Feb 142017
 

Making the decision to do (or not to do) a Reverse Mortgage is a big decision.  Any major financial moves a homeowner makes should be done after careful consideration.  Your loan officer has a fiduciary responsibility to have your best interest at heart.  However, at the end of the day, a loan officer does make money by doing loans, so it’s a good idea to get educated as much as you can via your loan officer, but also to educate yourself by perusing other info provided by a neutral third party that does not benefit from YOU doing a reverse mortgage in California, or any other state for that matter.

HECM Reverse Mortgage Resources

HECM Reverse Mortgage Resources

That’s what we intend to offer here – resources for you to access that are not affiliated with this site or any particular lender.

Before we do that, here is something else to consider as you forge ahead and educate yourself about reverse mortgages.

Is your loan officer a reverse mortgage / HECM specialist?

Is your loan officer a reverse mortgage / HECM specialist OR do they simply do traditional loans and can potentially do reverse loans?  I actually work in a company that mainly focuses on traditional loans.  I manage a division within this company that focusses on Reverse Mortgages.  My staff only does reverse mortgages.  They truly are specialists.  Believe me, before I became a specialist (like when I was just doing traditional loans), you would not have wanted to do a reverse with me. I knew the basics, but not much more, but that was 15 years ago.  Today, I only do reverse loans and I know them well.

How can I tell if I’m working with someone that is well versed in the HECM product?

Frankly, you may not be able to.  Some will tell you that they are well versed in doing them and some will just pretend.  There are a couple of things you can do.  1. Check the website for the company your loan officer works for.  Does it at least have a dedicated page for reverse loans?  If not, the person may not be all that well versed in the reverse loan (naturally, exceptions apply).  2. Look at their resume on the NMLS Consumer Access.  All loan officers are required to get licensed through the National Mortgage Licensing System.  If you go to NMLS Consumer Access, you can see their resume (which includes their job title, time in the business, time with each company, and a list of states they are licensed in and / or were licensed in).  Here is the link; NMLS Consumer Access

The National Council on Aging (aka NCOA):

The National Council on aging is a non-profit organization that was formed in 1950 and is a well-respected national leader that has a website which provides resources geared towards improving the health and economic security of older adults.

Here is a link to the main page for the National Council on Aging.

The NCOA is also a neutral 3rd party.  They do not benefit by you doing a reverse mortgage, so it’s a great place to get non-biased info about reverse mortgages.  In fact, HUD (Reverse Mortgages are insured by HUD / FHA) requires lenders to send a pamphlet about reverse loans from the NCOA in every proposal a lender, loan officer, broker, or counselor sends you (it’s required that you have this packet from either the lender/broker or counselor before you can do your counseling appointment).

Here is a link to the NCOA Reverse Mortgage Info page.

If you’d like a copy of the free NCOA Booklet about reverse mortgages, please send me an email requesting it at shawnv@ReverseMortgageCalifornia.biz or call (714) 271-8524 (cell phone).

HUD / FHA:

This blog / webpage is not affiliated with HUD / FHA.  Reverse Mortgages are neither “endorsed” nor “approved” by the Federal Government. Only a lender and / or broker can originate an FHA loan. The FHA (Federal Housing Administration) simply provides certain insurance benefits for lenders and borrowers in connection with the lender’s HECM loans; the FHA does not make or originate loans.  You can find info about the FHA insured Home Equity Conversion Mortgage (Reverse Mortgage) on the HUD portal.

Here is a link for HUD’s Reverse Mortgage Info page.

American Association of Retired Persons (aka AARP):

Like NCOA, AARP is a non-profit organization that was founded in 1958 with the intent to enhance the quality of life for all as they age.  AARP is not a Reverse Mortgage lender, and again, they offer un-biased info about Reverse Mortgages.

Here is a link to their main page; AARP

HUD Reverse Mortgage Counseling:

One of the HUD requirements prior to ordering a case number with the intent to move forward with a reverse mortgage is that an interested homeowner get reverse mortgage counseling from a neutral 3rd party that is not affiliated with any lender or loan broker. 

It’s simply an effort to help ensure that you know what kind of transaction you’re entering into.  

Note: Your loan officer is not permitted to provide you with a specific recommendation.  They are simply supposed to provide a list of eligible counselors.

The opposite is also true; your counselor may not recommend any specific lenders.  Both of the practices are not allowed by HUD.

HECM counselors from the list below can provide face-to-face and telephone counseling nationally.

Agency Name and Website Telephone
National Foundation for Credit Counseling (866) 698-6322
Money Management International (877) 908-2227
ClearPoint Financial Solutions (800) 251-2227
Springboard (800) 947-3752
HomeFree (301) 891-8423
Greenpath (888) 860-4167
Neighborhood Reinvestment Corporation (888) 990-4326

For your free Reverse Mortgage California brochure, please email slvReverseMortgage@gmail.com   OR shawnv@ReverseMortgageCalifornia.biz

Shawn Lawrence Vaillancourt

NMLS License # 387151 in CA, CO, VA, MD, WA, OR

I also have a staff of reverse mortgage specialists in virtually every other state in America.

For more in depth info on all Reverse Mortgage subjects, check out

www.reversemortgagecalifornia.biz 

Reverse Mortgage Info

Jul 292014
 

Reverse Mortgage Payment Plan Options – What Options Do I Have With A Reverse Mortgage?

Reverse Mortgage Payment Options

Reverse Mortgage Payment Options

 In recent years the most popular payment plan option for a reverse mortgage has been to take the lump sum payment at closing.  However, there are numerous ways a reverse mortgage applicant can take their money.  It’s important to do what’s right for YOU given your financial objectives.  The different ways are as follow:

  1. Lump Sum payment

    – You have the option to take 1 lump sum payment at closing.

  2. Line Of Credit

    – You can leave all of your money or a portion of your money in a line of credit to use when and how you see fit.  The nice thing about a line of credit is that your available credit grows based on your note rate plus 1.25%.  The line of credit is also guaranteed to never be cut down or shut down for as long as you live or for as long as you live in your home.

  3. Tenure –

    You can also receive fixed monthly payments for as long as you live or for as long as you live in your home.

  4. Modified Tenure

    -You’ll also have the option of selecting a monthly payment that’s lower than your standard tenure payment, but will also have a line of credit for you to use at a later date.

  5. Term

    – Another reverse mortgage payment plan option is one that allows you to choose a set length of time or dollar amount for your monthly payment.  Note, if you select an option that allows for a larger monthly payment than your allotted tenure payment, then it may not continue until you pass away.

  6. Modified Term

    You have the option to receive a payment monthly for a fixed period of time and for a fixed dollar amount and a line of credit for as long as you remain in your home.

  7. Partial Lump Sum

    You will also have the option of taking just part of your benefit as a lump sum payment.  The remaining monies are distributed using one of the other aforementioned payment plan options.

In terms of the payment plan options available for a reverse mortgage, the program is extremely malleable and can be customized to suit your needs based on your financial objectives.

For your free Reverse Mortgage California brochure and / or a Benefit Proposal custom tailored for you, please email slvReverseMortgage@gmail.com   OR shawnv@ReverseMortgageCalifornia.biz

Shawn Vaillancourt

NMLS 387151

(714) 271-8524

For more in depth info on all Reverse Mortgage subjects, check out

www.reversemortgagecalifornia.biz 

Reverse Mortgage Loan Advisors