Millions of Americans have been watching Robert Wagner since he burst onto the silver screen in the 1950’s playing roles opposite leading ladies like Susan Hayward and Janet Leigh. Twentieth Century Fox quickly signed him where his movie star good looks and debonair style made him popular among moviegoers worldwide. Often playing a good guy, he became a trusted figure so it’s no surprise that the Senior Lending Network would choose him as their spokesperson. The program is aimed at educating seniors about the many benefits of a reverse mortgage. The commercials offer consumers a free educational video and access to information from a reverse mortgage expert. According to David Peskin, Chairman of the Guardian First Funding Group, Robert Wagner has helped create awareness about reverse mortgages for millions of citizens throughout the nation.
The Benefits of a Robert Wagner Reverse Mortgage
A reverse mortgage is a loan designed to help homeowners convert part of their home equity into tax-free cash without having to sell off their home or take on a new mortgage payment. Lenders make payments to the borrower rather than the homeowner paying the lender. The borrower can request that payments be made on a monthly basis, in one lump sum or in periodic advances through a home equity line of credit.
Lower Fees on the Robert Wagner Reverse Mortgages
The Federal Housing Administration (FHA) announced in October 2010 that they would offer a new Home Equity Conversion Mortgage (HECM) Program aimed at seniors. The HECM Saver lowers the upfront closing costs on loans, allowing individuals 62 and older to obtain a reverse mortgage with lower fees. To qualify for an FHA HECM, the person must own their home outright and the existing mortgage must be paid off.
Guardian First Funding Group & HUD
The U.S. Department of Housing and Urban Development (HUD) recently gave approval for Guardian First Funding Group to become a non-supervised lender, known as a “Full-Eagle” in the lending community. According to Chief Executive Officer, Jason Levy, this will allow them to continue their growth plans while ensuring a high level of customer satisfaction to seniors.
Is the Robert Wagner Reverse Mortgage Right For You?
Many people believe that reverse mortgages are beneficial for cash-strapped seniors who are having trouble making it on their monthly Social Security check. However, there are some drawbacks that consumers should be aware of. Reverse mortgage lenders often make money through fees, points and interest and the closing costs are generally higher than other mortgages. Some financial experts believe that refinancing the original mortgage with a lower interest rate is a better option. The author of Mortgages for Dummies, Eric Tyson believes that reverse mortgages can be a valuable retirement tool as long as the homeowner fully understands what they are signing up for.
Investigate All Possible Options
Before making any type of major financial decision, it is important to investigate all of the options available. A reverse mortgage may be the right choice for some, yet there may be other solutions that are better than dipping into the home’s equity. Thousands of homeowners may be struggling with the high cost of replacing their home heating system. Fortunately, many power companies offer low-cost financing on energy conservation improvements. The National Council on Aging is a valuable resource for information about programs that benefit seniors. A little bit of research and knowledge can be a powerful ally.