Several months ago, Silver Leaf Mortgage, began its radio outreach to the community to provide accurate information on reverse mortgages. It has been a huge success with seniors who listen to Crawford Broadcasting any of the eight times the show airs each week. Matt Witt, President and Operations Manager for the local Colorado company based in the Streets at Sounthglenn Mall in Centennial, joins host Kathy Muni, a licensed reverse mortgage specialist. Together they deliver information, and tell stories about the many lives that have been changed through loving and caring for their clients on Muni for Your Money – The Reverse Mortgage Show.
Part of each show is devoted to debunking the myths and misinformation that surrounds the reverse mortgage product. For example, many folks think that the bank owns the home if they do a reverse mortgage. This is simply not true! No one owns the home but the folks on title. The bank or lender never goes on title with the home owner. A second myth is that the heirs will inherit the debt of the reverse mortgage. This is also not true, because the reverse mortgage is insured by the federal government, and no one ever owes more than the home is worth.
The heirs can either sell the home, pocketing the additional proceeds once the reverse mortgage is paid off, or they can refinance at 95% of the appraised value at that time, or for the amount of the loan balance, whichever is less.
For more information listen to Muni for Your Money – The Reverse Mortgage Show
1:30 on Thursdays, 2 p.m. on Saturdays – 1220 AM and 95.3 FM
9 a.m. on Saturdays – Legends 810 AM and 94.3 FM