Non-HECM Reverse Mortgages

Non-HECM
Non-HECM reverse mortgages are available from a variety of lending institutions. The primary advantage of these reverse mortgages is that they offer loans in amounts that are higher than the HECM limit. One of the drawbacks of non-HECM loans is that they are not federally insured and can be significantly more expensive than HECM loans.

Life Settlement Payout

I have received a few questions regarding how life settlements are paid out. Your life settlement will be a lump sum for the size of the settlement. This payout will be stored in escrow till the needed paperwork is completed and then immediatly will be disbursed.

Can you receive a monthly life settlement payout?
At the current time our funders are only offering lump settlement amounts. However there are many other financial vehicles including annuities (numerous types) that can gain interest and provide you with monthly income.

We would glady discuss your personal situation and provide details of a life settlement payout for your policy. We also can assist with other financial solutions including annuities, long term care, and better performing policies.

Call us toll-free at 1-888-973-8377 or contact us via the web.

Till next time, have a blessed day...

Reverse Mortgage Proceeds

Reverse Mortgage Proceeds

Borrowers usually have a choice of receiving the proceeds from a reverse mortgage in the form of a lump-sum payment, fixed monthly payments for life, or line of credit. Some types of reverse mortgages also allow fixed monthly payments for a finite time period, or a combination of monthly payments and line of credit. The interest rate charged on a reverse mortgage is usually an adjustable rate that changes monthly or yearly.

Viatical Settlement Illness

Viatical Settlement

If you have a terminal illness -- or if you are caring for someone who is terminally ill -- chances are you're giving a great deal of thought to time and money. You may be thinking about life insurance, too. It's in that context that you may hear the phrases "accelerated benefits" and "viatical settlements."

Accelerated benefits sometimes are called "living benefits." They are the proceeds of life insurance policies that are paid by the insurer to policy holders before they die. Occasionally, these benefits are included in policies when they are sold, but usually, they are offered as riders or attachments to new or existing policies.

Viatical settlements involve the sale of a life insurance policy. If you have a terminal illness, you may consider selling your insurance policy to a viatical settlement company for a lump sum cash payment. In a viatical settlement transaction, people with terminal illnesses assign their life insurance policies to viatical settlement companies in exchange for a percentage of the policy's face value. The viatical settlement company, in turn, may sell the policy to a third-party investor. The company or the investor becomes the beneficiary to the policy, pays the premiums, and collects the face value of the policy after the original policyholder dies.

Decisions affecting life insurance benefits can have a profound financial and emotional impact on dependents, friends, and care-givers. Before you make any major changes regarding your policy, talk to your friends and family as well as to someone whose advice and expertise you can count on -- a lawyer, an accountant, or a financial planner.

Viatical Settlement Illness

Viatical Settlement

If you have a terminal illness -- or if you are caring for someone who is terminally ill -- chances are you're giving a great deal of thought to time and money. You may be thinking about life insurance, too. It's in that context that you may hear the phrases "accelerated benefits" and "viatical settlements."

Accelerated benefits sometimes are called "living benefits." They are the proceeds of life insurance policies that are paid by the insurer to policy holders before they die. Occasionally, these benefits are included in policies when they are sold, but usually, they are offered as riders or attachments to new or existing policies.

Viatical settlements involve the sale of a life insurance policy. If you have a terminal illness, you may consider selling your insurance policy to a viatical settlement company for a lump sum cash payment. In a viatical settlement transaction, people with terminal illnesses assign their life insurance policies to viatical settlement companies in exchange for a percentage of the policy's face value. The viatical settlement company, in turn, may sell the policy to a third-party investor. The company or the investor becomes the beneficiary to the policy, pays the premiums, and collects the face value of the policy after the original policyholder dies.

Decisions affecting life insurance benefits can have a profound financial and emotional impact on dependents, friends, and care-givers. Before you make any major changes regarding your policy, talk to your friends and family as well as to someone whose advice and expertise you can count on -- a lawyer, an accountant, or a financial planner.

Reverse Mortgage after purchase

Found this informative question and answer regarding a reverse mortgage after a home purchase.

Q: My wife and I are 64 years old and can qualify for a reverse mortgage on our current house, but we want to relocate first. Can we buy a new house with a "forward" mortgage, and then take out a reverse mortgage?

Yes, but you will have to make a sizeable down payment on the new house.

When you take out a reverse mortgage, you must repay any existing forward mortgages on the house. You do that by drawing a lump sum under your reverse mortgage equal to the balance of the forward mortgage. The balance must be smaller than the amount you can draw under a reverse mortgage.

For example, suppose you pay $200,000 for your new house. A married couple both of whom are 64 can draw a lump sum under a Home Equity Conversion Mortgage (HECM, which is the FHA reverse mortgage), secured by that house, of about $105,000. It varies a bit from one county to another. If you took out a forward mortgage of $160,000 to buy the house, you would not be able to pay it off with the HECM and therefore would be ineligible. If you took out a forward mortgage of $100,000, you would be able to pay it off by drawing on the HECM, but there would be only $5,000 left for other purposes.

That doesn't mean you shouldn't do it. Eliminating the forward mortgage eliminates the monthly payment on that mortgage, which frees up your income for other purposes. Further, the unused part of the line ($5,000 in my example) will grow by 4-5% a year, depending on future interest rates, so you will have more to draw on in the future if you don't use it up now.

Obviously your game plan won’t work unless the down payment on your next house is 50% or more. You can draw only $105,000 on a $200,000 house because you are still very young and the reverse mortgage lender is going to have to wait a long time before he gets his money back. If you were both 74, you could draw over $120,000, and would only need to put 40% down. And if you were both 84, you could draw over $140,000 and would only need to put 30% down.

Since you must put 50% down anyway, you should consider putting 100% down – paying all cash for your new house. If you have the cash sitting in low-yield investments, that would be a prudent move. You would then have access to your entire HECM credit line which could be drawn on as needed, while the unused portion would grow by 4-5% a year.

If you can’t make the purchase without taking a forward mortgage, make sure the mortgage meets your needs, which are atypical. It should not matter much to you whether the interest rate is adjustable or fixed, or whether the term is 15-years or 30, because you are only going to have it a short time. What does matter is the upfront mortgage costs, which you want to minimize.

Upfront costs consist of points, which are a lender charge expressed as a percent of the loan; lender fees expressed in dollars covering different services, but only the total amount matters; and mortgage broker fees, which can be expressed in percent, in dollars or both. The trick to avoiding all these costs is to pay an interest rate high enough that the lender will pay you points, called a "rebate." The best instrument for this purpose is a 30-year fixed-rate mortgage (FRM) because they carry the largest rebates.

For example, a lender offering a 30-year FRM at 6% and zero points might quote 2.75 points at 5.5%, and rebates of 2.125 points at 6.5% or 3 points at 6.75%. You want a rebate large enough to cover the other lender fees plus the mortgage broker’s fee. If the rebate is larger than needed for that purpose, however, it won’t go to waste; the excess can be applied to third party charges, such as title insurance.

Also, you must make absolutely sure that your loan does not carry a prepayment penalty. Pay careful attention to the Truth in Lending disclosure statement that you receive. Near the bottom, it will say that if you pay off your loan early, you either may, or will not, have to pay a penalty. If it is marked may, it means you will have to pay a penalty.

Source: Jay Guttentag, Yahoo! Finance

Viatical

A viatical is a payment made in exchange for beneficiary rights to a terminally ill person's life insurance policy.

The word viatical derives from the Latin word viaticum that loosely translates into "a provision for a journey".

In the days of the Roman Legions, a viaticum was the money and supplies given to officials before embarking on a journey. A viaticum in the Christian religion is the communion administered to a dying person.

Lifetime settlements

Learn about a lifetime settlement

Because life insurance is fundamentally designed as a buy-and-hold financial instrument, the options above do not favor a policyholder from either a tax or financial point of view. But a new option has evolved in the life insurance marketplace that retains the value of life insurance as a personal, business and estate planning tool, and allows policyowners to reapply this value to lifetime needs. This concept is called lifetime settlement.

Lifetime settlement is not the surrender of the policy, but a transfer of ownership. It involves the sale of your life insurance policy to a settlement funding company. As a result of the sale the funding company becomes the owner and beneficiary of the policy, assumes the obligation to pay premiums, and ultimately receives the death benefit proceeds. Instead of determining the value of your policy from the cash value point of view, the settlement funding company discounts your policy’s death benefit, based on underwriting criteria and other factors.

The settlement that is offered is a cash payment to you, the original policyowner. The amount of cash offered for your policy will be less than the face amount of the policy so the settlement funding company can earn a profit from the death benefit, when received. But, obviously, the amount of the settlement offered to you must be greater than the cash surrender value you could already obtain in order to create an incentive for you to sell.

Also see, life settlement information and life settlement benefits

New Senior Citizen articles

RTG added a few more interesting senior citizen related articles to the their article page. Recent topics and resourceful articles are listed.

Take some time to visit and read. They have been trying to keep it updated, so keep checking back.

A great article about living wills was just added. A very important subject especially with how the Terry Schiavo case has been going.

URL is:
http://www.rtgconsultants.com/seniorcitizen-articles/

Till next time, have a blessed day..

Beware of Viatical Fraud

Beware of viatical fraud. Most of the viatical fraud is on the investment side, if you are asked to invet in viaticals, we recommend you do not. The viatical industry is backed by large financial institutions and you should beware of small investment companies asking for your money to invest.

JACKSON (AP) - Secretary of State Eric Clark has released a list of the top 10 investment scams developed from a survey of state securities regulators conducted in 2005 by the North American Securities Administrators Association.

- Senior investment fraud: Because of their access to a lifetime of savings, older Americans continue to face investment fraud by con artists peddling unsecured promissory notes, viatical settlements and other investments that are either fraudulent or unsuitable for them based on their particular financial needs.

Home Equity Conversion Mortgage on Rise

The most popular is the Home Equity Conversion Mortgage, which is insured by FHA. More than 40,000 HECMs have been made since 1989, and over 7,000 were made in 2000 alone. Other types of reverse mortgages are the Fannie Mae HomeKeeper loan and three jumbo reverse mortgage products developed by Financial Freedom Senior Funding Corp. of Irvine, Calif.

Perception of these loans has changed greatly. When originally introduced, the product was viewed as a loan of last resort for destitute seniors, but as lenders and homeowners discovered new applications, the concept took off. The reverse mortgage continues to provide seniors with another financial tool.

Jumbo reverse mortgages can free up larger amounts of equity for the senior with a higher-value home and can be incorporated into the seniors estate planning strategy. Many borrowers work with their legal advisors to best determine the use of this equity release. But despite the higher equity release, these products follow all of the same guidelines, consumer protections and requirements of the two other reverse mortgage products, the HECM and HomeKeeper.

It is Friday, so have a great weekend!

Texas Reverse Mortgage

Just found some good news for Texas Reverse Mortgages.

Texas seniors are a step closer to obtaining reverse mortgage lines of credit, with the approval of the Senate Joint Resolution 7 by the Texas Senate.

The proposed amendment to the Texas Constitution must be approved by the House of Representatives before it can be presented to voters on the November ballot.

If you are in Texas, now is the to receive a free reverse mortgage analysis.

Reverse Mortgage Money

The rules put no restrictions on what the reverse mortgage money can be used for, and it can even be utilized to pay off a mortgage.

Simply put, reverse mortgages are the opposite of traditional mortgages. Instead building home equity by paying money to a financial institution, equity is converted back into money or credit for the borrowers, even as they keep their homes.

The money owed from the loan comes due when the borrower dies or moves, and is typically repaid either directly or through the sale of the house.

Insurance settlement

Some basic information about insurance settlements

A life insurance settlement is the sale of a life insurance policy (whole life, term, universal life, etc.) covering the life of one or more individuals with an “ascertainable and limited” life expectancy.

A life insurance settlement is the more lucrative alternative to lapse or surrender.

Insurance settlements improve cash flow by eliminating the obligation to pay future premiums.

RTG Consultants offers the most flexible, straightforward approach to the process of policy evaluation and purchase now available in the settlement industry. Whenever a policy owner is considering lapsing or surrendering a life insurance policy for any reason, a responsible advisor or consumer should explore the settlement option.

Reverse Mortgage Loans

Reverse mortgage loans are on the rise across the nation.

If you are interested in reverse mortgage loans, here are some great links we have put together.

Reverse Mortgage Loan Information
http://www.rtgconsultants.com/reverse_mortgage_information.html

Frequently Asked Questions
http://www.rtgconsultants.com/reverse_mortgage_questions.html

How to start a revese mortgage loan
http://www.rtgconsultants.com/start_a_reverse_mortgage.html

If you need more information, pleas feel free to contact me anytime.

Reverse Annuity Mortgage

I have received a few questions about a reverse annuity mortgage.

Reverse Annuity Mortgage
An arrangement in which a homeowner borrows against the equity in his/her home and receives regular monthly tax-free payments from the lender. also called reverse mortgage or home equity conversion mortgage.

Yes, as you can see it is the same as a reverse mortgage. Some people that accept the monthly payments as their payout option consider them annuity payments because they will be receiving them for the rest of their life.

Also we have helped a handful of client fund high returning annuity products with their reverse mortgage lump sum. Call today at 1-888-973-8377 to see how we can help you with your reverse mortgage needs.

Till next time, have a blessed day..

Viatical Expert

What is a Viatical Expert? And where can I find one?

I see quite a few people searching for viatical experts. A viatical expert is someone who can assist a client with a viatical settlement.

Here is a breif viatical setttlement definition:

A viatical settlement is the sale of a life insurance policy of a terminally ill individual to a third party. Typically a viatical settlement involves a person who has a life expectancy of less than 2 years. This assessment is based on the nature of the illness or condition, and a review of the particular person’s records by doctors.

The owner of the policy (who is typically, but not necessarily, the individual with a life-threatening illness) receives cash for the policy, and the owner transfers the policy to the person buying the policy. In these transactions, the viatical settlement provider becomes the new owner and/or beneficiary of the life insurance policy and is responsible for paying all future premium payments, and collecting the entire death benefit of the policy upon the death of the insured.

RTG Consultants will use it's expertise to assit you with your viatical settlement, please contact us today.

Reverse Mortgage Lenders

There are three major reverse mortgage lenders, each offering different types of reverse mortgages. FHA(HECM) and Fannie Mae reverse mortgages are available in all 50 states.

FHA offers home equity conversion mortgages (HECM). More than 90 percent of reverse mortgages are HECMs. Their adjustable interest rate is tied to the one-year U.S. Treasury bill index, plus a margin. But the major drawback is the low limits, which range between $160,176 in low-cost counties up to $290,319 in high-cost areas, with higher limits for Alaska, Guam, Hawaii and the U.S. Virgin Islands.

Fannie Mae's "Home Keeper" reverse mortgages are similar but tied to the one-month secondary market CD adjustable index. However, the higher $333,700 loan limit is more attractive to homeowners of more expensive homes.

Financial Freedom Plan reverse mortgages have no maximum limits. Generally, they appeal to homeowners with residences worth $500,000 or more. But these loans are not available in all states.

Visit our online free reverse mortgage analysis, we can provide your payout amount for all lenders.

Reverse Mortgage Calculator

A reverse mortgage calculator can be a great tool for determining an idea of the amount you can receive through a reverse mortgage. The calculator is simple, fast, and gives a decent estimate.

I do recommend that you receive a full free reverse mortgage analysis which will show your payout, interest, costs, and more.

The below reverse mortgage calculator is provided by Financial Freedom, RTG Consultants is proudly affliated with the Financial Freedom reverse mortgage products.

This calculator gives estimates for both the FHA HECM (Home Equity Consumer Mortgage) and the Fannie Mae Homekeeper

Reverse Mortage Calculator

Till next time, have a blessed day..

Life Settlement Contracts

Many people are curious about life settlement contracts.

Let me do some explaining. First of all, a life settlement contract is basically an information release so a broker can obtain the needed information about your insurance policy. With this information, the broker can then work to find you the highest offers for your policy. A life settlement contract also can provide the life settlement provider or funder access to medical records. You will never have to report to a doctor or hospital for tests or physicals.

Once the contract has been completed and submitted with your policy information, you will begin to receive offers for your policy. You are never under any obligation to accept the life settlement offers. All this can be done free of cost.

I recommend you take a minute to fill out a free life settlement quote form so we begin the process. We will contact you and provide you with a contract to fill out. If you have any questions, we are only a phone call (1-888-973-8377) or email away.

Reverse mortgages to pay long term care costs

I just read a great article about ways to utilize a reverse mortgage to help pay for long term care costs.

I have taken a few excerpts from the article, the full article is here.

The National Council on Aging published a report showing that reverse mortgages can help an estimated 13.2 million elderly homeowners pay for long-term care, allowing many to remain independent in their homes longer.

For example, a 75-year-old borrower with a home worth $100,000 could receive a reverse mortgage that could pay a family caregiver $500 a month for almost 12 years, $1,120 a month in adult day care services for almost five years, or $2,160 a month in home care (daily care for at least four hours) for 21/2 years.

"The study shows that reverse mortgages have significant potential to help seniors pay for home health care services or to make home modifications that make independent living possible," said Peter Bell, president of the National Reverse Mortgage Lenders Association.

Full Article: Reverse mortgages can pay care costs

Article by Tom Kelly and HeraldNet

Life Settlements and Senior Life Settlements

I felt it was time to brush everyone's knowledge about life settlemetns and senior life settlements. Enjoy the read.

A life settlement or senior life settlement is the transfer of a life insurance policy from the policyholder to a licensed Life or Senior Settlement funder. By definition, the market value is greater than the life insurance cash value but less than the net death benefit.

The transaction involves the policy owner's transfer of ownership rights to the Life Settlement funder, which then pays all premiumsóthe life insurance cash value, and ultimately receives the insurance benefits.

Most policies are lapsed because of costs or other financial strains. Few senior policy owners realize that their policy might bring 5% to 25% of the death benefit through life insurance settlements or senior life settlements. On average, Life Settlements are at least three times larger than policy cash surrender values.

Till next time, have a blessed day.

Reverse Mortgage Situations

A standard approach goes something like this: A reverse mortgage can provide retirement income for those that are "house-rich" but "cash-poor". It allows you to access money, which is not required to be paid back until you leave the house or it's sold. The loan balance, which includes draws against the credit line plus interest charges, grows as a portion of the homeowner's equity. Draws are considered tax-free advances. Plus, reverses are "non- recourse" loans, meaning the amount you owe can never be more than the value of the house.

This sounds good. But some issues though not ignored, are not emphasized and it’s recommended to anyone considering a reverse mortgage to check out the FTC page for Reverse Mortgage .

FTC starts similarly, but.... For example: If you are age 62 or older and are "house-rich, cash-poor," a reverse mortgage may be an option to help increase your income. However, because your home is such a valuable asset, you may want to consult with your family attorney, or financial advisor before applying for an RM.

RTG Consultants will work with your individual case. Everyone's situation is different. Please fill out our free reverse mortgage analysis form and we will let you know exactly the amount you can receive through a reverse mortgage.

Viatical Settlement broker definiton

Viatical Settlement broker definition, Senior Settlements broker, Life Settlement Broker Information.

"Viatical settlement broker" means a person who, on behalf of a viator and for a fee, commission, or other valuable consideration, offers or attempts to negotiate viatical settlement contracts between a viator resident in this state and one or more viatical settlement providers. Notwithstanding the manner in which the viatical settlement broker is compensated, a viatical settlement broker is deemed to represent only the viator and owes a fiduciary duty to the viator to act according to the viator's instructions and in the best interest of the viator. The term does not include an attorney, licensed Certified Public Accountant, or investment adviser lawfully registered with the Department of Banking and Finance under chapter 517, who is retained to represent the viator and whose compensation is paid directly by or at the direction and on behalf of the viator."

Click here, for your free viatical settlement quote!

Can life insurance be sold?

Found this question and answer form the Northwest Indiana News website..

Q: I have a life insurance policy that I am considering cashing in. However, a friend thought there might be a way to sell the policy instead. Can life insurance policies be sold?

A: The most common or traditional way to dispose of life insurance that you no longer wish to retain is to surrender the policy to the insurance company. You return the policy to the insurance company and they give you the cash surrender value.

For obvious reasons, the cash surrender value is less than the insurance benefit. Another option you might consider is to borrow the cash balance of the policy.

You can take a portion of the policy's cash value out by way of a loan. By borrowing the money, the policy stays in effect. The down side is you may need to make premium payments because the policy no longer has enough cash to be self-paying. If you don't make the premium payments, the policy may run out of money and the policy could lapse.

Another option is to actually sell the policy. The selling of a policy generally falls into two categories: life settlements and viatical settlements.

Life settlements involve buying life insurance policies from healthy individuals, generally over the age of 65. Essentially, there are companies that will buy your life insurance even if you are healthy. Remember, the longer your life expectancy, the less money the companies may be willing to pay. The company will treat the purchase as an investment and will calculate rates of return based upon your life expectancy.

Viatical settlements generally involve the selling of life insurance policies by people who are terminally or chronically ill.

Generally speaking, a person is terminally ill if they have a physical condition or illness, which is expected to result in death within two years. A person is chronically ill if they have been certified by a physician to be unable to perform at least two "activities of daily life" for a period of at least ninety days.

If you are either terminally ill or chronically ill, you may be able to viaticate your life insurance policy. The big attraction is that you will generally get more money by using a viatical or life settlement than by surrendering the policy to the company. Keep in mind that selling or surrendering a life insurance policy can be a taxable event. Uncle Sam will be looking for his taste.

Before surrendering or selling a life insurance policy, you should talk to your attorney, accountant and life insurance agent. Disposing of life insurance is complicated and it is best to discuss all of your options with a professional.

Complete article is here:
Life Insurance Settlement Article (Beware of pop ups)

Reverse Mortgage Interest Rates

Here is anothe consumer safegaurd for the HECM (Home Equity Conversion Mortgage) which is FHA's reverse mortgage.

Standard & Capped Interest Rates. The interest rate is the same no matter which lender a senior chooses. On HECM, interest rates are adjusted either monthly or annually (the borrower chooses) and based on an index called the 1-year U.S. Treasury Constant Maturity Rate published weekly by the Federal Reserve. Both the monthly and annually adjusted rates have lifetime caps. On other products, different indexes are used.

Feel free to contact me for exact information on current rates.

Till next time, have a blessed day...

Life Settlement Broker Study

While doing some searching today, I came across this tidbit of information regarding life settlement offers.

In one recent study, the same insured with the same policy and same conditions received quotes from 22% of face value to over 60% of face value. Do your shopping and don't take the first offer. In the same study, it was found that there was room for negotiation and life settlement buyers often came back with larger offers when the first was turned down.

As you can see, it is important to use a life settlement broker to get numerous offers on your policy. That is why RTG Consultants contacts around 30 funders. We work to get your the highest offer.

If you feel you aren't getting a fair offer on your policy, please call us at 1-888-973-8377 or email us.

Life Settlement Agents

RTG Consultants is looking for life settlement agents.

Are you an insurance agent, financial planner, elder care specialist, attorney, CPA, or estate planner? You can now offer your clients a life settlement option. This can just be another tool/product to add to your current line of services.

Just imagine if you have a client who is about to surrender their life insurance policy for the cash value, and you can recommend a life settlement to them that can generate them anywhere from 2-8 times that amount. Not only will your client be grateful, but it will also free up additional funds for your services.

A life settlement can be both beneficial to you are your clients. Commissions and referral fees are handsomely paid. Please fill out our agent contact form and we will be glad to send you more information.

Viatical Settlement Regulation

Here is some basic information about viatical settlement regulation.

Approximately half of the states have adopted some legislation purporting to regulate viatical settlements involving terminally ill persons, and legislation is being considered in many other states. Sales of policies of persons who do not meet the definition of “terminally ill” are not regulated in most states. At least eight states have adopted insurance or securities legislation dealing in some form with the activities of viatical settlement providers dealing with investors. The states that have legislated protection of viators are not necessarily the same states that have done so for purchasers.

Till next time, have a blessed day

Fannie Mae Home Keeper Reverse Mortgage

I was surfing some reverse mortgage sites today, when I came across the Fannie Mae Home Keeper Reverse Mortgage page. Fannie Mae has put together a great deal of reverse mortgage resources.

I decided to post the links so everyone can use them.

The below links are .pdf files, these need the Adobe Acrobat Reader. (This is a free download.)

Considering a Reverse Mortgage?
This brochure reviews 5 steps to see if a reverse mortgage is right for you.

Home Keep Consumer Fact Sheet
Facts and information about the Fannie Mae Home Keeper.

FannieMae: Money from Home
A guide to understanding reverse mortgages. This guide is large and is detailed with great information.

If you any problems opening or viewing these helpful files, please call me at 1-888-973-8377 or contact us.

Senior Settlements

A senior settlement is pretty much another name for a senior life settlement, but sometimes clients and agents can get confused. Here is a basic rundown of a senior settlement (senior life settlemetnt).

Senior Settlements provide senior clients a means to liquidate life insurance that is no longer needed in their portfolio. Many seniors (65 years old and older) who own life insurance qualify for a senior life settlement. A senior life settlement is the sale of a life insurance policy, where the policy owner is paid a lump sum in cash in exchange for transferring the ownership of the policy to a third party.

We qualify senior settlements for all types of life insurance policies including group, term, whole life, universal, and key-man. In most cases, the negotiated purchase price will be higher than the cash or surrender values and your clients can use the proceeds for other insurance or financial products, or in any way they wish.

Benefits Of Senior Settlements

• Funding other investments such as real estate or securities
  
• Funding the purchase of long term care or asset protection programs
  
• Paying off debts using Senior Settlements
  
• Funding the purchase of a survivorship policy
  
• Funding a charitable gift, trust, or annuity
  

There is never any cost or obligation to accept an offer for a Senior Life Settlement and we can evaluate as many life insurance policies as necessary. To find out how we can meet you and your clients' specific needs using Senior Settlements,a contact us now via our free online settlement form or at 1-888-973-8377.

Till next time, have a blessed day..

More Life Settlement Consumer tips

It is important that you understand all aspects of a life settlement, so I have some more consumer tips for you.

- Find out the tax implications. Not all proceeds received from the sale of your life insurance policy are tax free.

- The buyer of your policy can periodically ask you about your health status. The buyer is required to give you a privacy notice outlining who will get this personal information. Be sure to read it.

- Find out if you will lose any public assistance benefits such as food stamps or Medicaid if you get a cash life settlement.

If you have any specific questions about these tips, pleas call us at 1-888-973-8733 or contact us.

Online Reverse Mortgage Calculator links

More and more people are looking online for a reverse mortgage calculator. Well we have a solution for you. Our partners at Reverse Mortgage Nation have put together a page with reverse mortgage calculator information and links to online calculators. They currently have three different calculators to serve you.

Their page is: Reverse Mortage Calculator

Each of the calculators will give you simlar results, but each one might have different option or two.
Calculators are a good tool for getting an estimate of a reverse mortgage payout, but we recommend that you get a free analysis from an approved lender. You can contact RTG at 1-888-973-8377 or fill out our free reverse mortgage analysis for a full free analysis with no obligation.

Till next time, have a blessed day..

Life Settlement Daily Consumer Tips

I found a good resource for consumer tips about life settlements and viatical settlements.

- Check all settlement application forms for accuracy, especially your medical history. All questions must be answered truthfully and completely.

- Make sure the life settlement provider agrees to put your settlement proceeds into an independent escrow account to protect your funds during the transfer.

- Find out if you have the right to change your mind about the settlement AFTER you get the money. If so, how many days do you have to reconsider and return the money?

I will post some more tips tommorrow, make sure you check back!

Till nex time, have a blessed day.

Free life settlement quote and apprasial

Want to see if there is value in your life insurance policy? Want a free quote to determine what type of life settlement you could receive? Well, don't worry we will do it for free. There is no cost or obligation involved for our free life settlement quote.

If you are curious about the length of time it takes for a life settlement quote or apprasial, let me explain. After we get your basic information we will almost immediately able to give you an idea if a life settlement is possible. At that point we will request some more information and then we will be able to provide you with offers and settlement amounts. That can take anywhere from a couple days to a couple weeks.

Remember, you are never under any obligation, RTG Consultants is offering a free life settlement quote as a service to you.

If you would rather discuss your situation over the phone, please call us toll free at 1-888-973-8377.

If you are an insurance agent, financial planner, attorney, estate planner, CPA, etc.. We also can assist your clients with life settlements. Please contact us.

Life Settlement versus Viatical Settlement

I got an email yesterday from someone who just wanted some basic information pertaining to the difference between a life settlement and a viatcial settlement.

Here is some basic information:

A viatical or life settlement is the sale to a third party of an existing life insurance policy for more than its cash surrender value but less than its net death benefit. Regulatory usage of the terms “viatical settlement” and “life settlement” varies by state. However, the market generally uses the term viatical settlement to refer to instances where the insured is terminally ill with a life expectancy of less than two years. A life settlement focuses on policies insuring older individuals with life expectancies greater than two years.

If you need more detail on each type of transaction, contact us.

Until next time, have a blessed day.

Reverse Mortgage Asset Protection

Reverse mortgages have many safegaurds built in to protect seniors. One of the key safegaurds of a reverse mortgage is through asset protection.

Asset Protection. The HECM is a “non-recourse” loan. This means that the amount due can never exceed what the home is worth. Title to the home always remains with the borrower. When the loan becomes due, the lender is repaid the sum of funds advanced plus the accrued interest, but never more than the value of the house. If there is remaining value, it belongs to the homeowner or the estate.

This is just one of the many safeguards associated with reverse mortgages. If you have any questions or need a better explanation of what "non-recourse" mean, please post here or email me.

Life Settlement and Reverse Mortgage Blog update

Hope everyone had a great weekend. For those that have been visiting often, you will see a little change in the colors. This will be the final color change. I wanted to make sure it matched the main page a little better.

I will have another life settlement and reverse mortgage entry added later today..

Stay tuned.,,

Reverse Mortgage Counseling

Hope everyone is having a great weekend. I will make this entry pretty short.

Basically I wanted to talk about the reverse mortgage counseling. I got a couple emails from people who were looking for information about it. Reverse mortgage counseling is a requirement by the government for any person who is interested in obtaining a reverse mortgage. It is basically an information session where the counselor will explain the process and make sure the client understands exactly how a reverse mortgage works. The reverse mortgage counseling is basically a safety net to make sure you fully understand a reverse mortgage.

I have received questions about what they need and how long it takes. When you schedule your reverse mortgage counseling, the counselor will tell you what information they would like you to bring. Most will want to see the GFE (good faith estimate) and comparison sheet from you lender. Others will also ask you to bring other information including copy of deed, insurance info, taxes, etc.. It really all depends on the counselor. The time can be anywhere from 30 minutes up to 2 hours. The 2 hours is not common, but I have heard it happening. Two hours is way too long!

A reverse mortgage is wonderful solution and it is backed by FHA and Fannie Mae, that is the man reason for counseling. They want to make sure everyone has a good deal of reverse mortgage education. You can setup counseling in your local area and sometimes you can actually have the counseling done over the phone.

Here is a link for reverse mortgage counseling information.
HUD approved reverse mortgage housing counseling agencies

Till next time, have a blessed day..

Choosing the right reverse mortgage?

I get many emails and calls about the differences in the different reverse mortgage programs. The usually want to see how the different programs work and how much money they can receive from each program.

When we do a free reverse mortgage analysis we will be able to see the results from all the solutions. At that point we can put together a page showing the different amount, fees, and interest. This form is great for people to compare the different options.

We noticed recently that the most common reverse mortgage has been the FHA HECM (Home Equity Conversion Mortgage) . This loan has been providing our clients with the highest payouts.

As FHA continues to add increased benefits and payouts to the HECM it will probably remain at the top for the near future. RTG Consultants will continue to monitor the different reverse mortgage products to bring our clients the best solutions.

I also added the links for the the FHA HECM and Fannie Mae HomeKeeper products. If you have any questions, please comment here or email me.

Home Equity Conversion Mortage (HECM) (hud.gov)
Fannie Mae HomeKeeper

Till next time, have a blessed day.