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KMBZ>Audio & Video on Demand>>Life As You Own It 2.6.14 Segment 2

Life As You Own It 2.6.14 Segment 2

Feb 6, 2014|

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Automatically Generated Transcript (may not be 100% accurate)

And -- And -- Welcome back before the break we were run give -- the details of the nitty gritty on that reverse mortgages and now it's time for us to tell you. Whether reverse mortgages something that you should consider is a solution to consider is a strategy. Where you should just say to heck with it I don't need to move in reverse I'm gonna keep bomb moving forward Mario McNeil -- -- -- spirit of that. We do you see situations were people. Things that hey this is limited do you make it through the process -- star's final paperwork they've closed on the lone bright and then they go wait a minute I don't know lab and I can't sleep deficit from last unite sprite I just don't think it was supposed to do this you can then backed out of the transaction to have. Three business days three calendar days that as long as they're within inaugural business days you have a rescission period where you can't back out and -- Scratch that you recover any. Cost that you may have paid -- you just. Washington got him and we would tell you if you get that far that's -- we can't hold it at that point we don't even stop sign on the dotted line to -- comfortable and our goal and doing the show and talking about this. Is to make sure you are comfortable that you get enough education you can go. You know what that is the right solution for me it's the most cost effective one. And if you work with a certified mortgage planner that understands this product they can tell you what your options are they can cut through the chase quickly. And they can give you the right scoop so he. Do that okay Craig so. Solution. Or strategy. Talk about the scenarios where it may be the solution. And undergo for real come up with specifically any any scenario where it is the strategy. That is pro active vs the solution that is react I don't. Yet don't know that we would be able to come up with any that we could -- you know that we hang our hat on ourselves per -- wind and put our name -- I can I can -- -- people have shared with me that they. Were presented as the strategy by a reverse mortgage sales percent right but I'll tell you how that may fall flat so. A so we can probably dvd ideas behind what you would call potentially strategy but maybe where you'll fall short of achieving your goal is with -- Stratton okay. As far as solution goes the most common. The reason you would use a reverse mortgage as a solution for your particular financial needs would be this. You are retired -- over sixty years old -- very limited assets which to draw from in the event and an emergency and on for -- expense or just. Because you wanna be able at a reasonably. Enjoyable retirement where you take a vacation we hearing kids once a year some -- thing is limited funds you've got a modest monthly income and very fixed budget. But you've got a substantial asset that is your home that's a lot of equity and it and it is your primary asset. And it is not obviously liquid. Many people wanna stay in their home their couple there they've got Thanksgiving Christmas there your for their family just what they wanted to you know they don't -- have to vacate at home in order to cash out all that equity buys something smaller whatever. And even when that -- obviously an opportunity for some people it's still has only solve the cash flow problems right for living so. A reverse mortgages is one that is primarily a solution for people who have a limited assets but have a six and tenacity and their home and they wanted to to draw out of that. Investment quote unquote they made by buying and paying off at home on a monthly basis to supplement their living expenses. Again as I mentioned earlier why I'm not a fan it is is because if you listen to what we teacher and I think you -- -- -- you're 25 years -- thirty years older than forty years older older. And you are buying a home. And you take advantage of the arbitrage opportunities and don't get fixated on paying your house office fast as possible but instead to maximize every opportunity with -- each dollar that passes through your fingertips. Many times your assets will accumulate -- greater greater return in the in the tax efficient mortgage rate you pay on borrowed money. And you have an opportunity to have even greater amount of net worth of assets and retired but that's not proactive strategy right right so with that in mind. The reason why I say that you know the solution for this particular person is one that this is a person that's kind of stuff. Now there's other solution there's other people and scenarios were in -- you share if you have other -- market the primary person is is that person that. I got a lot of money it's just got it tied up and house and he is that acts if they're not diversified something that is straight talk we talk about diversification and you've that your you've got real tangible and. -- assets in the form of home equity. I'm Andy you unfortunately don't have them sufficiently in the form of retirement funds or may be liquidated those senators a look at this just like. Look at it it's a savings you put it away we made debate whether it was the most effective investment that it matters too late we are we are. So you've got her a real investment you made in savings. And it. You should. Be comfortable tapping in your savings if you need to so make sure you understand it that if you're in that position and you've saved will say a 150000 dollars. Because it's money you paid at home equity and it's sitting there unused it's an investment that if you determined to borrow 75000. Dollars that is paid out unit distributions to supplement your fixed on come over the fifteen to twenty years. Don't feel bad about it. -- your money you heard that you don't leave need to leave that for anybody else. -- just you know make sure you understand what you're doing and and it can be the great the perfect solution your behind and attacks how many times. I hate to say it folks sometimes it's just lack of education they're people losing their homes -- a fixed income. And they can't afford what ever happened in in life with them the assist cured he and it wasn't enough because they had. Car repairs or something they fell behind maybe had medical problems and make it could have been a lot of yet whatever it is an -- and I am a member they have up a home it's worth 60708120000. Dollars. They 00 on -- can't afford to pay the taxes. The house subsequently goes into foreclosure and someone's able to buy that house for 51015. What some ridiculous amount goes into a -- -- -- Folks say that is to a definite. You've got -- army -- friends with this information because it can be it is the last you can -- from if if life -- emergency in Europe in the middle of your working years. You can if you got no other resources you can borrow against your 41 -- It's not that the number one option but it is an option. If you're up against a wall that's the same option you have with home equity except it can be more strategic you can determine. They you want to. Enhance your your lifestyle you want do what you wanna have an extra thousand bucks not as you need it. But look as you'd like to you'd like to use it because no one else needs to use it when you're gone. So if you understand it it can be great tool in those views that are. That the children of people that may use reverse mortgage. Sit with them on that make sure you understand what the -- but rest assured. There isn't that they're not they're going through third party they're getting the education your parents are capable of making this decision in the bottom line is. There is nothing a sinister or fraudulent about to reverse mortgages. That -- inherent in the product itself. It's just strictly your lack of education at times. Why is your own state tailback with the -- should he -- -- should he go segment just give us some. -- folks we are back like if you own it. Cover the reverse mortgage stuff and guys just do like mark said get the education done consider earlier options and if it's the right solution for you. Don't hesitate to take advantage of that opportunity we will say there's gonna close this out with with. You know there are a lot of fees. There has been some enhancements there have been some rules changes you'll want the person you're speaking with the -- first -- educate you on as a recent changes if you checked into it in years past. Even if you checked in the last six months. And now you're gone back for for seconds to get more information there's been some changes. So you need to be aware of those but regardless get the facts. Take a look at your options pay attention all the fees associated with doing -- reverse mortgage because. Those are a significant setback. That you start out look you know renegade as we -- break even periods have like that I mean you're making an investment your home equity to be able to sign up and. In to have access to your own mind how -- you hear the music I hear it all right tonight as you folks that are regular listeners you know -- should he stay or should you -- segment it's when you have an opportunity give us your scenario. I don't care pitch well considering buying your first home and her. -- whether it's you've got to deal -- transaction just don't know if it makes sense we're gonna tell you you should stay with what you got -- you should get. Haven't dodged out of the dodged for the Chevy or -- -- order winner Randy up earlier and take -- sitting there you got it so. We've got Larry Omaha Nebraska wrote I just sold my pay off home for 220000 by about 71 years old retired single. My son listens your show when told -- to -- in a -- show very educational but not boring. They know my eleven year old that -- my son thinks I should buy a Villa in a maintenance provided community that I don't trust real estate values -- modest income I'm leaning towards right. The bill as I have looked that run about 26808000. Selected paid cash and half last month expensed in arresting. But a lot less money in the bank what do you suggest. We -- detailed you can tell the regular listeners because they don't just throw out a here's an. Should mayor stay or should he go if staying means rent and go means by a Villa Imus say ago. I think that what -- you'll find with the inflationary environment will probably sitting in for the next decade. I think rents are gonna go up. He says he has a modest income. A reverse mortgages and he could look did you we don't know the rest of his financial situation I don't know another ten assets that he has but. I would suggest buying the Villa. Because I. -- compensate for some that expense vs renting now he's 71 there's a lot of considerations there but I'm still -- and owning. All right -- -- -- is also had a secondary question is should he pay cash or should he and have less money to bank or should he. Finance at that point I don't -- it is limited monthly incomes I don't notice cash flow situation is. That's going to be very dependent on and when other assets he has I'm always gonna lean toward council to take a mortgage keep their money liquid you can always turn around take the money -- left pocket. But it -- pocket it alone off. But I think that starting out the gate he should go into it looking at mortgage options that and then. He's gonna talk to certified mortgage planners might really cares knows what to do on the good news is that he's on a fixed income the qualification process is going to be such that he's not and build up. Over borrow right you know depends on if that that you may have to accommodate an at large down payment but you know at 50% down and soda a manageable payment. -- try to make -- provided Phillies I can have a bunch of on for seen external expenses so. Why pay Larry thank you for -- think thirteen in the show thank you your question and you've got you did a good good job race and -- obviously he's a squared away individuals so we appreciate both of you Smart son that's right Smart son listen to life -- -- -- it. Okay moving on down the checklist my friend okay. Is it time to make your move. Not sure -- to sample the waters. Without jumping in altogether well some of view I am certain because we've had gas from this organization on -- show before you've heard of -- all right Greg. Priscilla was zillow is is -- oh OK zillow is via. Is a real estate website that has is a resource worked for buyers for real terse comment for consumers that are considering it. To not only renting but -- or purchasing. It's all things real state when he looked rental home when looking to buy what you're looking to identify with the values the market transit -- at. Great resource to get some fantastic information in to help you in your quest to either purchase rent to put that roof over your head. And they have AM a little product that I'd like to tell you about and actually it's free and you know on like if you were big fans of free. Can't be freaking any -- Is in Alsace -- -- attack in -- OK some Stella actually am getting ready to you up -- information your so what if there's not. For potential. Home sellers you can nine -- a -- make me move price in zillow. And it can -- -- on the map -- someone's looking around for homes for sale they can also it can pull up your information on your house and if you've -- does that lower neither as you can see there's the -- information on your house. I'm it's public record and you can put in that price and someone can email you anonymously. If they're interested in. Making you move so what is free to put your info on there you've just gotta warn you gotta say that hate all the property you've got the ability to sell its. And yet you listed on there are so fantastic way to get your home online people that are using zillow which is a quickly growing. -- resource for homebuyers. I'm you can get on there and see what homes are selling for there's disaster that we talked about that we've had people from -- talk about there's estimate which is really. It takes the the public data that's available. And it will will hasn't algorithm that will identify with the value of your house is based on that public information available. And we find especially in new -- subdivisions. They are fairly near the are increasingly accurate in and you were built subdivisions so cool little tool would recommend if you think it is Alan. Check it out might be for you you may get that offer I know someone in Saint Louis that they told me they did the same thing put their price -- boom within a week. They had an offer to now they're negotiating the offer and it was a 95%. Of their for stock was 95%. Of -- there. Price that they -- -- making news press EMI will make it -- -- sit here make me move price now then you got to deal okay Craig. What do you think of my little subject matter about tell what's. By the -- -- otherwise ninety million dollars spent on. I think we're gonna share with the listeners who beat you back this next break stay tuned to like his you don't.