A question not asked in this video with Ted Lange, a reverse-mortgage specialist for Wells Fargo:
Does the loan balance go up? Answer:
Yes, the interest payments are tacked on, based on today’s 30-year fixed rate (which is 5.06%):
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Jim Klinge
Klinge Realty Group
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
- 682 S. Coast Hwy 101, Suite #110
Encinitas, CA 92024 - (858) 997-3801 call or text
- klingerealty@gmail.com
CA DRE #01527365, CA DRE #00873197
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Trustindex verifies that the original source of the review is Google. We sold a home with Jim and Donna and from beginning to end they were consummate professionals. Their initial walk through the property resulted in a list of items to be repaired or updated. They supplied a list of vendors and job quotes to do the repairs and updates. We originally wanted to sell ‘as is’ and just get it over with. They gave us a selling price for ‘as is’ and options for doing a few updates/repairs to doing it all with the selling price for each option. We agreed to do all they suggested and we sold for the exact price they predicted. For every dollar spent we got back more than $2 back in the selling price. And they got that price in a rising interest rate environment! Donna and Jim are extremely detailed and guide you through ever aspect of the sale. There were no surprises thanks to their guidance. We couldn’t be more pleased with their representation. Thank you Donna and Jim, Jerry and MaryTrustindex verifies that the original source of the review is Google. We have known Jim & Donna Klinge for over a dozen years, having met them in Carlsbad where our children went to the same school. As long time North County residents, it was a no- brainer for us to have the Klinges be our eyes and ears for San Diego real estate in general and North County in particular. As my military career caused our family to move all over the country and overseas to Asia, Europe and the Pacific, we trusted Jim and Donna to help keep our house in Carlsbad rented with reliable and respectful tenants for over 10 years. Naturally, when the time came to sell our beloved Carlsbad home to pursue a rural lifestyle in retirement out of California, we could think of no better team to represent us than Jim and Donna. They immediately went to work to update our house built in 2004 to current-day standards and trends — in 2 short months they transformed it into a literal modern-day masterpiece. We trusted their judgement implicitly and followed 100% of their recommended changes. When our house finally came on the market, there was a blizzard of serious interest, we had multiple offers by the third day and it sold in just 5 days after a frenzied bidding war for 20% above our asking price! The investment we made in upgrades recommended by Jim and Donna yielded a 4-fold return, in the process setting a new high water mark for a house sold in our community. In our view, there are no better real estate professionals in all of San Diego than Jim and Donna Klinge. Buying or selling, you must run and beg Jim and Donna Klinge to represent you! Our family will never forget Jim, Donna, and their whole team at Compass — we are forever grateful to them.Trustindex verifies that the original source of the review is Google. WeI had the pleasure of working with Klinge Realty Group to sell our home in Carmel Valley, and I cannot recommend them highly enough! Jim and Donna demonstrated exceptional professionalism, offering expert guidance on market conditions and pricing strategy, which resulted in a quick and successful sale. Communication was prompt and we were well-informed throughout the entire process. For anyone looking for a dedicated and knowledgeable real estate team, look no further! ---Trustindex verifies that the original source of the review is Google. Donna and Jim Klinge of Klinge Realty Group have our highest possible recommendation. From Donna and Jim’s first visit to our house through closing their advice and counsel was candid and honest in all dealings. They kept us fully informed throughout the process. The house sold less than three days after listing with a two-week closing. My wife and I have sold several houses during our lives. This was by far the best experience. Klinge Reality is a premium service realtor. You can’t make a better choice for someone to sell your home fast and for top dollar.Trustindex verifies that the original source of the review is Google. Donna and Jim provided exceptional support and professionalism throughout the entire process. We couldn't have been happier with their efforts. They made our house shine, and thanks to their expertise, it sold above the listing price in the very first weekend! Truly a fantastic experience from start to finish.Trustindex verifies that the original source of the review is Google. This year has been difficult on our family, mainly due to having to sell our home. Thankfully we knew God had a plan for us and working with the Klinge team was a key part of it. It was an obvious decision to work with them again after such an amazing experience when purchasing the same home we needed to sell. The challenge was, how will we do this in so little time with so much going on? Jim and Donna held our hand every step of the way. Whenever an unexpected issue arose they found and provided a solution. Never once did we feel pressured to make a decision and the Klinges were always reassuring after providing the information that the decision was ours to make. Despite the curve balls, they never panicked and exemplified the “can do” attitude, making us feel optimistic and taken care of. Their expertise and professionalism was superb. But of all the reasons to work with the Klinges, the most impactful and valuable is their compassion and genuine care for their clients. We pray that we can one day purchase our forever home and you better believe that Jim and Donna will be representing us - as long as they will have us of course. Thank you again Klinge team! Your execution, experience, and care are unmatched.Trustindex verifies that the original source of the review is Google. Jim and Donna were fantastic! Jim understanding my needs, recommending potential places, pointing out the pros and cons of each property was invaluable. Then when the offer was accepted Donna’s organized guidance through the inspections, paperwork etc made the whole process seem effortless. So grateful that I had them on my side!Trustindex verifies that the original source of the review is Google. We first found Jim through his blog at bubbleinfo.com, which really showcased his knowledge of SoCal real estate. Since then we've done three transactions with Jim and Donna, and they are an incredible full service agency, with Jim's deep market insight and Donna's deft contract and project management. We trust them implicitly in their analysis and strategy, which is based on years of experience. They're always available and on top of things, and we strongly recommend them to anyone.Trustindex verifies that the original source of the review is Google. The Good The Klinge Realty Group operates like a finely tuned machine, with a very personal touch. We contacted them on a Sunday and they were talking to us about our family and our needs on our living room couch the following day. They carefully listened to us and worked with us to identify the best and quickest path to listing within 2 weeks to take advantage of the low inventory conditions in our South Carlsbad neighborhood. They knew our tract specifically and had many previous sales there over the years - they came prepared with a thorough analysis of comparative sales and recommended a pricing strategy that they felt confident would yield offers the first weekend on the market. The Great Over the next two weeks Donna coordinated a range of vendors who she knew from experience could get the preparation to list work we needed done on time and with high quality. Our light tune-up involved excellent experiences with their stagers, landscapers, contractors, electricians, and plumbers. Throughout this period Donna's daily communication was clear, concise, and responsive. Any time we had questions Donna picked up the phone or texted immediately - but almost always, she answered our questions before we even knew we had them. The Outstanding We had a tricky situation with a shared fence that could have delayed our escrow. Donna used superb mediation skills to negotiate the terms of replacement and was personally on site with the fence contractor to make sure everything went smoothly. The fence looks great and escrow closed on time. The Truly Exceptional Our house came on the market on a Wednesday and between then and Monday morning Jim was personally at all three open houses. He was in constant communication explaining potential buyer reaction and strength. As he predicted offers began to come in on Saturday and each one was incrementally higher than the last. At the end we had 5 offers, 4 of which were over list, and the final accepted offer was $100,000 over list. In addition to being over list it included rent back terms that met our needs. The Recommendation For all of these reasons we would strongly recommend The Klinge Team to anyone wanting to sell in North County Coastal San Diego. I had been reading Jim's bubbleinfo.com blog for 15 years and knew when the time came to sell that he would be our first call. Jim Klinge is not your standard realtor. He is keenly aware of market conditions and sales strategies. And, works his tail off - though not as hard as Donna . At this point he's gone from realtor to friend and I plan to have him over to grill and chill at our new place to talk real estate, but also just about life and raising kids in San Diego. He's more interested in relationships than his sales numbers - and that's why his sales numbers are so high. We have already recommended the Klinge's to some close friends and another successful sale is on deck right around the corner...Trustindex verifies that the original source of the review is Google. We recently had the pleasure of working with Jim and Donna from Klinge Realty Group to sell our house, and we couldn't be more satisfied with the experience. From the initial meeting, they listened attentively to our needs and provided invaluable guidance on specific improvements to get our home market ready. Their responsiveness throughout the entire process was truly impressive. Anytime we had questions or concerns, they were quick to address them, ensuring we felt comfortable and informed every step of the way. What stood out the most was their team and extensive network of tradespeople, which made addressing any necessary repairs or updates seamless and stress-free. Thanks to their expertise and dedication, our house sold quickly and at a great price. We highly recommend Jim and Donna to anyone looking to buy or sell a home. They are a fantastic team who truly care about their clients and deliver exceptional results.Load more
Thanks for exposing another form of elder abuse.
Another? What was the first one?
Check out the AARP lawsuit on behalf of reverse mortgage borrowers (I’m no fan of AARP politics)HOWEVER….AARP does make a point in these cases. Apparenty only one spouse would be encouraged to sign the loan docs in order to obtain a larger loan amount. When that spouse passed away, the remaining non-signatory spouse was stuck with full payoff of the reverse mortgage. There was no disclosure made regarding the payoff requirement of the remaining spouse. Google it.
These loans could really help some people, either purchase or refi.
Ted and I would like to give some exposure to the product so people know they’re available, and provide a specialist to speak with so you don’t get burned.
But you can’t wait to be the anonymous commenter to complain because you read about the lawsuit about how some unscrupulous mortgage brokers took advantage of people – none of whom are part of this presentation.
And you could have tried to explain your concerns, but no, just drop the bomb, “Thanks for exposing another form of elder abuse.”
Ted and I are not conducting elder abuse.
When you make comments like that, they spoil it for other readers – some of whom might really need the information.
Reverse mortgages are just like any other type of mortgage. What I mean by that is; do your homework! Yes, I can google “bad reverse mortgages” and come up with some awful stories. I can also google “bad mortgages” or “bad mortgage brokers” or “bad realtors” and also come up with plenty of stories.
Make sure you understand all the documents you are signing. My parents used a reverse mortgage to buy their last home and it worked out great for them.
Why do I think “interest only ’till you die” when I hear this guy talking about it.
Sorry, I meant “negative amortization ’till you die”.
In the case of a married couple where only one is on the mortgage does the other spouse have to sign a document stating the implications of this? I have read that in some areas this is required. If one required that the other spouse had a notarized signature then they could not say they had not been told of the issue. Its just like if you are married and apply for a pension, you have to get your spouses consent to apply for other than a joint and survivor pension.
If they later say the were not told, you have a document that says otherwise.
HECMs (Home Equity Conversion Mortgages, aka reverse mortgages) are just another affordability product with a very specific target group (62+, lots of equity). The community bank I work for in Portland offers them, and there’s a tremendous amount of counseling required, not only with the borrower, but also with the borrower’s family–so that everyone is fully aware of how the HECM works. I’m sure that Mr. Lange at WFB is required to do that as well.
You might have done a better job explaining what the hell it is. If I didn’t know, I sure couldn’t figure it out from this video. I would know that if I’m moving out of a house to a smaller house, it would help me, but I wouldn’t really know how.
This is my life here.
Spend countless hours providing information you can’t find anywhere else, just so people can tee off on me.
I must be out of my mind.
I have 65 people on the black-list, which means if they comment again, it goes straight to spam, and not visible. Yet there are still plenty of folks that are happy to crack on JtR – do you not have anything better to do with your life?
JtR, you do a great service with this blog. You do, however, need to have hide like a rhinoceros to take the inevitable rude comments and the trolls.
There is a place for reverse mortgages, but like anything else, they aren’t for everyone. The heirs tend to view them negatively, since they reduce the estate that the old folks will leave. Of course, the heirs won’t fork over living expenses for the oldsters for a few years to preserve the estate, so why should anyone have much sympathy for the heirs?
JTR#11 – “I must be out of my mind!” — Agreed!
But buyers are better off because of it…
Unfortunately our society has got to the point where there are unscrupulous people in almost every industry and particularly real estate which i think may cause people to be ultra skeptical and miss out on gems like this blog. Combine that with the anonymity of the Internet and the problem is accentuated. I don’t know if the detractors realize how much work this blog must take
Here is a little more background on how I became a Reverse Mortgage Consultant…My wife and I moved to Carlsbad in 2007 to retire and for the first 3 years we leased a home. In august of 09 I learned about a new product from Wells Fargo called a Reverse Mortgage Purchase. In Nov of 09 we found a bank owned home that we really liked. it had all of the bells and whistles we wanted for $500k (in 2006 the house sold for $725k) I compared paying cask, Finance with $200,000 down paymnet and a $2,500 monthly paymnet to using a Reverse Mortgage Purchase with $200,000 down and no payments as long as I lived in the home.
I am a numbers guy, for 35 years I was a Certified Financial Planner so I looked at the cost every way I could and the Reverse Mortgage Purchase was the best way to go. I was able to hang on to my cash and have no payments as long as I live in the house.
Acording to my calulations if the house appreciates at an average of 4% a year I will have a small growth in my equity if I live another 20 years. In addition I have the use of the $30,000 in payments for 20 years ($600,000) In this economy it worked for us. I was 68 when I bought the house.
Based on my good experience and all the bad things I had heard about Reverse Mortgage’s I decided to become a Reverse Mortgage Consultant to work with seniors like myself and tell the true story based on my first hand experience
I am a realtor in Eugene, Oregon. I think the reverse mortgage purchase is great concept for the right person/buyer. I recently was able to help a client out using a reverse mortgage purchase. http://bit.ly/idwFQI It was a success story. Not for everyone, but a great tool for the right reason!