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From YouTube: Senior Moments "Reverse Mortgage"
Description
Senior Moments "Reverse Mortgage"
Produced by SB CityNet Services
February 2022
A
A
Hello
welcome
to
senior
moments.
I'm
daley
simonovich,
you
may
have
been
watching
television,
as
I
have
for
the
last
couple
years
and
seeing
commercial
regarding
something
called
reverse
mortgages
and
of
course
it
just
brings
up
questions.
What
is
a
reverse
mortgage?
Well,
my
producer,
and
I
were
curious
about
it,
so
we
brought
someone
in
who
may
be
able
to
answer
our
questions
for
us.
In
fact,
I'm
pretty
sure
she
can
I'd
like
to
introduce
you
today
to
my
guest
dominic
stevens
dominique
welcome
to
our
show.
A
B
A
B
B
Sure
so
a
reverse
mortgage
is
a
mortgage
in
reverse
and
in
our
world
we
call
forward
mortgages
just
regular
mortgages,
where
you
make
your
mortgage
payment
every
month.
A
reverse
mortgage
is
when
a
lender
with
approval,
if
you
have
if
the
client
is
approved,
will
pay
off
your
mortgage
and
then
you
no
longer
have
to
make
mortgage
payments,
so
the
mortgage
is
in
reverse,
so
the
interest
rate,
the
interest
that
is
due
to
the
lender
every
month
is
accrued,
so
the
balance
grows
over.
A
B
B
The
interest
in
the
column
that
accrues
every
year
and
then
they'll
show
another
column
that
shows
the
house
as
it
appreciates,
and
then
california,
these
houses
are
appreciating.
It's
crazy,
so
they'll
show
them
a
column
every
year
of
their
life
till
they
reach
100.
How
much
the
house
is
valued
at.
A
B
That
is
a
very
modest
amount
in
california,
so
I
mean
we're
looking
at
10,
often
in
california,
especially
northern
california.
Yes,
so
it's
a
very
modest
appreciation
schedule
and
then,
in
the
final
column,
it
shows
how
much
equity
they
have
to
leave
their
heirs
or
whoever
they
want
to
leave
their
equity
to.
B
B
It's
so
expensive
to
live
here
and
they
get
to
be
in
their
70s
and
they're,
carrying
a
balance
of
500
600
000.
That's
a
lot
of
money
when
you're
on
a
fixed
income,
so
to
have
that
option
to
not
have
to
pay
that
balance
every
month
and
not
have
to
keep
working
and
they
have
all
this
equity.
I
mean
we
have
a
couple
in
san
mateo
right
now,
we're
working
with
their
house
just
approved
for
3.7
million
dollars.
B
A
C
B
A
B
B
Exactly
they
have
to
sell
the
house
or
they
have
to
come
up
with
enough
money
to
pay
off
the
loan.
So
I
think
that's
where,
in
the
past
you'd
see
these
news
stories
where
you'd
see
it's
usually
the
wife
on
the
the
steps
of
their
house
crying
and
you
know
blah
blah
blah
I've
been
I've
been
evicted
from
my
house.
Well,
you
know
the
loan
comes
due
if
the
pr,
if
the
only
borrower
on
the
loan
has
passed
away.
So
I
think
that's
where
a
lot
of
that
confusion
came
from
now.
B
The
thing
we
didn't
talk
about
is
not
only
do
most
of
my
clients
get
their
mortgage
paid
off.
So
let's
say
the
reverse
mortgage
lender
bar.
They
have
to
borrow
money
on
the
market
right.
They
have
to
borrow
money
to
pay
off.
Let's
say
you
have
a
loan
with
chase
and
you
owe
500
000.
So
this
the
the
reverse
mortgage
lender
has
to
pay
off
chase
500
000
and
they
know
that
they're
going
to
wait
for
30
years
or
more
to
get
paid
back.
B
So
not
only
are
you
not
making
mortgage
payments,
but
a
lot
of
my
clients
are
getting
what's
called
cash
out,
so
they're
getting
a
lump
sum
of
two
three
four
hundred
thousand
dollars
into
their
bank
account
and
they
can
use
those
funds.
However,
they
want,
they
can
use
it
for
home
care,
fixing
up
the
house
and
it's
non-taxable.
B
A
A
B
B
B
A
B
B
You
decide
to
move
to
florida
to
be
near
your
kids.
Basically
all
you
have
to
do
is
sell
your
house
because
it
does.
You
do
need
to
maintain
it
as
your
primary
residence
with
a
reverse
mortgage.
You
can't
turn
it
into
a
rental,
but
let's
say
you
decide
you
want
to
be
in
florida
near
kids,
you
sell
the
house,
whatever
balance
is
due
to
the
lender.
You
pay
them
off.
Just
like
your
current
mortgage.
Now
you
gotta
pay
that
one
off
right,
you
pay
off
the
reverse.
Lender
you
move
whatever
equity
is
left.
B
A
C
C
Garbage
day
tomorrow,
wait
a
minute,
that's
not
where
the
totes
go
place,
your
bins
at
the
end
of
your
driveway,
not
blocking
the
sidewall
with
the
lid
opening
pointed
towards
the
street.
If
space
allows
place
the
bins
two
to
three
feet
apart
all
facing
the
same
direction,
keep
the
sidewalks
open
and
passable
for
walkers
people
pushing
baby
shoulders
and
the
disabled
and
remember
once
empty
totes
must
be
stored
out
of
sight
from
the
street.
C
My
uncle
freddie
lee
tyson
was
a
part
of
the
syphilis
study.
He
was
such
a
wonderful
man,
a
very
loving,
very
caring,
very
jovial
person.
He
helped
build
the
air
base
at
modern
field
when
you
think
about
the
tuskegee
airmen,
all
of
the
greatness
that
they
did
and
then
in
this
same
space
such
an
atrocious
study
was
being
heaped
upon
our
men
that
really
shook
my
spirit.
They
were
not
being
treated
that
is
very
different
from
what's
happening
with
cover
19..
C
A
B
How
much
you
currently
owe
on
your
mortgage
and
how
much
the
house
is
worth
there
has
to
be
enough
equity,
the
lenders
and
they
have
all
kinds
of
amortization
schedules
and
software
that
we
use
to
determine
that.
There's
enough
equity
in
the
home,
for
the
mortgage
to
last
till
the
youngest
person
reaches
100
years
old.
B
I
know,
but
as
I
had
a
manager
tell
me
once
they
could
be
120.,
the
the
reverse.
Mortgage
is
still
going
to
stay
in
place
till
the
whoever
they
all
both
pass
or
leave
the
home.
As
they
say,
I
mean
they
could
go
into
a
care
home.
The
homeowner
is
required
to
maintain
the
property
as
their
primary
residence.
They're
also
required
to
maintain
the
property
taxes
and
the
homeowner's
insurance.
A
B
B
When
the
owners
of
the
home
leave
the
property
permanently,
the
heirs
receive
the
property
in
two
ways:
they
have
options.
They
can
either
come
up
with
a
loan
to
pay
off
the
current
balance
and
keep
the
home
in
the
family
or
they
can
sell
the
home
and
pay
off
the
loan
and
whatever
proceeds
are
left.
That's
their
legacy
that
those
are
their
funds.
B
A
B
It's
anywhere
the
gamut,
60s,
70s,
80s
and
even
90s.
Really.
I
have
a
client
who
we
helped
him
get
his
reverse
mortgage
at
the
age
of
95
and
he
used
to
keep
a
little
piece
of
paper
in
his
pocket
that
he
showed
me
pulled
it
out
when
we
met
and
he
had
listed
his
cousins
and
his
brothers
and
the
ages
that
they
lived
to.
He
said
here
they
lived
to
105
this
one
lived
to
100,
it
was
so
cute.
I
was
like,
oh
my
god,
that's
so
sweet.
A
B
I
mean
knowing
full
well
that
these
institutions
have
actuarials
in
an
office
who
are
crunching
numbers
so
that
that
doesn't
happen
because
they
can't
stay
in
business,
but
everybody
has
to
remember
they
have
to
borrow
the
money
to
pay
off
your
let's
say:
chase
mortgage
500
000..
They
have
to
borrow
that
money
and
they
have
to
make
payments
on
it
every
month
right
but
they're
not
receiving
any
income
against
it.
A
B
Start
paying
the
principal
down
more
so
the
interest
payment
is
higher
in
the
beginning
and
the
principal
is
lower
and
that's
how
they
make
their
money
on
forward
mortgages
because
they're
boring.
You
know,
the
lender
is
borrowing
their
money
on
the
open
market
and
then
they're
charging
you
a
slightly
higher
interest
rate
and
that's
the
difference
how
they
make
their
revenue
to
pay
their
bills.
A
B
A
A
Most
people
are
taught
to
pay
off
their
bills,
so
even
if
they
get
a
reverse
mortgage,
they
may
want
to
pay
off
their
mortgage
in
10
years,
20
years
30
years.
But
what
I
was
what
I
was
thinking
is:
if
somebody
took
the
mortgage
out
at
age
75,
then
it's
it's
a
25-year
mortgage
schedule
or
it's
a
25-year
mortgage.
B
B
B
B
They
should
be
able
to
live
on
the
retirement,
the
social
security
and
the
pensions
they
have,
but
california
is
just
so
expensive
and
these
houses
are
so
high,
valued
that
you
know
once
they
take
a
look
at
the
numbers
they
go.
Why
are
we
struggling?
You
know
it's
expensive
to
get.
You
know
new
tires
for
your
car
or
dental
work
done
it's
not
cheap
and
so
yeah.
No,
I
mean
it's
becoming
more
and
more
popular
put
it
that
way.
A
B
B
Then
there's
title
and
escrow
fees,
which
is
on
every
mortgage.
Yes
and
then
there's
title
insurance.
Now
the
title
insurance
can
be
more
expensive
because
they're
insuring
that
house
all
the
way
to
the
amount
of
when
they
become
100
years
old.
So
let's
say
somebody
owes
500
000
and
the
house
is
worth
a
million
and
the
title
insurance
would
be
required
to
insure
the
property
up
to,
like,
let's
say,
2.3
million,
so
that
fee
can
be
a
little
expensive,
but
that
is
rolled
into
the
cost
of
the
loan.
B
Well,
I
have
a
fair
amount
of
very
wealthy
people
who
use
the
program.
I
mean
some
are
pretty
fabulously
wealthy
and
they
do
it
to
preserve
their
legacy
assets
for
whoever
their
legacy
is
going
to
go
to
it.
Maybe
their
children
may
not
be
their
children,
it
could
be
it
could.
Their
legacy
could
go
to
the
humane
society.
B
B
Getting
money
at
five
percent,
which
is
kind
of
the
max
right
now
on
a
reverse
mortgage:
you
can
get
reverse
mortgages
from
two
and
a
half
percent
up
to
five
percent,
even
six
percent
using
that
money
in
the
market
these
days,
but
that
that's
not
in
my
knowledge.
So
I
would
never
advise
anybody
what
to
do
with
their
money.
No.
B
B
B
If
you
have
a
forward
mortgage
now
and
when
you
pass
or
when
you
leave
your
house,
you
have
to
pay
off
that
loan
so
from
the
proceeds
now,
if
the
house
goes
upside
down
and
we
went
through
2008
2009
when
people
were
upside
down
on
their
mortgage,
guess
what
that's
the
bank's
loss?
That's
not
your
loss!
B
B
B
Go
in
and
you
knew
the
banker
and
he
knew
you
and
he
knew
your
family
anyway.
It
was
in
maine,
I
believe,
and
it
was
a
widow
and
she
needed
help
to
stay
in
her
home
and
it
was
a
gentleman
I
can't
remember
his
name.
I
can
look
it
up,
who
extended
the
first
reverse
mortgage,
and
that
was
the
beginning
of
an
industry
or
a
cycle.
B
You
know
appreciating
so
highly.
That's
something
to
to
know
that
you,
you
don't
have
to
have
your
first
reverse
mortgage
and
just
stick
with
it.
The
rest
of
your
lives,
or
maybe
the
interest
rates,
go
down
and
you
want
to
preserve
your
equity.
I
usually
do
an
annual
mortgage
checkup
with
my
clients,
if
they,
if
they
like,
I
give
them
a
call
and
say:
do
you
want
to
just
review
and
see
what's
going
on
and
those
two
things
are,
you
can
preserve
your
equity
and
or
you
can
take
more
cash
out.
A
C
B
C
C
A
Welcome
back
to
senior
moments,
I'm
dolly
simanovic
sitting
here
discussing
reverse
mortgages
with
dominique
stevens,
an
expert
in
the
subject,
and
it's
been
very
interesting
as
far
as
I'm
concerned,
but
dominique.
I
understand,
there's
different
types
of
reverse
mortgages.
Would
you
go
over
that
with
me?
Please.
B
B
That
loan
is
very
popular
in
america.
It's
underwritten
to
fha
guidelines.
It
requires
mortgage
insurance
be
paid
every
month
into
a
big
pool.
It's
a
huge
pool,
fha
loans.
So
if
there's
ever
any
defaults,
those
defaults
are
paid
for
with
that
pool
of
money,
but
it
is
definitely
a
requirement
to
getting
an
fha
loan.
However,
they
only
go
to
a
certain
balance
height,
which
is,
I
have
to
check
for
you,
but
it's
it's
more
around,
like
500
000,
but
I'll
have
to
get
the
exact
details
in
the
bay
area.
B
People
often
owe
more
than
500
000
on
their
mortgages
in
their
60s
70s,
even
80s,
because
they
have
been
using
their
house
as
a
little
bit
of
a
cash
machine
to
take
money
out
for
living
expenses.
So
the
second
type
of
reverse
mortgage
is
a
jumbo
reverse
mortgages.
Reverse
mortgage
excuse
me,
and
there
are
several
lenders
that
carry
those
and
those
are
portfolio
loans.
They
also
have
very
strict
guidelines
that
they
have
to
underwrite
to.
They
do
not
include
a
mortgage
insurance
premium.
B
A
B
The
next
step
is
they're
required
to
have
hug
counseling
by
a
third
party,
hud
counselor,
and
we
have
the
list
of
counselors
that
we
provide
in
the
package
and
they
call
and
they
do
a
phone
counseling
session,
where
the
counselor
goes
over.
All
the
information
with
the
borrowers
that
protects
the
borrower
to
make
sure
that
they
understand
and
ask
any
questions.
B
Maybe
they
didn't
ask
me
or
they
forgot
to
ask:
it
also
protects
the
lender
because
you
have
to
have
that
certificate
that
makes
sure
that
people
are
sound,
mind
or
they're
not
being
coerced
and
that
they
understand
what
this
is
all
about.
Do
they
pay
for
that?
Yes,
it's
usually
about
125
dollars
and
then
some
of
the
counseling
companies
have
grants.
So
for
people
who
are
struggling
financially,
you
know
I
tell
them
just
mention
you
know,
I'm
having
difficulty
and
often
they'll
waive
the
fee.
B
So
once
that's
completed
on
the
phone
with
the
counseling
service,
the
borrowers
send
that
to
me.
So
I
have
the
proposal.
I
have
the
counseling
certificate
and
then
I'm
allowed
to
provide
them
with
an
application
and
we
go
over
that
together
and
they
sign
the
application
and
that
gets
the
ball
rolling.
And
then
you
know
we
start
the
process
and
basically
you
know
what's
going
to
determine
how
much
cash
back
they
get
is
the
appraisal.
A
B
A
B
B
B
You
don't
pay
us
for
our
time
we
get
paid
by
the
lender
when
the
loan
closes.
So
you
don't
have
to
shop
your
your
package
around
yourself
and
deal
with
you
shop
it
for
us
exactly
yeah
and
you
don't
have
to
deal
with
these
folks
in
a
call
center.
Who
are
you
know,
you've,
never
owned
a
home
and
don't
know
california
and.
B
B
And
the
answer
to
that
is
that
the
reverse
mortgage
lender
has
to
borrow
the
money
to
pay
off
your
chase
loan
or
city?
I
keep
saying
chase
sorry,
whoever
you
have
your
loan
with,
so
they
have
to
borrow
money
from
the
open
market
and
they
have
to
pay
off
your
500
000
loan,
for
example,
and
then
they
have
to
make
those
payments
every
month
on
that
money
that
they
borrowed.
But,
however,
they're
not
receiving
the
income
from
the
borrower,
it
could
be
30
years.
A
B
B
B
B
Title
and
escrow
fees
yeah,
we
just
had
some
clients
out
in
stinson,
I
mean
they
refinance
their
property
and
their
house
went
up
to
like
2.8
million
a
tiny
little.
You
know
modest,
yes,
but
you
know
good
for
them.
You
know
it's,
it's
it's
a
good
market,
it's
a
very
vibrant
market
and
they're
quite
happy
and
they
can
relax
and
enjoy
their
lives.
B
A
Dominique
seniors,
right
now
and
I
assume
other
than
seniors-
are
inundated
with
scams
on
on
television
and
scams
and
that
on
their
cell
phones
and
their
regular
phones
with
phone
calls
it's
terrible
and
they're.
I
think
they're
many
of
them
are
afraid
to
call
and
find
even
find
out
information
for
fear
that
they're
talking
to
a
scammer.
A
B
B
We
don't
call
out
to
people,
they
call
us
they
find
us
because
of
the
information,
and
I've
been
doing
this
for
quite
a
while.
I'm
not
a
high
pressure
salesperson
for
me.
If
I
can
help
someone
and
it
puts
them
in
a
better
place,
then
I'm
here
100
for
them,
but
you
know
and
I'll
give
them
all
the
information
that
they
could
need,
and
you
know
I'll
be
with
them
every
step
of
the
way.
B
B
I
think
the
federal
government
has
enough
legislation
in
place
to
protect
every
consumer.
We
have
to
go
through
certain
steps
that
provide
a
legal
environment,
so
every
lender
has
to
do
that
as
well.
However,
if
you
feel
uncomfortable
talking
to
somebody
they're
pressuring
you,
then
that's
probably
not
the
person
for
you
and
listen
to
your
gut.
That's
all!
I
have
to
say.