August 19, 2010| The Amount Of Money You Can Qualify For Will Be Reduced October 1, 2010, Don’t Delay Any Longer.

The amount of money you can qualify for will be reduced October 1, 2010, therefore you shouldn’t delay any longer! If you are considering a Reverse Mortgage the ideal time to move is now before pending increases in annual mortgage insurance and a further anticipated reduction in Principle Limits take effect.  How will these changes affect you? Simply put, higher fees and less money to you. There are several reasons to act now:

1.  Low Rates – The lower the rate, the more money you receive. Today’s low rates are allowing borrowers to maximize the amount of money available to them in the program.

2.  Principal Limit Factors – Principal Limit Factors are guaranteed to go down October 1, 2010 when HUD introduces its new Principal Limit Factors tables. Principal Limit Factors could go down even further if Congress fails to pass a reconciled appropriations bill which includes HECMs. When Principal Limit Factors go down, the amount of money available to you goes down.

3.  Counseling – If you want to maximize the proceeds of the current HECM program, you need to act now. In the past, those borrowers who had FHA Case Numbers before the date of the change, received the proceeds of the program as they existed before the change. September 11, 2010 is the date for the change in counseling protocol and some are indicating counseling will slow. If counseling is not completed (with its more stringent rules) and an application has not been taken before September 30, 2010, there is little hope of getting an FHA Case Number before October 1, 2010. Get your counseling completed ASAP so an FHA Case Number can be secured before the deadline.  Jeff Lewis, Chairman of Generation Mortgage, goes into further detail here http://reversemortgagedaily.com/2010/08/13/hecm-proceeds-may-decrease-in-october-says-lender/ regarding the proposed changes.

There are fewer than 45 days before the anticipated program changes occur. One of our Lenders has just announced an additional benefit to clients who are ready to close now. In addition to covering the upfront Mortgage Insurance Premium (MIP) and no Service Fees, they will also cover closing costs up to 1% of the Principal Limits. If you are considering a Reverse Mortgage the time to move forward is now as the cost of waiting may be substantial. Please call us @ 1-800-963-8011 to speak to one of our Senior Home Advisors. 

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August 2, 2010| Despite Readily Available Reverse Mortgage Information, Irresponsible Journalism Still Abounds

Time.com recently published a story on July 6 titled Six Problems the Consumer Financial Protection Bureau Should Tackle First. Reverse mortgages were listed as one of the six problem areas that the new Consumer Financial Protection Bureau needs to address. Author Stephen Gandel asserts reverse mortgages need to be made easier to understand and then litters the article with misinformation and erroneous claims not supported by facts. Much of the misinformation is due to a lack of education and proper research; irresponsible journalism by Mr. Gandel’s part. Is Mr. Gandel a lazy journalist or was he under a deadline to get the story in and did not take the time to research? Irresponsible articles like this misinform the public and most importantly the seniors who read these publications who are looking for the facts about reverse mortgages.

On July 9, Peter Bell, the president of The National Reverse Mortgage Lenders Association, responded to the article to address the inaccuracies. To read the letter in its entirety, click HERE.  Mr. Bell outlined the list of inaccurate statements that should be corrected by Time:

1.  The homeowner (senior) does not sell their house. The borrower retains title, the bank is a lien holder as the reverse mortgage is just a lien on the home just like any mortgage.

2.  A reverse mortgage does not give the bank the right to sell the property when the borrower dies or moves out. When the borrower dies or moves out the bank gives the homeowner (or heirs) up to 12 months to repay the loan in any way they wish. They may sell the home or refinance; the choice is theirs.

3.  Reverse mortgages do not give the borrower the value of their home, minus the cost of the loan. The amount made available in the loan is prorated based on the age of the youngest borrower, the home’s value and the expected interest rate.

4.  Reverse mortgages fees are only significantly different from traditional mortgages in the charges for upfront FHA insurance (MIP) and service set aside accounts. Did Mr Gandel bother to find out that many lender’s have waived loan origination, service fees and even are paying some or all of the upfront FHA insurance on fixed rate products? Our previous post explains why it’s important to use an experienced broker to understand the options available.

5.  What evidence or statistics back up the claim that banks and brokers “often” abuse reverse mortgages? The National Reverse Mortgage Lenders Association (NRMLA) trade group has polled attorney generals and banking supervisors across the country and has found no evidence that reverse mortgage borrowers face serial abuse from banks.

6.  Most of the time broker’s or lenders don’t “push seniors into taking the proceeds”…as a lump sum. It’s necessary in the majority of cases as the fixed rate product makes the most money available which is often times a must to pay off the senior’s high existing mortgage balance.

These articles do a disservice to seniors and that’s why it’s important for seniors to get proper education. Reverse mortgages are the only loan program that requires lenders to put borrowers through an up-front, federally mandated counseling session. As stated in the previous post, one of the best ways to get properly educated is to deal with an experienced Reverse Mortgage Broker. Brokers who work with multiple Lenders can get the full details of each product and analyze and compare them for you. Some brokers have a thorough knowledge of the Lenders and products available in the market today. Most consumers aren’t as familiar with Reverse Mortgages as they are with Conventional Mortgages; more reason to seek out an experienced Broker to help you find the best product that suits your needs. With a wide range of products and providers, it can be difficult for consumers to determine if their company is providing information on the full menu of product options available. Consumers need to be selective and they should work with providers who have an established history and a thorough understanding of reverse mortgages, as well as the unique needs of seniors. Stay In-Home Reverse Mortgage is aligned to offer you products from the majority of competent lenders nationally. Your Senior Home Advisor is knowledgeable in the whole range of HECM pricing options.

If you are considering a Reverse Mortgage the time to move forward is now as the cost of waiting may be substantial. Please call us @ 1-800-963-8011 to speak to one of our Senior Home Advisors. 

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June 30th, 2010|5 Reasons To Secure a Reverse Mortgage Today & Why You Should Use a Broker

It’s anticipated that effective October 1st 2010, HUD will be making further adjustments to the Reverse Mortgage program. Most of these changes will not be beneficial to seniors. So if you are contemplating doing a Reverse Mortgage, one should seriously consider moving forward now and not wait. 

Lower Costs – a positive:

Driven by an increase in demand for Ginne Mae securities backed by the loans, investors are willing to pay a premium to Lenders because of the attractive yield from the loans. Lenders have been passing that premium to borrowers by reducing the upfront costs of the loans. This often takes the form of reduced origination fees, reduced or eliminated servicing fees, some lender are even willing to reduce or eliminate altogether the Mortgage Insurance Premium fees upfront. When Lenders compete…the consumer wins. While lowering costs increases the available proceeds, lower costs also bring a new challenge to consumers, comparing the offers to find the best one.

Why You Should Use a Broker – a positive:

The reduction of the upfront costs of a Reverse Mortgage has been great news for borrowers; however the recent fee reductions mean more work for prospective borrowers to compare loans from multiple lenders.  One lender might reduce the origination fee, while another might waive the origination fee but raise the interest rate. Another could change the servicing fee. This is where an experienced Reverse Mortgage Broker comes into play.

Brokers who work with multiple Lenders can get the full details of each product and analyze and compare them for you. Some brokers have a thorough knowledge of the Lenders and products available in the market today. Most consumers aren’t as familiar with Reverse Mortgages as they are with Conventional Mortgages; more reason to seek out an experienced Broker to help you find the best product that suits your needs. With a wide range of products and providers, it can be difficult for consumers to determine if their company is providing information on the full menu of product options available. Consumers need to be selective and they should work with providers who have an established history and a thorough understanding of reverse mortgages, as well as the unique needs of seniors. Stay In-Home Reverse Mortgage is aligned to offer you products from the majority of competent lenders nationally. Your Senior Home Advisor is knowledgeable in the whole range of HECM pricing options. Generally speaking, banks can only offer their own products and that limits your options.

2.  Principal Limit Reduction – a big negative:

On October 1st, 2009 HUD implemented a 10% reduction in principal limits for its Federal Housing Administration (FHA) insured reverse mortgage product, the first ever reduction. The 10 percent reduction in principal limit factors has had a major impact on the number of seniors who have access to the product.

3. Increase in the Mortgage Insurance Premium (MIP) from .5 to 1.25% – a negative:

 What this means to homeowners that get their Reverse Mortgage after this change is an overall increase in the cost of the loan. Instead of a .5% fee, a fee of 1.25% will be added to the loan balance annually.

4.  Reverse Mortgage Appropriation – a negative if it doesn’t pass and a positive if it does:

Included in the Obama Administration’s FY 2011 budget is a $250 million appropriation request to offset projected losses for the Federal Housing Administration’s reverse mortgage program.  The request is in addition to lowering the principal limits one to five percent depending on the age of the borrower and increasing the annual mortgage insurance premium from 0.50% to 1.25%.

If congress does not provide the $250 million, FHA will be forced to reduce the amount of money available to seniors through the program by 21% according to testimony from Commissioner David Stevens earlier this year.  During the testimony, Stevens urged members of Congress to provide the appropriation because seniors have been hit hard during the financial crisis due to increasing medical costs and less savings in various types of pension funds and retirement accounts.  ”The need for this type of program is greater now than it’s ever been,” he said.

5.  FHA Lending Limits – negative

After seeing the maximum available limits increase in 2008 and then again in 2009 to $417,000.00, the latest increase to $625,500.00 signed into law by President Obama is only temporary through the balance of this year. Homeowners with homes valued between $417,000.00 and $625,000.00 would lose significant proceeds if the $625,000.00 limit goes away. Lock in now or risk the chance of that increase going away.

If you are considering a Reverse Mortgage the time to move forward is now as the cost of waiting may be substantial. Please call us @ 1-800-963-8011 to speak to one of our Senior Home Advisors. 

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March 4th, 2010 | Reverse Mortgage Legislation Update: HUD 2011 Budget

 

 

 

 

Reverse Mortgage Legislation Update: HUD 2011 Budget

The highlights of HUD’s proposed budget for fiscal year 2011 includes an increase in the ongoing annual Mortgage Insurance Premium (MIP) from .5% to 1.25% and a low-to-mid single digit cut in the principal loan limit with the higher end affecting older borrowers. This proposal still needs to be approved by Congress and, if implemented, will not take effect until October 1, 2010. What do these proposed changes mean to seniors looking into the Reverse Mortgage program?

Increase in the Mortgage Insurance Premium (MIP) from .5 to 1.25%. What this means to homeowners that get their Reverse Mortgage after this change is an overall increase in the cost of the loan. Instead of a .5% fee, a fee of 1.25% will be added to the loan balance annually.

Low-to-mid single digit cut in the principal loan limit with the higher end affecting older borrowers. What this could mean to homeowners that wait until this is in place is a reduction in the amount for which they are eligible.  For example, a 5% decrease would mean that a person with a home worth $250,000 could have a decrease of $12,500 available to them. On October 1st, 2009 HUD passed the first ever reduction to the financial benefit of the FHA HECM. HUD implemented a 10% reduction in principal limits for its Federal Housing Administration (FHA) insured reverse mortgage product.

Why is HUD considering making these changes? HUD wants this program to be available to senior homeowners for a very long time with the FHA insurance.  Therefore, by increasing the Mortgage Insurance Premium (MIP) and by lowering the principle amount, this will offset some of the government’s risk analysis of a potential subsidy shortfall for the worst case scenario. In other words, HUD is attempting to protect this program so it does not turn into another unregulated meltdown and protects senior homeowner even more.

If you are considering a Reverse Mortgage the time to move forward is now as the cost of waiting may be substantial. Please call us @ 1-800-963-8011 to speak to one of our Senior Home Advisors. 

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January 14th, 2010 | Delayed Implementation Date for Appraiser Independence

 

 

 

 

Delayed Implementation Date for Appraiser Independence

Enactment of ML 2009-28, Appraiser Independence, will be delayed until February 15, 2010. ML09-28 (originally planned for a January 1, 2010 implementation) has two parts:  a) prohibition of mortgage brokers and commission-based lender staff from the appraisal process, and b) appraiser selection in FHA Connection.  The effective date for both sections of this guidance will now take effect for all case numbers assigned on or after February 15, 2010.  This extension will provide FHA and lenders additional time to adjust systems to accommodate the changes. This is good news for borrowers looking to secure a Reverse Mortgage today as they will not be required to pay for an Appraisal upfront. The average FHA Appraisal cost is typically $450. As stated in the previous post, while the FHA is implementing this new rule to ensure accurate appraisals, there are many professionals in the field who have expressed concern that the HVCC has the potential to increase costs to borrowers and significantly hinder a borrower’s ability to obtain legitimate and reliable appraisals. If you’ve considered a Reverse Mortgage in the past the time to move forward is now as the cost of waiting may be substantial.

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December 11, 2009 | Considering a Reverse Mortgage? Act Now Before FHA’s New Rules Go Into Effect January 1st, 2010

 

 

 

 

 

Considering a Reverse Mortgage? Act Now Before FHA’s New Rules Go Into Effect January 1st, 2010

To ensure appraiser independence, FHA-approved lenders in 2010 will be prohibited from accepting appraisals prepared by FHA Roster appraisers who are selected, retained or compensated in any manner by a mortgage broker or any member of a lender’s staff who is compensated on a commission basis tied to the successful completion of a loan. As a result, a random appraiser will be selected to appraise a borrower’s property and the borrower will have to pay for the appraisal in advance, with the average cost of an FHA appraisal of about $400.  In the past, originators were allowed to order appraisals directly and many lenders financed the appraisal fee for borrowers.

While the FHA is implementing this new rule to ensure accurate appraisals, there are many professionals in the field who have expressed concern that the HVCC has the potential to increase costs to borrowers (upfront appraisal) and significantly hinder a borrower’s ability to obtain legitimate and reliable appraisals. Since the implementation of the HVCC for conventional financing on May 1, there have been numerous examples of higher costs for appraisals, poor service, the inability to use one appraisal for more than one lender, questionable quality of appraisals, and the inability to make corrections to inaccurate information on an appraisal report. If you’ve considered a Reverse Mortgage in the past the time to move forward is now as the cost of waiting may be substantial.

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October 16, 2009 | Top Ten Myths about Reverse Mortgages

 

 

 

 

 

Top Ten Myths about Reverse Mortgages

 Reverse mortgages continue to grow in popularity and in a recent survey senior citizens said they understood reverse mortgages better than they did any other home-loan product. But, there are still myths and misinformation about these unique loans.

Myth 1. – The bank takes the house OR the borrower can lose the house.

With a reverse mortgage, the borrower retains title to the home throughout the life of the reverse mortgage.  The borrower cannot, as a result of the reverse mortgage be forced out of his or her home, as long as property charges, such as taxes and insurance, are paid and the home is maintained in reasonable living condition.

Once the last borrower permanently moves out of the home, the loan must be repaid. Most properties secured by reverse mortgages still have equity when a maturity event occurs and therefore the borrower or his/her heirs choose to sell the home to repay the loan and preserve this equity for the benefit of the borrower or his/her estate.

Myth 2. – The home must be paid off or be debt-free to qualify for a reverse mortgage.

Reverse mortgages convert home equity into cash. As long as there is sufficient equity in the property, the homeowner may be eligible for a reverse mortgage. In fact, many seniors use a reverse mortgage to pay off an existing mortgage in order to eliminate a required monthly mortgage payment.

Myth 3. – When a reverse mortgage becomes due, the bank sells the home.

The borrower is in control of the home and retains title, not the bank or lender. So while it’s common for the borrower or the heirs to sell the home to repay the loan, it’s a decision the borrower or his heirs make. The borrower or the heirs might also refinance the home in order to repay the loan.

Myth 4. – It’s cheaper to move to a smaller house.

While this strategy might be right for different reasons, seniors need to analyze their costs carefully before making this assumption. The process of selling a home and moving into a new home can be expensive. The typical real estate commission of 6% on a $300,000 home would be $18,000. Add moving costs, and the undertaking to find a new home and the decision is not as simple. 

Myth 5. – Children want the home or don’t feel comfortable with a reverse mortgage.

Seniors are encouraged to talk with their children about reverse mortgages. Many baby boomers are faced with trying to plan for their retirement and pay for their children’s education. Often, the children of many seniors are happy that their parents have a financial solution available to help them live more independently and financially secure.

Myth 6. – The borrower could end up owing more than the home is worth.

Two of the great safeguards for reverse mortgages are that they are structured so that the borrower or his estate can never owe more than the value of the home upon repayment. In addition, the HECM products are insured by the Federal Housing Administration, an arm of the U.S. Department of Housing and Urban Development (HUD).

Myth 7. – Reverse mortgage proceeds will impact Social Security and Medicare benefits.

A reverse mortgage will generally not affect regular Social Security payments or Medicare benefits. Depending upon the borrower’s situation, a reverse mortgage may affect benefits one receives, if any, from the Federal Supplemental Security Income (SSI) program, or state-administered programs like Medicaid. It is recommended that the borrower speak with his or her financial advisor and appropriate governmental agencies.

Myth 8. – There are restrictions on how the money is used.

Actually there are no restrictions. The cash proceeds from the reverse mortgage can be used for any purpose. Many seniors have used reverse mortgages to travel, pay off debts, help their kids, make a luxury purchase or just live more comfortably.

Myth 9. – Once the proceeds are received, taxes will need to be paid.

The cash proceeds from a reverse mortgage are tax free because it is already your money.

Myth 10. – Reverse mortgages are only for seniors in need, or for the ‘house rich, cash poor.’

The reverse mortgage is an excellent financial planning tool that has been used by homeowners from all walks of life to enhance their retirement years. Many seniors with multi-million dollar homes are using reverse mortgages as part of their estate or legacy planning in conjunction with advice from financial advisors.

Stay In Home Mortgage is currently the largest independent reverse mortgage broker in Washington , Oregon , Idaho , and is also recognized as a Top 25 Reverse Mortgage Provider in other states such as California, Arizona, Nevada, Hawaii, New Mexico, Utah, Florida, North Dakota, Minnesota, Michigan, Alaska and Colorado.

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October 1, 2009 | Why wait? Ten reasons to do a Reverse Mortgage TODAY!

Why wait? Ten reasons to do a Reverse Mortgage TODAY!

1.  Interest rates are at almost record lows.  The lower the interest rate, the more money homeowners qualify for. As interest rates increase less money becomes available to you. For adjustable rate HECM’s the Expected Rate changes every Tuesday. Every Tuesday the amount available to you may change until you fill out the Loan Application. When you sign the Loan Application you lock in the amount of money available to you. Delaying the process can significantly reduce the amount of money available to you.  Just a .25% increase in the interest rate could result in a loss of $5,000-$15,000.

 2.  Home values are stabilizing.   After two years of home depreciation values in many parts of the country have leveled – lock in now in case they continue their slide, and remember – any gain in home value is yours, either as equity when you sell your home or when it passes to your heirs, or yours to tap into with a HECM Refinance.

3.  FHA County Lending Limits – after seeing the maximum available limits increase in 2008 and then again in 2009 the latest increase to $625,500.00 signed in to law by President Obama is only temporary through the balance of this year.  Lock in now or risk the chance of that increase going away.

4.  HUD passed reduction to FHA HECM Principle Limit – this became effective today, Thursday,  October 1^st 2009. HUD implemented a 10% reduction in principal limits for its Federal Housing Administration (FHA) insured reverse mortgage product. This is the first ever reduction to the financial benefit of the FHA HECM. Still waiting for costs to come down or amounts to increase? The cost of waiting has already been substantial.

5.  Increase you net monthly cash flow. The sooner you utilize the FHA HECM to eliminate your current monthly mortgage payment means the sooner you can increase you net monthly cash flow and live more comfortably and more securely.

 

 

6.  Deferred home maintenance – are you really going to go another winter with an inefficient furnace or windows?  Are you tired putting off necessary repairs or improvements?

7.  Never have there been more options available with the FHA HECM.  Choose from a low, secure fixed rate of 5.56%, or lock in a high value loan with a growing line of credit option or choose an option with guaranteed monthly payments to you, for life.

 

8.  The FHA HECM is the Government replacement for old style reverse mortgages. There is no safer mortgage in America today.

9.  The FHA Reverse Mortgage guarantees that you retain title to your home along with full rights and responsibilities of home ownership.  You can sell your home at any time, make monthly payments (only if you choose to), pay the loan off in part or in full, there is no prepayment penalty – and, if you should pass while in the program, your home will transfer to your heirs, not the bank and not the government.

10.  The FHA Mortgage Insurance means that your loan is 100% Government Guaranteed.  Even if your lender should go out of business, the US Government guarantees the terms of your contract.  And, if your home should ever fall in value below the amount on the note, the FHA Mortgage Insurance will cover what ever shortfall there is.

Why wait? Ten reasons to do a Reverse Mortgage TODAY should help you in your decision. Don’t let waiting cost you…as the cost of waiting may be substantial.

How can you find out how much you qualify for under the new Principle Limit calculations?

CALL STAY IN-HOME MORTGAGE and speak to one of our senior home loan advisors! 

Stay In Home Mortgage is currently the largest independent reverse mortgage broker in Washington , Oregon , Idaho , and is also recognized as a Top 25 Reverse Mortgage Provider in other states such as California, Arizona, Nevada, Hawaii, New Mexico, Utah, Florida, North Dakota, Minnesota, Michigan, Alaska and Colorado.

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August 5 | Let The Buying Begin: FHA’s New Reverse Mortgage HECM for Senior Home Purchase Program

 

 

 

 

 

By Kate Love 

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Early this year, FHA began accepting applications for its newest Reverse Mortgage Program – HECM for Senior Home Purchase.  The program allows seniors to buy a home with proceeds from a reverse mortgage for the first time.  Previously, seniors had to qualify for a conventional loan, pay for the purchase transaction and then pay again to get a reverse mortgage.  Seniors who want a reverse mortgage and need to relocate to be closer to family, or perhaps downsize, can now do so in a single transaction.

The following are answers to some of the most frequently asked questions about the program and qualification:

How much money does a buyer have to put down? 

The down payment is called the “required monetary investment”.  It is a calculation based on the youngest buyer’s age, current interest rates and the home’s value. For example, if you are 67 years old and purchasing a home worth $300,000 must make an investment of $118,032 (approximately 40% of value).  Note that an older buyer of 75 need only invest $97,427 for the same property.  

 So which part is the reverse mortgage? 

The remaining balance of the purchase price is the beginning loan balance of the reverse mortgage.  In the example above, the 67 year old buyers “invested” $118,032 so their beginning loan balance is $181,968.  Because the required investment for the 75 year old buyer is smaller, she or he will have a higher beginning loan balance of $202,573.

 Are there any required payments?

There are NO required payments of any kind, this program is designed to let seniors use a portion of their home equity without required payments. If you want to make payments (and pay down the loan balance), you may do so – but there are no penalties or required payments of any kind.

 Is it difficult to qualify for this program? 

Qualification is simple: buyers must be 62 or older and be able to make the required initial investment – that’s it.  Unlike other mortgage programs, there are no credit or income requirements to qualify.

 Doesn’t the bank take the home in a reverse mortgage? 

No, you (as buyer) always stay on title and the home remains your property.  When the home is sold or all buyers have passed away, the property will revert to the estate.  Heirs have up to 1 year to refinance the current loan balance and take title, or sell the property, pay off the loan balance and retain all remaining equity, just like a “regular” mortgage.

What happens if the loan balance becomes higher than the value of the home?

 FHA reverse mortgages are unique: if the loan balance is higher than the property value when the home is sold, the FHA insurance will pay the difference to the lender.  FHA reverse mortgages are insured by FHA and neither you nor your heirs will ever be left with any outstanding debt over and above the value of the home.

 What about the costs of a purchase reverse mortgage?

Typical costs for our example 67 year old buyer are approximately $12,400 – $6,000 of which is the upfront premium for the FHA mortgage insurance.  These costs are typically financed into the beginning loan balance.

 How can buyers find out how much home they qualify to buy? 

CALL STAY IN-HOME MORTGAGE and speak to one of our senior home loan advisors!  We are the largest independent reverse mortgage broker in the Northwest, our senior advisors are uniquely qualified to help buyers obtain rapid hassle-free purchase financing! 

Stay In Home Mortgage is currently the largest independent reverse mortgage broker in Washington , Oregon , Idaho , and is also recognized as a Top 25 Reverse Mortgage Provider in other states such as California, Arizona, Nevada, Hawaii, New Mexico, Utah, Florida, North Dakota, Minnesota, Michigan, Alaska and Colorado.

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July 20, 2009|Six Key Questions to Ask When Selecting a Reverse Mortgage Provider

 

 

 

 

 

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The Reverse Mortgage industry has seen a flurry of new products and lenders enter the marketplace recently. So much rapid change and growth over a short period of time can make choosing a lender and determining the best product a daunting task. Stay In-Home Reverse Mortgage is recognized in helping consumers effectively reach their financial goals and has identified six important questions that prospective borrowers should ask companies when discussing reverse mortgages.

 1. Are you a member of the National Reverse Mortgage Lenders Association (NRMLA)? 

 Not all providers are created equal. NRMLA is the industry’s trade group that requires members to follow a best practices model, and code of conduct, when working with seniors seeking information about reverse mortgages. Even though reverse mortgages have numerous built-in consumer safeguards to protect seniors, Stay In-Home Reverse Mortgage continues to be an active member of NRMLA.

 2. Do you offer access to the full range of Home Equity Conversion Mortgages (HECM)?

 With a range of new products and providers, it can be difficult for consumers to determine if their company is providing information on the full menu of product options available. Stay In-Home Reverse Mortgage is aligned to offer you products from the majority of competent lenders nationally. Your Senior Home Advisor is knowledgeable in the whole range of HECM pricing options as well as jumbo products and pricing. Generally speaking, banks can only offer their own products and that limits your options.

3. Can I see the full breakdown of costs, fees, and the amortization schedule for all these products?

 Stay In-Home Reverse Mortgage will provide a complete breakdown of costs and fees for every reverse mortgage option. Our Senior Home Advisors are ready, willing and able to take the time to explain all facets of reverse mortgages and the process for doing the loan.

 4. Do you have protocols to ensure that I’m getting the most appropriate reverse mortgage for me and that I have the opportunity to make an informed decision?

 Reputable providers will have processes to make sure that borrowers understand their choices and that the appropriate loan product is matched to the senior’s needs. For example, at Stay In-Home Reverse Mortgage, our advisors are trained specialists and are committed to providing honest, outstanding service to seniors and the best reverse mortgage products.

5. How long have you worked with reverse mortgages?

 The decline in conventional mortgage production and the sub-prime collapse over the last year have driven brokers and lenders into the reverse mortgage arena seeking new products. As a result, many new and inexperienced lenders and brokers have entered the reverse mortgage market. While greater focus on reverse mortgages is a positive for seniors and the industry, consumers need to be selective and they should work with providers who have an established history and a thorough understanding of reverse mortgages, as well as the unique needs of seniors. Although Stay In-Home Reverse Mortgage has been enhancing senior’s lives since 2006, the core staff has been engaged in the industry since 2004.

 6. What About Other Financial Services?

 Be wary of loan officers that offer to send you to other trusted advisors, i.e. insurance agents, financial planners, etc., once your reverse mortgage is completed. While most loan officers are reputable, some may unwittingly be working with unscrupulous advisors that are only out to “make a deal” at your expense. At Stay In-Home Mortgage, we have a rule that no one is to refer a senior to a third party without the explicit permission and knowledge of the owner, and that each provider has been thoroughly educated. Under no circumstances do we recommend annuities, stock market investments, etc. We only focus on what we know best, reverse mortgages.

 About Stay In-Home Mortgage

 Stay In-Home Reverse Mortgage was specifically formed to assist seniors with making life changing decisions regarding their homes and financial status. We realized early on the importance of seniors having a clear understanding of the reverse product prior to moving forward: hence we strive to inform and educate rather than sell the program benefits. Only when you fully understand the process do we help you determine if a reverse product meets your specific needs. With Stay In-Home Reverse Mortgage, you get a complete picture of what a reverse mortgage can do for you and your family. We guarantee efficient service and take great pride in effective communication, follow-up, and integrity at a pace that is comfortable for you.

Stay In Home Mortgage is currently the largest independent reverse mortgage broker in Washington , Oregon , Idaho , and is also recognized as a Top 25 Reverse Mortgage Provider in other states such as California, Arizona, Nevada, Hawaii, New Mexico, Utah, Florida, North Dakota, Minnesota, Michigan, Alaska and Colorado.

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