If you own a Colorado home and worry about stretching Social Security and pension checks, this episode is for you. Today we look at a little-known way to get more control from your FHA-insured reverse mortgage. Most people know reverse mortgages let you skip monthly payments. Fewer know you can choose to make payments—and that choice can give you flexibility, protect equity, and grow your available credit for the years ahead. I’ll walk you through how it works, when it helps, and what to watch out for.

How voluntary payments change your loan outcome

Small or large payments slow the balance growth and reduce long-term interest costs. You will see how even modest payments can change your equity picture over time.

How payments move through the prepayment waterfall

Accrued mortgage insurance is paid first, then interest, then principal. This order matters if you plan to deduct interest and affects which part of your payment actually reduces the balance.

The line-of-credit effect

Paying down the loan balance increases your future borrowing power. The line of credit grows at the same rate the loan accrues charges, so lowering the balance today lets that credit grow from a higher base.

Smart payment strategies for retirees

Learn when to pay a little each month, when to use windfalls like tax refunds or stock sales, and why you should avoid paying the loan to zero if you want to keep the line of credit available.

Real-life examples for common situations

Scenarios cover homeowners on fixed income, part-time workers with irregular pay, and those facing variable expenses like healthcare or home repairs. See how different choices play out over time.

Tax and accounting notes to discuss with your CPA

Understand the basics of interest deductibility and the role of accrued mortgage insurance. Know the questions to bring to your tax advisor before claiming deductions.

Key cautions and limits

Learn how much to pay to preserve the line of credit, why paying the loan to zero closes the credit, and other practical rules to avoid unintended consequences.

Making voluntary payments on a HECM is optional, but it can be a strong tool for retired homeowners who want more control over cash flow and home equity. In this episode I explain the mechanics, share real examples, and give practical rules of thumb so you can decide if partial payments fit your retirement plan. If you want a flexible safety net for health care, home repairs, or family needs, tune in. A few smart payments today can protect your financial life tomorrow.

You heard the headlines: the Federal Reserve cut short-term interest rates. But what does that actually mean for your reverse mortgage — or for your plans to get one? In this episode I walk you through the difference between the Fed’s short-term lever and the long-term rates that set reverse mortgage borrowing power. I use plain language, real examples, and 22 years of experience so you can know what to do next.

• The one thing the Fed really controls: the federal funds overnight rate and how it affects short-term borrowing.
• Why short-term rate cuts do not always lower mortgage or reverse mortgage rates.
• How long-term rates, especially the 10-year Treasury, determine how much you can get from a HECM.
• How a rate cut can help current HECM borrowers by lowering loan interest but also slow line-of-credit growth.
• Why a lower 10-year Treasury increases your principal limit, and why a higher one reduces it.
• A simple example that shows how a HECM line of credit grows and why that matters for future needs.
• Practical steps to protect your retirement income and plan for health, home repairs, and long-term care using a reverse mortgage.

This episode clears up the confusion behind the headlines and gives you clear action steps. You will learn how the Fed’s move may help or hurt you depending on your situation, what to watch in the 10-year Treasury, and how to use a reverse mortgage line of credit the smart way. If you want sensible, direct advice about protecting your savings and staying in your home, tune in.

You’ve heard the warnings from a neighbor, a news headline, or a worried adult child — and suddenly you stop asking questions. In this episode I break down the five myths that keep homeowners from even exploring reverse mortgages. I use plain examples, real stories, and clear rules so you can separate the facts from the fear. If you want to protect your home, your savings, and your peace of mind, this episode will give you the straight answers you need.

• Why the bank does not own your home: how a reverse mortgage places a lien, not a transfer of title, and what that means for control.
• The five homeowner requirements that keep you in the home: live there as your primary residence, pay taxes, keep insurance, maintain the home, and keep your name on title.
• What happens after you die: why heirs are not automatically stuck with debt and the common options heirs have.
• Why owing more than the home’s current value does not create personal liability: the non-recourse nature of HECM loans and how mortgage insurance protects estates.
• Why reverse mortgages are not only for people in financial crisis: real examples of retirees who used HECMs to reduce monthly payments, create a credit line, or protect retirement savings.
• How negative amortization works and why a growing loan balance is part of the program — plus when to ask for an amortization estimate.
• Practical steps to avoid surprises: the key questions to ask any lender, documents to request, and red flags that deserve a second look.
• When a reverse mortgage is not the right choice: simple signs that suggest other options may be better.

By the end of this episode you’ll know which fears are based on old stories or misinformation and which issues need careful planning. You’ll get clear rules, real-life examples, and concrete next steps so you can decide whether a reverse mortgage fits your retirement goals. Tune in to learn what to ask, who to call, and how a reverse mortgage could help you stay in your home and reduce financial stress.

Have you ever wondered whether a reverse mortgage could help you pay bills, cover home repairs, or boost your monthly income — without losing your home? In this episode I break down the three clear rules that matter: age, how much equity you have, and a basic financial check. I’ll use real examples and plain language so you can hear exactly where you stand and what next steps look like.

• The single age rule that matters: who must be 62 or older and what happens if a spouse is younger.
• How we measure equity and why having 50–70% equity usually matters.
• How a reverse mortgage can pay off an existing loan and still free up monthly cash.
• What the financial assessment covers: credit, paying taxes and insurance, and residual income.
• How loan proceeds or a line of credit count as income for qualification.
• Options if you don’t qualify today (wait, increase equity, or consider proprietary loans).
• The reverse mortgage for purchase: how it can let you buy a new home without monthly mortgage payments.
• Real examples that show common outcomes for homeowners in their 60s, 70s, and beyond.

If you want a clear answer about whether a reverse mortgage is right for you, this episode gives it in plain English. You’ll walk away knowing the three things lenders look at, what you can do now to improve your chances, and how a reverse mortgage could ease monthly expenses or let you move to a home that fits your retirement. Tune in to get specific examples, quick calculators you can use in your head, and the exact next steps you can take after the show.

Have you wondered how lenders figure out the exact dollar amount you can get from a reverse mortgage? On this episode I walk you through the formula step by step, using plain English and real examples. I explain why age, home value, and interest rates matter, and why the numbers you see today look very different from those a few years ago. If you want to know how much cash you might access without monthly payments, this episode will give you the clear picture.

• The three factors that set your borrowing limit: the youngest borrower’s age, the home’s value (and FHA caps), and the expected interest rate.
• Why older borrowers get a higher loan percentage and how that works with a simple example.
• The two interest rates that matter: the expected interest rate (used to set your borrowing power) and the initial interest rate (what you actually pay on the withdrawn balance).
• How the 10-year and 1-year Treasury rates drive those two interest measures and why that matters for you.
• How interest accrues on a reverse mortgage, why loan balances grow over time, and why lenders don’t loan 100% of your home value.
• A short history of major program changes since 2009, why rules tightened, and how those changes protect you today.
• How FHA’s maximum claim amount affects higher-value homes and when a proprietary loan might make sense.
• Practical examples: a 62-year-old vs an 82-year-old on a $350,000 home — what each could expect now versus past low-rate years.
• Red flags to watch for: lump-sum misuse, failure to pay taxes and insurance, and the signs that a reverse mortgage may not be the right choice.
• Action steps you can take next: where to get a ballpark quote, what information to prepare, and questions to ask a certified reverse mortgage professional.

This episode gives you a clear, usable map of how reverse mortgage amounts are set. You’ll understand the formula lenders use, the two interest rates you need to know, and the key policy shifts that shape today’s loans. With that knowledge you can decide whether a reverse mortgage fits your goals, protect your home equity, and plan for future costs like home repairs and healthcare. Tune in to get straightforward answers, real examples, and the exact questions to ask when you talk to a lender.

Welcome to Reverse Mortgage Radio. I’m Bruce Simmons, your guide to making smart decisions with reverse mortgages. Today, we’re diving into eight mistakes that many reverse mortgage borrowers make—and how you can steer clear of them. Whether you’re just thinking about applying or already have a reverse mortgage, these tips will protect your financial future and help you keep your home secure. I’ll share real stories and simple advice so you can feel confident every step of the way.

• Why you should never give out your Social Security number just to get a quote
• The importance of working with a certified reverse mortgage specialist, not just any lender
• Why rushing into a reverse mortgage can cost you more in the long run
• How opening new debt during the loan process can affect your approval
• The smart way to use your reverse mortgage funds without risking your home
• What to know about protecting a spouse who isn’t on the loan
• The crucial yearly step of confirming you still live in your home—and why it matters
• How staying current on property taxes, insurance, and HOA dues keeps your loan safe

This episode will give you clear, practical steps to avoid costly mistakes before and after getting a reverse mortgage. By understanding these key points, you’ll gain peace of mind knowing you’re protecting your home and your financial well-being. Whether you want to boost your retirement income or simply stay in your home without stress, these insights are for you. Tune in now, learn how to protect what matters most, and take control of your financial future today.

Hi, I’m Bruce Simmons, your Reverse Mortgage Professor. If the idea of a reverse mortgage has crossed your mind but left you feeling confused or unsure where to begin, this episode is just for you. Today, I’m taking you step-by-step through the entire reverse mortgage process—seven clear stages that will help you understand how to unlock the cash tied up in your home safely and confidently. From the moment you hear about reverse mortgages to the day you close your loan, I’ll walk you through what to expect and how to make the right decisions for your retirement.

What You’ll Learn:

• Awareness: How to move from simply hearing about reverse mortgages to truly understanding if it’s right for you
• Learning More: The importance of exploring your loan options and gathering the facts before making any decisions
• Counseling: Why meeting with a housing counselor is a required and valuable step—not a barrier
• Application: What information and documentation you’ll need to submit when applying for a reverse mortgage
• Processing: How your application is reviewed and verified behind the scenes to ensure everything is in order
• Underwriting: What happens during loan approval and how lenders assess your eligibility and financial situation
• Closing: What to expect on closing day and how you’ll gain access to the funds from your home equity

By the end of this episode, you’ll have a clear roadmap of the reverse mortgage journey that removes confusion and replaces it with confidence. You’ll know what each step means, why it matters, and how it fits into your bigger plan for a secure and comfortable retirement. If you’ve been hesitant or overwhelmed by the reverse mortgage process, this seven-step guide will give you the clarity you need to take control of your financial future. Tune in, learn what it takes, and take that first step toward unlocking your home’s potential on your terms.

Welcome to today’s episode of Reverse Mortgage Radio. I’m Bruce Simmons, and today, we’re tackling one of the most misunderstood parts of reverse mortgages—what actually happens when the loan comes due. Many people worry about surprises, losing their home, or leaving a financial burden on their family. I’m here to break it down in simple terms, step by step, so you’ll know exactly what to expect. Whether you’re thinking about a reverse mortgage or already have one, this episode will give you the facts and peace of mind you need.

What You’ll Learn:

• When and why your reverse mortgage loan has to be repaid
• The key responsibilities you must keep up with during the loan
• How reverse mortgages work for spouses and what happens if one passes away
• What your heirs need to do when the loan becomes due
• Common myths about foreclosure and loan repayment, explained clearly

By the end of this episode, you’ll understand the full picture of reverse mortgage loans—how they work, what triggers repayment, and how your family can handle the process without stress or confusion. This knowledge will help you protect your home, your finances, and your legacy. If you want to feel confident and prepared for whatever comes next with your reverse mortgage, stay tuned. I’m Bruce Simmons, and I’m here to help you make smart choices about your home and your future.