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Reverse Mortgages

Map & Directions
(1 Review)

675 Sierra Rose Dr Ste 113, Reno, NV 89511

(775) 770-0870

OPEN NOW
Today: 7:00 am - 6:00 pm
23
YEARS
IN BUSINESS
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Reverse Mortgage Purchase  and HECM Expert for Nevada

General Info
NMLS #279499, FDIC Insured Bank offering reverse mortgage purchase and HECM loans to senior homeowners in Nevada, California, Arizona and Nationwide.  Maggie O'Connell will help you directly throughout the reverse mortgage process.
Hours
Regular Hours
Mon - Fri:
Sat:
SunClosed
Extra Phones

Maggie O'Connell Cell: (775) 770-0870

Fax: (866) 279-9444

toll free direct: (800) 684-9438

TollFree: (800) 489-0986

Services/Products

Reverse Mortgages for Senior Citizen homeowners.  No principal or interest payments. When the last owner leaves the home permanently, the loan balance is due. Reverse Mortgage for Purchase allows people age 62 and older to buy a home with minimal income and credit requirements.  Down payments are larger than conventional loans.  Purchasing a home using a reverse mortgage is a perfect way to buy the home you want and still retire in comfort. Maggie O'Connell, reverse mortgage specialist for over 21 years will walk you and your real estate agent through the process.  First, let's review a standard "forward" mortgage.  You borrow money and promise to pay it back.  You allow a Deed of Trust to be recorded against your property as a security instrument.   A reverse mortgage is structured like a conventional loan except the repayment is different.  Instead of making monthly payments, you let the interest accrue onto the loan balance. You agree to pay the lender when you move away permanently, sell or the last remaining borrower passes away.  You also agree to pay your property taxes, homeowners insurance and keep up the general maintenance of your home. With both types of loans, there is no transfer of title. To be eligible, you and your spouse must be at least 62 years old and have substantial equity in your home, or in the case of a reverse mortgage for purchase, a large down payment. For the exact loan to value (LTV) for a reverse mortgage, please request a quote. Because there are no mortgage payments required, the lender isn't interested in your ability to make payments so your income or credit are not a major determining factor in qualifying for the reverse mortgage.  Although judgments must be addressed and you can't be delinquent on any federal loan. If you meet these qualifications, your home will be appraised and the amount available to you will be based on the appraised value or maximum claim amount, whichever is less. The amount available to you will be a calculation based on your appraised value or maximum claim amount, the age of the youngest borrower and the expected interest rate at the time the loan documents are drawn. You decide on the rate type, fixed or variable and the payment plan that suits you best, lump sum, line of credit, monthly payment or combination.  The fixed rate option requires a lump sum draw at closing.  If there is equity remaining, your heirs may sell the home and keep the profits or keep the home and pay off the reverse mortgage, probably through refinancing. A reverse mortgage is safe!

Brands
HECM Reverse Mortgages, Jumbo Reverse Mortgage, Reverse Mortgage Purchase
Payment method
visa, master card
Location
Located in Quail Executive Suites 
Amenities

Attentive service by experienced professionals.

Accreditation

BBB

Associations

Better Business Bureay A+ Rating

HUD Approved FHA Lender

Categories
Financial Services, Loans, Mortgages, Real Estate Loans, Senior Citizens Services & Organizations
Other Information

Parking: Paid, Lot, Free

Wheelchair Accessible: Yes

Reviews

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lamolee

07/07/2011

Overall
Maggie just completed a revers...

Maggie just completed a reverse mortgage for me and I have to say that she was a very personable company to deal with. I never met her or went to her office, all my work was completed via email and on many phone calls with her and it was done very efficiently. I live in a different part of the State than she does and it would have been hard for either of us to meet to complete all the transactions. I am very satisfied with her work and I would recommend her to anyone seeking a reverse mortgage. She and her staff are very competent and easy to deal with. MG