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The Rise of the Reverse Mortgage and is it Right for You?

Monday, February 5, 2018


In the past few years, the popularity of reverse mortgages has been on the rise and continues to be sought out as a way to supplement retirement income. As the baby boomer generation reaches retirement age, boomers have built a considerable amount of equity in their homes, upwards of $3.84 trillion in the U.S. Some boomers are finding that the retirement nest egg they built over the years is not enough to live on or will not last long enough. A reverse mortgage is a way to supplement their retirement savings.

What is a reverse mortgage? It is a financial agreement between a homeowner and lender in which the homeowner relinquishes equity in their home in exchange for either a lump sum or regular payments. Unlike traditional mortgages, which decline as you pay down the loan balance, reverse mortgages rise over time as interest on the loan accrues. The loan is only available to seniors 62 years old or older. There are no monthly payments to make, however, the loan must eventually be repaid once the home is sold or the owner passes away. The homeowner may also opt to pay back the loan sooner if possible. An estimated 99% of reverse mortgages offered today are insured by the federal government under the Federal Housing Administration (FHA). Since they are insured by the government, most of these mortgages come with additional benefits that you won’t find from private reverse mortgage products. The department of Housing and Urban Development (HUD) is the agency that manages the product and regulations of the program. As an example, HUD offers counseling to seniors considering a reverse mortgage. HUD also oversees the lenders who provide them.

The requirements to obtain a reverse mortgage are as follows:
1. Must be 62 years old or older
2. Must own the property outright or be paid down considerably
3. Must be a principal residence
4. No delinquent federal debt (i.e. taxes owed)
5. Must have financial resources to pay taxes and insurance
6. Must received counseling from HUD before obtaining a loan.

Types of reverse mortgages:
1. Single Purpose Reverse Mortgage: Offered by local, state and non-profit agencies only for a specified purpose and are not federally insured.
2. Home Equity Conversion Mortgage (HEMC): Insured by the federal government and can be paid out in several ways (line of credit, monthly installment or lump sum). You can also choose between a fixed or adjustable interest rate.
3. Proprietary Reverse Mortgage: Only available on homes with a high appraised value and provided through private lending companies.

Are you required to maintain Homeowner’s Insurance with a Reverse Mortgage? Most lenders require a policy that covers 100% of the replacement cost of the property. If you have valuable personal property, you may also want to consider coverage for your personal items in case they are lost, stolen or damaged. Just as with a regular mortgage, ensure you have a deductible you can afford in the event you must make a claim.

If you are interested in a Reverse Mortgage and need more information or help connecting with the right resources, please contact the Salmon Agency at 407-365-1766.

An Invite to Attend & Support the Purple Door Luncheon on October 11th!

Tuesday, October 8, 2013

As many of you know, Allstate is a proud supporter of domestic violence awareness and prevention, as well as assisting victims of abuse with economic empowerment to better their situation. Locally, the Salmon Agency contributes to this cause through support of Harbor House, one of the best comprehensive domestic violence programs in the State of Florida.

This Friday, October 11th, we hope you will join us in supporting and attending the 37th Annual Purple Door Luncheon. This event will feature guest speaker Sharon Love, the co-founder of the One Love Foundations, raising awareness about relationship violence after the tragic death of her daughter, Yeardley Love. The University of Virginia student and lacrosse player was murdered by her ex-boyfriend two weeks before her graduation, drawing national attention to her story and the issue. Sharon Love is committed to ending relationship violence through education and technology and honoring her daughter’s spirit.

Here are the details for this year’s event and the link to register:

37th Annual Purple Door Luncheon

SeaWorld Ports of Call, 7007 Sea World Drive, Orlando, FL

Friday, October 11th, 2013

Noon to 1:00 pm

Thank you to our sponsors, Orange County Sheriff's Office, Florida Hospital, Starwood Vacation Ownership, Chase, Jill S. Schwartz & Associates, P.A., Orlando Health, Wells Fargo, Local 6 WKMG, Mears Transportation Group, Carley Corporation, OUC The Reliable One, Rhodes + Brito Architects, and Rumberger Kirk & Caldwell.

We hope you will join The Salmon Agency in supporting this event and helping us to raise awareness about domestic violence in Central Florida and the larger community. Thank you!

Domestic Violence Awareness Month

Thursday, October 7, 2010

DVAM-Purple-Ribbon-731880.gifMany people know that October is Breast Cancer Awareness month, a very important issue; but did you know that October is also Domestic Violence Awareness Month? It’s no secret to my clients and friends that the prevention of domestic violence and helping domestic violence victims is one of my passions in the community. What you may not know is that I am lucky to be working with an incredible company that provides invaluable assistance through economic empowerment and other programs to victims and survivors of domestic violence.

In celebration of Domestic Violence Awareness Month, this Friday morning I’ll be joining my fellow board members at the Harbor House of Central Florida 34th Annual Domestic Violence Awareness Fundraising Breakfast to listen to keynote speaker, Tiffany Carr, the Chair of the National Network to End Domestic Violence and stories of survival. Harbor House has a very unique approach and great programs for domestic violence intervention, awareness and prevention. They also recently co-hosted a walk, Paws for Peace, to raise awareness about the link between animal abuse and domestic violence.

Whether it’s the newly renovated site for The Office for Victims of Crime with resources, statistics, and general information about programs offered through the federal government, the Allstate Foundation and their Click to Empower or Tell a Gal Pal Program or getting involved with a local non-profit that helps eliminate domestic violence in the community like Harbor House; there are countless ways to become more informed and engaged. You can easily make a donation to Harbor House – for as little as $40, the cost of dinner out (without drinks), you can shelter a survivor fleeing a violent relationship! So join me in making a donation and wearing a purple ribbon this month in honor of the numerous voices – both silent and outspoken – of the victims and survivors of domestic violence; YOU can make a difference today!

The Salmon Agency (www.salmonagency.com) is a trusted resource for insurance and financial planning needs since 1999.

Join Us This Saturday for our Summer End Fest!

Thursday, August 12, 2010

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It’s been a long, hot summer and many families are looking forward to getting to the cooler fall days. First though, we all have that fateful event that all families with young children face, Back to School! We wanted this Back to School to be better than ever, so we spoke with other local businesses and decided to celebrate the end of a wonderful summer and start of a successful school year with our community. The Salmon Agency is proud to partner with other Oviedo-based businesses through the Oviedo Professional Alliance to sponsor the 2010 Summer End Fest.

You are invited to come out with your family and friends this Saturday, August 14th between 3:30 and 7:30 PM at River Run Seminole Campus and join us for live music from Dana Kamide and Blender, great food and family fun. There will even be hot air balloon rides! If you pre-register for the event, you can win any of $10,000 worth of prizes, ranging from free chiropractic services, to a free cruise! We will also have a line-up of VIP guests, including 2009 Miss Florida, Rachael Todd. The best part is that all proceeds will go to Oviedo schools, providing much needed supplies!

Please visit our event page to pre-register for the Summer End Fest.

You can help us as we benefit Oviedo Education! Please join us for this free event as we continue to give back to our community and show our customers how much we appreciate them!

 

Summer End Fest 2010

Saturday, August 14, 2010, 3:30  to 7:30PM 

River Run Seminole Campus 
141 River Run Point
Chuluota, FL 32766

Lincoln Salmon is the owner and founder of Salmon Agency (www.salmonagency.com). He is an active community leader and a trusted resource for insurance and financial planning needs since 1999.


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