How a Reverse Mortgage stopped a Foreclosure.

I have seen many reasons for a senior to take out a Reverse Mortgage over the past years.

One example has been to simply eliminate the current monthly mortgage payments against the home.

One client last summer tapped into a large amount of equity to pursue a design/invention he has patented. (He needed funds to finish the project).

I recently did a reverse mortgage for seniors in a triplex, that wanted the additional monthly tenure payments for traveling.
This type of financing has many options for a senior to help them financially.

This month I helped close a Reverse Mortgage for a family that I think is worth mentioning. A married senior couple in their Vancouver Washington home was on track to pay off their 30 year mortgage. Unfortunately they found themselves in a situation where they have now taken on the responsibility of raising their grandchildren. Expenses had gotten out of control, and they became default on their mortgage. Due to strict lending guidelines, and limited income since they are both retired, a typical refinance to avoid foreclosure wasn’t possible.

I am happy to share that a Reverse Mortgage was able to solve their financial situation. We were able to satisfy the past due balance with the homes lender, and avoid the home from being sold on the courthouse steps. Now there is Reverse Mortgage in place and no worries of a mortgage payment again. It feels great to have been able to help this family facing a possible foreclosure and ultimately losing their home.

Remember, Credit Scores and Income is not factors in a Reverse Mortgage. This loan is a great tool and qualification is based on Age and Equity of your property.

Please feel free to call or email me anytime to see if this loan could be a good option for you.

Bryan Husen email: Bhusen@sunsetmortgageco.com

Direct at 503-594-1131

Social Security will increase in 2009

Today I was reading that Social Security benefits will increase 5.8% effective this January. This is the largest increase for benefits in 27 years. Over 55 million seniors will see an average increase of $63 dollars a month. Not a huge amount, but I am sure every little bit will help. This is tough times for seniors. Retirees with fixed incomes have seen a 51% drop in buying power since 2000 with the near doubling in prices for home heating oil and gasoline, and more than double the cost of such staple foods as eggs and potatoes. This month AARP is reporting that nearly 60% of its members are having a hard time paying for basic groceries and medicine.

With these and many other issues seniors are facing financially, it doesn’t surprise me that more Reverse Mortgages are being written every year. This financing is becoming a common solution to free up income and create a more comfortable lifestyle for seniors.

Let me list 6 Great Benefits to a Reverse Mortgage that help you enjoy a more comfortable retirement in your own home:

• Independence - You continue to own and live in your own home


• Liquidity - Receive monthly payments instead of making them


• Simplicity - No income, credit or employment requirements needed to qualify


• Choice - You may receive funds as a lump sum, in monthly instalments, as a line of credit, or as an up-front sum plus monthly allotments


• Security - Does not affect Social Security, pension or Medicare benefits


• Ownership - Your heirs can keep the property once the Reverse Mortgage is paid in full

Every month I am seeing more interest in this this safe and insured program. Please contact me today to receive a brochure or DVD that will explain in great detail and help you to understand the benifits of a Reverse Mortgage.

-Bryan Husen

Seniors and Politics

I listen to talk radio when I am in my car. I like the callers and radio hosts opposing views and this year I have really enjoyed following the presidential race. It has been anything but boring. Now less than 45 days from electing a new president, things are really heating up.

Today I was listening to a national radio show, and they kept commenting on how the “Youth of America” is really going to make a difference in this year’s election. I hear this often. I am sure that younger voters are making a difference in this year’s election, but I came into the office wondering what impact older voters will have. Seniors. The baby boomers. What is the turn out like for them? What are the key issues driving this demographic to vote? I looked online to answer these questions and I am very surprised at some of the facts I found.


This year they are predicting a record turnout of more than 135 million voters in the U.S. presidential contest. Seniors are still going to make up an astounding percentage of the voters in this country. Did you know that Senior Citizens are are the most reliable group to vote in American elections?

In fact, the nonpartisan Center for the Study of the American Electorate at American University in Washington, said seniors vote at a rate of about 60 percent more than young people and about 10 percentage points higher than the national average.

Seniors are the only group in America that has been increasing its rate of voter turnout, especially in the 75-and-older range where modern medicine is keeping people alive longer.

What are the key issues that are bringing seniors to the polls? Many of them are listed in a great movement titled "Divided We Fail" which is supported by the AARP.

The concerns of seniors today are:

• Social Security
• Health care
• Prescription drugs affordability
• the Economy

In my opinion, the economy will take center stage on this upcoming vote. The current crises in the housing and financial industries and their effect on the nation's economy is of particular concern to mature Americans who, according to AARP The Magazine, own three fourths of all financial assets in the United States and account for almost half — $2.1 trillion a year — of consumer spending. These numbers cause me to think that while the youth is an important demographic in this election, the candidates best not discount the seniors of America.

The 55-plus age bracket make up 39 percent of all 135 million registered voters and 46 percent of the 90 million of those likely to go to the polls (based on Census Bureau figures from the past two elections).

What will influence your decision vote most this November 5th? What issues do you feel most passionate about?

If you are not registered to vote, be sure to do so. For more information on registration to vote, follow this link. VOTE 2008

Questions Reverse Mortgages or any other related topics, please contact me today.

Three misconceptions many seniors have regarding Reverse Mortgages.

The phone rang today and on the other end was Donna, a very angry woman. She had received some marketing materials regarding Reverse Mortgages. Donna called to tell why these were such horrible loans, and that mortgage consultants like me shouldn't be writing them!

After I listened to her, I asked her if she could list for me the main reasons she thinks a reverse mortgage is so bad? This is what she said:

"Reverse mortgages are just programs that cause retired people to lose their homes. If the families can’t afford to pay the bank, then they stick the burden on their kids to pay for it. Reverse Mortgages also effect your social security checks, and for many people, that's the only source of income they have."

She listed three main misconceptions and assumptions that many make about these programs. Honestly, she couldn't be any further from the truth. This is how I explained the few points she made.

"Reverse mortgages cause retired people to lose their homes."
This is the most common myth currently out there about reverse mortgages, and it could not be more false! People say this because they are thinking about the concept of collateral. Collateral is something that applies to mortgages and home equity loans, but it does not apply to reverse mortgages in the conventional sense because reverse mortgages do not have monthly payments. The money that is loaned to you in a reverse mortgage is recouped when you pass away or sell your home; a reverse mortgage lender will never force you to sell your home while you are still living in it in order to get their money back.

"If the families cant afford to pay the bank, then they stick the burden on their kids to pay for it."
Once again, it is very much untrue. As mentioned above, the money is lent to you because of the large equity that you have in your house. The debt is never called in until you either pass away or sell your house and because you are using the money from your home to pay back the debt after your need for the home is gone, there is no way that the debt would be passed on and forced to be paid by your children.

"Reverse Mortgages also effect your social security checks." Social security benefits are based on the contributions you’ve made over your lifetime into the social security fund and therefore there is no way they can possibly go down based on the reverse mortgage should you choose to take it out. Even if you currently happen to be on an income tested benefit, the reverse mortgage is a loan. It is not income and therefore can not affect your benefit in any negative way.

The phone call didn't end with Donna asking me to take an application for her own reverse mortgage, but it did end with me getting her address to mail her some factual brochures, truthfully explaining the benefits of a Reverse Mortgage. (She didn't have a DVD player or I would of sent her a DVD too.)

These programs are great for the homeowner that is retired, happy with their lifestyle and location, but would like to use the equity in there home to have more disposable income every month.

Please contact me today if you too would like more information. There is no obligation to see what you may qualify for.

Seniors and their RVs

I took off from work early last week. I decided to go camping in the Columbia River Gorge with my little trailer. Everyone knows I love to spend the weekends camping in my little fiberglass trailer.

The reason I left town early was because I knew I was going to be going to a first come, first serve campground. I figured if I arrived a day before the weekend I'd beat all the city campers for a good spot.

Boy was I surprised. I showed up and there were tons of people already there. What I found interesting was the majority of them were Seniors. All in different types of RVs touring the states.

I met a couple from California, Arizona, even saw one vehicle from Wisconsin. I was very envious.

Two of the campsites I visited with last weekend were very enjoyable to talk too. Both told me that part of their retirement involves touring the United States 4-6 months of the year. How great is that? I know when I get to retirement age I want to do the same sort of thing. Not sure if it will be in the same little trailer, but I know that's what I want to be doing.

If you are looking for a great place in the Gorge to camp or take your RV, visit the Viento State Park. Nice thing about this park is its less than 10 miles from shopping and dining in Hood River. Its truly a great place to get away and relax but not too far into the sticks.

Are you retired and own an RV, but a tight budget makes it hard to use it as much as you would like?

If thats the case, then please Contact Me for some possible options to make those dreams of hitting the open road become a reality.

Housing Bailout good for Reverse Mortgages??

The housing market was the leading story in all media outlets for the past week. The main focus was the nations foreclosure rates and the strength of the banks that hold the mortgages for these homes. The housing bill (HR 3221) that was passed draws most attention to the emergency funds for Fannie Mae and Freddie Mac.

But there is some GREAT news to bill HR 3221 regarding Reverse Mortgages. The bill addresses two aspects of reverse mortgages that have sometimes made them unattractive to potential borrowers:

1. Fees. Most borrowers pay hefty upfront fees for a reverse mortgage, which reduces the amount of money available to borrow. There are many stories of unethical companies taking advantage of homeowners with this loan program.

Now... this housing bill limits origination fees for federally insured reverse mortgages to 2% for up to $200,000 of a home's value, plus 1% for the amount that exceeds $200,000. This is a great way to keep mortgages companies in check! I hate stories of people being taken advantage of.

2. Loan limits. The size of a reverse mortgage is based on the borrower's age, current interest rates and the home's value. In the past, however, the maximum home value for a federally insured reverse mortgage was capped at $200,160 to $362,790, depending on where the homeowner lived.

Now... loans limits will go to $417,000, and that the high cost area adjustments to a max of $625,500 will take effect on January 1. This is great news because it will free up more money for seniors taking out a lump sum of funds, or setting up monthly installments.

A few other points to address in the new bill regarding Reverse Mortgages are:

• Home Purchase products will become available
• Requirements on counseling protocols and quality of such counseling.

This new bill is great news for seniors wanting to secure a reverse mortgage today. Its a great day also for loan originators like myself, because it will weed out unethical loan officers and their companies, and gives us more freedom with higher loan amounts to work with homeowners who may of otherwise not have been in the right equity position to take advantage of such a great program. I think now, more than ever, seniors and their families can have confidence in a reverse mortgage, and the doors it can open for a senior financially.

Be sure to call me anytime to discuss the new changes to this program, or any other questions you may have.

Baby Boomers and Assets

The Reverse Mortgage is becoming a more popular form of financing, especially for Baby Boomers.

Today I found an article regarding Baby Boomers and the number of them going into retirement. Did you know that by the year 2030, studies by the US Census Bureau show 1-in-5 Americans will be 65 or older? This is quite a percentage of our public in retirement. There are 78.2 million baby boomers in America today.

I would think that these boomers have many concerns. One recent study I read showed that, as the baby boomers are getting older, they are finding themselves facing many issues. Health, finances, and more often, they are facing the issue of elderly parents. In my own family, my parents have taken on the responsibility of caring for my grandmother vs. her being in a nursing home or assisted living. The next challenge for them may be their own desires to retire in the next 5 years.

One other growing concern for boomers looking to retire is the amount of money needed in reserves for the lifestyle they wish to maintain. Studies show that the oldest of the Baby Boomers today are best prepared, while middle-class people now retiring face a 24% cut in their standard of living.


Have you asked yourself... "How does my retirement plan look?" With the very real possibility of living to age 90 or 100 combined with the volatility of inflation and investment returns, there is a very possible risk of outliving ones assets.


I'd encourage you to contact your financial advisor to see if your plan is stable and to visit possible future scenarios. Also know that I am a true believer that a reverse mortgage can be a great tool for you to unlock your monthly income potential by eliminating your mortgage payments. Be sure to contact me if you would like more information or a one on one evaluation of your homes potential.

Retired? What are your priorities?

Two things come to mind when I reflect on spending time with my grandparents as a child. One is that they always jumped at a chance to have my sister and I come see them. Second was that their home in the country was so well kept. The landscaping, the flowers, the pond, and all the trails in the woods were awesome.

I truely enjoyed spending time at my grandparents home.

Today I read an interesting article about the priorities of retirees'. I learned that my grandparents may not be much different than most.

A survey conducted by Thrivent Financial asked over 800 adults between the ages of 60 and 74 what they would rate their top 6 everyday activities to be.

No surprise that men rated "working in the yard" #1 (28 percent) where as women surveyed rated "Spending time with grandchildren and family members" the top of their list (36 percent).

While these two activities were in the top two for both genders, the remaining 4 activities they listed, closely mirrored one another in level of priority. These 4 remaining items were:

• Enjoying things like playing golf, shopping, and going out with friends.
• Pursuing hobbies
• Volunteering in the community
• Watching where your money goes, clipping grocery coupons, etc.

Another interesting survey result was that the average income for these retirees' ranged from $40,000 to $79,999.

If you were to list your top six past times in retirement, would you place the same importance as this survey?

To read more on this survey, the full article can be found at this link. Full Article.

If you are getting closer to retirement, and thinking of your top 6, contact me today and lets discuss your current mortage and debt positioning.