Nathan Gesner, Broker / Property Manager (American West Realty and Management)

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Rainmaker
2,903,502
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

It depends on the needs and situation of the people who get them. If it benefits the people then I am a fan.  If someone deceived into getting one then I am not a fan of the person who deceptively sold a reverse mortgage. 

Mar 30, 2017 08:21 AM
Rainmaker
790,039
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

Absolutely a fan. One more option for those who qualify...to get more home for their money without a monthly payment for life of the applicant(s).

Whether one has the money or not to cover the full purchase, this could still be a wise move. Has to do with the time value of money in ones own situation...are they making more on that equity in their own business or is a other specific investment yielding higher returns for them.

Mar 30, 2017 08:17 AM
Rainmaker
832,128
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

REVERSE Mortgages for purchasing houses create a SUPER, SUPER, SUPER marketing campaign for building buyer lists. That does not mean anyone uses a Reverse Mortgage to purchase, but the message one can create is incredible.

Mar 30, 2017 08:25 AM
Ambassador
928,385
John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

As a product, I love it.  It's a wonderful product, often the best solution out there for certain folks in certain circumstances.

 

As marketed (as a solution to everyone 62 and older), I hate it.  It's expensive, there are a lot of sharks swimming in those waters, and for many folks 62 and over, it's NOT the best solution.

Mar 30, 2017 12:08 PM
Rainmaker
479,243
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

A reverser mortgage purchase was the opportunity one client had a few years ago to get a home or remain a renter. These programs can make a huge difference for certain people.

Mar 30, 2017 09:36 AM
Rainmaker
144,616
Julie Larson Realtor® Sarasota FL 941-882-0322
PalmerHouse Properties Florida - 941-882-0322 | Serving Sarasota, Manatee & Charlotte Counties - Sarasota, FL
When you're thinking of moving...ThinkSuncoast.com

For the right situation, I'm a big fan! 

They are a great tool for people who want to purchase new construction as well!   

Mar 30, 2017 09:25 AM
Rainmaker
1,632,342
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

Yes I'm a fan. I have not heard any negatives at all & I've had clients that finally had to move after having them & they were very happy.

Who is not happy - greedy kids that think their parents should not spend their equity on presciptions that they need. Phooey on that. 

Mar 30, 2017 08:56 AM
Rainmaker
3,569,840
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I think, as with many products, they have a place. As to whether I'm a fan or not... can't say... have not had enough exposure to reverse mortgages and have never had a client who wanted one.

Mar 30, 2017 08:44 AM
Rainmaker
1,599,288
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

As Kathleen Daniels wrote and that is another valid reason why anyone thinking of an HECM must undergo a mandatory course.

Mar 30, 2017 01:50 PM
Rainmaker
1,079,022
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Reverse Mortgages are fine, for the right scenario- I'm a fan. It's the lenders that get the bad reviews because they are sharks. I have a friend that is an expert in them, I trust him with my clients.

Mar 30, 2017 12:55 PM
Rainmaker
5,444,223
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

in certain financial situations, they're a blessing....but they're not for everyone....

Mar 30, 2017 10:45 AM
Rainmaker
1,418,377
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Nathan Gesner I believe they have their place and in the right situation may be good for the home owner.

Mar 30, 2017 10:40 AM
Rainmaker
547,872
Alexander- Slocum
Premiere Property Group, LLC - Vancouver Washington - Vancouver, WA
Realty Team- Vancouver WA Real Estate

I work with a great local lender, dedicated to the HECM - and he's sold me on the value and versatility of the prodect.  He'll interview the customer at their home, and make sure this provides the best option for them before proceeding.  Make me a Fan!

Mar 30, 2017 10:36 AM
Rainmaker
456,815
JoAnn Moore
The Mortgage Market of Delaware - Georgetown, DE
Home Loans in Delaware

It makes sense for some people. I am working on a couple of them right now. One has a husband that is in the VA Home with dementia. She only receives her social security income; no spousal support as the VA home gets her husband's income. She wants a few thousand upfront to pay off a credit card and for a wheelchair ramp tp her home then about $300 per month after that. Her only child died 8 years ago. She owns the home free and clear.

The other one owns her home as well but it needs a lot of repairs. Her son can do the repairs but she needs the funds for materials. 

 

Mar 30, 2017 09:41 AM
Ambassador
3,771,274
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

They absolutely can be beneficial to some but, it's one of those 'it depends' upon the situation!

Apr 01, 2017 09:48 PM
Rainmaker
5,982,954
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Excellent products for the correct situations.

Mar 30, 2017 01:43 PM
Rainmaker
1,514,602
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

I think they have merit in the right circumstances.

Mar 30, 2017 01:33 PM
Rainmaker
1,507,472
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

I agree with Kathleen, it depends on the needs of a homeowner. For some elder clients it can be the only solution. 

Mar 30, 2017 12:36 PM
Rainmaker
1,231,218
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Depends on the goals of home owner and or purchaser 

Mar 30, 2017 12:29 PM
Rainmaker
3,577,038
Richard Weeks
Dallas, TX
REALTOR®, Broker

Depends on the individuals situation.

Mar 30, 2017 11:29 AM
Rainmaker
5,008,250
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Nathan,

It would be nice for some of our mortgage experts to pipe in.  From our standpoint it depends on the situation.  A

Mar 30, 2017 10:20 AM
Ambassador
3,044,144
Anna Banana Kruchten CRS, CRS, Broker, Instructor
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

I tend to not think they're such a great idea. I hate to see people equity position go down and down. But.....I can imagine there are times when folks have no other choice so to have the option is good.

Mar 30, 2017 09:08 AM
Rainer
273,909
Curtis Evans
Cabin Realty LLC/ USA, Licensed in Louisiana - Golden Meadow, LA

Maybe as a last Resort, not a big fan at all !!

Mar 30, 2017 08:59 AM
Rainmaker
3,713,233
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Not a fan if other options available. Upfront fees are excessive for the benefit derived! 

Mar 30, 2017 08:23 AM
Ambassador
1,706,758
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Not a fan.

Mar 30, 2017 08:20 AM
Rainmaker
1,042,682
Dave Martin (703) 585-4687
Fairfax Realty - Fairfax, VA
Making Realty Dreams a Reality #WeWillGetYouHome

I haven't had occasion to use them or recommend them yet... in some circumstances I can see a value Nathan Gesner 

Mar 16, 2018 11:03 AM
Rainmaker
384,902
Jill Murty, Realtor - Orange County, CA
Sunset Properties, Powered by Movoto - Laguna Niguel, CA

A reverse mortgage can be a useful tool with an existing home or in the purchase of a new home.  The main thing, as with anything, is that it is properly and thoroughly explained so the client fully understands the pros and cons and can make an informed decision. 

Apr 01, 2017 09:18 PM
Rainmaker
3,535,360
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I should be a fan but have not mention them to anyone.

 

Apr 01, 2017 08:42 AM
Rainmaker
1,316,642
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I'm not a fan of them.  I know there is more to them than just the predatory stuff, but generally we don't need them in a purchase out here.

Mar 31, 2017 03:05 PM
Rainmaker
887,897
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

I do not have children so it would work for me since when my husband and I are gone we have no one to leave our properties to and don't care after we take our long dark nap

I can also see how others should NOT use the option - so it depends on the individual

Mar 31, 2017 06:22 AM
Rainmaker
3,067,302
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Don't know enough about them...

Mar 31, 2017 05:46 AM
Rainmaker
4,798,978
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I'm not a fan, but it can work for some individuals in some circumstances.

Mar 31, 2017 05:02 AM
Rainmaker
281,768
Nancy Robinson Ranked #6 in MI
Century 21 Town and Country - Royal Oak, MI
#11 Century21 Realtor in the US, #16 in the World

There is a large movement for Seniors who want to age in place and this option can help them do just that.  Its expensive, but so is selling and moving. 

Mar 31, 2017 04:48 AM
Rainmaker
292,385
Jack Lewitz
IL Real Estate Specialists - Evanston, IL

NOT

Mar 31, 2017 04:40 AM
Ambassador
4,307,769
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Nathan Gesner - about time for me to check.....

Mar 30, 2017 11:08 PM
Ambassador
3,373,888
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

Not a big fan

Mar 30, 2017 10:31 PM
Ambassador
2,973,941
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I think it's circumstance dependent.  Single person with no heirs it's a great option.  Mother with child living in the home who is going to get booted out unless child qualifies to re-fi... not so much.  I've seen it be a good idea and a horrible thing.

Mar 30, 2017 08:48 PM
Ambassador
3,985,488
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I can see they have a purpose that will help some homeowners. I have never had a client opt to do that. I have sold some homes that had reverse mortgages on them that had to be cleared.

Mar 30, 2017 06:10 PM
Ambassador
4,848,126
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Great for the many who want to prey on the elderly, and generally a shock to the kids when they find out.

Mar 30, 2017 05:08 PM
Ambassador
1,971,723
Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

For many it is the right way to go . It depends on the person and their situation Nathan Gesner  for many seniors it is the way to go . I have a neighbor who has one . It gives her financial security and peace of mind .

Mar 30, 2017 04:23 PM
Rainmaker
3,995,629
Dorie Dillard CRS GRI ABR
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

So agree with Ken Jones it's like anything else..its not appropriate for everyone.

Mar 30, 2017 03:56 PM
Rainmaker
3,985,587
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

My experience was not good

Mar 30, 2017 03:46 PM
Rainmaker
3,209,262
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I am a fan but it has to be a good fit for the person. If their needs are such it can be a home saver. If they have other options, i would explore those too. ,

Mar 30, 2017 03:45 PM
Ambassador
2,492,088
Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

John Meussner said it well!

Mar 30, 2017 03:07 PM
Rainmaker
598,041
Tony Lewis
RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident - Valencia, CA
Summit Real Estate Santa Clarita & OC Laguna Nigel

I'm not a fan and have first hand experience.  They get senior citizens to sign up for this type of loan and encourage them to spend their house.  The heirs need to pay off the loan and can't rent it out while it has a reverse mortgage on it.  They won't let the new owner refinace so it has to be sold or refinanced.  The mortgage company has all of the rights to the home and can even change the locks.  It would be great for someone without any heirs and doesn't want to leave anything to anyone.

Mar 30, 2017 02:53 PM
Rainmaker
1,940,749
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Fan ! if SS tanks there will be more !

Mar 30, 2017 10:03 AM
Rainer
258,899
Mick Michaud
Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107 - Granbury, TX
Your Texas Lifestyle is Here!

As most have said, it depends on the situation.  But generally, no.

Mar 30, 2017 10:02 AM
Rainmaker
798,967
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

Not a fan, but i've seen them work for a small % of people. Each case is different.

Mar 30, 2017 09:42 AM
Rainmaker
2,570,673
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

For some whose choices take them there...so be it otherwise NO to this...

Mar 30, 2017 09:37 AM
Rainmaker
864,116
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Not a fan. Mainly due to the costs. I feel the program is ripping the clients who are in need of most help.

Mar 30, 2017 09:27 AM
Rainmaker
1,101,939
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Way too many scams. Unable to discriminate legit from scammers....

Mar 30, 2017 09:23 AM
Rainmaker
577,189
Gloria Valvasori, Accredited Senior Agent
BETTER HOMES AND GARDENS REAL ESTATE SIGNATURE SERVICE - Mississauga, ON
REAL Experience | REAL Commitment | REAL Results!

Don't know anything about them and not sure how they work... but I would think if you take money from the equity in your home, there's going to be a high percentage rate of repayment when you sell your home...

Mar 30, 2017 09:12 AM
Rainmaker
799,921
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

Like every available product there is a place for them. I think they are complicated. I had one older gentleman client not truly know what he had gotten into and when he wanted to sell his house in the midwest and move to Boise he couldn't because of the complicated nature of his reverse mortgage. It was a weird, messy situation. But, I have another client who has a very good situation going with their reverse mortgage. I also currently have some buyers who are interested in a house that is a reverse mortage potential short sale, owners are deceased and children trustees are dealing with it all. Another huge mess..I guess I personally don't see the huge benefit to them, but I am sure circumstantially there are times they are worthwhile for people.-Kasey

Mar 30, 2017 08:56 AM
Rainmaker
1,157,329
FN LN
Toronto, ON

It depends on the specific situation.

Mar 30, 2017 08:42 AM