 | odd Drew is the Manager of the Reverse Mortgage Division of Priority Mortgage. A native of Kansas, Todd grew up on a farm south of Great Bend and has worked within the retired community since 1989. Much of his sales career has been spent working with older Americans in Kansas and Oklahoma. He attributes his longevity in the industry to focusing on listening instead of selling, understanding the need first rather than just selling a product or service. With the Reverse Mortgage relatively new to Kansas, although it has been around since 1988, Todd emphasizes education should be at the forefront of any decision to purchase one. While there are hoards of telemarketers soliciting sales over the phone and through the mail, he offers a free consultation to homeowners so that they may get questions answered, gather information and determine eligibility. He adds, the children are welcome to attend this also as the decision to do a reverse mortgage is not just about today but tomorrow as well. The consultations are either in the home or in his office located at 900 N Tyler, Suite 12. You can reach him by phone at 721-7700 or through his e-mail, todd@prioritywichita.com. A reverse mortgage is not for everyone, but the education is. |
Real Estate
2008-03-01 09:24:00
Planning for the future
Question: Reverse Mortgage...what do we do?
Answer: As you are aware, there is a growing frustration among the retired community. With everyday costs escalating, many retired Americans are not living on a fixed income but a “broke” income. Today it is not uncommon for sons and daughters to be assisting their parents financially each month. Not only does this add strife to that household but it strikes a lethal blow to the independence of the older person(s). Fortunately for some older Americans they own their home or have a considerable amount of equity built up affording them the opportunity to do a Reverse Mortgage. While it does create a draw on the children’s inheritance, many siblings see this as a viable option as opposed to a draw on their current checking account. In addition, the child’s parents maintain their independence. Some would argue it is time for them to move, to downsize. This makes sense. The individual is having an “out of money experience” and now you want them to add an “out of home experience.” While it may alleviate the financial crisis it will only be temporary at best. With rental prices ranging from $600 to $1000 for typical apartments to $1,300 and higher for assisted living, the money acquired from the sale of the home will soon be exhausted. The forthcoming devastation will be “Then what are you going to do?” Talk about failure to plan. The Reverse Mortgage allows the homeowner to stay in their house for as long as they choose to do so. Even if they outlive the equity in their home they will not be forced to move.
In the Reverse Mortgage business, education is first and foremost. Not just educating homeowners about the Reverse Mortgage, but letting the homeowners educate us about THEIR situation and THEIR needs.
•Bob and Rita have a daughter dying from cancer who is a single parent of two teenage boys. •Barbara who has had homeowners insurance for years cannot pay the deductible and the difference in depreciation when her roof was destroyed by hail and high winds. •Juanita who has to make a decision every month. She has to decide which medicine to buy because there is not enough income to buy it all and eat too. •Jerry and his wife who love to travel but hate the 14% interest they pay on their RV note. •Bob who just got behind 5 years on his taxes. •Rita whose children live out of state and wish for her to have periodic home health care. •Clarence and Ileata who understand they need long term care insurance but do not know how to pay for it. •Shirley who lost her husband to Alzheimer’s two years ago, which then led immediately to losing half the household income, which then led to losing her savings over time, which then led her to get behind on her mortgage, which then led her into foreclosure. Out of Breath? So was she! We all want to live a healthy independent life, but there is no cure all. Just like one prescription drug will not cure every ailment, neither will a Reverse Mortgage cure every situation. One has to assess the situation and look at all the options. At the crossroads of the busy lives we lead, sometimes you need someone that can answer the question, “Which way?”
