Ron Scott Interview with Terry Bivins – February 10, 2010

Ron Scott of Bark & Company Realty, Inc., recently interviewed Terry Bivins, a reverse mortgage specialist with Next Generation Financial Services.

Q. Terry, what is a reverse mortgage?

A. It is a program for senior home owners age 62 and over that allows them to access some of the equity in their home, but unlike traditional loans, they never have to make a payment as long as they live there.

Q. How does it get paid back Terry?

Terry BivinsA. When all the borrowers  are no longer living in the property as their primary residence the loan is due, typically the home is sold, the reverse mortgage balance is paid off and the rest of the proceeds go to the borrower or their estate.

Q. What are the qualifications?

A. That’s the great thing about a reverse mortgage, since you are not making payments, there are no income or credit qualifications.  The loan is based on the homes’  value, the interest rate and their ages.

Q. What if they already have a mortgage, can they still get a reverse mortgage?

A. The reverse mortgage will pay off their existing loan eliminating their mortgage payment but they will still be responsible for paying the taxes, insurance and maintaining the property since they still own the house.

Q. How does the borrower get the money Terry?Ron Scott

A. They can take a lump sum, receive monthly payments for life, set up a line of credit and draw money as needed or any combination.

Q. How may the money be used?

A. The reverse mortgage converts a dormant asset, the homes’ equity, into a liquid asset that may be used as the homeowner chooses.  It’s their money and it is tax free.

Most often I see existing mortgages being paid off eliminating mortgage payments thus increasing disposable income.  Reverse mortgages are also used for home improvements.

Reverse mortgages may also be used to purchase a new home but let’s leave that discussion for another interview.

Q. Terry, what is your background?

A. I have been in the mortgage business for 28 years and for the past 7 years I have worked exclusively with seniors and reverse mortgages.

Q. How do our readers learn more?

A. Give me a call at 1-877-707-9696, I only need the zip code, date of birth and the estimated home value to create a reverse mortgage proposal.  So, please call 877-707-9696 for a no obligation quote.  I can send them a free CD or DVD on reverse mortgages.  I can also be reached at tbivins@1stmarinerbank.com and my web site is www.reversemortgagenation.com/tbivins.

Next Generation Financial Services is a division of First Mariner Bank that is federally regulated and supervised by the FDIC and Next Generation is an Equal Housing Lender.

February 10, 2010

Ron Scott Interview with Terry Bivins

Ron Scott of Bark & Company recently interviewed Terry Bivins, a reverse mortgage specialist with Next Generation Financial Services.

Q Terry, what is a reverse mortgage?

A  It is a program for senior home owners age 62 and over that allows them to access some of the equity in their home, but unlike traditional loans, they never have to make a payment as long as they live there.

Q. How does it get paid back Terry?

A  When all the borrowers  are no longer living in the property as their primary residence the loan is due, typically the home is sold, the reverse mortgage balance is paid off and the rest of the proceeds go to the borrower or their estate.

Q  What are the qualifications?

A.  That’s the great thing about a reverse mortgage, since you are not making payments, there are no income or credit qualifications.  The loan is based on the homes’  value, the interest rate and their ages.

Q  What if they already have a mortgage, can they still get a reverse mortgage?

A  The reverse mortgage will pay off their existing loan eliminating their mortgage payment but they will still be responsible for paying the taxes, insurance and maintaining the property since they still own the house.

Q  How does the borrower get the money Terry?

A  They can take a lump sum, receive monthly payments for life, set up a line of credit and draw money as needed or any combination.

Q  How may the money be used?

A  The reverse mortgage converts a dormant asset, the homes’ equity, into a liquid asset that may be used as the homeowner chooses.  It’s their money and it is tax free.

Most often I see existing mortgages being paid off eliminating mortgage payments thus increasing disposable income.  Reverse mortgages are also used for home improvements.

Reverse mortgages may also be used to purchase a new home but let’s leave that discussion for another interview.

Q  Terry, what is your background?

A  I have been in the mortgage business for 28 years and for the past 7 years I have worked exclusively with seniors and reverse mortgages.

Q  How do our readers learn more?

A.  Give me a call at 1-877-707-9696, I only need the zip code, date of birth and the estimated home value to create a reverse mortgage proposal.  So, please call 877-707-9696 for a no obligation quote.  I can send them a free CD or DVD on reverse mortgages.  I can also be reached at tbivins@1stmarinerbank.com and my web site is www.reversemortgagenation.com/tbivins.

Next Generation Financial Services is a division of First Mariner Bank that is federally regulated and supervised by the FDIC and Next Generation is an Equal Housing Lender.