The financial adviser who manages Leslie’s money tells him that if he draws down his financial assets every year by the amount needed to maintain his lifestyle, the probability of running out of money before he dies is “only Reverse Mortgage Atascocita 5 percent.” That is supposed to make him feel secure, but it doesn’t — it makes him feel anxious. Nobody wants to spend their twilight years hoping they die before reaching the point of impoverishment. Of course he could sell his house, which would increase his investable assets to about $900,000, but the cost of substitute shelter could eat up most or all of the additional investment income. Or he could wait until the worst happened and sell the house then, but the thought of having to move at that point in life is frightening. The solution for Leslie is to take a line of credit under a HECM reverse mortgage, and leave it unused indefinitely.
Read the rest here: Using a Reverse Mortgage to Avoid Impoverishment
SecondaryWire Launches Online Loan Exchange, Supports Reverse Mortgages
SecondaryWire has announced its wholesale trading platform will allow brokers and lenders to execute trades through its free membership service. Weve completed a cutting-edge technology that ensures that brokers receivethe best price for their loans and enables lenders to dramatically reduce the costof acquiring loans and increase their profits, said Katherine Chalmers co-founderand executive vice president of marketing for SecondaryWire, Inc. Our aim was atrading platform that addressed the needs of both sides of a wholesale transactionwithout forfeiting existing relationshipsand we achieved that goal. Through the service, lenders are able to purchase loans from anywhere in theU.S., without having to open branches or add loan officers. SecondaryWire was designed with the requirements of the wholesale market inmind by people who worked in the arena, understand the market, and knew howto improve it, Chalmers said.
Read the rest here: SecondaryWire Launches Online Loan Exchange, Supports Reverse Mortgages