12:24):
Yeah. Very helpful. I didn't know what what the interest
was that went on the line of credit. So that's
very helpful.
S1 (12:31):
Excellent. Well, thanks for your call. And thanks for sharing
that story. Uh, about the movement team. We're going to
stay in Chattanooga. Percy, how can we help you?
S6 (12:39):
Uh. Yes, sir. Um, I retired at 66 and I'm
now 73 years old and I do not owe anything
on my mortgage. My house is paid for. But I
was wondering, uh, if, uh, a reverse mortgage, if I,
if it's possible to get a reverse mortgage for my
(12:59):
house and how would that all work out? I'm not
quite sure.
S1 (13:03):
Yeah. Harlan, we've got about a minute left till our
next break. Go ahead.
S2 (13:07):
Okay, so real quick for people that have a mortgage payment,
obviously that's eliminated for the people that don't have a mortgage. Well,
then we set you up with a line of credit.
So the answer is yes. You can get that. We
set up a line of credit and then you can
use whatever is available. So let's say that you're eligible for, uh, $200,000.
We give you that line of credit. You don't pay
(13:27):
interest on anything except for what's used and what's needed
as you go through, uh, the remaining part of your life.
And you never have to worry about making a payment back.
It's simply money that's available. So think about it as
a savings account. You put money into your house over
the years. Now you're just taking some of it out.
Not all of it, but some of it. And it's
about 40 to 50% that would be available to you
(13:50):
of the value of your house.
S1 (13:52):
Excellent. So, Percy, that could be a line of credit.
Use it as you need it. It could be a
monthly income stream for life. Either would be an option.
And again it's non-recourse debt. So the only thing that
would ever be needed to satisfy whatever balance is owed
at your death or when you move is the equity
in the home. Once it's paid from the home sale,
then the rest goes to your heirs. If you want
(14:13):
to check out more movement.com, hold the line. Percy and
Susan as well. I know you're still there. I'd like
to get both of you a copy of Harlan's book
as our gift to you, so our team will get
your information. This is faith and finance live. We'll be
right back. Great to have you with us today on
(14:37):
Faith and finance live here on Moody Radio, I'm Rob West.
You know, each day on this program, we dedicate this
hour to coming alongside you to be an encouragement to
help you live as a wise and faithful steward, recognizing
money as a good gift from God. It's not evil,
it's just that the love of money is evil. But
when we put it in its proper place as a
tool to accomplish God's purposes, it becomes a powerful force
(15:00):
for good. And as we work out our money decisions,
it's one of the key ways God shapes our spiritual
journey as well. It's one of those tangible evidences every
day throughout the day of what we value and where
we place our trust. And we know you have very
practical questions and decisions you're making. And so each day
we want to come alongside you in that effort and
help you glorify God through the management of the resources
(15:23):
entrusted to you. Today, we're focusing on a specific aspect
of that your home equity, and perhaps dispelling some myths
around the old reverse mortgages of, uh, of the past.
And what is, uh, the new form of that which
is called a home equity conversion mortgage and often overlooked
planning tool in the fourth quarter of life. Harlan is
(15:45):
here today, our friend and reverse mortgage expert with movement,
mortgage and underwriter of this program. And if you want
to learn more from Harlan or his team, just go
to movement.com. We're taking your phone calls today as well
on this topic, every line full. So we'll move as
quickly as we can through these calls. Next to Warren, Ohio. Hi, Ellen.
Go ahead.
S5 (16:05):
Hi.
S7 (16:07):
I have a I, um, a kind of strange question.
Me and my sister are living in a home that
my mom and dad, my dad built it. And both
of them have deceased. And I was wondering, how do
you get a reverse mortgage when the home is left
(16:28):
to your siblings? There's three of us left, and all
of us are senior citizens.
S1 (16:35):
Okay, so the home was left to you. Um. Each
of you equally as a part of the estate?
S7 (16:42):
Yes, sir.
S1 (16:43):
Okay. Has it been retitled in the name? Equally of
of the three children joint tenants with right of survivorship.
Or how is it titled deed deeded? Okay.
S7 (16:53):
Each one of us.
S1 (16:54):
All right. Harlan, a little more complex situation. Your thoughts?
S2 (16:58):
Yes. Um, we've actually done several of those scenarios where
two sisters or, uh, we did once with, um, three
brothers that were living together in the farm home that
they received from their parents. Um, uh, now, did you
say that it's left to three of you children. Uh, Ellen.
But is there only two of you living there, or
(17:19):
are all three living there?
S7 (17:20):
Right. Two of us are living here.
S2 (17:23):
Okay.
S7 (17:23):
Um, the other one and the other one is not
living here is executor of everything. The will.
S2 (17:31):
Okay. So, um, when it comes down to is reverse.
Mortgage can be done on any property that you own
when you're over 62 and when you live there. So
it doesn't matter if there's other people on the title,
it's just that your other sibling would have to be
okay with, uh, you doing a reverse mortgage to keep
(17:53):
you and your sister in the house. Uh, what also
happens in many cases is some money is taken out
of the reverse mortgage to pay any of the siblings
who are not going to benefit from living in the house.
So it depends on your arrangement. A little bit more complex,
but the the quick answer is it certainly can be done.
(18:14):
And we've done that many times before. It just has
to be worked out in accordance with what the Will says.
And with, uh, all three of the people that now
own the house. Um, but I would certainly be happy
to discuss that further. Um, as, uh, Rob mentioned, if
you go to Movement.com and, uh, will call and just
(18:35):
kind of sort out how that could be done and
how it would be fair to everyone that is involved.
But that isn't anything that, um, is not something that
can't be done, even though it's a little bit unusual. Um,
it doesn't have to be a husband and wife that
live there. It's anybody that's over 62, sometimes a mother
and daughter. Uh, do a reverse mortgage or, in your situation,
(18:55):
two sisters. Uh. That's fine. It just has to be
the age requirement of over 62.
S1 (19:01):
Yeah, and it sounds like just getting permission from all
three since there's three on the deed. Does that make sense, Ellen?
S7 (19:07):
Yes, it does, but what if the one that, um,
end up dying last or whatever don't want the home?
S2 (19:17):
Well, we encourage people to make plans, whether it's going
to a church, whether it's going to another relative. Um,
we don't determine that whatever is left at the end
goes to whoever your heirs are. So we encourage you
to put something in place just like your parents did.
Saying this is who gets the house when we pass.
And then when the last person passes away, we follow
(19:39):
those instructions based on what was left behind.
S7 (19:43):
And they would pay for everything that's left behind.
S2 (19:48):
Well, whatever is used, let's go ahead and say the
house is worth. Let's say the house is worth 400,000
and you've used 200,000. Well, the remaining 200,000 is going
to go to whoever inherits the house at the end,
whether it's a church, a foundation, a relative, whatever that
situation is. Then if they sell the house, they would
(20:08):
just pay the difference and then receive whatever is left over.
But they would have no obligation to pay the debt.
They could only gain, not lose, if it's left to
a relative or a church.
S7 (20:21):
Okay, I appreciate that.
S1 (20:24):
You're welcome. Thanks for your call. Hang on the line.
We'll get you a copy of Harlan's book, just as
a way of saying thanks for calling today. Let's go
to Florida. Hi, Scott. How can we help, sir?
S8 (20:33):
Hey, Harlan. Hey, Rob. I appreciate you taking my call. Sure.
I just got a quick question for you. Um, so
my parents, it's similar to the previous caller, but my parents, um,
have just got a reverse mortgage. About a year ago,
and they, uh, just, you know, to help them with
their retirement. And I know that, um, well, they're in
(20:54):
their 80s, and I know that when they pass, I mean,
I'm hoping they live to be over 100, but when
they pass, they're going to pass that house on to
me and my sister. And so, um, I was wondering
how that works when there's a reverse mortgage, because it's
basically just a home equity line of credit that needs
to be paid off at some point. So would we
(21:15):
both share that debt? How would that work?
S1 (21:17):
Yeah. Harlan. Just 30s. Go ahead.
S2 (21:20):
Okay. Yes. Uh, you're not responsible for the debt. Whatever's
left comes to you, and you have about a year
to work that out after mom and dad are gone,
so it's not complicated. You inherit the house. We talk
to you about how that's going to be handled and
when you're going to sell it, or if you're going
to refinance the mortgage into your name. But it's good.
(21:43):
The money belongs to you. If it's bad, FHA pays
the bill.
S1 (21:47):
Yeah. The bottom line is it's just like a forward mortgage.
Whatever balance is owed would be paid by either selling
it or refinancing it. And you get what's left. Hang
on the line, Scott. We'll be right back on faith
and finance live. This is faith in finance. Live. I'm
(22:08):
Rob West boy. A great opportunity over the next week
if you become a faith VI partner before the end
of the month. Those are men and women who support
the ministry. At $35 a month or more, you will
get not only the current partner package, which includes our
21 day devotional, look at the sparrows and issue one
of faithful steward with the theme living Rich toward God.
(22:31):
But then you'll turn around and get the second package
that's going to start going out in the month of May,
which is our brand new study, wisdom Over Wealth 12
Lessons on Money from the Book of Ecclesiastes. A deep
dive into that incredible book in God's Word. Uh, also
issue two of Faithful Steward, uh, The Pursuit of Wisdom
with some incredible articles that I think will really be
(22:53):
an encouragement to you. Two issues of the magazine and two, well,
one study and one devotional. Uh, when you become a
partner before August the 30th. So go ahead and do
that today. If you love the ministry, you've been helped
by the broadcast and you want to, uh, become one
of the key pieces of helping us to fund this
listener supported work, you just head to faith. Com and
(23:13):
click give Faith Philly.com and click give right there at
the top of the page. Uh, with us today, Harlan Aguilar,
our good friend. He's a reverse mortgage expert. Every call
today on reverse mortgages gets a copy of Harlan's book.
It's just our way of saying thanks for being on
the broadcast today. Let's head right back to the phones.
Indiana is where we're headed next. Hi, Melvin. How can
we help, sir?
S9 (23:34):
Hey, how are you guys doing? Thank you so much
for what you do. Thank you. Uh, I, I filed
for bankruptcy about three years ago. My house was worth
about 125,000. And so I'm wondering how that will affect
me trying to get a reverse mortgage.
S1 (23:49):
Yeah. Harlan. Not just, uh, right down the middle today.
Some a little more challenging questions. Go ahead with this one.
S2 (23:56):
Yes. Um, well, the good thing is, is that, uh,
unlike a regular mortgage, uh, reverse mortgages do not evaluate
bankruptcies and credit in the same way. In fact, we
don't even look at your credit score. Uh, we really
give you, uh, immediate, fresh chance and a fresh start. Um,
(24:17):
some companies require a two year wait. We we do not.
We go through the factors to make sure that we
can help you. that this isn't going to create a
problem for you again in the future, and that you're
not going to have any problem paying your taxes and
your insurance, because that's still required. You still own your house. But, um, the, uh,
(24:38):
the very, uh, short answer is yes, you would be eligible. Um,
there are some requirements if you're buying a house with
a reverse mortgage where, uh, you're not eligible for at
least two years, but when you are staying in your
current house, you would be eligible, um, as soon as
your bankruptcy was cleared and was discharged. So, um, you know,
(25:00):
we don't look at you differently. You don't pay a
higher rate of interest, you don't get less money. You're
treated just the same as other people. And, uh, we
can certainly work through this with you, because sometimes people
go bankrupt because they don't have enough income. And we
can make sure that it never happens again. And we
work together with a lot of people that have run
into some rough patches in the road and fell in
(25:23):
the ditch and get them out and make sure that
they're on the highway to a better situation. So, um,
thank you for calling in that, Melvin. Uh, we are
help to you, and we do not look at your
credit score, and we we wipe away that, uh, that
tarnish on your credit.
S1 (25:38):
Excellent. Melvin Movement.com is where you can learn more. Stay
on the line. We'll send you a copy of Harlan's book.
Just a small way of saying thanks for being on
the broadcast today. Uh. Let's see. To Illinois. Rhonda. Go ahead.
S10 (25:52):
Hi, Rob. Thank you guys real quick. Yes, ma'am. My question.
I have two questions. I think you answered one because
I heard you say that 62 is the age that
you need to be to get a reverse mortgage. Is
that correct?
S1 (26:10):
Yes. That's right.
S11 (26:11):
Well, that's that's true. Well, go ahead, Harlan.
S2 (26:14):
We do have mortgages in Illinois, not in all states,
but Illinois is one of the states that we do
where we can go down to the age of 55
with some special, uh, mortgages. They're not available in every state,
but they are in Illinois. But 62 is the most
common age. Yes, ma'am.
S10 (26:29):
Okay, well, that's good because I'm 62. My husband is
about a couple of years younger. Both of our names
are on the house. We don't have any children, and
we do need to, um. We've been in the house.
The second question was, how long do we need to
be in the house in order to apply for a
reverse mortgage? Is that a factor?
S2 (26:52):
It is not. If you, uh, sometimes people inherit the
house or, uh, if they've just purchased a house with
cash or whatever, you're eligible. If you're the house for
one day, there is no seasoning requirement like there are
some mortgages.
S10 (27:06):
Okay. So that's it's sounding good. I wanted to also, uh, Harlan,
thanks for his call because his situation is somewhat similar
to my husband's and I's. He just got discharged, and
I'll be discharged in a couple of months, so I
was wondering if that would be a factor as well.
And you said it was not. So if we were
to reach out to the website, then that would be
(27:28):
how we get help. And then would you just take
our mortgage from our credit union? How does that work?
S2 (27:34):
We would. Yes. Uh, the the we have to be
in first position. We have to be the only mortgage. Um,
and so we take a look at eliminating that other payment. Um,
because obviously that was reaffirmed in the bankruptcy, we'd have
to make sure that the percentages is high enough to
be able to do that. But we'll be able to
help you with that if you just reach out to
(27:55):
Movement.com and take a look and do the calculation.
S1 (27:59):
Rhonda, thanks for your call today. Stay on the line.
We'll also send you a copy of the book just
as an encouragement to you. Thanks for being on the broadcast. Uh,
we're going to stay in Illinois. Northbrook. Hi, Paula. Go ahead.
S12 (28:11):
Hi, Rob. Thank you for your program. I love it,
and I've been listening for a long, long time, and
I feel like it's wonderful. Um. I'm happy you're talking
about this today. I brought this up to my daughter. Um,
I'm a widow, and I work, um, some side jobs,
like taking care of dogs and elderly. I kind of
help give people rides and that kind of stuff. But
(28:34):
I'm retired, and my retirement and my Social security does
not cover a lot of the things. Like, I need
a new car, I need rug, I need a new
carpet or whatever. But I'm living in a house that's
been paid for for a long time, 11 years. So
I my daughter doesn't seem to all. She just doesn't
(28:55):
seem to have a good, um, she hasn't gotten enough information,
I think because it seems like reverse mortgage. You say
that and your loved ones say, well, no, I don't
think that's for you. Well, she's got her own home,
and it's. She doesn't need mine, and she'll have insurance, um,
(29:15):
when I die. Life insurance. So I don't understand why
she has such a negative, you know, thing about this,
but how can I help her to see that it
would be a good thing?
S2 (29:29):
Well, I'm so glad you asked that question, because 20
years ago, I was one of those people that said, no,
they're bad, don't get one. They're awful because I didn't
know any better. I was simply ignorant of some of
the facts. I didn't understand it and I was helped
by the facts. Almost always, we do a call with
you and your children, you and your daughter. We want
(29:53):
them to know what's going on because she's just looking
out for you. She's just concerned because she's heard bad
things about reverse mortgages. A lot of people have. And
and they just don't understand what's there. And usually when
we explain all of those answers, when they care about you,
I mean, obviously there's some people that just care about
themselves and they want a big inheritance from their parents.
But I don't think that's your daughter. She's just trying
(30:14):
to protect you. And so uh, we have, uh, a common, uh,
goal to just work with you and your daughter so
that she understands exactly what's going on. And she's right
to be asking questions and being concerned about helping you.
And she can, of course, read my book, but it
might be quicker just to have a phone call and
for us to talk together.
S1 (30:35):
Yeah. Very good. And, Rhonda, you know, to our point earlier,
there are a lot of misconceptions around these loans. And
in particular, it's for good reason, because the loans in
the past were much different than those today. As Harlan said,
if he was dealing with the loans of the past,
he wouldn't touch him. Stay on the line. We'll get
you a copy of this book. Go to movement.com as
(30:55):
well if you want to talk further. We'll be right back.
Thanks for joining us today on Faith in finance live
here on Moody Radio. I'm Rob West. We're taking your
calls and questions today. The lines have been all jammed up.
There's a lot of questions on this topic of reverse mortgages,
(31:15):
which is why we're delighted to have our good friend
Harlan Akula with us today. He's an expert on the
topic with movement mortgage and underwriter of this program. And, Harlan,
you know, I think these questions just really surface where
we started today, this idea that there are just so
many misconceptions, we want to head back to the phones.
But what do you think is is top of that
list in terms of the misconceptions about these types of loans?
S2 (31:40):
The thing is that people just think that they're going
to lose their house. They've worked their whole life, they
own the house, and now the bank takes the house.
I've heard that hundreds of times. And it's they need
to look at it just like they do with the IRA.
They've got a $300,000 IRA, and they're going to use
some of it. And if they don't use it all,
they still have it. They can still give it to
their children or the church or whatever their plans are.
(32:03):
And they don't lose ownership. They don't lose control. They're
guaranteed to live in their house for the rest of
their life. And that is a thing that is the
peace of mind that I have that my wife has.
If something happens to me. And that's what we really
want to share with everyone that's listening to this, is
that you're not in danger. Some debt is very dangerous.
(32:23):
And what's really dangerous is having a mortgage payment until
you're 95 years old. This takes the danger and creates safety.
That you can live in your house without having to
worry about making a payment. Other than, of course, your
taxes and insurance, which are going to be required even
if you have your house paid off.
S1 (32:40):
Yeah, that's exactly right. That's really helpful. All right. Let's
get to as many questions as we can between now
and the end of the program. Uh, to West Palm Beach. Hi, Grace.
How can we help?
S13 (32:49):
Hi. Good afternoon, Rob and Harley. My question is, I.
We just finished paying off the house, and I'm interested
very much in the reverse mortgage. And I was wondering,
how does that work?
S11 (33:04):
Yeah.
S1 (33:05):
Very good. Harlan, a quick overview.
S2 (33:07):
Uh, sure. So just think about this. What you did
is you deposited a whole bunch of money in an
account that's called your house account. It's inside of your house.
It's in in the form of equity. So you know
that you have home equity and whatever your house is worth,
let's just say it's worth $400,000, $400,000 deposited in that account.
(33:29):
We will give you a line of credit or a
monthly check, whichever makes the most sense for you, that
allows you to access some of the money that's literally
sitting in your living room. And if you take out
so much a month for life, you could set it
up that way. Just kind of like a Social Security check.
Or you can just set up a line of credit
that when you need a car, you need to get
(33:50):
a new water heater or something else comes along. We
just create that money availability because you've already paid it
in to your house. We just make it available for
you to take it back out, which is like any
other account. We just create a savings account, so to speak,
that you can draw on that can be deposited into
(34:10):
your checking account whenever you need it, whenever you asked
for it within five days. It's really, quite frankly, that simple.
And a lot of people just kind of get all
nervous about it, like they're selling their house. You're not.
You are 100% owning your house. We're just giving you
some of that money. And it's usually between 30 to 50%
of the value of your house, depending upon your age.
(34:33):
But you're always going to get at least 30%, sometimes
50 or 60%, based on your age.
S11 (34:39):
Yeah. Very good.
S13 (34:41):
I'm sorry. And I can also take and use that
to remodel the house to rent it out.
S2 (34:47):
Absolutely. Sometimes people remodel the house and they get more
of a value out of the house than what it
was even worth beforehand. And sometimes you can put $20,000
into the house and it goes up in value, $30,000,
depending upon where you put the money. But whether your
house goes up in value or not, that's not an issue.
It just makes sense to use your house to pay
for your house. Some people use the money to pay
(35:09):
for some of their taxes. Uh, and certainly they use
it for, um. For repairs, for remodels, uh, new siding,
whatever it is that, uh, the house needs so that
you don't have to worry about that. Especially big things
like roof, uh, getting a roof or, um, doing, uh,
something that is just really expensive. That's not going to
(35:29):
be a easy to take care of out of a
Social Security or your regular budget. So that's a very
wise use of your funds to be using it for that.
S1 (35:38):
Is that helpful, grace?
S13 (35:40):
More than you ever know. Thank you so much I
appreciate you.
S1 (35:44):
All right. Stay on the line, Grace. We'll send you
a copy of this book. Uh, I think it'll answer
any additional questions you might have. Uh, let's see. West
Virginia is where we're headed next. Hi, Linda. Go ahead.
S14 (35:55):
Thank you. I had questions about if you did a
reverse mortgage, um, and you were, um, then on Medicaid
or Medicare And what would happen with that reverse mortgage?
And then what would happen to that reverse mortgage if
(36:16):
you did die?
S1 (36:18):
Yeah.
S11 (36:18):
Harlan.
S2 (36:20):
Yeah. So I guess we could probably spend an hour.
I actually did an hour for some elder law attorney groups.
There's about 200 elder law attorneys, and we talked for
an hour about Medicaid and reverse mortgages a few years ago.
The fact is, is that to make it really simple,
this protects you to be able to use money without
(36:43):
disqualifying you for Medicaid, as long as you don't take
out a lump sum and put it into the account.
It is not called due. It protects you to be
able to use that income to have that income, especially
if a spouse goes into a nursing home and you
are back in the house. It prevents liens from being
placed on the house that takes away the house or
(37:06):
the use of the money from the community spouse that's
left in the home. So if there is most people
don't want to go to a nursing home. Some people
use money to be able to stay in their house
so they don't have to worry about that. Um, the
second question is, when you pass away, whatever plans you
have for the house, it goes to your children, goes
(37:28):
to a church, goes to a relative. Whatever the situation is,
they simply need to pay off the amount of the
loan when they sell the house. But, uh, it's something
that they can never owe more money than what the
house is worth. If they're selling it at a bad
time or things don't go well, uh, when they're selling
the home. But usually there's more than enough money left
(37:49):
to whoever you've left behind. So some great questions. But
when it comes to long term care, huge subject. And
you may have some more questions that relate to your
personal situation. I just talked to somebody that he's been
diagnosed with Alzheimer's, um, and early onset. And there I
spent an hour going over with them what their options are.
(38:10):
So there can be very specific individual things. Be happy
to cover that more in detail with anyone that's listening,
because that's one of the biggest fears, biggest concerns, biggest
expenses is long term care that can happen at the
end of life.
S1 (38:24):
Is that helpful for you?
S14 (38:27):
Yes. Um, may I ask this question?
S11 (38:30):
Sure.
S14 (38:30):
What if you wanted the house to stay in the
family and not sell it?
S2 (38:38):
That's always an option at the end. Uh, some people
refinance the loan to a regular mortgage. Uh, some kids
turn it into an Airbnb. Sometimes a grandchild wants to
buy it. We always go to your executor. Uh, whoever
is the person that's taking care of things and said,
what do you want to do? Do you want to
keep the house? Do you want to sell it? We
do not get the house at the end. Everybody thinks
(39:00):
the bank takes the house at the end. We simply
have a lien on the property and we help whoever
the survivors are, whoever the heirs are, to decide what
they want to do with the house. And then the
decision is made from there based on your will and
based on, uh, the what the executor is carrying out
at the end of your life.
S14 (39:19):
Perfect. Thank you very much for that information.
S11 (39:21):
All right.
S1 (39:22):
Thank you for your call today, Linda. We appreciate you
being on the program. Uh, let's see, we're going to
finish up today in Alabama. Penny. Go right ahead.
S15 (39:31):
What are the costs associated with the reverse mortgage?
S11 (39:36):
Yeah.
S1 (39:36):
Great question Harlan.
S2 (39:38):
Yeah, that's an important thing because, uh, a reverse mortgage
has two costs. It's two simple costs. One is the initial, uh,
closing costs. Uh, and the second thing is the ongoing interest, uh,
which you always have the option to pay if you wish.
Most people don't because they're doing this for cash flow. Um, but, uh,
(40:00):
just think about normal interest. You get a statement every month.
Let's say you have $50,000 and the interest rate is 7%,
which is higher than what it is right now. But
let's just say it's 7%. Well, that's $3,500 a month,
or roughly somewhere around 250 to $300 a month. Um,
and then you make the decision on that, but you
(40:21):
don't have to pay it until the end, but you
always know where you're at. So that's one cost that is, uh, interest.
That is like any other loan. It's just that you
don't have to pay it until a year after you're dead,
which is obviously some unusual terms. The other cost is
the upfront cost, which is the same as any other mortgage,
except for one thing. Uh, you'll have the normal cost
(40:43):
of mortgage. Um, you know, your, uh, title insurance, your
appraisal and so on. But there's one other cost that
is a guarantee fee insurance, mortgage insurance premium which guarantees
that you can live in the house till you're 150.
Never can there be anything that is owed, um, by
your heirs over and above the value of the house.
(41:04):
And that is a 2% fee. That is a one
time cost. All of the rest of the costs are
added into the interest rate at the end. There is
no monthly fee or anything else. Um, but realize I'm
really glad you asked that question, because every form of
retirement income has a cost. Uh, annuities cost money. Life
(41:25):
insurance cost money. It costs money to manage money. Um,
and this is pretty much on par with any of
those things. There's that extra guarantee fee to make sure
that you never have to worry about moving, and you
never have to worry about leaving a debt behind for
your children.
S11 (41:40):
Hmm.
S1 (41:41):
Does that cover it for you, penny?
S15 (41:43):
Yes.
S1 (41:44):
Okay. Thank you for calling today. Stay on the line.
We'll get you a copy of Harlan's book. And I
think that might answer any further questions you have. Harlan,
we're about out of time today. Tie a bow on
this for us. What do we need to finish with?
S2 (41:57):
Well, yes, I'm glad that that we kind of ended
up in a cost, because that's one thing that I
want everybody to know is that we answer these questions
very quickly within a few minutes, but we always spend
at least an hour with our clients, and even the
first initial call before we ever agree to do a
reverse mortgage for someone, we ask a lot of questions
to make sure that it fits in, that it's going
(42:19):
to help them, that it's not going to cost them.
And we do a lot of analysis before we ever
go to any direction. So they don't have to be
afraid of us just trying to sell them something. But
we do a lot of consultation beforehand. So thanks so
much for the opportunity to shed some light on this
very important subject.
S1 (42:36):
Absolutely. Thanks for being here, my friend. God bless you.
We'll have you back again real soon. That's Harlan Accola
with Movement Mortgage and underwriter of this program. To learn more,
go to movement.com. That's COVID-19. Back with another edition tomorrow.
Hope you'll join us then. Faith and finance a partnership
between Moody Radio and Faith fi. Have a great night.
(42:56):
Bye bye.
Did you know there's a way to tap into your
home's equity for tax free cash without having to make
monthly payments? It's true. I'm rob West. It's called the
Home Equity Conversion Mortgage, or Hecm. What many of you
know as a reverse mortgage. But today's reverse mortgage isn't
what it used to be. Harlan Alcala is here to
help us unpack how they work and whether one might
(00:30):
be right for you. Then we'll take your calls and questions.
The number 800, 505, 7000. That's 800, 500, 25, 7000.
This is faith and finance. Live biblical wisdom for your
financial decisions. Well, I'm so glad to dive into this
topic today. You know, it's one we talk about frequently here. And,
(00:52):
you know, there are many misconceptions related to reverse mortgages
will dispel those today, many of them at least as
it relates to home equity conversion mortgages. You know, as
I often say here on this program, there's many of
you that want to heed the warnings of Scripture around debt,
get out of debt and stay out of debt. And
I think that's great. We talk about that all the time.
(01:14):
I think there is a difference, though, in understanding the
places where debt can be used. Certainly we always want
to follow the rules for borrowing. Number one, the economic
return is greater than the economic cost. Spousal unity. We're
not denying God an opportunity to work. Uh, and so
I think there are productive uses for debt. And I
(01:36):
think the key here with reverse mortgages is we're talking
about non-recourse debt. So you are not personally obligating yourself.
It is solely your home that then affords the opportunity,
especially for those and more and more entering retirement. Two
thirds of retirees now have a mortgage. Still, that largest
expense in their budget is often really, causing challenges for
(01:59):
them just to maintain their lifestyle. Maybe they haven't saved enough.
So the ability to see home equity as one of
the planning tools, as you look at it, alongside IRAs
and Social Security and other assets, I think is an
often overlooked tool that's tax free. It's often our biggest asset.
And even if we're just replacing an existing mortgage payment,
(02:20):
allowing that to go away and then to be able
to live in your home for the rest of your
life when it's sold, whatever's equity is left after the
mortgage is paid, is passed on to the heirs. That's
a missed opportunity. And I think it often goes back
to some of these misunderstandings about the reverse mortgages of
the past that are much different than those today. And
(02:40):
that's why I'm excited to have Harlan Akela here. He's
a good friend, a regular contributor. He's an expert on
reverse mortgages with Movement Mortgage, an underwriter of this program. And, Harlan,
it's great to have you back with us.
S2 (02:52):
Yeah, great to be here this afternoon. Thanks for the opportunity, Rob.
S1 (02:55):
Absolutely. By the way, Harlan's going to stick around for
the show today. We're going to be looking forward to
taking your calls and questions. If you have them. Specifically
on reverse mortgages, you can call 800 525 7000, something
we're going to do today. Every call on reverse mortgages
is going to get a copy of Harlan's book, Home
Equity and Reverse Mortgages. It'll be our gift from the
(03:18):
team here at Faith fi to you. So after you
ask your question on reverse mortgages, hang on the line
and we'll get your information and get that right out
to you. Uh, Harlan, let's dive into this topic before
we head to the phones here and begin to mix
in these questions. And perhaps you could start by talking
about this idea that I shared that the reverse mortgages
of today aren't what they used to be. How is
(03:41):
the hecm different from those that got such an unfavorable
reputation in the past?
S2 (03:47):
Well, I think the biggest thing is, is that they
are non-recourse, meaning that every other debt you're personally liable for.
When I signed my reverse mortgage. I signed a form
that said Release of Personal Liability. This is really unusual
because a credit card, a car loan, anything like that
you are personally responsible for. If you wreck your car
(04:07):
and don't have insurance, if your house burns or your
house doesn't have insurance or anything else, those debts could
do not go away with the reverse mortgage. You're completely
relieved of the responsibility of that debt, and it has
to be 100% paid for by the House. And yet,
the important thing is you don't give up ownership. Many
(04:28):
people think, well, I worked all my life to get
this house, and now I'm giving it away to the bank.
And you're not. All you're doing is using some of
the money inside and you're protected. That you're guaranteed to
live in the house because of that non-recourse factor until
you pass away or permanently move out of the house.
That guarantee is really important because without it, quite frankly,
(04:50):
Movement Mortgage wouldn't even offer it. But we know that
we can guarantee any senior the ability to live in
their house as long as they want to. Up to
age 150, that is.
S1 (05:00):
And that includes their spouse as well. Right, Harlan?
S2 (05:03):
That is exactly correct. It's not that the wife is
kicked out at the after the husband passes.
S1 (05:08):
Yeah. Very good. Well, this is our topic today. We're
going to continue to unpack it. We're going to cover
a lot of ground today. So you're not going to
want to go anywhere. Harlan Ackley here today every call
and reverse mortgages gets a copy of his book. Call
right now 800 525 7000. We'll be right back.
S3 (05:35):
The opinions offered during this program represent the personal or
professional opinions of the participants, given for informational purposes only.
Any information provided is not intended to replace advice from
a financial, medical, legal, or other professional who understands your
specific situation.
S1 (05:58):
Great to have you with us today on Faith and
finance live here on Moody Radio. Helping you live as
a wise and faithful steward. Manage the money God has
entrusted to you. We're talking today about an often misunderstood, uh,
tool for financial planning in the retirement season of life,
the home equity conversion mortgage. Uh, we've got all the
(06:18):
lines full, Harlan. So we're going to head to those
calls here in just a moment. But first, uh, you know,
one of the questions we often get from folks about
a reverse mortgage is how do I receive the money? Uh,
there are several options, although I know some are more
common than others.
S2 (06:34):
Yes. The most common one is a line of credit,
because we don't encourage people to borrow more money than
what they need or what they're going to use. So
we set up a line of credit of, let's say, $200,000.
If somebody only uses $10,000, then that other amount stays
there and continues to grow. In fact, that there's more
available in the future for whatever is not used. But
you can also get a lump sum, which is typically
(06:55):
used either to buy a house with a reverse mortgage,
or to pay off an existing loan, or to take
care of a large remodel cost or something that is
necessary for the house. The third way, which is the
least common, is getting a monthly check, kind of like
a social security check or an annuity payment just deposited
into your account every month. So some of these are
(07:15):
mixed and matched. They might take out a $50,000 line
of $50,000 big chunk, and then take the rest out
in a line of credit. It just depends on what
situation is we're trying to accomplish. We ask a lot
of questions before we make a recommendation on how to
use it.
S1 (07:33):
Yeah. Very good. That's really helpful. I think the key
to understanding this is to recognize, although you can make
a payment at any time, you're just never required to.
No matter which of these methods you choose. All right.
Let's head to the phones. We'll be going to Chattanooga
here in just a minute. But first, Thomas is in Vermont. Hi, Thomas.
Go ahead.
S4 (07:52):
Hello? Yes. Um. I'm calling my goal being to be
debt free for life. And I'm vigorously considering a reverse mortgage.
I am 83 years old. I'm a male with no
savings or investments, but I have a nice piece of
property that's worth about 180,000, and I have a $45,000 debt,
(08:18):
and I have an income of 4200 a month. That's
where I'm at, sir. And so I'm looking for advice
on this, uh, consideration of reverse mortgage to get out
of debt and retire.
S1 (08:36):
Yeah. Very good. Thomas. Uh, Harlan. Your thoughts?
S2 (08:40):
Yes, I really you are very good at distilling a
lot in a short period of time. You mentioned that
you have no savings and no investments. That is obviously
true in other scenarios, but you have a substantial, as
you just mentioned, substantial savings in your house. You have
$180,000 asset. And in a sense that's a savings account.
(09:02):
So what we would do is replace that debt. You
still have a debt that is taken care of after
you pass, but you're going to be eligible for a
little bit more than half of the value of the house.
So about 80,000. So we would pay off your existing mortgage,
which then takes your mortgage payment to zero. So you
don't have to use any of the $4,200 to make
(09:24):
that payment and then give you an additional 40 or
$50,000 in a line of credit that's available if you
need it, for whatever purposes would be in the future.
You won't need a lot of it, because obviously now
you'll have a zero payment. So the key to being
debt free and the reason why we always push for
that is because we don't want the payment. Well, fortunately
(09:45):
once we get to be 62 You can have a
debt without a payment or with an optional payment, and
that's what this would allow you to do. And so
you could decide every month whether or not you wanted
to write a check for the interest or not. But
quite frankly, most of the time our clients don't because
they can use the money for living, giving and doing
other things in their fourth quarter of life. You brought
(10:05):
up a perfect example, because most people who are over
62 should not continue to make a mortgage payment if
they don't have to. They're better off giving it to
their children, their church, um, doing some sort of giving
with it instead of just storing it in the house
where it accomplishes nothing. Uh, when you do not have
to make a payment. So, uh, excellent example, Thomas, for, uh,
(10:28):
your call today.
S1 (10:30):
Thanks very much, Thomas. Uh, hang on the line. We'll
get you a copy of the book. And if you
want to connect with Harlan or get more specific information,
just head to Movement.com and let's go to Chattanooga. Hi, Susan.
I think you had a comment or a testimony today.
Go ahead.
S5 (10:46):
Uh, yes. Um. Can you. Can you hear me? Okay.
S1 (10:49):
I sure can, yes, ma'am.
S5 (10:50):
Okay, great. Great. Uh, one year ago. Um, today, actually, today,
I did the reverse mortgage. I'm 81 years old when
I did it, and it has been fantastic for me. And, uh,
the follow up is what I wanted to mention. I
had any little question. It was George that helped me out.
(11:11):
And he said, no matter what the question is, you
call me, I'll help you. And he has. My question
is on the line of credit, does the interest change
that you that we accumulate on our line of credit?
S1 (11:26):
Excellent, Susan, thank you for that testimony. And, Harlan, that's
a testimony to your team there at, uh, movement. But, uh,
go ahead with your thoughts.
S2 (11:34):
Yeah. We're, uh, very glad to hear that. Uh, sure. Glad.
And I hear that a lot about George and the
rest of our team that, uh, they care about you
after they get done, not just during the process. Um,
the only interest that's charged is on the amount that
you owe, um, and that you've used the line of
(11:55):
credit portion, uh, continues to go up at the same
rate of interest, giving you more money available to borrow
at any time that you want to in the future.
You are never charged interest on the amount of money
that you're not using, but your line of credit that
you're not using does continue to go up at the
current rate of interest, which is right now between 6
and 7%. And we're so glad that your client of ours,
(12:18):
and we're glad that we can make, uh, your fourth
quarter of life just a bit easier.
S1 (12:22):
Susan, is that helpful?
S5 (12:24):
Yeah. Very helpful. I didn't know what what the interest
was that went on the line of credit. So that's
very helpful.
S1 (12:31):
Excellent. Well, thanks for your call. And thanks for sharing
that story. Uh, about the movement team. We're going to
stay in Chattanooga. Percy, how can we help you?
S6 (12:39):
Uh. Yes, sir. Um, I retired at 66 and I'm
now 73 years old and I do not owe anything
on my mortgage. My house is paid for. But I
was wondering, uh, if, uh, a reverse mortgage, if I,
if it's possible to get a reverse mortgage for my
(12:59):
house and how would that all work out? I'm not
quite sure.
S1 (13:03):
Yeah. Harlan, we've got about a minute left till our
next break. Go ahead.
S2 (13:07):
Okay, so real quick for people that have a mortgage payment,
obviously that's eliminated for the people that don't have a mortgage. Well,
then we set you up with a line of credit.
So the answer is yes. You can get that. We
set up a line of credit and then you can
use whatever is available. So let's say that you're eligible for, uh, $200,000.
We give you that line of credit. You don't pay
(13:27):
interest on anything except for what's used and what's needed
as you go through, uh, the remaining part of your life.
And you never have to worry about making a payment back.
It's simply money that's available. So think about it as
a savings account. You put money into your house over
the years. Now you're just taking some of it out.
Not all of it, but some of it. And it's
about 40 to 50% that would be available to you
(13:50):
of the value of your house.
S1 (13:52):
Excellent. So, Percy, that could be a line of credit.
Use it as you need it. It could be a
monthly income stream for life. Either would be an option.
And again it's non-recourse debt. So the only thing that
would ever be needed to satisfy whatever balance is owed
at your death or when you move is the equity
in the home. Once it's paid from the home sale,
then the rest goes to your heirs. If you want
(14:13):
to check out more movement.com, hold the line. Percy and
Susan as well. I know you're still there. I'd like
to get both of you a copy of Harlan's book
as our gift to you, so our team will get
your information. This is faith and finance live. We'll be
right back. Great to have you with us today on
(14:37):
Faith and finance live here on Moody Radio, I'm Rob West.
You know, each day on this program, we dedicate this
hour to coming alongside you to be an encouragement to
help you live as a wise and faithful steward, recognizing
money as a good gift from God. It's not evil,
it's just that the love of money is evil. But
when we put it in its proper place as a
tool to accomplish God's purposes, it becomes a powerful force
(15:00):
for good. And as we work out our money decisions,
it's one of the key ways God shapes our spiritual
journey as well. It's one of those tangible evidences every
day throughout the day of what we value and where
we place our trust. And we know you have very
practical questions and decisions you're making. And so each day
we want to come alongside you in that effort and
help you glorify God through the management of the resources
(15:23):
entrusted to you. Today, we're focusing on a specific aspect
of that your home equity, and perhaps dispelling some myths
around the old reverse mortgages of, uh, of the past.
And what is, uh, the new form of that which
is called a home equity conversion mortgage and often overlooked
planning tool in the fourth quarter of life. Harlan is
(15:45):
here today, our friend and reverse mortgage expert with movement,
mortgage and underwriter of this program. And if you want
to learn more from Harlan or his team, just go
to movement.com. We're taking your phone calls today as well
on this topic, every line full. So we'll move as
quickly as we can through these calls. Next to Warren, Ohio. Hi, Ellen.
Go ahead.
S5 (16:05):
Hi.
S7 (16:07):
I have a I, um, a kind of strange question.
Me and my sister are living in a home that
my mom and dad, my dad built it. And both
of them have deceased. And I was wondering, how do
you get a reverse mortgage when the home is left
(16:28):
to your siblings? There's three of us left, and all
of us are senior citizens.
S1 (16:35):
Okay, so the home was left to you. Um. Each
of you equally as a part of the estate?
S7 (16:42):
Yes, sir.
S1 (16:43):
Okay. Has it been retitled in the name? Equally of
of the three children joint tenants with right of survivorship.
Or how is it titled deed deeded? Okay.
S7 (16:53):
Each one of us.
S1 (16:54):
All right. Harlan, a little more complex situation. Your thoughts?
S2 (16:58):
Yes. Um, we've actually done several of those scenarios where
two sisters or, uh, we did once with, um, three
brothers that were living together in the farm home that
they received from their parents. Um, uh, now, did you
say that it's left to three of you children. Uh, Ellen.
But is there only two of you living there, or
(17:19):
are all three living there?
S7 (17:20):
Right. Two of us are living here.
S2 (17:23):
Okay.
S7 (17:23):
Um, the other one and the other one is not
living here is executor of everything. The will.
S2 (17:31):
Okay. So, um, when it comes down to is reverse.
Mortgage can be done on any property that you own
when you're over 62 and when you live there. So
it doesn't matter if there's other people on the title,
it's just that your other sibling would have to be
okay with, uh, you doing a reverse mortgage to keep
(17:53):
you and your sister in the house. Uh, what also
happens in many cases is some money is taken out
of the reverse mortgage to pay any of the siblings
who are not going to benefit from living in the house.
So it depends on your arrangement. A little bit more complex,
but the the quick answer is it certainly can be done.
(18:14):
And we've done that many times before. It just has
to be worked out in accordance with what the Will says.
And with, uh, all three of the people that now
own the house. Um, but I would certainly be happy
to discuss that further. Um, as, uh, Rob mentioned, if
you go to Movement.com and, uh, will call and just
(18:35):
kind of sort out how that could be done and
how it would be fair to everyone that is involved.
But that isn't anything that, um, is not something that
can't be done, even though it's a little bit unusual. Um,
it doesn't have to be a husband and wife that
live there. It's anybody that's over 62, sometimes a mother
and daughter. Uh, do a reverse mortgage or, in your situation,
(18:55):
two sisters. Uh. That's fine. It just has to be
the age requirement of over 62.
S1 (19:01):
Yeah, and it sounds like just getting permission from all
three since there's three on the deed. Does that make sense, Ellen?
S7 (19:07):
Yes, it does, but what if the one that, um,
end up dying last or whatever don't want the home?
S2 (19:17):
Well, we encourage people to make plans, whether it's going
to a church, whether it's going to another relative. Um,
we don't determine that whatever is left at the end
goes to whoever your heirs are. So we encourage you
to put something in place just like your parents did.
Saying this is who gets the house when we pass.
And then when the last person passes away, we follow
(19:39):
those instructions based on what was left behind.
S7 (19:43):
And they would pay for everything that's left behind.
S2 (19:48):
Well, whatever is used, let's go ahead and say the
house is worth. Let's say the house is worth 400,000
and you've used 200,000. Well, the remaining 200,000 is going
to go to whoever inherits the house at the end,
whether it's a church, a foundation, a relative, whatever that
situation is. Then if they sell the house, they would
(20:08):
just pay the difference and then receive whatever is left over.
But they would have no obligation to pay the debt.
They could only gain, not lose, if it's left to
a relative or a church.
S7 (20:21):
Okay, I appreciate that.
S1 (20:24):
You're welcome. Thanks for your call. Hang on the line.
We'll get you a copy of Harlan's book, just as
a way of saying thanks for calling today. Let's go
to Florida. Hi, Scott. How can we help, sir?
S8 (20:33):
Hey, Harlan. Hey, Rob. I appreciate you taking my call. Sure.
I just got a quick question for you. Um, so
my parents, it's similar to the previous caller, but my parents, um,
have just got a reverse mortgage. About a year ago,
and they, uh, just, you know, to help them with
their retirement. And I know that, um, well, they're in
(20:54):
their 80s, and I know that when they pass, I mean,
I'm hoping they live to be over 100, but when
they pass, they're going to pass that house on to
me and my sister. And so, um, I was wondering
how that works when there's a reverse mortgage, because it's
basically just a home equity line of credit that needs
to be paid off at some point. So would we
(21:15):
both share that debt? How would that work?
S1 (21:17):
Yeah. Harlan. Just 30s. Go ahead.
S2 (21:20):
Okay. Yes. Uh, you're not responsible for the debt. Whatever's
left comes to you, and you have about a year
to work that out after mom and dad are gone,
so it's not complicated. You inherit the house. We talk
to you about how that's going to be handled and
when you're going to sell it, or if you're going
to refinance the mortgage into your name. But it's good.
(21:43):
The money belongs to you. If it's bad, FHA pays
the bill.
S1 (21:47):
Yeah. The bottom line is it's just like a forward mortgage.
Whatever balance is owed would be paid by either selling
it or refinancing it. And you get what's left. Hang
on the line, Scott. We'll be right back on faith
and finance live. This is faith in finance. Live. I'm
(22:08):
Rob West boy. A great opportunity over the next week
if you become a faith VI partner before the end
of the month. Those are men and women who support
the ministry. At $35 a month or more, you will
get not only the current partner package, which includes our
21 day devotional, look at the sparrows and issue one
of faithful steward with the theme living Rich toward God.
(22:31):
But then you'll turn around and get the second package
that's going to start going out in the month of May,
which is our brand new study, wisdom Over Wealth 12
Lessons on Money from the Book of Ecclesiastes. A deep
dive into that incredible book in God's Word. Uh, also
issue two of Faithful Steward, uh, The Pursuit of Wisdom
with some incredible articles that I think will really be
(22:53):
an encouragement to you. Two issues of the magazine and two, well,
one study and one devotional. Uh, when you become a
partner before August the 30th. So go ahead and do
that today. If you love the ministry, you've been helped
by the broadcast and you want to, uh, become one
of the key pieces of helping us to fund this
listener supported work, you just head to faith. Com and
(23:13):
click give Faith Philly.com and click give right there at
the top of the page. Uh, with us today, Harlan Aguilar,
our good friend. He's a reverse mortgage expert. Every call
today on reverse mortgages gets a copy of Harlan's book.
It's just our way of saying thanks for being on
the broadcast today. Let's head right back to the phones.
Indiana is where we're headed next. Hi, Melvin. How can
we help, sir?
S9 (23:34):
Hey, how are you guys doing? Thank you so much
for what you do. Thank you. Uh, I, I filed
for bankruptcy about three years ago. My house was worth
about 125,000. And so I'm wondering how that will affect
me trying to get a reverse mortgage.
S1 (23:49):
Yeah. Harlan. Not just, uh, right down the middle today.
Some a little more challenging questions. Go ahead with this one.
S2 (23:56):
Yes. Um, well, the good thing is, is that, uh,
unlike a regular mortgage, uh, reverse mortgages do not evaluate
bankruptcies and credit in the same way. In fact, we
don't even look at your credit score. Uh, we really
give you, uh, immediate, fresh chance and a fresh start. Um,
(24:17):
some companies require a two year wait. We we do not.
We go through the factors to make sure that we
can help you. that this isn't going to create a
problem for you again in the future, and that you're
not going to have any problem paying your taxes and
your insurance, because that's still required. You still own your house. But, um, the, uh,
(24:38):
the very, uh, short answer is yes, you would be eligible. Um,
there are some requirements if you're buying a house with
a reverse mortgage where, uh, you're not eligible for at
least two years, but when you are staying in your
current house, you would be eligible, um, as soon as
your bankruptcy was cleared and was discharged. So, um, you know,
(25:00):
we don't look at you differently. You don't pay a
higher rate of interest, you don't get less money. You're
treated just the same as other people. And, uh, we
can certainly work through this with you, because sometimes people
go bankrupt because they don't have enough income. And we
can make sure that it never happens again. And we
work together with a lot of people that have run
into some rough patches in the road and fell in
(25:23):
the ditch and get them out and make sure that
they're on the highway to a better situation. So, um,
thank you for calling in that, Melvin. Uh, we are
help to you, and we do not look at your
credit score, and we we wipe away that, uh, that
tarnish on your credit.
S1 (25:38):
Excellent. Melvin Movement.com is where you can learn more. Stay
on the line. We'll send you a copy of Harlan's book.
Just a small way of saying thanks for being on
the broadcast today. Uh. Let's see. To Illinois. Rhonda. Go ahead.
S10 (25:52):
Hi, Rob. Thank you guys real quick. Yes, ma'am. My question.
I have two questions. I think you answered one because
I heard you say that 62 is the age that
you need to be to get a reverse mortgage. Is
that correct?
S1 (26:10):
Yes. That's right.
S11 (26:11):
Well, that's that's true. Well, go ahead, Harlan.
S2 (26:14):
We do have mortgages in Illinois, not in all states,
but Illinois is one of the states that we do
where we can go down to the age of 55
with some special, uh, mortgages. They're not available in every state,
but they are in Illinois. But 62 is the most
common age. Yes, ma'am.
S10 (26:29):
Okay, well, that's good because I'm 62. My husband is
about a couple of years younger. Both of our names
are on the house. We don't have any children, and
we do need to, um. We've been in the house.
The second question was, how long do we need to
be in the house in order to apply for a
reverse mortgage? Is that a factor?
S2 (26:52):
It is not. If you, uh, sometimes people inherit the
house or, uh, if they've just purchased a house with
cash or whatever, you're eligible. If you're the house for
one day, there is no seasoning requirement like there are
some mortgages.
S10 (27:06):
Okay. So that's it's sounding good. I wanted to also, uh, Harlan,
thanks for his call because his situation is somewhat similar
to my husband's and I's. He just got discharged, and
I'll be discharged in a couple of months, so I
was wondering if that would be a factor as well.
And you said it was not. So if we were
to reach out to the website, then that would be
(27:28):
how we get help. And then would you just take
our mortgage from our credit union? How does that work?
S2 (27:34):
We would. Yes. Uh, the the we have to be
in first position. We have to be the only mortgage. Um,
and so we take a look at eliminating that other payment. Um,
because obviously that was reaffirmed in the bankruptcy, we'd have
to make sure that the percentages is high enough to
be able to do that. But we'll be able to
help you with that if you just reach out to
(27:55):
Movement.com and take a look and do the calculation.
S1 (27:59):
Rhonda, thanks for your call today. Stay on the line.
We'll also send you a copy of the book just
as an encouragement to you. Thanks for being on the broadcast. Uh,
we're going to stay in Illinois. Northbrook. Hi, Paula. Go ahead.
S12 (28:11):
Hi, Rob. Thank you for your program. I love it,
and I've been listening for a long, long time, and
I feel like it's wonderful. Um. I'm happy you're talking
about this today. I brought this up to my daughter. Um,
I'm a widow, and I work, um, some side jobs,
like taking care of dogs and elderly. I kind of
help give people rides and that kind of stuff. But
(28:34):
I'm retired, and my retirement and my Social security does
not cover a lot of the things. Like, I need
a new car, I need rug, I need a new
carpet or whatever. But I'm living in a house that's
been paid for for a long time, 11 years. So
I my daughter doesn't seem to all. She just doesn't
(28:55):
seem to have a good, um, she hasn't gotten enough information,
I think because it seems like reverse mortgage. You say
that and your loved ones say, well, no, I don't
think that's for you. Well, she's got her own home,
and it's. She doesn't need mine, and she'll have insurance, um,
(29:15):
when I die. Life insurance. So I don't understand why
she has such a negative, you know, thing about this,
but how can I help her to see that it
would be a good thing?
S2 (29:29):
Well, I'm so glad you asked that question, because 20
years ago, I was one of those people that said, no,
they're bad, don't get one. They're awful because I didn't
know any better. I was simply ignorant of some of
the facts. I didn't understand it and I was helped
by the facts. Almost always, we do a call with
you and your children, you and your daughter. We want
(29:53):
them to know what's going on because she's just looking
out for you. She's just concerned because she's heard bad
things about reverse mortgages. A lot of people have. And
and they just don't understand what's there. And usually when
we explain all of those answers, when they care about you,
I mean, obviously there's some people that just care about
themselves and they want a big inheritance from their parents.
But I don't think that's your daughter. She's just trying
(30:14):
to protect you. And so uh, we have, uh, a common, uh,
goal to just work with you and your daughter so
that she understands exactly what's going on. And she's right
to be asking questions and being concerned about helping you.
And she can, of course, read my book, but it
might be quicker just to have a phone call and
for us to talk together.
S1 (30:35):
Yeah. Very good. And, Rhonda, you know, to our point earlier,
there are a lot of misconceptions around these loans. And
in particular, it's for good reason, because the loans in
the past were much different than those today. As Harlan said,
if he was dealing with the loans of the past,
he wouldn't touch him. Stay on the line. We'll get
you a copy of this book. Go to movement.com as
(30:55):
well if you want to talk further. We'll be right back.
Thanks for joining us today on Faith in finance live
here on Moody Radio. I'm Rob West. We're taking your
calls and questions today. The lines have been all jammed up.
There's a lot of questions on this topic of reverse mortgages,
(31:15):
which is why we're delighted to have our good friend
Harlan Akula with us today. He's an expert on the
topic with movement mortgage and underwriter of this program. And, Harlan,
you know, I think these questions just really surface where
we started today, this idea that there are just so
many misconceptions, we want to head back to the phones.
But what do you think is is top of that
list in terms of the misconceptions about these types of loans?
S2 (31:40):
The thing is that people just think that they're going
to lose their house. They've worked their whole life, they
own the house, and now the bank takes the house.
I've heard that hundreds of times. And it's they need
to look at it just like they do with the IRA.
They've got a $300,000 IRA, and they're going to use
some of it. And if they don't use it all,
they still have it. They can still give it to
their children or the church or whatever their plans are.
(32:03):
And they don't lose ownership. They don't lose control. They're
guaranteed to live in their house for the rest of
their life. And that is a thing that is the
peace of mind that I have that my wife has.
If something happens to me. And that's what we really
want to share with everyone that's listening to this, is
that you're not in danger. Some debt is very dangerous.
(32:23):
And what's really dangerous is having a mortgage payment until
you're 95 years old. This takes the danger and creates safety.
That you can live in your house without having to
worry about making a payment. Other than, of course, your
taxes and insurance, which are going to be required even
if you have your house paid off.
S1 (32:40):
Yeah, that's exactly right. That's really helpful. All right. Let's
get to as many questions as we can between now
and the end of the program. Uh, to West Palm Beach. Hi, Grace.
How can we help?
S13 (32:49):
Hi. Good afternoon, Rob and Harley. My question is, I.
We just finished paying off the house, and I'm interested
very much in the reverse mortgage. And I was wondering,
how does that work?
S11 (33:04):
Yeah.
S1 (33:05):
Very good. Harlan, a quick overview.
S2 (33:07):
Uh, sure. So just think about this. What you did
is you deposited a whole bunch of money in an
account that's called your house account. It's inside of your house.
It's in in the form of equity. So you know
that you have home equity and whatever your house is worth,
let's just say it's worth $400,000, $400,000 deposited in that account.
(33:29):
We will give you a line of credit or a
monthly check, whichever makes the most sense for you, that
allows you to access some of the money that's literally
sitting in your living room. And if you take out
so much a month for life, you could set it
up that way. Just kind of like a Social Security check.
Or you can just set up a line of credit
that when you need a car, you need to get
(33:50):
a new water heater or something else comes along. We
just create that money availability because you've already paid it
in to your house. We just make it available for
you to take it back out, which is like any
other account. We just create a savings account, so to speak,
that you can draw on that can be deposited into
(34:10):
your checking account whenever you need it, whenever you asked
for it within five days. It's really, quite frankly, that simple.
And a lot of people just kind of get all
nervous about it, like they're selling their house. You're not.
You are 100% owning your house. We're just giving you
some of that money. And it's usually between 30 to 50%
of the value of your house, depending upon your age.
(34:33):
But you're always going to get at least 30%, sometimes
50 or 60%, based on your age.
S11 (34:39):
Yeah. Very good.
S13 (34:41):
I'm sorry. And I can also take and use that
to remodel the house to rent it out.
S2 (34:47):
Absolutely. Sometimes people remodel the house and they get more
of a value out of the house than what it
was even worth beforehand. And sometimes you can put $20,000
into the house and it goes up in value, $30,000,
depending upon where you put the money. But whether your
house goes up in value or not, that's not an issue.
It just makes sense to use your house to pay
for your house. Some people use the money to pay
(35:09):
for some of their taxes. Uh, and certainly they use
it for, um. For repairs, for remodels, uh, new siding,
whatever it is that, uh, the house needs so that
you don't have to worry about that. Especially big things
like roof, uh, getting a roof or, um, doing, uh,
something that is just really expensive. That's not going to
(35:29):
be a easy to take care of out of a
Social Security or your regular budget. So that's a very
wise use of your funds to be using it for that.
S1 (35:38):
Is that helpful, grace?
S13 (35:40):
More than you ever know. Thank you so much I
appreciate you.
S1 (35:44):
All right. Stay on the line, Grace. We'll send you
a copy of this book. Uh, I think it'll answer
any additional questions you might have. Uh, let's see. West
Virginia is where we're headed next. Hi, Linda. Go ahead.
S14 (35:55):
Thank you. I had questions about if you did a
reverse mortgage, um, and you were, um, then on Medicaid
or Medicare And what would happen with that reverse mortgage?
And then what would happen to that reverse mortgage if
(36:16):
you did die?
S1 (36:18):
Yeah.
S11 (36:18):
Harlan.
S2 (36:20):
Yeah. So I guess we could probably spend an hour.
I actually did an hour for some elder law attorney groups.
There's about 200 elder law attorneys, and we talked for
an hour about Medicaid and reverse mortgages a few years ago.
The fact is, is that to make it really simple,
this protects you to be able to use money without
(36:43):
disqualifying you for Medicaid, as long as you don't take
out a lump sum and put it into the account.
It is not called due. It protects you to be
able to use that income to have that income, especially
if a spouse goes into a nursing home and you
are back in the house. It prevents liens from being
placed on the house that takes away the house or
(37:06):
the use of the money from the community spouse that's
left in the home. So if there is most people
don't want to go to a nursing home. Some people
use money to be able to stay in their house
so they don't have to worry about that. Um, the
second question is, when you pass away, whatever plans you
have for the house, it goes to your children, goes
(37:28):
to a church, goes to a relative. Whatever the situation is,
they simply need to pay off the amount of the
loan when they sell the house. But, uh, it's something
that they can never owe more money than what the
house is worth. If they're selling it at a bad
time or things don't go well, uh, when they're selling
the home. But usually there's more than enough money left
(37:49):
to whoever you've left behind. So some great questions. But
when it comes to long term care, huge subject. And
you may have some more questions that relate to your
personal situation. I just talked to somebody that he's been
diagnosed with Alzheimer's, um, and early onset. And there I
spent an hour going over with them what their options are.
(38:10):
So there can be very specific individual things. Be happy
to cover that more in detail with anyone that's listening,
because that's one of the biggest fears, biggest concerns, biggest
expenses is long term care that can happen at the
end of life.
S1 (38:24):
Is that helpful for you?
S14 (38:27):
Yes. Um, may I ask this question?
S11 (38:30):
Sure.
S14 (38:30):
What if you wanted the house to stay in the
family and not sell it?
S2 (38:38):
That's always an option at the end. Uh, some people
refinance the loan to a regular mortgage. Uh, some kids
turn it into an Airbnb. Sometimes a grandchild wants to
buy it. We always go to your executor. Uh, whoever
is the person that's taking care of things and said,
what do you want to do? Do you want to
keep the house? Do you want to sell it? We
do not get the house at the end. Everybody thinks
(39:00):
the bank takes the house at the end. We simply
have a lien on the property and we help whoever
the survivors are, whoever the heirs are, to decide what
they want to do with the house. And then the
decision is made from there based on your will and
based on, uh, the what the executor is carrying out
at the end of your life.
S14 (39:19):
Perfect. Thank you very much for that information.
S11 (39:21):
All right.
S1 (39:22):
Thank you for your call today, Linda. We appreciate you
being on the program. Uh, let's see, we're going to
finish up today in Alabama. Penny. Go right ahead.
S15 (39:31):
What are the costs associated with the reverse mortgage?
S11 (39:36):
Yeah.
S1 (39:36):
Great question Harlan.
S2 (39:38):
Yeah, that's an important thing because, uh, a reverse mortgage
has two costs. It's two simple costs. One is the initial, uh,
closing costs. Uh, and the second thing is the ongoing interest, uh,
which you always have the option to pay if you wish.
Most people don't because they're doing this for cash flow. Um, but, uh,
(40:00):
just think about normal interest. You get a statement every month.
Let's say you have $50,000 and the interest rate is 7%,
which is higher than what it is right now. But
let's just say it's 7%. Well, that's $3,500 a month,
or roughly somewhere around 250 to $300 a month. Um,
and then you make the decision on that, but you
(40:21):
don't have to pay it until the end, but you
always know where you're at. So that's one cost that is, uh, interest.
That is like any other loan. It's just that you
don't have to pay it until a year after you're dead,
which is obviously some unusual terms. The other cost is
the upfront cost, which is the same as any other mortgage,
except for one thing. Uh, you'll have the normal cost
(40:43):
of mortgage. Um, you know, your, uh, title insurance, your
appraisal and so on. But there's one other cost that
is a guarantee fee insurance, mortgage insurance premium which guarantees
that you can live in the house till you're 150.
Never can there be anything that is owed, um, by
your heirs over and above the value of the house.
(41:04):
And that is a 2% fee. That is a one
time cost. All of the rest of the costs are
added into the interest rate at the end. There is
no monthly fee or anything else. Um, but realize I'm
really glad you asked that question, because every form of
retirement income has a cost. Uh, annuities cost money. Life
(41:25):
insurance cost money. It costs money to manage money. Um,
and this is pretty much on par with any of
those things. There's that extra guarantee fee to make sure
that you never have to worry about moving, and you
never have to worry about leaving a debt behind for
your children.
S11 (41:40):
Hmm.
S1 (41:41):
Does that cover it for you, penny?
S15 (41:43):
Yes.
S1 (41:44):
Okay. Thank you for calling today. Stay on the line.
We'll get you a copy of Harlan's book. And I
think that might answer any further questions you have. Harlan,
we're about out of time today. Tie a bow on
this for us. What do we need to finish with?
S2 (41:57):
Well, yes, I'm glad that that we kind of ended
up in a cost, because that's one thing that I
want everybody to know is that we answer these questions
very quickly within a few minutes, but we always spend
at least an hour with our clients, and even the
first initial call before we ever agree to do a
reverse mortgage for someone, we ask a lot of questions
to make sure that it fits in, that it's going
(42:19):
to help them, that it's not going to cost them.
And we do a lot of analysis before we ever
go to any direction. So they don't have to be
afraid of us just trying to sell them something. But
we do a lot of consultation beforehand. So thanks so
much for the opportunity to shed some light on this
very important subject.
S1 (42:36):
Absolutely. Thanks for being here, my friend. God bless you.
We'll have you back again real soon. That's Harlan Accola
with Movement Mortgage and underwriter of this program. To learn more,
go to movement.com. That's COVID-19. Back with another edition tomorrow.
Hope you'll join us then. Faith and finance a partnership
between Moody Radio and Faith fi. Have a great night.
(42:56):
Bye bye.
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Therapy Gecko
An unlicensed lizard psychologist travels the universe talking to strangers about absolutely nothing. TO CALL THE GECKO: follow me on https://www.twitch.tv/lyleforever to get a notification for when I am taking calls. I am usually live Mondays, Wednesdays, and Fridays but lately a lot of other times too. I am a gecko.