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    Email: info@rocketreversemortgage.com

  • Why Choose Us

  • Why Choose Rocket Reverse Mortgage

     

    Rocket Reverse Mortgage – The best reverse mortgage loans on the planet!

     At Rocket Reverse Mortgage we work with several FDIC Banks across the country to get YOU money back from your reverse mortgage. We know your money is important and we do our best to help you keep as much of it as possible through this FHA government program. 

     How do we get you these extra funds?

    All reverse mortgages are through FHA and ALL reverse mortgages use the same calculation based on home value and your date of birth. SO how does Rocket Reverse Mortgage manage to get additional funds back to YOU?

    Rocket Reverse Mortgage finds the best FDIC bank for your situation with the best interest rate available for your needs which allows you to get additional cash at the close.

    In Addition – The Bank we submit through has NO Origination Fees to YOU. If the Bank has any fees at all those will be a credit back to you. This allows you to get significant funds back on your reverse mortgage. Depending on your loan size this could be as little as an extra $5000 all the way up to $15,000 extra money in your pocket.

  • Lets Take a Closer Look at Reverse Mortgages

    Let’s look at the Reverse Mortgage in general terms to see if it is a good financial decision for you or a loved one.

    Up until the last several years Reverse Mortgages were often viewed as a BAD decision. However, over the last several years they have been exponentially increasing in popularity among seniors and financial planners for a wealth of reasons.

    "Now is a particularly good time for [reverse mortgages], with interest rates so low. If I were 62 years old, I would be getting one." - John Salter, wealth manager with Evensky & Katz Wealth Management

    Why are Reverse Mortgages gaining so much popularity?

    Take a look at the "AMERICAN DREAM." The OLD AMERICAN DREAM vs THE NEW AMERICAN DREAM

    • The Old American dream was to work hard, provide for your family, and own your home. Everyone wanted to buy a home make their payments and work to get their home paid off and pass it on to kids or relatives.
    • The New American dream is to live happy, be comfortable, and not have financial worry or burden on your kids and loved ones.

     

    Over the last several years financial planners have realized that a house that is free and clear is truly not much of an asset to YOU. It is one less bill you have to pay each month. If you have a car and pay it off that is one less bill you have to pay as well but an asset to you? Not having that monthly bill is great but your house or car is not really helping you out financially on a monthly basis. If you decided to sell your house with no balance you could make 90% of sale price from the equity. Then you would have to live somewhere which means either buying another home or renting so you now have the financial burden of a monthly rental payment. So why not take a portion of your equity (60%) in your home so you have money available and still have no monthly payment.

    Sounds a little too good to be true. Well in some cases it really is for those who need extra finances or eliminate a current mortgage payment.

    Those of you who currently have a mortgage balance and make a monthly mortgage payment a reverse mortgage is even a more appealing way to go. Why continue paying a mortgage payment? Why sell and pay rent? Stay in your home and eliminate your monthly payment!

     

    Some home owners have a retirement fund that is tied into the markets. We all never know if the markets are going to be up and you will be making money or if the markets will perform poorly and you watch your statements decrease. It is hard financial choices to make if the market is down and you need money. You are taking money out and you lost money in the market. Why not have another plan to have retirement funds? Why not take a reverse mortgage to have additional funds available for every month living expenses or free up monthly cash flow by eliminating your monthly payment. Here is parts of an article below from an investment banker. Read below

     

    The basic strategy for clients with an investment portfolio is to tap the equity to cover living expenses during bear markets. "When the portfolio is down, you don't want to sell depreciated assets, so you have funds available from a reverse mortgage," "When the portfolio recovers, you can take money from retirement account."

    When you run the numbers for portfolio withdrawal rates of 4, 5 and 6 percent under various market conditions, assuming a home value of $250,000 and a portfolio value of $500,000. If the portfolio value dropped more than 20 percent over a 12-month period, the Reverse Mortgage would be used to meet cash needs. Otherwise, the sale of portfolio assets would have to cover those costs.

    In conclusion the strategy worked for all three withdrawal scenarios, helping portfolios last longer and improving overall retirement distributions. "This is about risk management," "If you're trying to protect yourself down the road, you want options."

    The other arguably worthwhile use of reverse mortgages is to enable people to delay filing for Social Security until 65 or 70 years old, in order to get a bigger benefit.

    A reverse mortgage gives you OPTIONS. You have the funds available when you need them, you eliminate monthly bills, you can save retirement funds in volatile market times, at any time you can sell your home, you can pay off reverse mortgage at any time (If market does great and you have additional funds). A reverse mortgage gives you financial flexibility and options as you navigate your retirement and monthly financial obligations.

  • When is a Reverse Mortgage a BAD idea?

    There are certain factors where we believe a Reverse Mortgage is not the best decision for you or your family.

    If you look up online articles most state the COST is too high for a reverse mortgage. Most articles are older and dated back several years ago. The biggest cost when obtaining a Reverse Mortgage through FHA is the FHA insurance. This is based on your loan amount and can be a chunk of money for the FHA insurance. Let’s say it is $5000 (based on loan amount)

    This insurance is a safety net so you and your family does not have any concerns- if the housing market ever goes down or you stay in your home for 25 years after getting your Reverse Mortgage. The insurance is a protection to you and your family.

    Example your house is worth $250,000.00 you are 68 years old. You receive $150,000 on your Reverse mortgage. You stay in your home the rest of your life you live another 20+ years. You never made any payments on your $150,000 reverse mortgage. You used some money, saved some money, and have some invested. Over those 20+ years of interest maybe the house payoff is now at $350,000. Your home is worth $300,000. Does a relative have to pay that difference after you pass away from your retirement accounts or money you have saved? NO the FHA insurance covers that gap and none of your loved ones are burden at all. 

    The other cost associated with a Reverse Mortgage can be high if charged Bank Fees and Origination Fees. Rocket Reverse Mortgage we set you up directly with a FDIC Bank who does not charge any of these fees to you so you receive more money back.

    BAD IDEA:

    We strongly believe if you have your house paid off and have significant retirement funds and access to money in case of emergency then there is no reason to do a reverse mortgage.

    If your home is paid off and you want to pass your home down to a child who wants to live in or keep the home. They would inherit your home free and clear with no mortgage. (If children are not going to keep the home then a Reverse Mortgage is a good option or if you do not have children or heirs to give your home too you should call us today and enjoy your funds in retirement!)

    If you plan on moving out of your house in the next 2-3 years. You will have to pay off the reverse mortgage. If you do not need the funds you would lose $10,000 of equity when you sold after taking out the Reverse Mortgage. If you feel the home is too big to keep up general maintenance over the years. If you want to move and downsize you would not want to take a reverse mortgage out to move.

    Those are the few reasons we feel like a Reverse Mortgage may not be the best option for you.