675 Sierra Rose Dr Ste 113, Reno, NV 89511
Reverse Mortgage Purchase and HECM Expert for Nevada
|Mon - Fri:|
Maggie O'Connell Cell: (775) 770-0870
Fax: (866) 279-9444
toll free direct: (800) 684-9438
TollFree: (800) 489-0986
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!
Attentive service by experienced professionals.
Better Business Bureay A+ Rating
HUD Approved FHA Lender
Parking: Paid, Lot, Free
Wheelchair Accessible: Yes
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