The Financial Workshop Returns!

THURSDAY, March 7th, 6:30-8:30 PM

REGISTER NOW! (free but seating limited to 18)

Please use the form at the bottom of this post or email dparsons@commercemtg.com or call 714-801-5810 with name, number attending, phone number and best contact e-mail address.

Your Home is the Safest & Fastest Path to Financial Security – Wealth Building – Retirement Solutions

The most important workshop you will ever attend. It is critical to your financial future whether you are single, married, rent or own a home, are 20 or 80. Financial literacy is a must to navigate successfully the years in front of you, whether starting out or preparing for retirement. No invitations for fancy dinners and pitches to buy annuities or investments, just simple education for my private clients and friends, presented in a fast paced, light atmosphere setting.

Why do the rich get richer, and poor get poorer? It is literacy, handed down OR, LEARNED that makes the difference. Anyone with a desire to learn and some discipline with a plan/coaching, can be successful in building financial resources, even live or retire in style!

You will learn:

  • Why your 401K will not let you retire
  • Why renting is a disaster and how to buy with $500.00.
  • Why your home is the primary path to financial security and successful retirement
  • Should you pay your house off sooner than later?
  • Is real estate forming another bubble?
  • What an average person’s expenses today will look like in 5,10, 20, 30 years
  • What an average person’s investments may look like in 5, 10, 20, 30 years
  • Should you sell and relocate to another state?
  • How medical issues could upset the whole apple cart
  • If you inherit a property or receive a lump sum of cash what you should do?
  • Should you buy a rental property or rent out your residence and buy another home to move into….
  • Can you do all this without saving money? Often yes! (Caution)

Each of these areas are a workshop in itself, but we will cover enough of each to give you a basic understanding and hopefully some amazing solutions. This is a positive workshop with the best tools for success. Yes we will share the pain, but once understood, there is awesome gain!

Please fill out this form and we will send you a confirmation.
  • Enter the characters you see in the box below.

Thanks for being a great client!

Your host and servant for 30+ years,

Shake Up in Reverse Mortgage Lending?

Recently Wells Fargo departed from the Reverse Mortgage Market. This after B of A pulled the plug not too long ago.  The facts of the matter are; Reverse Mortgages are still plentiful and will remain available to seniors unless HUD (unlikely) cancels the insurance program.

However they may be tweaked in two specific areasFirst, the loan limits will most likely drop from $625,500 (high cost areas like LA/Orange counties) to $417,000.  Secondly, there is an effort and need to protect lenders from T&I default.  (Property Taxes and Homeowner’s Insurance)  This is primarily what has been the bone of contention for those leaving the arena. FHA guidelines have not made income or credit a “qualifying criteria” for obtaining a reverse mortgage. (exceptions being liens, judgments, etc.)   After all, there are no mortgage payments required by the homeowner until you no longer occupy the property and then you or your heirs must refinance or sell the property to pay off the mortgage.  The solution to this does not need to be complicated or layered with reams of new guidelines as only the government can invent, but rather some common sense underwriting by the lenders themselves.

Probably the important focus currently is that with each congressional budget comes the squeeze for dollars; senior programs are always targets.  The reverse mortgage will be no different.  While I believe some common ground can be found to solve the tax and insurance defaults, the loan limit reductions are a more serious situation in my opinion.  Innumerable seniors will not qualify for the lower limits program due to existing loan balances/lack of equity.  That means many who have had their IRA’s or 401k’s ravaged by the markets the last several years will be drawing down their retirement dollars much faster and will end up out of money, possibly having to sell their home and move in with family or a small apartment, unless they can access a program like the Reverse Mortgage with high enough loan limits.

There is a rare “jumbo product” available, at least currently, but at a much higher interest rate and is not near as good a solution.  IF YOU KNOW SOMEONE THINKING OF APPLYING FOR A REVERSE MORTGAGE AND WAITING, WE NEED TO DO AN IMMEDIATE ANALYSIS BEFORE THE LIMITS CHANGE.

Lastly, never before has experience and skill in this industry meant so much for clients struggling and trying to navigate safely in these financial times, whether it be real estate or mortgages.  Fully 1/4 of my time is voluntarily invested in taking calls of folks referred to me who do not know what to do with their home or mortgage. “I just had a cousin get in the business…” I have this guy or gal I just met in my networking group who does this…..” I heard this ad on the radio where……”  “I was online and found….”
STOP!!! STOP!!!  Run, don’t walk from this, as fast as you can and call and EXPERT! This is not the time to give out 3 names to CYA or refer a “nice guy”.  This market is for experts only.  Little to no experience?  Don’t apply, sorry.  We have had enough bad advice and ‘used car sales tactics selling rates and fees”  by so called lenders.  The financial success or failure of humans is at risk!