Category Archives: RM details

Is it a good idea?

There is always a lot of press, articles, opinions etc., as to whether or not a reverse mortgage is a good idea. You may find my position on this a little different – it does not matter what the press says or what your neighbor says.  It matters whether or not this is good for YOU. At FirstBank, our corporate culture is about “Helping others get to a better place”.  That’s it and that is what it is all about.  Sure, if you want a Home Equity Conversion Mortgage, we are happy to help you, but we are also very happy to give you the facts and help you evaluate your own situation – yours, nobody else’s. Since everyone is different and their financial picture is always different, the answer cannot be the same for everyone across the board. Visit us today and let us educate you. If we can help you make that educated decision, the answer about whether a HECM is a good idea is an easy one.  Visit us online to view more, click here

 

Financial Spring Cleaning-2017

Spring cleaning is not always about the garden.  It’s also a great time to review finances and get things in order so you know what you have and what you can use. This site MyCreditUnion.gov had a great article on financial spring cleaning that we thought might interest you. The site has general information from the government about Credit Unions and how they operate, but the article is a good one. Number 4 is a good one: Review Your Budget.  The even have a link to a budget worksheet that you might find very helpful.

As always, part of your retirement financial plan includes knowing what you have AND what you can use. Remember, home equity can be a piece of that equation and we invite you to CONTACT US to learn more about this important part. Education is key, so learning how you might be able to access your home’s equity by using a Home Equity Conversion Mortgage is very useful knowledge. When you learn more about a HECM, you can make educated decisions and FirstBank can help.

Payments to a Reverse Mortgage???

Did you know that you can make payments to a reverse mortgage?  Many people think that since it is not required, that they can’t – and therefore they lose control over the loan balance.  That is another piece about reverse mortgages that is simply not true.  YOU always have control over it, just like you always own your own home.  It is true, that the way Home Equity Conversion Mortgages were designed to work, that they do not require mandatory monthly mortgage payments like a traditional mortgage. BUT, you can make payments; many people do.  They pay interest only, less than interest, more than interest – and they pay it whenever they want.  There is complete flexibility in this type of loan.  As long as you keep your property tax and homeowner’s insurance up to date, you have complete and total control over this very unique mortgage!  Please contact us for more information and we would be happy to explain more.