Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Welcome to the Business Happy Hour radio show with your host, Frankdebankkodo,
the owner of Lincoln Lending Group right here in Tampa
Bay for twenty three years, joined by his incredible co host,
Senia Akishana, realtor with Mahara and Associates.
Speaker 2 (00:15):
Tampa's top real estate company.
Speaker 1 (00:17):
Together, they have helped finance and clothes nearly one billion
dollars of real estate every year.
Speaker 2 (00:23):
If you're looking for local mortgage or real estate advice.
Speaker 1 (00:25):
The Business Happy Hour team has been right here on
news radio WFLA for over a decade. Listen right here
or fight us on the Business Happy Hour YouTube channel, or.
Speaker 2 (00:34):
Follow us on Instagram at Frankdebankkodo.
Speaker 1 (00:37):
Now, sit back, relax, and get ready for some serious mortgage,
real estate and business talk with two of Tampa's top experts.
Speaker 2 (00:44):
Here's Frank de Bank and Senia.
Speaker 3 (00:47):
Hey Tampa Bay, Welcome back to the Business Happy Hour,
your number one show for all things business and entrepreneurial.
I am your host, Frankdebankkoto, the owner of Lincoln Lending
Group and eight one to three mortgage dot Com. It's
like I've done this before for in studio with my
co host Sinya Akesha with Mahara and associates. How are
you doing, Sinna.
Speaker 4 (01:07):
Yea though hello, always great to be here, Frank, nice
to see you.
Speaker 3 (01:11):
Yes, it's great to see you. Happy Tuesday after Cinco
de Mayo. Yes, I was your sinko.
Speaker 2 (01:17):
You know.
Speaker 4 (01:17):
It wasn't too much of a sinko. Wait, we thought
about doing something, you know, speche or tacos, but we
usually saved that for Tuesdays.
Speaker 3 (01:25):
So wait, you did nothing.
Speaker 5 (01:27):
We did nothing.
Speaker 3 (01:28):
That's the same as me. I did nothing as well.
I literally did nothing for Cinco de Mayo this year.
I didn't sally. I didn't even have a margarita.
Speaker 4 (01:36):
I was gonna say, yeah, I mean neither.
Speaker 3 (01:37):
I did not not even that. No, not even that.
My wife opened up one of these like a non
alcoholic whatever boozy put you to sleep things or whatever.
I'm like, all right, I'll have a couple of SIPs
of this thing and see how it is. But that's
all we did for Cinco. It was a really non
eventful sinko to Mayo. But you know what the bonus is,
I woke up feeling great today. There you go, you're right.
The Maharran Associates shirt is.
Speaker 4 (01:58):
I'm like, you know what, I don't know if I've
ever act he warn my shirt. No, No, I've had
this for a long time and I still wear it.
Speaker 3 (02:06):
It looks great.
Speaker 2 (02:07):
Yeah.
Speaker 3 (02:08):
So we've got a great, a great guest who we'd
like to call him like a co host guest in
studio today. It's actually we'll give her a break. It's
her first time on radio, and I came in like
a bat out of hell today from another event, so
we had to go live very quickly. I didn't get
to prep Trish up too much. But Trish Bert, welcome
to the show. How are you?
Speaker 5 (02:27):
I'm great, How are you doing great?
Speaker 3 (02:29):
You look great today? Thank you, sir. You didn't have
to dress up for us.
Speaker 5 (02:31):
I didn't dress up for you.
Speaker 3 (02:33):
Oh thank god. Hopefully you got some big event to
go to afterwards without me. Good good. But Trish is
actually going to be a part of the show today
because well, actually we have a very exciting announcement. You're
gonna have to wait till the fourth segment to hear
about it. What Trisha and I are doing together. But
the way we met was actually through the radio through
nine to seventy Trish happened to be driving around. I
(02:55):
think it was on a rental car. You told me
or something you had in your car in the shop
or something. And she pulls over and she hears either
Ryan Gorman or heard a commercial or something about the
reverse mortgages. Is that what it was? That's what it was,
And I'll let you tell the story in here a minute.
I never shut up, but she heard me, and she
pulled over and called me, and the rest was history.
And that's how we got to know each other. And
(03:15):
that's why Trish is here today. So before we get started,
we do need to get our Instagram set up. So
I'm gonna take about a ten second radio break. Trish,
what is your Instagram?
Speaker 5 (03:23):
Real quick so I can find that Trish Bert?
Speaker 3 (03:27):
All right, So I'm looking for her and we're going
to get her invited. Oh there it is right there.
I'm inviting you. Sually, you should get an invitation to
join our Instagram. We already have Senia on here. Senya
can help you with the phone if needed, to accept
your Instagram invite. If not, she can turn around and
invite you from your page from Instagram. I thank you, Senia,
(03:47):
But as you guys, have never listened to the show before.
We do real estate. Senia is with Maharan Associates. They're
one of the biggest real estate companies in Tampa. They
have over one hundred agents and they're like McDonald's. They
have like ten billion served over there at Mahart Assosiates.
They take great care of their clients. And I'm, of
course with Lincoln Lending Group. I'm the owner for twenty
two years of Lincoln Lending Group. You can find us
(04:10):
at Lincoln Lendinggroup dot com very easy, or go to
contact Frankthebank dot com if you just want to get
some quick answers or advice, and Sennia loves giving out
her phone number, which is eight one.
Speaker 4 (04:21):
Three seven five to five reel seven, five to five reel.
Speaker 3 (04:24):
That is too easy. So you're gonna call Senia if
you have any real estate related questions. You're gonna call
Frank the Bank if you have mortgage related questions. And
if you forget one of our numbers, we work together
every single day, so we will help you out and
get you to the other one. So it looks like
she had a little uh oh, No, she she did
joined you all right, here we go I'm inviting her
one more time. We're gonna get her in here, so
(04:46):
she's on our Instagram live. Guys, don't forget. We want
you to like and share this show. So if you're
watching Instagram, please share it out there to the world.
This is going to be a great show and you
can like it and you can tune in. We are
all so on iHeartRadio as a podcast. You can check
that out just by going to iHeartRadio app and then
(05:06):
you can search podcasts and look for the business Happy Hours.
Let's see, did it did we get her to pull
up on there? It might just take us at well,
go back and invite ask ask her to join. Is
that possible? Okay, do that too. Well, I'm just having fun.
We've invited her one more time. Sometimes this new fingled
internet thing they invented just messes with us, so we'll
(05:29):
bear with it for a second. Sinny is doing her
best to get us on. We're gonna have some statistics
for you. Matter of fact, we had to do a
rerun last week if you guys figured it out, and
Sinya had some good stats. So I know today I'm
putting her on the spot, but I guarantee that we
are backed up with stats. And of course I've seen
on TV keep saying unable to join it, let me
try it again. I keep seeing on TV people talking
(05:51):
about the market going down and prices going down, and reality,
I don't see that when I'm actually in the trenches.
I'm not seeing them market going down. I am actually
seeing properties get listed and going and getting on in
contract way faster right now than normal. So I'm hoping
you guys are seeing that. I'm not seeing a decline
in the real estate market. I'm actually seeing an uptick
(06:14):
in the real estate market. So hopefully that's good. I
still think it's the best time to buy right now.
And if you guys are in the market, you can
always go to eight one to three mortgage dot com
or contact Frank Thebank dot com and request some information.
I'll get you in front of Senio so she can
show you some houses that would be great. Let me
get give her one more second. We're going to get
her on the Instagram here. Oh that might not. That
might be. We can always check it out in the
(06:34):
break too. It won't let it won't let her request
to be on go find it. Oh you have I'm
not getting her request, which is real funny. It's okay,
you radio listeners get to listen to us to Instagram
tech over here. But we'll figure it out when we
get to the break. We'll have a minute and we'll
check out maybe her permissions or keep doing it. Then
that's totally fine with me. As soon as Senny is
done with that, we're going to go into the real
(06:55):
estate statistics for the week. But Trish, well, while she's
working on your phone, Actually no, I don't want to
do this yet. Let's wait till you're on the camera
and then we'll do it. Some exciting stuff guys, let
me talk about mortgages here for a minute. We just
unleashed a program. You're gonna love this trash. We can
now do loans up to five million dollars and people
(07:16):
can get cash I know it sounds dangerous. They can
get cash out up to five million dollars now. Literally
it used to be capped at like five hundred thousand, seven,
eight hundred thousand. Now we have lenders that will let
you actually put money in your pocket up to five
million dollars on a jumbo loan, a refinance, or a
cash out. So very interesting that that just popped up.
The other big news these days is our doctor loans
(07:40):
physician loans. If you are a physician, you're a CPA,
you are a PA, You're an RN, you're a what
is it CRN? I can't think of all the different abbreviations.
We now can do one hundred percent financing with no
mortgage insurance for all of those one hundred percent financing
up to a million dollars for every single one of
those types of individuals. So if you are in the
market for that city as your real estate agent, that's
(08:01):
seven five to five reel, right, seven five five reeled.
I say that right, I got it, And of course
I'll be your mortgage finance company to take care of you.
To get that done, just go to contact Frankthbank dot com.
It sends me a little form you can remember my
cell phone. Of course, it's all over social media. But
if you go to contact Frankiebank dot com, we will
get back to you same day. And by the way,
(08:23):
all the radio listeners, make sure you say that you
hear me on the radio, because I do have a
special spot in my heart for you. If you say
you know me on the radio, you heard me on
the on the radio. I'm going to personally talk to
you and make sure you get taken care of right
from the President's desk. So, looks like we're still having
a little issue with the r tech on the Instagram
for Trish, but that's okay. We're going to figure it
(08:44):
out in the break. For now, Senia, can I put
you on the spot for some stats?
Speaker 4 (08:48):
Help me on the spot, Frank, all right.
Speaker 3 (08:51):
And Trish, by the way, chime in on this. You're
a co host. So if we say something and you're like,
oh my god, I don't believe that, or that's awesome,
say whatever you or if you think we're crazy, tell
us we're crazy.
Speaker 5 (09:01):
You're not crazy.
Speaker 3 (09:02):
We're a little crazy.
Speaker 4 (09:03):
I just say it like it is.
Speaker 3 (09:05):
Yes, we wouldn't blame any of for the stats. We
just blame her for the stats.
Speaker 4 (09:10):
But we do have our March numbers I know that
we've been looking forward to. And I'll keep it quick.
We'll just do our metro area, which is hill'sbro Panella's,
Pasco Hernando. I'll just run down the list. And this
is for single family homes by the way, so it
doesn't include you know, townhouses, condos, mobile homes, none of that.
Just single family closed sales year every year from March,
(09:32):
we're up six point one percent.
Speaker 5 (09:35):
What yeah, so this is March to March.
Speaker 4 (09:38):
March to March. Yeah, closed sales are up, which is
always good, you know, it means more activity. Sure, the
median sales price was down by two point four percent. Okay,
so a little softening. But we've been discussing this, you know,
and all of our episodes like this is normal. We're experiencing, like,
you know, signs of shifting, and I think this is good,
(09:58):
especially for our buyers.
Speaker 3 (10:00):
So this a number of sales was up six point
four but the sales prices were down.
Speaker 4 (10:06):
Yeah, down two point four percent across the metro area.
Speaker 3 (10:09):
I mean, do you believe two point four percent is even?
I mean, is that negligible? I mean, what's kind of
you know when people I mean.
Speaker 4 (10:15):
Personally I do. Yeah, Like I think when you buy
a home, I mean you expect to you know, sit
in it for a while. Sure, and you know for
sellers that are expecting prices that we had during COVID,
where you know, everything was getting you know, mark Like
the increase then was just so huge that I do
think they you know, slight decrease. Now, this is just
the market correcting itself exactly.
Speaker 3 (10:36):
It is a little bit of a correction. But honestly,
I don't like if you if you read these news articles,
or you watch this this TV or this internet machine,
it's telling you like the world is falling, the sky
is falling, and everything's going down, and you have an
economy crash coming. Two point four percent does not seem
like chicken little sky is falling? Does it trash?
Speaker 5 (10:57):
No, not at all.
Speaker 3 (10:58):
And let me just put that in perspective before we
take a break. Can we come back and do more
stats with Senia? Is two point four percent for all
you guys who are not mathematicians and don't do it
all day long like the three of us do. Two
point four percent on one hundred thousand dollars is twenty
four hundred dollars. So on four hundred thousand dollars, it's
like nine thousand dollars, not even nine thousand dollars, right, Well,
(11:18):
a lot of people ask for concessions from sellers to
cover way more than nine thousand dollars, and they've don't
even bad an eye when they ask the seller to
give them ten fifteen thousand dollars. So that's why I
think this is very minor. Two point four percent on
the sales price it is.
Speaker 4 (11:32):
I also think that the people that are expecting potentially,
you know, oh, prices are going to go down so much.
You know, who knows is what's going to happen. We
don't predict them to go down all that much. Go
now and negotiate. Sellers are negotiating.
Speaker 3 (11:47):
Ten seconds. We're going to take a break here. When
we get back, Senny is going to tell you how
to negotiate with the sellers. We're going to talk about
seller concessions and more statistics on the real estate market
right here on the Business Happy Hour with Trish Burt.
We'll be back in just a minute.
Speaker 1 (12:01):
All the best mortgage or real estate advice from Tampa
Bay's top experts. It's the Business Happy Hour with Frank,
Debankkoto and Senia.
Speaker 3 (12:10):
Hey Tampa Bay. Welcome back to the Business Happy Hour.
You're number one show for all things business and entrepreneurial. Boy.
Ryan Owens, our videographer for Lincoln Lending Group and our
newest addition to the Lincoln Lending Group team, just joined
the studio and he's over here running tech for Trish.
We're gonna make fun of Trish because she has an
Android and we're a bunch of Apple iPhone people, so
(12:31):
we have no idea. I had a client last week
who needed me to figure something out and to get
into his email on his phone, and he handed me
as Android and I'm just looking at it like for
ten minutes, like I don't even know how to do this.
So God bless all you Android people out there, because
I had a no cloes. So let's see. I'm gonna
try to invite you again. There there, I invited you again.
If you if its show pulls up, it should pull
(12:53):
up your invite. And this time we gave it permission
for your camera, so hopefully that works. We might have
to give it permission for microphone too. I don't know,
but we'd love that. You guys are tuning in. Welcome
to the Business Happy Hour of course in studio with
Senya Akishaa, with Mahara and associates. We're doing big things
over here with Mahara. Wel we can try to get
(13:13):
it up in the next break too, to get Trisha
on the Instagram. If not, I'm just going to turn
my phone around and let her use that, and.
Speaker 4 (13:19):
I could do that with mine too, so I can
finish up my stats and then it'll be sure Trish.
Speaker 5 (13:23):
Anyway, it'll be all Trish.
Speaker 3 (13:25):
That's a good spot. So let's keep talking stats. So, Senya,
the home sales are up six point four percent, so
that means there's more sales March six point four percent.
Speaker 4 (13:35):
The year over year. Yeah, we did better this March
than last March, right.
Speaker 3 (13:38):
But the prices went down two point four we agreed,
that's relatively negligible. Yes, and we're going to tell people
how to negotiate closing costs in a second. But what else,
what else do we have for stats from more?
Speaker 4 (13:47):
Well, the other thing, some median time to contract is
up twenty three point three percent year over year. But
if I'm looking at my numbers from February and January,
it has actually gone down, you know, since the last
couple of months.
Speaker 5 (13:59):
Right, that's a good thing.
Speaker 4 (14:00):
That means that, you know, people are going under contract
a little bit quicker.
Speaker 3 (14:03):
I'm starting to hear that. I'm definitely starting to hear
in the market people are like, oh, I just listened
to this house, this weekend already have six offers.
Speaker 4 (14:08):
Yep, No, it's it's definitely it's happening, right, So it
does happen, and supply keeps increasing, not not huge, right,
but you know we have a lot more inventory now
than we did last year. It's up by thirty four
point five percent. WHOA, So for our metro area that's
three point nine and months supply. That's the metric we use.
Speaker 3 (14:29):
We're getting close to that four number, right.
Speaker 4 (14:33):
We're getting close to the four, but we want six, right, Well,
they say that, but I mean i'd be curious to
see if maybe by you know, summertime, we can get
to the five.
Speaker 3 (14:42):
That would be phenomenal. So so you're trying to go
baby steps, is what you're saying. We're just going to
get to the four, then we're going to get to
the five. Now, what Senia has taught me is that
six months is a healthy market. That is when you
know that there's enough inventory out there for all the
buyers and there's enough sellers out there that we have
a healthy market. And I think that's when things move
a little bit quicker, right because there's more options for people.
Speaker 4 (15:04):
Well, options are great, but we do need the buyers
to you know, get going and you know, buy the home.
Speaker 3 (15:10):
What do you think is holding them back right now?
Speaker 4 (15:12):
I mean, I think we all know that it's interest rates.
And you're the interest rate guy. I know there's a
FED meeting coming up. I don't know if we're expecting
any you know, big changes to come. What are your
thoughts on that.
Speaker 3 (15:22):
I think that it would be needed for the FED
to drop the rates. I know they're worried about inflation.
If they drop the rates, they're causing more inflation. But guys,
I think we need some economic activity. I think you
need to drop the rates just a little bit because
a lot of people are using their home equity lines
right now to borrow money because they have those rates
in the three percent range. And did you know that
the rate that the FED cuts is your home equity
(15:43):
line rate. It's not the thirty year fixed rates. But
everybody sees the TV and they think, oh, that's the rate,
and it creates activity. So it's a good thing either way.
But if we can get that equity line cut by
even a quarter, that's going to help probably fifty million
Americans who have equity lines right now.
Speaker 2 (15:59):
Now.
Speaker 3 (16:00):
Myself included to get a little bit of relief and
keep that low first mortgage interest rate. So if you
need cash out, an equity line is the way to
go right now. And we cross our fingers that the
FED decides to lower the rates coming up on this
next FED meeting. So with that said, rates, guys, you
can't keep waiting for the rates to drop to buy.
(16:21):
What's our favorite saying.
Speaker 4 (16:22):
Uh, marry the house, date the rate, I'll put you
on your loss. But my next thing, I'm like the
other people. Yeah, it's just the economy as a whole.
You know, people are waiting to see what's going to
happen with these tariffs, and I mean, I don't know,
you need a roof over your head right right, you know,
if it's the right time for you to buy, go buy.
You know the other stuff that's going to keep happening anyway. Yeah,
(16:46):
but you can get a good deal on a home
right now. You know. Interest rates aren't crazy crazy like
you were telling us, even you know the rates that
are marketed you know all over the internet. That's not
really the rate. You're giving people much lower rate, No, it's.
Speaker 3 (16:58):
Not, it's absolutely Do we have any any other stats
on the rates or on the housing prices or anything.
Speaker 4 (17:03):
Well, let's do this one. So new pending sales are
also up six point nine percent. Well, so what that
means is this is kind of a predictor for next month.
So sales pending now could possibly be closed next month.
So you know, hopefully April's numbers will also reflect you know,
we've got more activity and I could see it like
inventory or at least just the listings that we're intaken
(17:25):
right now, that's definitely gone way up.
Speaker 2 (17:29):
Good.
Speaker 4 (17:29):
We're constantly listing calls and new listings coming up.
Speaker 3 (17:32):
And so you heard it from Sinia and Frank the
bank that you better get your butt off the couch
and you need to buy now because when that inventory comes,
when those rates drop, guess what you're going to have
supply and demand. People are going to be making multiple
offers on the homes. It is time to do it now.
You go to eight one to three, seven five to
five reel. That's how you get in touch with Sennia
seven five y five reel, and you go to contact
frankdbank dot com for me to talk to you about
(17:54):
a regular mortgage. By the way, the thirty or fixed.
If you google it right now. According to bankrate dot com,
they suck, by the way, But according to bank ray
dot com, the rate is six six point ninety three percent,
and we are we are actually locking thirty year mortgages
under six percent right now. So you don't have to
pay seven percent. You just have to work with a
wholesale company, not bankrate dot com or these big banks.
(18:17):
If you actually want to get lower interest rates, remember
by wholesale, don't buy retail. If you want to save
a couple dollars, send you. Was there anything else we
wanted to hit on.
Speaker 4 (18:24):
No, it's too bad that most people, you know, that's
where they go to you know.
Speaker 3 (18:27):
Know listen, that's what our grandpa did, right He told
us that, right, Tris They're like, go to your bank
and shake his hand. Yeah, and you're gonna get a
good deal. No, not anymore. That does not happen anymore.
You don't get good deals from the bank because the
bank is just selling you what the one product that
they have, and that's not the product for you. So
we got a minute left, What do you think anything
(18:49):
else we want to do on the real estate.
Speaker 4 (18:51):
I'm excited that you know, we've heart Trish here in
the fact that she heard about you on the radio.
So yes, it really works.
Speaker 3 (18:57):
It's kind of full sirt. Well, I guess, I guess.
I guess that's a little saying right there. Radio works
that if Tricia and I would not know each other
if it wasn't for the radio and Trisha, I'll preempt this,
but then we're going to tell your whole story when
we get back from the break here about how you
heard about me, and I want we want to talk
about your reverse mortgage story, because not only did you
do a reverse mortgage, but you did something very different
(19:17):
when it came to your reverse mortgage, something that less
than probably fifteen percent of people do with reverse mortgages.
And I'd like the consumers to hear because reverse mortgages
sometimes it makes sense to actually pay to get a
reverse mortgage. And Trish is the type of savvy individual
that I didn't even have to do the math she
told me before I could tell her the benefits of
(19:39):
the reverse mortgage. So when we get back, we're going
to have Trish Bert talking about her reverse mortgage story
and why it may make sense for you to actually
pay to do a reverse mortgage, not just get paid
to do one. Stay tuned to the Business Happy Hour
with Frank the Bank and Senny Aikishina and Trish Burt
will be back in just a minute with a special
reverse mortgage story for all of them.
Speaker 1 (20:00):
You welcome to the Business Happy Hour radio show with
your host, Frank Debankkodo, the owner of Lincoln Lending Group
right here in Tampa Bay for twenty three years, joined
by his incredible co host, Senia Akishana, realtor with Mahara
and Associates.
Speaker 2 (20:16):
Tampa's top real estate company.
Speaker 1 (20:18):
Together, they have helped finance and clothes nearly one billion
dollars of real estate every year. If you're looking for
local mortgage or real estate advice, the Business Happy Hour
team has been right here on news radio WFLA for
over a decade.
Speaker 2 (20:31):
Listen right here, or find.
Speaker 1 (20:32):
Us on the Business Happy Hour YouTube channel, or follow
us on Instagram at Frank Debankkodo. Now, sit back, relax,
and get ready for some serious mortgage, real estate and
business talk with two of Tampa's top experts. Here's Frank
de Bank and Senia.
Speaker 3 (20:47):
Yeah. All right, welcome back to Sorry, welcome back to
the Business Happy We're having too much fun on the
break right there. We have got a great show for you.
It's very rare that we do a show like this.
We've done a couple in our long, illustrious career with iHeartRadio.
In the Business Happy Hour, we have Trish Burt in studio.
I'll say it again real quick. I met Trish because
(21:08):
of our nine seventy WFLA iHeart Radio Ryan Gorman. She
and I'll just like Chris, I'll let you tell the story.
But she has a very unique reverse mortgage story. She
did do a reverse mortgage with Lincoln Lending Group. We
just closed in the last thirty days or so, and
her story is so unique because Trish actually paid to
do a reverse mortgage. I'm gonna let her talk. She
(21:30):
is a great talker, and then we have a great
surprise for you at the end of the show. Trish,
let's start with how did we meet, and let's just
kind of talk about your reverse mortgage journey.
Speaker 6 (21:39):
Well, the car was going in at the Mercedes dealer
for repairs and I got a.
Speaker 5 (21:46):
Loaner.
Speaker 6 (21:47):
Yep, Hey, they had AM radio on there. I don't
listen to AM normally, so that was a fluky thing
wrote down because I heard you went to the coffee
shop that I was meeting.
Speaker 5 (21:57):
Somebody made a phone call.
Speaker 6 (21:59):
And my first question to you was where I saw you,
and why are you doing reverse mortgages? Yep, And you
said nobody's ever asked me that nobody had. So then
we went into a lot of conversation about my background,
your background and everything, and I was like, okay, well,
I really we want to do a reverse mortgage, but
last year the numbers were way off, so we couldn't
make it work. So you started talking to me about it,
(22:21):
and then you mentioned about bringing money to the table,
and I was like, okay, but what are we talking about.
So we went through some basic numbers and then I
think the number was like about we would have to
come to the table with twenty.
Speaker 5 (22:32):
Four thousand dollars, right, I remember that, So I said okay.
Speaker 6 (22:35):
So on the phone call, I said, so, let me
ask you a question that means I'll never I know
about reverse mortgages, that I never have to make another
mortgage payment. But the biggest thing was, so my mortgage
is two fifty four dollars a month that I'm paying
to the bank, right if we do this, and I
put twenty four thousand dollars to the closing. Then that
(22:56):
means on May first, I'm not making a mortgage payment,
and in one year we can pay us ourselves back.
Speaker 3 (23:02):
That's correct, twenty four I'm sorry, twelve.
Speaker 6 (23:05):
Times two thousand, So that's coming back into my pocket.
And in four years I would have had one hundred
thousand dollars. And I don't think that the principal on
the mortgage would have gone down one hundred thousand dollars.
Speaker 3 (23:17):
I don't think so. Nor do I think that you
would have made one hundred thousand on any investments you
had in the bank.
Speaker 6 (23:22):
And then in seven years, we were going to have
to refinance the original mortgage because it was an arm right.
So I was going to have to do something at
that point, and I was not interested in another thirty
year mortgage at seventy seven.
Speaker 4 (23:35):
Own you, I know that was what she walked in.
I'm like, you're old enough for a reverse mortgage.
Speaker 3 (23:41):
Yeah, people are gonna think I'm lying.
Speaker 6 (23:43):
Oh no, I would we would have to refinance in
seventy at seventy seven because I'm the younger. Yeah, and
thirty years that's going into one hundred years of age
plus It's like, that's.
Speaker 5 (23:54):
Crazy, you'd be and gets book a world record.
Speaker 2 (23:55):
Yeah.
Speaker 6 (23:56):
So now we're not doing a reverse mortgage. We're not
doing anything. We're not paying a mortgage pain, right, which
was the greatest thing. And it's like I'm like, oh
my gosh, I can just put that money back in
the bank. Yeah, and then if things change in the
market in five years, then we can go back in
and do another reverse mortgage and then I'll be able
to get the equity out.
Speaker 5 (24:14):
That's right, that's what I'm looking forward to.
Speaker 3 (24:15):
Oh my gosh.
Speaker 6 (24:16):
And if it doesn't happen, that's fine because we never
have to make another mortgage payment.
Speaker 5 (24:20):
That's all I cared about.
Speaker 3 (24:21):
That's beautiful. So I hope you guys caught on. So Trish,
Trish actually did the math herself. I didn't, you know.
I answered the question when I said the reverse mortgage.
I said, Trish, you are you are such a spring
chicken and you don't have quite enough equity to get
them to pay you right now or if you do,
not to bring money. And before I could even finish
my sentence of saying, well this is what you need,
(24:43):
you had already done the math in your head. Yes,
and you already said, well, well, wait a minute, I
put the money back in my bank. I take twenty
four thousand out of my retirement, which, by the way, guys,
if you're anything like me and Trish, your retirement's not
making you ten percent a month. It's not making you
that much at all. So Trish took money. Basically, the
wasn't working for her. She made it work for her
to the sum of two thousand dollars a month. And
(25:06):
she took the math forward and said, well, I'm gonna
have another one hundred thousand in this amount of time,
and then in this time I'm gonna have another one
hundred thousand, and you're just gonna compound that and you're
gonna have a much bigger retirement and you have the
flexibility to not have to worry about that two thousand
dollars mortgage.
Speaker 5 (25:21):
Payment, paying that mortgage. I do not want to pay it.
Speaker 3 (25:23):
So how many times I'm curious during the mortgage process
or otherwise did people tell you you're crazy or it's
too good to be true, or is this can't be real?
Speaker 6 (25:32):
Well, I had a couple of people say, people that
I knew I was talking to, they were like, well,
I know somebody that lost their house, and I go okay.
Speaker 5 (25:38):
So then I gave Frank all the list of questions
like did I hear this correctly or not? Did I
make a mistake?
Speaker 6 (25:44):
And the problem was is that the people that did
lose their house was prior to twenty fourteen, you nailed it, okay,
and they were not make They didn't make the tax payment.
Speaker 3 (25:54):
That's right.
Speaker 6 (25:54):
So we only have to pay our taxes, which we
have to pay anyway. We have to pay our ho
which we have to pay anyway, and we have to
pay our homeowners insurance, which you all have to pay anyway.
Speaker 5 (26:04):
And that's all I'm worried about.
Speaker 3 (26:06):
That's it.
Speaker 5 (26:06):
The rest of it is yeah.
Speaker 3 (26:08):
Yeah, Now, a lot of people told you that it
was too good to be true because prior to twenty fourteen,
what they would do a they didn't pay their taxes.
That's the only way to lose your house, by the way,
on a reverse mortgage, don't pay your taxes. And that's
not the mortgage company take in your house. That's the
tax collector take in your house. That's Uncle Sam. But
what happened prior to twenty fourteen is they would allow
(26:30):
husband and wife to do a reverse mortgage, but they
could leave one of them off. So let's say you
had left you off of the mortgage and you did
it way back in twenty fourteen, and something tragic happened
to your husband and you weren't on the reverse mortgage,
and the house also had no equity, which can't happen
these days. Either way, it's very very rare that that
would happen. Then the people would have no equity, and
(26:51):
then there was possibility that they could lose the house
or they didn't pay their taxes. That's it. So, like
Tris said, we're all responsible for tax insurance and hoa,
that's it now, Trish, did you know you can actually
make a payment on a reverse mortgage?
Speaker 5 (27:05):
Yes, but I'm not going to.
Speaker 6 (27:06):
I why would I pay the bank to do this?
And here's the other thing we are not looking at, Lee.
This is our agent place house, right, Okay, this is
why we did this. But the other thing is is
we're not necessarily worried about leaving it to anybody.
Speaker 5 (27:20):
Okay, it is what it is.
Speaker 6 (27:22):
I mean, families today don't do legacies like they did
forty years ago.
Speaker 5 (27:25):
Right, it's a whole different world.
Speaker 6 (27:27):
So that way, if there is equity in the house
upon the last person's death, great family gets that goes
into the estate. If not, no big deal because they
are already settled into their places, right.
Speaker 3 (27:38):
And you know that is that's probably the number one
objection that we hear. It's not normally from the person
who wants to do them with reverse mortgage. It's from
the family. And it's usually the children saying, well, well,
mom and dad, you know this is going to be
my house and my equity. And like you said, most
kids at this point, you know, because you've got to
be over sixty two for the regular one. They're established, right,
they have their homes, they have their families. But what
(27:58):
I always say to the child, listen, if something happens
to mom and dad and they don't do this reverse
mortgage and they need some care, where is that money
coming from? And right the most of the kids will say, oh, well,
we're gonna pay for it, you know, we're great kids. Well,
then I asked the kids, let's say you did have
the money, but you're taking it out of your retirement.
So what are you gonna do when you retire and
(28:19):
you don't have that money because you have to help
your parents out. A young lady came up to my
booth today when we're doing a reverse mortgage seminar at
the Owls, and she literally told me, she goes, well,
I could leave it to my kids, but what if
my kids don't want it or don't need it. I said,
that's fine, you give it to anybody you want. But
she had already kind of figured out that she needs
to live on her equity. She paid her home off,
(28:40):
and I had to explain it to her. And this
is one of my favorite parts. You can take the
money out of your home tax free on a reverse mortgage.
If you have the equity to take money from your home,
it is tax free because it's your money. You paid
down the mortgage yourself. It's your equity, so you get
it back tax free. And here's a little secret. If
you take it tax free and then something happens to you,
(29:02):
you get to leave it to your kids and they
don't have to pay taxes on that. Where if they
take the home and they sell the home with Sinia
at mahar And Associates shameless plug. If they sell the home,
guess what they do. They pay taxes on the proceeds
of that sale. So this is a little tax strategy
that you can actually save on taxes. Access your equity.
Now you can even give it to your kids. We
(29:22):
had a couple who literally took three hundred thousand out
of their home and gave it to their kids. They're
ninety years old. And I asked him why did you
do this because he didn't need the money. He said,
because I want to see what my kids are going
to do with the money. It was genius. He gets
to see what his kids are doing with the money
while he's still here. Sinnya, I see, you're like over there,
what question?
Speaker 4 (29:41):
But no, I didn't know that that was tax free.
I mean that's great.
Speaker 3 (29:45):
Yeah, completely tax free money. So by the way, on
any refinance, any cash out refi, equity line or reverse mortgage,
the money is tax free. It is your money, so
take it and live on it and use it. So
what else, Trich, We got a couple minutes left in
this segment. Tell me about the process. How did it go?
Speaker 5 (30:03):
It was easy?
Speaker 3 (30:03):
It was easy.
Speaker 4 (30:04):
It was easy.
Speaker 6 (30:06):
I did I probably stepped in and did more work
than the underwriters did.
Speaker 5 (30:11):
But that's okay.
Speaker 6 (30:12):
That's typical underwriting. I don't care what all the houses
I've ever closed on in my lifetime, I always stepped
in and just you want to be on the ball
and get everything to them right away, don't waste any time.
Speaker 5 (30:23):
The quicker you do that, the quicker you can close exactly.
And that's yeah.
Speaker 3 (30:26):
So you felt like the process itself was relatively easy.
Speaker 5 (30:29):
Oh yeah, it's easy.
Speaker 6 (30:30):
I mean they give you the list of the things
that you need and you just go through it and
then just make sure you have your stuff together and
get it put in the documents so that they have it.
Speaker 3 (30:37):
That's it. How is it working with Lincoln Lending and
their staff?
Speaker 5 (30:40):
Oh, let's see Lincoln Lending.
Speaker 3 (30:41):
Do you know who they are?
Speaker 5 (30:42):
I know who they are.
Speaker 6 (30:43):
So they were great, and Bev was great. She worked
with me a lot. And then I would text Frank
and get in his face.
Speaker 5 (30:51):
But that's okay. Everybody came back right away.
Speaker 6 (30:53):
They answered me right away, and I was like, Okay,
I got this, Okay, I can do that, okay, and
what do you want me to do now?
Speaker 5 (30:58):
And then just did what I had to do.
Speaker 4 (30:59):
Yeah, how long did this take start to finish?
Speaker 6 (31:02):
We did it within I wanted to be done before
the end of April. I did not want to make
I made the April payment. We started at the last
two weeks of March. YEP, I already know the process
with underwriting. Don't ever try to close at the end
of a month because they're too crazy. So you got
to kind of like gauge it. So we started and
we were closed what three weeks ago, two weeks ago,
(31:22):
and so I knew I didn't want to make a
May first payment. I made the April payment, got that
out and that's it.
Speaker 3 (31:27):
So in under thirty days normally you can get these clothes,
especially if you're somebody like Trish who is Johnny on
the Spot, Jill on the Spot with her documents, you
can get these clothes in under thirty days every time.
And Trish did it right. She said, Okay, Frank, this
is the last mortgage payment I making. That is exactly
what she said to me. And she said, I'm not
making another one, and I said, no.
Speaker 5 (31:46):
We will close.
Speaker 3 (31:47):
That's what Drid said. And we did close. And with that,
we're going to take a quick break here on the
Business Happy Hour. Don't forget we are a podcast and
we're on three radio channels. You can watch us on iHeartRadio,
you can check us out on Instagram, and we're going
to be back in just a minute with more reverse
mortgag stories than the.
Speaker 1 (32:01):
Let's get back to the Business Happy Hour radio show
with your host Frank the Bank Koto, owner of Lincoln
Lending Group, and his co host Senia Akishna.
Speaker 2 (32:09):
Realtor with Mahara and associates.
Speaker 3 (32:12):
All right, welcome back to the Business Happy Hour, your
number one show for all things business and entrepreneurial. Entrepreneurial. Sorry,
I do this too much. I'm gonna put somebody on
the spot who's in studio with me right now? If Ryan,
will you come around and be on my Instagram cam
with me for one second before you get back to this.
So Ryan Owens, my good buddy, known this guy. Which
side are you going on? Right here? Known this guy forever?
(32:34):
This guy right here? Yes, he If you watch my
Instagram produced videos, you can tell which ones those are.
By the way, that's all this guy, Ryan puts that
together for me. But here's a special announcement. This is
not the big special announcement. This is a special, special,
extra special announcement. Ryan has joined the Lincoln Lending Group team.
He's a licensed originally yea, yes, Ryan, Ryan has been
(32:57):
in He's been in real estate in some way, shape
or form for over a decade. This guy has worked
in all kinds of avenues in real estate, and he
has decided, you know what, let's go full force into
this mortgage thing. So you guys are gonna see some
really exciting things. There's gonna be some webinars, there's gonna
be some more radio appearances. His face is gonna be
on the other side of the camera every once in
a while, you see that face. There's only one face better,
(33:19):
and it's not me. No, it's right. Whatever you guys want,
you choose the one you want. But we're gonna finis
us off the show here at Trish and Ryan's doing
some video for us, and then we're gonna do a
special announcement with Ryan that you guys are going to
see online later this week. Right, right, maybe I just
put him on the spot.
Speaker 2 (33:37):
All right.
Speaker 3 (33:38):
Back to Trish Burt, my favorite, my favorite non scripted
actor actress who I literally said, Tricia, will you come
on the radio? I think yours just so dynamic. You've
been in sales for a long time, right time. Yes,
And you do more than more than just reverse mortgage testimonials, true, right, right?
Do we want to talk about any of the others.
Speaker 6 (33:58):
Well, I do insurance, yeah, annuities, yeah, I do employee
paid insurance where the company just takes it out of
your payroll.
Speaker 3 (34:08):
Right.
Speaker 6 (34:08):
And I also have a wellness business online. And I
have a digital marketing business online.
Speaker 3 (34:13):
Yes. Do you want to give out a webside or
phone number anything to wait? Wait, okay, we're going to wait.
We're going to do a special announcement in the end.
In four minutes, we're gonna do a special announcement. But
before we do, Cindia, do you have any reverse mortgage
questions for for Trish? I p had putting you on
the spot.
Speaker 1 (34:27):
But.
Speaker 2 (34:29):
No.
Speaker 4 (34:30):
But I think congratulations and doing it that sounds like
an amazing deal. I mean, yes, if you're in that
position to get a reverse mortgage, I don't see why
everybody doesn't do it.
Speaker 3 (34:40):
Right now, Trish, you know that there's always the misconception
that you can lose your home right. I think you
believe at this point you can't lose.
Speaker 5 (34:48):
Oh, I can't lose my home right.
Speaker 6 (34:50):
In fact, it's in fact the budget this month. I'm
sitting there going like, okay, that two thousand has to
go into.
Speaker 5 (34:55):
The savings account. I will not spend it.
Speaker 6 (34:59):
But it is definitely made the whole budget for the
month a lot less stressful.
Speaker 3 (35:03):
Right. You know what you said it without saying it
is it gives you options? Yes, right? And I know
you are. You are very on the game, you are
very savvy. I know you're gonna put that money in.
It might be a little reluctant, it's going on, but
here's the beauty. Come December, Let's say all of a sudden,
you got a whole bunch of Christmas presents that you
want to just deal with and you don't want to
put it on a credit card and pay interest. You
(35:25):
got the money, the money's there, right, yep, put it
back the next month, yep. Right. So the beauty is
we give you control. And a lot of people don't
realize you can make a mortgage payment, a reverse mortgage.
But Trish already said, why would you ever?
Speaker 5 (35:35):
Why would you bother right? Why do you want to
give them back the money?
Speaker 3 (35:38):
Right?
Speaker 5 (35:39):
It's working for you use other people's money.
Speaker 3 (35:41):
Oh my gosh, Right, you just nailed at other people's money.
That could be an entire episode. I know, right, I know.
Speaker 2 (35:46):
I laugh.
Speaker 6 (35:47):
I walk around telling people that like, why are you
doing that? Why don't you use other people's money, don't
take the money out of your bank account?
Speaker 5 (35:51):
What's wrong with you?
Speaker 3 (35:52):
Right? So that's what we're going to ask the listeners
right now, what's wrong with you? If you're over fifty five, okay,
you can do a convention reverse mortgage. If you're over
sixty two, you can do the one that Trish did
called a heckam, it's a government insured reverse mortgage. We
just found out yesterday that you can do reverse mortgages.
Not on the one you did right at This was
a little higher rate, So it's not I don't like
(36:13):
it as much. But you can actually do a reverse
mortgage only in the husband's name without the wife, the
scary way that they used to do on the conventional one.
But I met somebody yesterday who had a forty seven
year old wife and he is sixty seven, so God
bless him, right, But we can actually do the reverse
mortgage in that scenario on the conventional product. Now here's
(36:35):
the thing. The wife is not going to get any
benefits of the reverse mortgage, none, no protection. So the
way it happened before and people thought they had production
and they didn't. This one, we're telling you upfront you don't.
So it's just like a regular mortgage. So when you're gone,
she's gonna have to refinance. Right. So and by the way,
Chris add it too, you can refinance. And he said,
what was your plan with the reverse mortgage? You were
(36:55):
gonna wait in a few hours.
Speaker 6 (36:56):
Oh well, I'm gonna watch the interest rates just like
everybody else. When I see the amortization schedule flip yep
and the rates go down and the house has the equity,
then I'll go back and do it again with you, right,
And then I'll take some money.
Speaker 3 (37:08):
Out exactly, and then what you can do what with
the money?
Speaker 6 (37:12):
Whatever I want, and I can still not make a
morek lots of traveling still, yeah, I'm gonna do lots
of traveling, and then I can still live in the
house and I don't have to pay mortgage.
Speaker 3 (37:22):
So that's what my own grandmother did, same thing, whatever
she wanted, And she told me that before she died
at ninety three years old or ninety two. I can't
remember now, but she said, I did whatever I wanted
in the last ten years. She bought her first brand
new car at eighty three years old. First brand new car.
Speaker 4 (37:38):
You said, it was like the best like ten years
of her life. So freedom and the freedom, that's a
great story. I love that story.
Speaker 3 (37:44):
It really does create financial freedom. And now for the
big announcement, Trish, you ready ahead. Trish is joining the
Lincoln Lending Group team. She is a saleswoman to the bone,
and she is going to go out there and help
more people find that financial freedom the same way that
she found it. And she's going to be an account
executive for Lincoln Lending Group. Welcome to the team, tris you, Yes, Yes,
(38:06):
where's yeah? Jamess right on it.
Speaker 1 (38:09):
There, he heard it.
Speaker 3 (38:10):
Every time he hears welcome, he's like claps.
Speaker 4 (38:13):
Congratulations and Frank, congratulations to you. I think this is
awesome because if so many people still have that misconception
about reverse mortgages, you guys need to get the word out.
Great program. Lots of people can benefit from it. So
I'm glad you've got to help her to spread the word.
Speaker 3 (38:28):
Yes, she is more than a helper. I think Trisha
is going to be the best. Now the Trisa, Sadly,
you're going to have to overcome the same objection as me.
They're going to look at you and be like, you're
not old enough for verse mortgage, right. I know, well
you have to. You better show him your driver's license
because even Bill, my VP, when you're in the room,
he texted me, He's like, she's not the one that
got to reverse mortgage, right. I was like, yeah, that's hers.
(38:50):
So congratulations on your great genetics, by the way, But see,
I have trouble being in my mid forties. You know,
I have to convince people over sixty two that they're
not going to lose their whole and all that you
can look them by the God and you can tell them.
So welcome to the team, Trish. We can give out
all your information on the social media. We'll figure out
what you want to give out, so we don't do
(39:11):
cross any lines. But Trish's officially an account executive Lincoln
Lending Group. You do not have to talk to me.
You can talk to Trish to the horse's mouth, who
will tell you how it actually went with your reverse mortgage.
So thank you for coming on the show today.
Speaker 5 (39:22):
No problem had you have fun on radio. Had a
great time.
Speaker 3 (39:24):
Awesome is great. This was a lot of fun and
we're gonna do a little testimonial afterwards. You Instagrammers can
stay on and listen. Senya, thanks for all the so much.
Speaker 4 (39:34):
Trish, Yeah, welcome to the team.
Speaker 2 (39:35):
Thanks.
Speaker 3 (39:36):
Yes, Yes, and you'll get to get to meet all
of her team and everything she does, Sue. When we're
talking about real estate, yes, we'll talk lots more. We
sure will. So you guys have a great week. Don't
forget it is eight one, three, seven five five reel
seven five to five reel and contact Frankdibank dot com
or reverse Guru dot com. We will see you guys
next week with another guest, hopefully as exciting as Trish.
(39:57):
Have a great week, everybody,
Welcome to the Business Happy Hour radio show with your host, Frankdebankkodo,
the owner of Lincoln Lending Group right here in Tampa
Bay for twenty three years, joined by his incredible co host,
Senia Akishana, realtor with Mahara and Associates.
Speaker 2 (00:15):
Tampa's top real estate company.
Speaker 1 (00:17):
Together, they have helped finance and clothes nearly one billion
dollars of real estate every year.
Speaker 2 (00:23):
If you're looking for local mortgage or real estate advice.
Speaker 1 (00:25):
The Business Happy Hour team has been right here on
news radio WFLA for over a decade. Listen right here
or fight us on the Business Happy Hour YouTube channel, or.
Speaker 2 (00:34):
Follow us on Instagram at Frankdebankkodo.
Speaker 1 (00:37):
Now, sit back, relax, and get ready for some serious mortgage,
real estate and business talk with two of Tampa's top experts.
Speaker 2 (00:44):
Here's Frank de Bank and Senia.
Speaker 3 (00:47):
Hey Tampa Bay, Welcome back to the Business Happy Hour,
your number one show for all things business and entrepreneurial.
I am your host, Frankdebankkoto, the owner of Lincoln Lending
Group and eight one to three mortgage dot Com. It's
like I've done this before for in studio with my
co host Sinya Akesha with Mahara and associates. How are
you doing, Sinna.
Speaker 4 (01:07):
Yea though hello, always great to be here, Frank, nice
to see you.
Speaker 3 (01:11):
Yes, it's great to see you. Happy Tuesday after Cinco
de Mayo. Yes, I was your sinko.
Speaker 2 (01:17):
You know.
Speaker 4 (01:17):
It wasn't too much of a sinko. Wait, we thought
about doing something, you know, speche or tacos, but we
usually saved that for Tuesdays.
Speaker 3 (01:25):
So wait, you did nothing.
Speaker 5 (01:27):
We did nothing.
Speaker 3 (01:28):
That's the same as me. I did nothing as well.
I literally did nothing for Cinco de Mayo this year.
I didn't sally. I didn't even have a margarita.
Speaker 4 (01:36):
I was gonna say, yeah, I mean neither.
Speaker 3 (01:37):
I did not not even that. No, not even that.
My wife opened up one of these like a non
alcoholic whatever boozy put you to sleep things or whatever.
I'm like, all right, I'll have a couple of SIPs
of this thing and see how it is. But that's
all we did for Cinco. It was a really non
eventful sinko to Mayo. But you know what the bonus is,
I woke up feeling great today. There you go, you're right.
The Maharran Associates shirt is.
Speaker 4 (01:58):
I'm like, you know what, I don't know if I've
ever act he warn my shirt. No, No, I've had
this for a long time and I still wear it.
Speaker 3 (02:06):
It looks great.
Speaker 2 (02:07):
Yeah.
Speaker 3 (02:08):
So we've got a great, a great guest who we'd
like to call him like a co host guest in
studio today. It's actually we'll give her a break. It's
her first time on radio, and I came in like
a bat out of hell today from another event, so
we had to go live very quickly. I didn't get
to prep Trish up too much. But Trish Bert, welcome
to the show. How are you?
Speaker 5 (02:27):
I'm great, How are you doing great?
Speaker 3 (02:29):
You look great today? Thank you, sir. You didn't have
to dress up for us.
Speaker 5 (02:31):
I didn't dress up for you.
Speaker 3 (02:33):
Oh thank god. Hopefully you got some big event to
go to afterwards without me. Good good. But Trish is
actually going to be a part of the show today
because well, actually we have a very exciting announcement. You're
gonna have to wait till the fourth segment to hear
about it. What Trisha and I are doing together. But
the way we met was actually through the radio through
nine to seventy Trish happened to be driving around. I
(02:55):
think it was on a rental car. You told me
or something you had in your car in the shop
or something. And she pulls over and she hears either
Ryan Gorman or heard a commercial or something about the
reverse mortgages. Is that what it was? That's what it was,
And I'll let you tell the story in here a minute.
I never shut up, but she heard me, and she
pulled over and called me, and the rest was history.
And that's how we got to know each other. And
(03:15):
that's why Trish is here today. So before we get started,
we do need to get our Instagram set up. So
I'm gonna take about a ten second radio break. Trish,
what is your Instagram?
Speaker 5 (03:23):
Real quick so I can find that Trish Bert?
Speaker 3 (03:27):
All right, So I'm looking for her and we're going
to get her invited. Oh there it is right there.
I'm inviting you. Sually, you should get an invitation to
join our Instagram. We already have Senia on here. Senya
can help you with the phone if needed, to accept
your Instagram invite. If not, she can turn around and
invite you from your page from Instagram. I thank you, Senia,
(03:47):
But as you guys, have never listened to the show before.
We do real estate. Senia is with Maharan Associates. They're
one of the biggest real estate companies in Tampa. They
have over one hundred agents and they're like McDonald's. They
have like ten billion served over there at Mahart Assosiates.
They take great care of their clients. And I'm, of
course with Lincoln Lending Group. I'm the owner for twenty
two years of Lincoln Lending Group. You can find us
(04:10):
at Lincoln Lendinggroup dot com very easy, or go to
contact Frankthebank dot com if you just want to get
some quick answers or advice, and Sennia loves giving out
her phone number, which is eight one.
Speaker 4 (04:21):
Three seven five to five reel seven, five to five reel.
Speaker 3 (04:24):
That is too easy. So you're gonna call Senia if
you have any real estate related questions. You're gonna call
Frank the Bank if you have mortgage related questions. And
if you forget one of our numbers, we work together
every single day, so we will help you out and
get you to the other one. So it looks like
she had a little uh oh, No, she she did
joined you all right, here we go I'm inviting her
one more time. We're gonna get her in here, so
(04:46):
she's on our Instagram live. Guys, don't forget. We want
you to like and share this show. So if you're
watching Instagram, please share it out there to the world.
This is going to be a great show and you
can like it and you can tune in. We are
all so on iHeartRadio as a podcast. You can check
that out just by going to iHeartRadio app and then
(05:06):
you can search podcasts and look for the business Happy Hours.
Let's see, did it did we get her to pull
up on there? It might just take us at well,
go back and invite ask ask her to join. Is
that possible? Okay, do that too. Well, I'm just having fun.
We've invited her one more time. Sometimes this new fingled
internet thing they invented just messes with us, so we'll
(05:29):
bear with it for a second. Sinny is doing her
best to get us on. We're gonna have some statistics
for you. Matter of fact, we had to do a
rerun last week if you guys figured it out, and
Sinya had some good stats. So I know today I'm
putting her on the spot, but I guarantee that we
are backed up with stats. And of course I've seen
on TV keep saying unable to join it, let me
try it again. I keep seeing on TV people talking
(05:51):
about the market going down and prices going down, and reality,
I don't see that when I'm actually in the trenches.
I'm not seeing them market going down. I am actually
seeing properties get listed and going and getting on in
contract way faster right now than normal. So I'm hoping
you guys are seeing that. I'm not seeing a decline
in the real estate market. I'm actually seeing an uptick
(06:14):
in the real estate market. So hopefully that's good. I
still think it's the best time to buy right now.
And if you guys are in the market, you can
always go to eight one to three mortgage dot com
or contact Frank Thebank dot com and request some information.
I'll get you in front of Senio so she can
show you some houses that would be great. Let me
get give her one more second. We're going to get
her on the Instagram here. Oh that might not. That
might be. We can always check it out in the
(06:34):
break too. It won't let it won't let her request
to be on go find it. Oh you have I'm
not getting her request, which is real funny. It's okay,
you radio listeners get to listen to us to Instagram
tech over here. But we'll figure it out when we
get to the break. We'll have a minute and we'll
check out maybe her permissions or keep doing it. Then
that's totally fine with me. As soon as Senny is
done with that, we're going to go into the real
(06:55):
estate statistics for the week. But Trish, well, while she's
working on your phone, Actually no, I don't want to
do this yet. Let's wait till you're on the camera
and then we'll do it. Some exciting stuff guys, let
me talk about mortgages here for a minute. We just
unleashed a program. You're gonna love this trash. We can
now do loans up to five million dollars and people
(07:16):
can get cash I know it sounds dangerous. They can
get cash out up to five million dollars now. Literally
it used to be capped at like five hundred thousand, seven,
eight hundred thousand. Now we have lenders that will let
you actually put money in your pocket up to five
million dollars on a jumbo loan, a refinance, or a
cash out. So very interesting that that just popped up.
The other big news these days is our doctor loans
(07:40):
physician loans. If you are a physician, you're a CPA,
you are a PA, You're an RN, you're a what
is it CRN? I can't think of all the different abbreviations.
We now can do one hundred percent financing with no
mortgage insurance for all of those one hundred percent financing
up to a million dollars for every single one of
those types of individuals. So if you are in the
market for that city as your real estate agent, that's
(08:01):
seven five to five reel, right, seven five five reeled.
I say that right, I got it, And of course
I'll be your mortgage finance company to take care of you.
To get that done, just go to contact Frankthbank dot com.
It sends me a little form you can remember my
cell phone. Of course, it's all over social media. But
if you go to contact Frankiebank dot com, we will
get back to you same day. And by the way,
(08:23):
all the radio listeners, make sure you say that you
hear me on the radio, because I do have a
special spot in my heart for you. If you say
you know me on the radio, you heard me on
the on the radio. I'm going to personally talk to
you and make sure you get taken care of right
from the President's desk. So, looks like we're still having
a little issue with the r tech on the Instagram
for Trish, but that's okay. We're going to figure it
(08:44):
out in the break. For now, Senia, can I put
you on the spot for some stats?
Speaker 4 (08:48):
Help me on the spot, Frank, all right.
Speaker 3 (08:51):
And Trish, by the way, chime in on this. You're
a co host. So if we say something and you're like,
oh my god, I don't believe that, or that's awesome,
say whatever you or if you think we're crazy, tell
us we're crazy.
Speaker 5 (09:01):
You're not crazy.
Speaker 3 (09:02):
We're a little crazy.
Speaker 4 (09:03):
I just say it like it is.
Speaker 3 (09:05):
Yes, we wouldn't blame any of for the stats. We
just blame her for the stats.
Speaker 4 (09:10):
But we do have our March numbers I know that
we've been looking forward to. And I'll keep it quick.
We'll just do our metro area, which is hill'sbro Panella's,
Pasco Hernando. I'll just run down the list. And this
is for single family homes by the way, so it
doesn't include you know, townhouses, condos, mobile homes, none of that.
Just single family closed sales year every year from March,
(09:32):
we're up six point one percent.
Speaker 5 (09:35):
What yeah, so this is March to March.
Speaker 4 (09:38):
March to March. Yeah, closed sales are up, which is
always good, you know, it means more activity. Sure, the
median sales price was down by two point four percent. Okay,
so a little softening. But we've been discussing this, you know,
and all of our episodes like this is normal. We're experiencing, like,
you know, signs of shifting, and I think this is good,
(09:58):
especially for our buyers.
Speaker 3 (10:00):
So this a number of sales was up six point
four but the sales prices were down.
Speaker 4 (10:06):
Yeah, down two point four percent across the metro area.
Speaker 3 (10:09):
I mean, do you believe two point four percent is even?
I mean, is that negligible? I mean, what's kind of
you know when people I mean.
Speaker 4 (10:15):
Personally I do. Yeah, Like I think when you buy
a home, I mean you expect to you know, sit
in it for a while. Sure, and you know for
sellers that are expecting prices that we had during COVID,
where you know, everything was getting you know, mark Like
the increase then was just so huge that I do
think they you know, slight decrease. Now, this is just
the market correcting itself exactly.
Speaker 3 (10:36):
It is a little bit of a correction. But honestly,
I don't like if you if you read these news articles,
or you watch this this TV or this internet machine,
it's telling you like the world is falling, the sky
is falling, and everything's going down, and you have an
economy crash coming. Two point four percent does not seem
like chicken little sky is falling? Does it trash?
Speaker 5 (10:57):
No, not at all.
Speaker 3 (10:58):
And let me just put that in perspective before we
take a break. Can we come back and do more
stats with Senia? Is two point four percent for all
you guys who are not mathematicians and don't do it
all day long like the three of us do. Two
point four percent on one hundred thousand dollars is twenty
four hundred dollars. So on four hundred thousand dollars, it's
like nine thousand dollars, not even nine thousand dollars, right, Well,
(11:18):
a lot of people ask for concessions from sellers to
cover way more than nine thousand dollars, and they've don't
even bad an eye when they ask the seller to
give them ten fifteen thousand dollars. So that's why I
think this is very minor. Two point four percent on
the sales price it is.
Speaker 4 (11:32):
I also think that the people that are expecting potentially,
you know, oh, prices are going to go down so much.
You know, who knows is what's going to happen. We
don't predict them to go down all that much. Go
now and negotiate. Sellers are negotiating.
Speaker 3 (11:47):
Ten seconds. We're going to take a break here. When
we get back, Senny is going to tell you how
to negotiate with the sellers. We're going to talk about
seller concessions and more statistics on the real estate market
right here on the Business Happy Hour with Trish Burt.
We'll be back in just a minute.
Speaker 1 (12:01):
All the best mortgage or real estate advice from Tampa
Bay's top experts. It's the Business Happy Hour with Frank,
Debankkoto and Senia.
Speaker 3 (12:10):
Hey Tampa Bay. Welcome back to the Business Happy Hour.
You're number one show for all things business and entrepreneurial. Boy.
Ryan Owens, our videographer for Lincoln Lending Group and our
newest addition to the Lincoln Lending Group team, just joined
the studio and he's over here running tech for Trish.
We're gonna make fun of Trish because she has an
Android and we're a bunch of Apple iPhone people, so
(12:31):
we have no idea. I had a client last week
who needed me to figure something out and to get
into his email on his phone, and he handed me
as Android and I'm just looking at it like for
ten minutes, like I don't even know how to do this.
So God bless all you Android people out there, because
I had a no cloes. So let's see. I'm gonna
try to invite you again. There there, I invited you again.
If you if its show pulls up, it should pull
(12:53):
up your invite. And this time we gave it permission
for your camera, so hopefully that works. We might have
to give it permission for microphone too. I don't know,
but we'd love that. You guys are tuning in. Welcome
to the Business Happy Hour of course in studio with
Senya Akishaa, with Mahara and associates. We're doing big things
over here with Mahara. Wel we can try to get
(13:13):
it up in the next break too, to get Trisha
on the Instagram. If not, I'm just going to turn
my phone around and let her use that, and.
Speaker 4 (13:19):
I could do that with mine too, so I can
finish up my stats and then it'll be sure Trish.
Speaker 5 (13:23):
Anyway, it'll be all Trish.
Speaker 3 (13:25):
That's a good spot. So let's keep talking stats. So, Senya,
the home sales are up six point four percent, so
that means there's more sales March six point four percent.
Speaker 4 (13:35):
The year over year. Yeah, we did better this March
than last March, right.
Speaker 3 (13:38):
But the prices went down two point four we agreed,
that's relatively negligible. Yes, and we're going to tell people
how to negotiate closing costs in a second. But what else,
what else do we have for stats from more?
Speaker 4 (13:47):
Well, the other thing, some median time to contract is
up twenty three point three percent year over year. But
if I'm looking at my numbers from February and January,
it has actually gone down, you know, since the last
couple of months.
Speaker 5 (13:59):
Right, that's a good thing.
Speaker 4 (14:00):
That means that, you know, people are going under contract
a little bit quicker.
Speaker 3 (14:03):
I'm starting to hear that. I'm definitely starting to hear
in the market people are like, oh, I just listened
to this house, this weekend already have six offers.
Speaker 4 (14:08):
Yep, No, it's it's definitely it's happening, right, So it
does happen, and supply keeps increasing, not not huge, right,
but you know we have a lot more inventory now
than we did last year. It's up by thirty four
point five percent. WHOA, So for our metro area that's
three point nine and months supply. That's the metric we use.
Speaker 3 (14:29):
We're getting close to that four number, right.
Speaker 4 (14:33):
We're getting close to the four, but we want six, right, Well,
they say that, but I mean i'd be curious to
see if maybe by you know, summertime, we can get
to the five.
Speaker 3 (14:42):
That would be phenomenal. So so you're trying to go
baby steps, is what you're saying. We're just going to
get to the four, then we're going to get to
the five. Now, what Senia has taught me is that
six months is a healthy market. That is when you
know that there's enough inventory out there for all the
buyers and there's enough sellers out there that we have
a healthy market. And I think that's when things move
a little bit quicker, right because there's more options for people.
Speaker 4 (15:04):
Well, options are great, but we do need the buyers
to you know, get going and you know, buy the home.
Speaker 3 (15:10):
What do you think is holding them back right now?
Speaker 4 (15:12):
I mean, I think we all know that it's interest rates.
And you're the interest rate guy. I know there's a
FED meeting coming up. I don't know if we're expecting
any you know, big changes to come. What are your
thoughts on that.
Speaker 3 (15:22):
I think that it would be needed for the FED
to drop the rates. I know they're worried about inflation.
If they drop the rates, they're causing more inflation. But guys,
I think we need some economic activity. I think you
need to drop the rates just a little bit because
a lot of people are using their home equity lines
right now to borrow money because they have those rates
in the three percent range. And did you know that
the rate that the FED cuts is your home equity
(15:43):
line rate. It's not the thirty year fixed rates. But
everybody sees the TV and they think, oh, that's the rate,
and it creates activity. So it's a good thing either way.
But if we can get that equity line cut by
even a quarter, that's going to help probably fifty million
Americans who have equity lines right now.
Speaker 2 (15:59):
Now.
Speaker 3 (16:00):
Myself included to get a little bit of relief and
keep that low first mortgage interest rate. So if you
need cash out, an equity line is the way to
go right now. And we cross our fingers that the
FED decides to lower the rates coming up on this
next FED meeting. So with that said, rates, guys, you
can't keep waiting for the rates to drop to buy.
(16:21):
What's our favorite saying.
Speaker 4 (16:22):
Uh, marry the house, date the rate, I'll put you
on your loss. But my next thing, I'm like the
other people. Yeah, it's just the economy as a whole.
You know, people are waiting to see what's going to
happen with these tariffs, and I mean, I don't know,
you need a roof over your head right right, you know,
if it's the right time for you to buy, go buy.
You know the other stuff that's going to keep happening anyway. Yeah,
(16:46):
but you can get a good deal on a home
right now. You know. Interest rates aren't crazy crazy like
you were telling us, even you know the rates that
are marketed you know all over the internet. That's not
really the rate. You're giving people much lower rate, No, it's.
Speaker 3 (16:58):
Not, it's absolutely Do we have any any other stats
on the rates or on the housing prices or anything.
Speaker 4 (17:03):
Well, let's do this one. So new pending sales are
also up six point nine percent. Well, so what that
means is this is kind of a predictor for next month.
So sales pending now could possibly be closed next month.
So you know, hopefully April's numbers will also reflect you know,
we've got more activity and I could see it like
inventory or at least just the listings that we're intaken
(17:25):
right now, that's definitely gone way up.
Speaker 2 (17:29):
Good.
Speaker 4 (17:29):
We're constantly listing calls and new listings coming up.
Speaker 3 (17:32):
And so you heard it from Sinia and Frank the
bank that you better get your butt off the couch
and you need to buy now because when that inventory comes,
when those rates drop, guess what you're going to have
supply and demand. People are going to be making multiple
offers on the homes. It is time to do it now.
You go to eight one to three, seven five to
five reel. That's how you get in touch with Sennia
seven five y five reel, and you go to contact
frankdbank dot com for me to talk to you about
(17:54):
a regular mortgage. By the way, the thirty or fixed.
If you google it right now. According to bankrate dot com,
they suck, by the way, But according to bank ray
dot com, the rate is six six point ninety three percent,
and we are we are actually locking thirty year mortgages
under six percent right now. So you don't have to
pay seven percent. You just have to work with a
wholesale company, not bankrate dot com or these big banks.
(18:17):
If you actually want to get lower interest rates, remember
by wholesale, don't buy retail. If you want to save
a couple dollars, send you. Was there anything else we
wanted to hit on.
Speaker 4 (18:24):
No, it's too bad that most people, you know, that's
where they go to you know.
Speaker 3 (18:27):
Know listen, that's what our grandpa did, right He told
us that, right, Tris They're like, go to your bank
and shake his hand. Yeah, and you're gonna get a
good deal. No, not anymore. That does not happen anymore.
You don't get good deals from the bank because the
bank is just selling you what the one product that
they have, and that's not the product for you. So
we got a minute left, What do you think anything
(18:49):
else we want to do on the real estate.
Speaker 4 (18:51):
I'm excited that you know, we've heart Trish here in
the fact that she heard about you on the radio.
So yes, it really works.
Speaker 3 (18:57):
It's kind of full sirt. Well, I guess, I guess.
I guess that's a little saying right there. Radio works
that if Tricia and I would not know each other
if it wasn't for the radio and Trisha, I'll preempt this,
but then we're going to tell your whole story when
we get back from the break here about how you
heard about me, and I want we want to talk
about your reverse mortgage story, because not only did you
do a reverse mortgage, but you did something very different
(19:17):
when it came to your reverse mortgage, something that less
than probably fifteen percent of people do with reverse mortgages.
And I'd like the consumers to hear because reverse mortgages
sometimes it makes sense to actually pay to get a
reverse mortgage. And Trish is the type of savvy individual
that I didn't even have to do the math she
told me before I could tell her the benefits of
(19:39):
the reverse mortgage. So when we get back, we're going
to have Trish Bert talking about her reverse mortgage story
and why it may make sense for you to actually
pay to do a reverse mortgage, not just get paid
to do one. Stay tuned to the Business Happy Hour
with Frank the Bank and Senny Aikishina and Trish Burt
will be back in just a minute with a special
reverse mortgage story for all of them.
Speaker 1 (20:00):
You welcome to the Business Happy Hour radio show with
your host, Frank Debankkodo, the owner of Lincoln Lending Group
right here in Tampa Bay for twenty three years, joined
by his incredible co host, Senia Akishana, realtor with Mahara
and Associates.
Speaker 2 (20:16):
Tampa's top real estate company.
Speaker 1 (20:18):
Together, they have helped finance and clothes nearly one billion
dollars of real estate every year. If you're looking for
local mortgage or real estate advice, the Business Happy Hour
team has been right here on news radio WFLA for
over a decade.
Speaker 2 (20:31):
Listen right here, or find.
Speaker 1 (20:32):
Us on the Business Happy Hour YouTube channel, or follow
us on Instagram at Frank Debankkodo. Now, sit back, relax,
and get ready for some serious mortgage, real estate and
business talk with two of Tampa's top experts. Here's Frank
de Bank and Senia.
Speaker 3 (20:47):
Yeah. All right, welcome back to Sorry, welcome back to
the Business Happy We're having too much fun on the
break right there. We have got a great show for you.
It's very rare that we do a show like this.
We've done a couple in our long, illustrious career with iHeartRadio.
In the Business Happy Hour, we have Trish Burt in studio.
I'll say it again real quick. I met Trish because
(21:08):
of our nine seventy WFLA iHeart Radio Ryan Gorman. She
and I'll just like Chris, I'll let you tell the story.
But she has a very unique reverse mortgage story. She
did do a reverse mortgage with Lincoln Lending Group. We
just closed in the last thirty days or so, and
her story is so unique because Trish actually paid to
do a reverse mortgage. I'm gonna let her talk. She
(21:30):
is a great talker, and then we have a great
surprise for you at the end of the show. Trish,
let's start with how did we meet, and let's just
kind of talk about your reverse mortgage journey.
Speaker 6 (21:39):
Well, the car was going in at the Mercedes dealer
for repairs and I got a.
Speaker 5 (21:46):
Loaner.
Speaker 6 (21:47):
Yep, Hey, they had AM radio on there. I don't
listen to AM normally, so that was a fluky thing
wrote down because I heard you went to the coffee
shop that I was meeting.
Speaker 5 (21:57):
Somebody made a phone call.
Speaker 6 (21:59):
And my first question to you was where I saw you,
and why are you doing reverse mortgages? Yep, And you
said nobody's ever asked me that nobody had. So then
we went into a lot of conversation about my background,
your background and everything, and I was like, okay, well,
I really we want to do a reverse mortgage, but
last year the numbers were way off, so we couldn't
make it work. So you started talking to me about it,
(22:21):
and then you mentioned about bringing money to the table,
and I was like, okay, but what are we talking about.
So we went through some basic numbers and then I
think the number was like about we would have to
come to the table with twenty.
Speaker 5 (22:32):
Four thousand dollars, right, I remember that, So I said okay.
Speaker 6 (22:35):
So on the phone call, I said, so, let me
ask you a question that means I'll never I know
about reverse mortgages, that I never have to make another
mortgage payment. But the biggest thing was, so my mortgage
is two fifty four dollars a month that I'm paying
to the bank, right if we do this, and I
put twenty four thousand dollars to the closing. Then that
(22:56):
means on May first, I'm not making a mortgage payment,
and in one year we can pay us ourselves back.
Speaker 3 (23:02):
That's correct, twenty four I'm sorry, twelve.
Speaker 6 (23:05):
Times two thousand, So that's coming back into my pocket.
And in four years I would have had one hundred
thousand dollars. And I don't think that the principal on
the mortgage would have gone down one hundred thousand dollars.
Speaker 3 (23:17):
I don't think so. Nor do I think that you
would have made one hundred thousand on any investments you
had in the bank.
Speaker 6 (23:22):
And then in seven years, we were going to have
to refinance the original mortgage because it was an arm right.
So I was going to have to do something at
that point, and I was not interested in another thirty
year mortgage at seventy seven.
Speaker 4 (23:35):
Own you, I know that was what she walked in.
I'm like, you're old enough for a reverse mortgage.
Speaker 3 (23:41):
Yeah, people are gonna think I'm lying.
Speaker 6 (23:43):
Oh no, I would we would have to refinance in
seventy at seventy seven because I'm the younger. Yeah, and
thirty years that's going into one hundred years of age
plus It's like, that's.
Speaker 5 (23:54):
Crazy, you'd be and gets book a world record.
Speaker 2 (23:55):
Yeah.
Speaker 6 (23:56):
So now we're not doing a reverse mortgage. We're not
doing anything. We're not paying a mortgage pain, right, which
was the greatest thing. And it's like I'm like, oh
my gosh, I can just put that money back in
the bank. Yeah, and then if things change in the
market in five years, then we can go back in
and do another reverse mortgage and then I'll be able
to get the equity out.
Speaker 5 (24:14):
That's right, that's what I'm looking forward to.
Speaker 3 (24:15):
Oh my gosh.
Speaker 6 (24:16):
And if it doesn't happen, that's fine because we never
have to make another mortgage payment.
Speaker 5 (24:20):
That's all I cared about.
Speaker 3 (24:21):
That's beautiful. So I hope you guys caught on. So Trish,
Trish actually did the math herself. I didn't, you know.
I answered the question when I said the reverse mortgage.
I said, Trish, you are you are such a spring
chicken and you don't have quite enough equity to get
them to pay you right now or if you do,
not to bring money. And before I could even finish
my sentence of saying, well this is what you need,
(24:43):
you had already done the math in your head. Yes,
and you already said, well, well, wait a minute, I
put the money back in my bank. I take twenty
four thousand out of my retirement, which, by the way, guys,
if you're anything like me and Trish, your retirement's not
making you ten percent a month. It's not making you
that much at all. So Trish took money. Basically, the
wasn't working for her. She made it work for her
to the sum of two thousand dollars a month. And
(25:06):
she took the math forward and said, well, I'm gonna
have another one hundred thousand in this amount of time,
and then in this time I'm gonna have another one
hundred thousand, and you're just gonna compound that and you're
gonna have a much bigger retirement and you have the
flexibility to not have to worry about that two thousand
dollars mortgage.
Speaker 5 (25:21):
Payment, paying that mortgage. I do not want to pay it.
Speaker 3 (25:23):
So how many times I'm curious during the mortgage process
or otherwise did people tell you you're crazy or it's
too good to be true, or is this can't be real?
Speaker 6 (25:32):
Well, I had a couple of people say, people that
I knew I was talking to, they were like, well,
I know somebody that lost their house, and I go okay.
Speaker 5 (25:38):
So then I gave Frank all the list of questions
like did I hear this correctly or not? Did I
make a mistake?
Speaker 6 (25:44):
And the problem was is that the people that did
lose their house was prior to twenty fourteen, you nailed it, okay,
and they were not make They didn't make the tax payment.
Speaker 3 (25:54):
That's right.
Speaker 6 (25:54):
So we only have to pay our taxes, which we
have to pay anyway. We have to pay our ho
which we have to pay anyway, and we have to
pay our homeowners insurance, which you all have to pay anyway.
Speaker 5 (26:04):
And that's all I'm worried about.
Speaker 3 (26:06):
That's it.
Speaker 5 (26:06):
The rest of it is yeah.
Speaker 3 (26:08):
Yeah, Now, a lot of people told you that it
was too good to be true because prior to twenty fourteen,
what they would do a they didn't pay their taxes.
That's the only way to lose your house, by the way,
on a reverse mortgage, don't pay your taxes. And that's
not the mortgage company take in your house. That's the
tax collector take in your house. That's Uncle Sam. But
what happened prior to twenty fourteen is they would allow
(26:30):
husband and wife to do a reverse mortgage, but they
could leave one of them off. So let's say you
had left you off of the mortgage and you did
it way back in twenty fourteen, and something tragic happened
to your husband and you weren't on the reverse mortgage,
and the house also had no equity, which can't happen
these days. Either way, it's very very rare that that
would happen. Then the people would have no equity, and
(26:51):
then there was possibility that they could lose the house
or they didn't pay their taxes. That's it. So, like
Tris said, we're all responsible for tax insurance and hoa,
that's it now, Trish, did you know you can actually
make a payment on a reverse mortgage?
Speaker 5 (27:05):
Yes, but I'm not going to.
Speaker 6 (27:06):
I why would I pay the bank to do this?
And here's the other thing we are not looking at, Lee.
This is our agent place house, right, Okay, this is
why we did this. But the other thing is is
we're not necessarily worried about leaving it to anybody.
Speaker 5 (27:20):
Okay, it is what it is.
Speaker 6 (27:22):
I mean, families today don't do legacies like they did
forty years ago.
Speaker 5 (27:25):
Right, it's a whole different world.
Speaker 6 (27:27):
So that way, if there is equity in the house
upon the last person's death, great family gets that goes
into the estate. If not, no big deal because they
are already settled into their places, right.
Speaker 3 (27:38):
And you know that is that's probably the number one
objection that we hear. It's not normally from the person
who wants to do them with reverse mortgage. It's from
the family. And it's usually the children saying, well, well,
mom and dad, you know this is going to be
my house and my equity. And like you said, most
kids at this point, you know, because you've got to
be over sixty two for the regular one. They're established, right,
they have their homes, they have their families. But what
(27:58):
I always say to the child, listen, if something happens
to mom and dad and they don't do this reverse
mortgage and they need some care, where is that money
coming from? And right the most of the kids will say, oh, well,
we're gonna pay for it, you know, we're great kids. Well,
then I asked the kids, let's say you did have
the money, but you're taking it out of your retirement.
So what are you gonna do when you retire and
(28:19):
you don't have that money because you have to help
your parents out. A young lady came up to my
booth today when we're doing a reverse mortgage seminar at
the Owls, and she literally told me, she goes, well,
I could leave it to my kids, but what if
my kids don't want it or don't need it. I said,
that's fine, you give it to anybody you want. But
she had already kind of figured out that she needs
to live on her equity. She paid her home off,
(28:40):
and I had to explain it to her. And this
is one of my favorite parts. You can take the
money out of your home tax free on a reverse mortgage.
If you have the equity to take money from your home,
it is tax free because it's your money. You paid
down the mortgage yourself. It's your equity, so you get
it back tax free. And here's a little secret. If
you take it tax free and then something happens to you,
(29:02):
you get to leave it to your kids and they
don't have to pay taxes on that. Where if they
take the home and they sell the home with Sinia
at mahar And Associates shameless plug. If they sell the home,
guess what they do. They pay taxes on the proceeds
of that sale. So this is a little tax strategy
that you can actually save on taxes. Access your equity.
Now you can even give it to your kids. We
(29:22):
had a couple who literally took three hundred thousand out
of their home and gave it to their kids. They're
ninety years old. And I asked him why did you
do this because he didn't need the money. He said,
because I want to see what my kids are going
to do with the money. It was genius. He gets
to see what his kids are doing with the money
while he's still here. Sinnya, I see, you're like over there,
what question?
Speaker 4 (29:41):
But no, I didn't know that that was tax free.
I mean that's great.
Speaker 3 (29:45):
Yeah, completely tax free money. So by the way, on
any refinance, any cash out refi, equity line or reverse mortgage,
the money is tax free. It is your money, so
take it and live on it and use it. So
what else, Trich, We got a couple minutes left in
this segment. Tell me about the process. How did it go?
Speaker 5 (30:03):
It was easy?
Speaker 3 (30:03):
It was easy.
Speaker 4 (30:04):
It was easy.
Speaker 6 (30:06):
I did I probably stepped in and did more work
than the underwriters did.
Speaker 5 (30:11):
But that's okay.
Speaker 6 (30:12):
That's typical underwriting. I don't care what all the houses
I've ever closed on in my lifetime, I always stepped
in and just you want to be on the ball
and get everything to them right away, don't waste any time.
Speaker 5 (30:23):
The quicker you do that, the quicker you can close exactly.
And that's yeah.
Speaker 3 (30:26):
So you felt like the process itself was relatively easy.
Speaker 5 (30:29):
Oh yeah, it's easy.
Speaker 6 (30:30):
I mean they give you the list of the things
that you need and you just go through it and
then just make sure you have your stuff together and
get it put in the documents so that they have it.
Speaker 3 (30:37):
That's it. How is it working with Lincoln Lending and
their staff?
Speaker 5 (30:40):
Oh, let's see Lincoln Lending.
Speaker 3 (30:41):
Do you know who they are?
Speaker 5 (30:42):
I know who they are.
Speaker 6 (30:43):
So they were great, and Bev was great. She worked
with me a lot. And then I would text Frank
and get in his face.
Speaker 5 (30:51):
But that's okay. Everybody came back right away.
Speaker 6 (30:53):
They answered me right away, and I was like, Okay,
I got this, Okay, I can do that, okay, and
what do you want me to do now?
Speaker 5 (30:58):
And then just did what I had to do.
Speaker 4 (30:59):
Yeah, how long did this take start to finish?
Speaker 6 (31:02):
We did it within I wanted to be done before
the end of April. I did not want to make
I made the April payment. We started at the last
two weeks of March. YEP, I already know the process
with underwriting. Don't ever try to close at the end
of a month because they're too crazy. So you got
to kind of like gauge it. So we started and
we were closed what three weeks ago, two weeks ago,
(31:22):
and so I knew I didn't want to make a
May first payment. I made the April payment, got that
out and that's it.
Speaker 3 (31:27):
So in under thirty days normally you can get these clothes,
especially if you're somebody like Trish who is Johnny on
the Spot, Jill on the Spot with her documents, you
can get these clothes in under thirty days every time.
And Trish did it right. She said, Okay, Frank, this
is the last mortgage payment I making. That is exactly
what she said to me. And she said, I'm not
making another one, and I said, no.
Speaker 5 (31:46):
We will close.
Speaker 3 (31:47):
That's what Drid said. And we did close. And with that,
we're going to take a quick break here on the
Business Happy Hour. Don't forget we are a podcast and
we're on three radio channels. You can watch us on iHeartRadio,
you can check us out on Instagram, and we're going
to be back in just a minute with more reverse
mortgag stories than the.
Speaker 1 (32:01):
Let's get back to the Business Happy Hour radio show
with your host Frank the Bank Koto, owner of Lincoln
Lending Group, and his co host Senia Akishna.
Speaker 2 (32:09):
Realtor with Mahara and associates.
Speaker 3 (32:12):
All right, welcome back to the Business Happy Hour, your
number one show for all things business and entrepreneurial. Entrepreneurial. Sorry,
I do this too much. I'm gonna put somebody on
the spot who's in studio with me right now? If Ryan,
will you come around and be on my Instagram cam
with me for one second before you get back to this.
So Ryan Owens, my good buddy, known this guy. Which
side are you going on? Right here? Known this guy forever?
(32:34):
This guy right here? Yes, he If you watch my
Instagram produced videos, you can tell which ones those are.
By the way, that's all this guy, Ryan puts that
together for me. But here's a special announcement. This is
not the big special announcement. This is a special, special,
extra special announcement. Ryan has joined the Lincoln Lending Group team.
He's a licensed originally yea, yes, Ryan, Ryan has been
(32:57):
in He's been in real estate in some way, shape
or form for over a decade. This guy has worked
in all kinds of avenues in real estate, and he
has decided, you know what, let's go full force into
this mortgage thing. So you guys are gonna see some
really exciting things. There's gonna be some webinars, there's gonna
be some more radio appearances. His face is gonna be
on the other side of the camera every once in
a while, you see that face. There's only one face better,
(33:19):
and it's not me. No, it's right. Whatever you guys want,
you choose the one you want. But we're gonna finis
us off the show here at Trish and Ryan's doing
some video for us, and then we're gonna do a
special announcement with Ryan that you guys are going to
see online later this week. Right, right, maybe I just
put him on the spot.
Speaker 2 (33:37):
All right.
Speaker 3 (33:38):
Back to Trish Burt, my favorite, my favorite non scripted
actor actress who I literally said, Tricia, will you come
on the radio? I think yours just so dynamic. You've
been in sales for a long time, right time. Yes,
And you do more than more than just reverse mortgage testimonials, true, right, right?
Do we want to talk about any of the others.
Speaker 6 (33:58):
Well, I do insurance, yeah, annuities, yeah, I do employee
paid insurance where the company just takes it out of
your payroll.
Speaker 3 (34:08):
Right.
Speaker 6 (34:08):
And I also have a wellness business online. And I
have a digital marketing business online.
Speaker 3 (34:13):
Yes. Do you want to give out a webside or
phone number anything to wait? Wait, okay, we're going to wait.
We're going to do a special announcement in the end.
In four minutes, we're gonna do a special announcement. But
before we do, Cindia, do you have any reverse mortgage
questions for for Trish? I p had putting you on
the spot.
Speaker 1 (34:27):
But.
Speaker 2 (34:29):
No.
Speaker 4 (34:30):
But I think congratulations and doing it that sounds like
an amazing deal. I mean, yes, if you're in that
position to get a reverse mortgage, I don't see why
everybody doesn't do it.
Speaker 3 (34:40):
Right now, Trish, you know that there's always the misconception
that you can lose your home right. I think you
believe at this point you can't lose.
Speaker 5 (34:48):
Oh, I can't lose my home right.
Speaker 6 (34:50):
In fact, it's in fact the budget this month. I'm
sitting there going like, okay, that two thousand has to
go into.
Speaker 5 (34:55):
The savings account. I will not spend it.
Speaker 6 (34:59):
But it is definitely made the whole budget for the
month a lot less stressful.
Speaker 3 (35:03):
Right. You know what you said it without saying it
is it gives you options? Yes, right? And I know
you are. You are very on the game, you are
very savvy. I know you're gonna put that money in.
It might be a little reluctant, it's going on, but
here's the beauty. Come December, Let's say all of a sudden,
you got a whole bunch of Christmas presents that you
want to just deal with and you don't want to
put it on a credit card and pay interest. You
(35:25):
got the money, the money's there, right, yep, put it
back the next month, yep. Right. So the beauty is
we give you control. And a lot of people don't
realize you can make a mortgage payment, a reverse mortgage.
But Trish already said, why would you ever?
Speaker 5 (35:35):
Why would you bother right? Why do you want to
give them back the money?
Speaker 3 (35:38):
Right?
Speaker 5 (35:39):
It's working for you use other people's money.
Speaker 3 (35:41):
Oh my gosh, Right, you just nailed at other people's money.
That could be an entire episode. I know, right, I know.
Speaker 2 (35:46):
I laugh.
Speaker 6 (35:47):
I walk around telling people that like, why are you
doing that? Why don't you use other people's money, don't
take the money out of your bank account?
Speaker 5 (35:51):
What's wrong with you?
Speaker 3 (35:52):
Right? So that's what we're going to ask the listeners
right now, what's wrong with you? If you're over fifty five, okay,
you can do a convention reverse mortgage. If you're over
sixty two, you can do the one that Trish did
called a heckam, it's a government insured reverse mortgage. We
just found out yesterday that you can do reverse mortgages.
Not on the one you did right at This was
a little higher rate, So it's not I don't like
(36:13):
it as much. But you can actually do a reverse
mortgage only in the husband's name without the wife, the
scary way that they used to do on the conventional one.
But I met somebody yesterday who had a forty seven
year old wife and he is sixty seven, so God
bless him, right, But we can actually do the reverse
mortgage in that scenario on the conventional product. Now here's
(36:35):
the thing. The wife is not going to get any
benefits of the reverse mortgage, none, no protection. So the
way it happened before and people thought they had production
and they didn't. This one, we're telling you upfront you don't.
So it's just like a regular mortgage. So when you're gone,
she's gonna have to refinance. Right. So and by the way,
Chris add it too, you can refinance. And he said,
what was your plan with the reverse mortgage? You were
(36:55):
gonna wait in a few hours.
Speaker 6 (36:56):
Oh well, I'm gonna watch the interest rates just like
everybody else. When I see the amortization schedule flip yep
and the rates go down and the house has the equity,
then I'll go back and do it again with you, right,
And then I'll take some money.
Speaker 3 (37:08):
Out exactly, and then what you can do what with
the money?
Speaker 6 (37:12):
Whatever I want, and I can still not make a
morek lots of traveling still, yeah, I'm gonna do lots
of traveling, and then I can still live in the
house and I don't have to pay mortgage.
Speaker 3 (37:22):
So that's what my own grandmother did, same thing, whatever
she wanted, And she told me that before she died
at ninety three years old or ninety two. I can't
remember now, but she said, I did whatever I wanted
in the last ten years. She bought her first brand
new car at eighty three years old. First brand new car.
Speaker 4 (37:38):
You said, it was like the best like ten years
of her life. So freedom and the freedom, that's a
great story. I love that story.
Speaker 3 (37:44):
It really does create financial freedom. And now for the
big announcement, Trish, you ready ahead. Trish is joining the
Lincoln Lending Group team. She is a saleswoman to the bone,
and she is going to go out there and help
more people find that financial freedom the same way that
she found it. And she's going to be an account
executive for Lincoln Lending Group. Welcome to the team, tris you, Yes, Yes,
(38:06):
where's yeah? Jamess right on it.
Speaker 1 (38:09):
There, he heard it.
Speaker 3 (38:10):
Every time he hears welcome, he's like claps.
Speaker 4 (38:13):
Congratulations and Frank, congratulations to you. I think this is
awesome because if so many people still have that misconception
about reverse mortgages, you guys need to get the word out.
Great program. Lots of people can benefit from it. So
I'm glad you've got to help her to spread the word.
Speaker 3 (38:28):
Yes, she is more than a helper. I think Trisha
is going to be the best. Now the Trisa, Sadly,
you're going to have to overcome the same objection as me.
They're going to look at you and be like, you're
not old enough for verse mortgage, right. I know, well
you have to. You better show him your driver's license
because even Bill, my VP, when you're in the room,
he texted me, He's like, she's not the one that
got to reverse mortgage, right. I was like, yeah, that's hers.
(38:50):
So congratulations on your great genetics, by the way, But see,
I have trouble being in my mid forties. You know,
I have to convince people over sixty two that they're
not going to lose their whole and all that you
can look them by the God and you can tell them.
So welcome to the team, Trish. We can give out
all your information on the social media. We'll figure out
what you want to give out, so we don't do
(39:11):
cross any lines. But Trish's officially an account executive Lincoln
Lending Group. You do not have to talk to me.
You can talk to Trish to the horse's mouth, who
will tell you how it actually went with your reverse mortgage.
So thank you for coming on the show today.
Speaker 5 (39:22):
No problem had you have fun on radio. Had a
great time.
Speaker 3 (39:24):
Awesome is great. This was a lot of fun and
we're gonna do a little testimonial afterwards. You Instagrammers can
stay on and listen. Senya, thanks for all the so much.
Speaker 4 (39:34):
Trish, Yeah, welcome to the team.
Speaker 2 (39:35):
Thanks.
Speaker 3 (39:36):
Yes, Yes, and you'll get to get to meet all
of her team and everything she does, Sue. When we're
talking about real estate, yes, we'll talk lots more. We
sure will. So you guys have a great week. Don't
forget it is eight one, three, seven five five reel
seven five to five reel and contact Frankdibank dot com
or reverse Guru dot com. We will see you guys
next week with another guest, hopefully as exciting as Trish.
(39:57):
Have a great week, everybody,
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