Who am I?
Hi, I am Dennis Martin the President and broker for First Integrity Mortgage. My goal is to ensure you are able to make an informed, fact based decision on if and when a reverse mortgage is right for you.
We will work with you, your family members and/or advisors to determine the best mortgage solution for your specific circumstances. At the end of this process you will be educated on the important issues in choosing a loan product. And once you decide to move forward, my team will deliver the loan on time, at competitive rates and with the minimum amount of disruption to your life.
We take our fiduciary responsibilities very seriously to act in the best interest of our clients.
We work with the major providers of these government backed loans and by working with multiple lenders we can provide the senior more options, including jumbo reverse mortgages.
What is a Reverse Mortgage
Simple put a reverse mortgage is a way to use the equity in your home to meet your financial goals, while still living and owning the home.
A reverse mortgage is like a traditional mortgage in that there is a monthly interest charge, but this interest is deferred and not paid until you sell or leave the home permanently.
There are three ways a senior can use the equity in their home. First, they may simply refinance a traditional mortgage into a reverse mortgage and no longer have a monthly mortgage payment. Second, they may receive a monthly draw (cash) for either a specific time period, or for as long as they live in the home. And finally, the senior may have the option to receive a lump sum of cash. In some situations, a combination of these options is available.
How does it work?
A Reverse Mortgage is available to those 62 and older, who own their own home (with or without a mortgage) and have sufficient equity.
The senior will need to obtain a counseling certificate from a HUD licensed counselor before applying for a loan. Once the application is completed an appraisal is done on the home.
Once the loan is approved the senior will need to sign the loan documentation.
The senior owns the home and upon their passing the home and the remaining equity is the responsibility of the heirs/executors.
How do I get more information?
Each situation is unique and requires a unique analysis and solution. I would be glad to talk with you about your options. Please contact me to begin the process. Contact us.
Industry references:
The Government’s Redesigned Reverse Mortgage Program – Center for Retirement Research at Boston University http://crr.bc.edu/wp-content/uploads/2014/01/IB_14-1_508x.pdf
Highlights from “Reversing the Conventional Wisdom: Using Home equity to Supplement Retirement Income” by Barry H. Sacks, J.D., Ph.D. and Stephen R. Sacks, Ph.D. http://fpact.org/net/gallery/files/events/2013/201304_Conference/handouts/Shelley_Giordano_Conventional_Wisdom.pdf
Full article “Reversing the Conventional Wisdom: Using Home equity to Supplement Retirement Income” by Barry H. Sacks, J.D., Ph.D. and Stephen R. Sacks, Ph.D. https://www.onefpa.org/journal/Pages/Reversing%20the%20Conventional%20Wisdom%20Using%20Home%20Equity%20to%20Supplement%20Retirement%20Income.aspx
Wade Pfau, Ph.D., CFA – Forbes Magazine http://retirementresearcher.com/