My Mortgage Bankers Speech from Nov 13th 2006 is now in one video clip. I gave this presentation at the the Western Regional Mortgage Bankers Conference in L…
Video Rating: 4 / 5
HECM stands for Home Equity Conversion Mortgage, popularly known as a Reverse Mortgage. Significant changes occurred on October 1 of this year and Rob Brinkm…
Americans do make a few things that East Asians want. Americans are very
good with words. This not only allows Americans to hoodwink Asians with
IOUs, but it also allows them to make linguistic constructions such as
1) Theories. All Asian Universities teach Western theories. Your theories,
Mr. Schiff, will be taught in my classes.
2) Operating systems and software East Asian computers run Windows and
Android
3) CPU sytem designs. East Asian computers have Intel or the British
company ARM inside.
4) Financial systems including the dollar, stock markets, the IMF, world
bank and insurance. The Japanese could not import oil from Iran because the
worlds insurance companies are not in Japan or East Asia.
5) Drugs, which are in a sense, theoretical. One makes good drugs as a
result of making good theories, theoretical experimentation, followed by
relatively basic manufacturing. The largest drug companies are Western.
6) Very complex manufacturing systems. There still is no East Asian
aircraft due to the complexity of managing the system fairly and
transparently.
7) Legal systems and economic associations G7/8, the UN, International
Court of Justice
8) Retail systems (macdonalds, ToysRUs, Starbucks, Bodyshop) but while we
are good at creating and setting up these systems, the Japanese are better
at running them so they often get bought out by their Japanese
subsidiaries, e.g. Lawson.
9) Media conglomerates, Reuters, AFP, CNN, BBC
and basically anything that is said but not seen. The trouble is that the
things that Americans make are far easier to copy and they are not as
valuable. But the reason why the West is hanging on in there is because
they are good at manufacturing something. Take yourself.
There are good psychological reasons for this.
Does the 2005 one exist?
Uncle Bernie’s Farm
WHAT IS REAL?
WHAT IS ILLUSION?
As an aside: Toyota leaving Torrance, Ca & moving to Texas because of the
higher taxes placed on them. Lot’s of people are leaving the state too.
Bigger crash (than 2008) coming. I’m off to slit my wrists. :-)
Hopefully the guy at 1:06 did slit his wrists and jumped from a high
bridge, so we no longer have to listen to his drivel.
this is too important to have commercial
They stopped laughing at his jokes half way through. Suckers.
what a stupid mader fucker i cant lisnig him go fuck you self over and over
agetn
Soooo, he was right all along……
#OBAMAPOCALYPSE
Facebook
Twitter
YouTube!
Prepare people for the #OBAMAPOCALYPSE!
love mr. wrong at the end!
Legendary
Peter says the obvious, but people have such a hard time letting go of
their lazy nonsense notions of economics.
At 56:18, “Dr.” Asmus (I thought the moderator called him Assmunch) engages
in the fallacy of Appeal to Authority when he cites The Brookings Institute
as well as Harvard.
And in so doing, babbling away about estimated square footage needs of the
future, Asmus also commits the fallacy of Red Herring. Asmus introduces
irrelevancy into the debate, which has nothing to do with prices and
potential profit.
At 1:01:55, Barry Asmus engages in ad hominem against Peter Schiff. Asmus’
ad hominem attack is direct.
With fallacies and ad hominem as his mainstays, should anyone ever take
seriously Asmus about anything?
/ #reality #residentialrealty #residential #realestate #peterschiff
#schiff #peter #asmus /
TIL that an Atomic Bomb exploded in California.
51:00 quantative easing predicted right there
SIMPLY AMAZING!! The fortitude and precision of Peter Schiff’s comments on
the economy covering all aspects including banking & lending (lending
standards, Freddy & Fanny forecast failure, sub-prime), housing prices
(will evaporate), the Dow Jones as well as his previous advice during the
IT bubble that preceded is testament to the greatness of this man. In my
opinion, Peter Schiff is the best economic mind and speaker of the times.
Absolutely, mind blowing!! #mancrush #legend
#subprime #subprimelending #subprimemortgages #financialcrisis
#financialcrisis2008 #freddymac #fanny #gfc
House is free and clear, we put it in a Irrevocable trust to apply for
medicaid, mom is 89, receives ss, she has no other assets in her name? Can
she still receive a RM? expenses for homecare are like 4k per month.
Bankers spend their whole lives chasing you down to get you to go bankrupt
and become wage slaves but when you succeed in life they get you back with
a reverse mortgage. SUCKA!
I would like to invite everyone to check out some of our segment in HGTV.
Thanks
What if your home value goes up in the time you’re 62+, can you borrow
more?
There is so much wrong with the information in this video it is hard to
know where to start. As a CPA and a SVP of the largest reverse mortgage
lender, providing the correct information about HECMs is paramount.
First, there has never been a time since 2007 when there has not been a
fixed rate HECM product. We still provide them to this day. The presenter
confuses the elimination of the fixed rate HECM Standard on April 1, 2013
(not July 1, 2013) as the end of all fixed rate HECMs. Between April 1 and
September 30, we still offered fixed rate HECM Savers. The ability to offer
HECM Standards and Savers ended on September 29, 2013 (and for practical
purposes a few weeks earlier). The general differences between Standards
and Savers is that Standards offered more proceeds at a higher upfront cost
than Savers.
Since September 30, 2013, there is only one type of HECM and it is offered
as both fixed and adjustable rate.
HECM proceeds vary not only by the age of the youngest borrower and the
appraised value of the home but by expected interest rates as well. When
the expected interest is 5.06% (called “the floor”) or less, reverse
mortgage proceeds are at their peak. So let us look at HECM proceeds when
the expected interest rate is at the floor or 5.06%.
Before September 30th, a Standard provided a 62 year old with proceeds of
61.9% of the Maximum Claim Amount (or MCA which is generally, the lower of
the appraised value of the home or the FHA HECM Lending Limit, now
$625,500). Now the highest percentage a 62 year old can get is 52.6%. If
the youngest borrower is 90 years old, the Standard provided 77.6% of the
MCA but now only 66%.
52.6% to 66% are much different than 40% to 47%. Besides this and never
since 2007 being without a HECM fixed rate product, there is much more
wrong with the presentation. If you want accurate information about a HECM,
seek out a competent HECM originator. You can reach me at jveale@s1l.com.
what if my home is underwater, can I still apply for Reverse Mortgage?
An extremely helpful and informative video.
unfortunately i cant endorse this financial instrument seeing as i was an
heir and because the banks destroyed the RE market in 07-09.Hence when my
mother passed away in 13 the loan was inverted.If i wanted to stay in the
house it would cost 172,000.Zilla has the appraisal at 183,000.But the
ExACT SAME model home and sq footage in this complex is only fetching
135,000-155,000.FHA is supposed to have this insured and make up for the
banks destroying the market and the value of the home price being stagnant
for the 6 years she had this tool.They aren’t,i will be homeless soon and
the bankers will get this house for the 80K line of credit and 56K she
spent from that.So after RE fees,taxes and paying the bank back the 56K
plus fines,penaltys,fees and charges(yes,fines and penaltys cause she
died).There will be nothing left…I CURSE TO HELL THE SCUM THAT I TOLD
“put me on the do not call list” from wells fargo who just kept calling and
suckered her into this…..these instruments are not fitting in a
collapsing economy on the verge of not being the reserve currency of the
world.Housing prices will NOT go up…everything else WILL.
Good presentation of a complex subject. A few minor fact corrections: Oct
1st changes resulted in a decline in range of net proceeds from about
56%-75% to 47%-61%, Fixed rates were limited April 1st, 2013 but are still
available, Broker commission was not impacted Oct 1 but all reverse
mortgages are resold so even lenders are really brokers. All MIP’s are FHA
fees. Initial MIP declined from 2% of appraised value to .5% on Oct 1st,
except when the initial draw exceeds 60% of available funds in which case
it is now 2.5%. Ongoing MIP (FHA fee) is 1.25% per year of amount owing.
Lifetime monthly payment does not give you less available funds than a
line of credit. Call Mac Tennant, Access Reverse Mortgage 800-806-7126 if
you’d like to discuss.
Agreed! Rob has an amazing knack of explaining the complex.
So glad you brought up the changes in these mortgages, I heard there are
more coming. Any insight?
Thanks Curtis, very kind comment.
Thank you Frank.
This is hands down the best explanation I’ve ever seen on how a Reverse
Mortgage works. THANK YOU!!
Thanks guys. Just trying to keep up with your awesome videos!
Very helpful Rob and timely with the recent changes we appreciate your
objective approach.