Reverse Mortgage Originator:
At Your Service!
Choosing Maggie O'Connell to originate your reverse mortgage, assures you will have a quick and smooth loan process, always know the status of your file, have the most competitive rates and terms and get correct answers to all of your questions. Why go anywhere else?
I'll put my 21 years of experience and expertise to work on your behalf!
Maggie O'Connell as Featured Reverse Mortgage Expert on KRON4 San Francisco
The New HECM Reverse Mortgage - Understanding the Changes
The HECM Standard and Saver options have been eliminated and replaced by a product with reduced proceeds or principal limit (PL) and a revised upfront mortgage insurance premium (MIP) structure. A cap limits the amount of cash a borrower can draw at closing and during the first year to 60% of the initial principal limit. If there are mandatory obligations such as liens or mortgages, the disbursements can match the total of those payoffs and include an additional 10% cash to the borrower up to the PL. The fixed rate option restricts draws to 60% of the principal limit or mandatory obligations plus 10%. Purchase funds are considered manditory obligations and can utilize the full principal limit.
There are two available pricing options: If the disbursements at closing or within the first year do not exceed 60% of the initial PL, there will be an upfront MIP of .5% of the maximum claim amount (MCA). If disbursements exceed 60% there will be an upfront IMIP of 2.5%.
Beginning in early 2014, there will be a mandatory financial assessment which includes a credit history and analysis of cash flow and income to determine if the borrower is capable of making property taxes and homeowner's insurance payments. If borrowers fail, they will be required to have a set aside for the payment of those property charges or may be turned down for the reverse mortgage.
This sounds complicated but is understandable when the reverse mortgage calculation sheets are prepared and reviewed. In some cases, where borrower's are close to the 60% threshold, we can strategize to keep the upfront cost at the low MIP and the program very affordable.
Reverse mortgage interest rates options are: A variable or adjustable rate tied to the 1 month LIBOR index plus a margin. The margin currently ranges from 2.25% to 2.5%. There is a 10 point lifetime cap on the rate. The fixed rate option currently ranges from 4.99% to 5.06% and does not change over the life of the loan.
Maggie's clients are satisfied because of her attentiveness to the reverse mortgage transaction, communicating every step of the way and her deep understanding of the program. Read the customer reviews in the sidebar to find out what her clients have to say about their experience working with Maggie O'Connell.
With offices in the San Francisco Bay Area and Reno, Nevada she works with clients throughout the western states.
Seniors can rest assured they have made the right choice for their Reverse Mortgage Originator. Maggie O'Connell's background..
ReverseMortgageStore.com is a reverse mortgage resource for people shopping and learning about reverse mortgages. Maggie provides a blog, podcasts, regular news articles and interest rate updates to help you stay up to date and educated on reverse mortgages for California.
We Are NRMLA Members and You Can Borrow with Confidence!
NRMLA Members must adhere to a strict Code of Ethics & Professional Responsibility that requires the highest ethical treatment of reverse mortgage customers before, during, and after they receive their loans.
I, Maggie O’Connell promise to my customers that you will be treated in the most honorable and ethical manner. I adhere to the Pledge to Reverse Mortgage Borrowers.