Not Your Average Financial Podcast™

Episode 245: The Truth About Reverse Mortgages with Tim Foor

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In this episode, we ask:

  • Do you have a visceral reaction to certain words?
  • Who is Tim Foor?
  • How did Tim become a loan officer?
  • Would you like to hear Episode 157?
  • Does Tim own Bank on Yourself® type life insurance policies?
  • What does Tim think about Bank on Yourself®?
  • What about mixing Bank on Yourself® type whole life policies and mortgage strategies?
  • How does Tim help activate home equity towards the client’s advantage?
  • What has happened to home values?
  • What about a tax free money vehicle?
  • How many tax free instruments can you count?
  • What about about a cash out refinance?
  • What is the history reverse mortgage?
  • What is a HECM loan?
  • What is a home equity conversion mortgage?
  • What is a principal limit?
  • How does your age factor into accessing the equity in your home?
  • What about social security “not cutting it”?
  • What about future proofing a house?
  • What about people on a fixed income?
  • Why do people have a negative connotation and stigma toward the reverse mortgage?
  • What are the renovations on the reverse mortgage?
  • What about the mandatory counseling for reverse mortgage?
  • What about red tape and fees?
  • Isn’t the reverse mortgage just for those in poverty?
  • What happens when ultra high net worth individuals take reverse mortgages?
  • What about the jumbo reverse mortgage?
  • What about fees and closing costs?
  • What is a non-recourse loan?
  • Is there a way to be underwater on a reverse mortgage?
  • What about the family having the first right of refusal?
  • Does the bank want to own the home?
  • What are the options upon death?
  • What about Henry Ford?
  • Where did the obsession toward paying off the house come from?
  • What is line growth?
  • What happens if the housing market tanks?
  • Would you like to work with Tim at 866-888-7902?
  • Would you like to reach out to PRMI in Wooster, Ohio?
  • What are the takeaways?
  • Would you like to hear Episode 199?
  • Would you like to meet with Mark?  

    • Tim Foor has been in the mortgage business since 2012 after several years in the education and coaching fields. Tim takes a holistic approach to mortgage lending with a focus on strategic equity management. Tim also works with the sales team to ensure efficiency in the loan process. He is a 2007 graduate of Walsh University with deep ties to his hometown of Defiance, OH. He currently resides in Akron, Ohio with his wife, Monica, and daughters, Alison and Cameron.

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