Toll Free: 800-489-0986
Office: 925-784-3286 or
contact Maggie to learn more!

The Federal Savings Bank, Reverse Mortgage, Danville, CA

Reverse Mortgage Customer Reviews

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Reverse Mortgage Specialist: Maggie O’Connell At Your Service!

Reverse Mortgage Specialist, Maggie O'Connell

I began originating Reverse Mortgages in 1993. It excited me then and I’m even more enthusiastic about the program today. Origination services include the FHA Insured Home Equity Conversion Mortgage or HECM and the HomeSafe Jumbo Reverse Mortgage. My customers are my focus and I am the point of contact, communication, explanations, discussions, co-ordinations and smooth closings. You could call it a one stop shop! I am very proud of the reviews my past clients have written and strive to make every client pleased with the process and results. And the results are always gratifying as lives are improved and retirement is made easier with the wonderful tool call a reverse mortgage.  I hope I can help you!
Offering HECM & Jumbo Reverse Mortgages in all 50 United States! “I’ll put my 23 years of Reverse Mortgage experience and expertise to work on your behalf!” Contact Me!

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What is a reverse mortgage and is it right for you?

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A Reverse Mortgage or Home Equity Conversion Mortgage (HECM) is home loan designed for older homeowners. It allows borrowers to tap into the equity in their home without having to make monthly mortgage payments. The loan balance is repaid when the last remaining homeowner leaves the home permanently, sells the property or passes away. Homeowners maintain title, pay their property taxes, homeowner’s insurance and keep up the maintenance and the reverse mortgage lender has a lien against the home, just like conventional mortgages.

Home equity is the most valuable asset for most Seniors and Boomers. By tapping into home equity and receiving tax free funds to boost retirement income, homeowner’s are able to live a more comfortable and financially secure life.

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Who do you want to coordinate your reverse mortgage?

So you’re considering a reverse mortgage because you have decided that life is too short. You have equity in your home and you should be enjoying life more and not living like a pauper. Where do you start? What is the first step? How do you choose the person who will help you through the process? You certainly don’t what to be led down the wrong path by some newbee in the industry who doesn’t know what they are doing. You thought one of those big companies who advertise on TV are the way to go, after all, they are big! But after talking to someone on the other side of the country who wants to sign you up and pass you along the processing assembly line, you realize that’s not for you.

What if you found someone who will work with you from start to finish, who represents a federally chartered bank, who has many years experience originating HECM’s and hundreds of raving fans? Someone who will meet you personally if you are in Northern
Nevada, the California Bay area or the California gold country. Someone who will give you the personal attention you need in such an important transaction as a reverse mortgage.

I believe you have just found her…

How may I help you?      Contact Maggie O’Connell

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Reverse Mortgage Annual Adjusting Interest Rate Option

The HECM adjustable reverse mortgage interest rate options include a monthly adjusting and the ‘new’ annual adjusting option.  The benefit of the annual option are lower lifetime caps on the interest rate plus it includes an annual cap. The monthly option has a 10 point cap above the start rate and no annual cap.

With the annual adjusting option, the interest rate is fixed for one year at a time and the adjustment the next year cannot increase more than 2 points. The lifetime cap is 5 points above the start rate. The key advantages of the HECM variable interest rate are that a line of credit or monthly payment is allowed.  That is not available with the fixed rate as a lump sum must be drawn.  The line of credit growth is a definite advantage as the growth in the credit line can be quite substantial over time. The increase in the LOC is the same accrual rate as on the loan balance.  It is based on the current rate plus the mip rate.  I will provide an amortization schedule that projects this growth and you will be very pleased with the compounding growth of available funds.

To receive an analysis for this new option Call Maggie at 800-489-0986

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Reverse Mortgage for Home Purchase has benefits for homebuyers and Realtors alike

Reverse Mortgages are a helpful financial tool that can be used to purchase a home. The HECM Purchase Loan is for those who don’t want to make mortgage payments and also want to minimize the cash requirement for the purchase transaction. The down payment requirement is calculated based on age of youngest borrower or non-borrowing spouse, home value up to the maximum claim amount limit and current expected interest rate. Request down payment calculation

HECM for PurchaseRealtors, buyers and sellers can have confidence in the HECM Purchase program by understanding clear guidelines and starting the process correctly from the beginning.  The key to a successful transaction is a Reverse Mortgage Originator  coordinating the transaction from start to finish.

To qualify, you must be at least 62 years old, but if you have a younger spouse, you can take advantage of the new non-borrowing spouse rules for the FHA Insured HECM Reverse Mortgage. The down payment is higher than traditional mortgages for the simple reason that you don’t have to make mortgage payments, so the equity in your home is used to pay the loan back after you leave the home permanently. Because no payments are made while you live in your home, you must have equity from the beginning. The younger you are, the more money you need to contribute to the transaction because of your longer life expectancy. The income qualification is lower than traditional mortgages because there are no mortgage payments added to your debt ratio. With the new HECM Financial Assessment guidelines in place, you must show a good payment history for past housing & debt expenses. It’s easy to find out if you qualify and how much house you can afford by giving Maggie a call.
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HECM NEW RULES PROTECTING NON BORROWING SPOUSES

Many couples want to do reverse mortgages but one spouse is not yet age 62.  There is now a solution as new rules now accommodate the younger spouse.    The new HUD rule gives the NBS the right to remain in the home indefinitely during a deferral period if all the requirements are met. The HECM loan proceeds are based on the age of a younger non-borrowing spouse (NBS). If the borrowing spouse passes away, the surviving spouse must transfer the home into their name and become the legal owner within 90 days of death. Any funds remaining in the reverse mortgage account will not be available to the younger spouse.

In order for the Deferral Period to apply to a Non-Borrowing Spouse, the NBS must:
1. Have been the spouse of a HECM mortgagor at the time of loan closing
and have remained the spouse for the duration of the HECM mortgagor’s lifetime;
2. Have been properly disclosed to the mortgagee at origination and
specifically named as a Non-Borrowing Spouse in the HECM documents; and
3. Have occupied, and continue to occupy, the property securing the
HECM as the Principal Residence of the Non-Borrowing Spouse.

This transaction requires the NBS to be removed from title and be able to be added back quickly so consider this option carefully!

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Reverse Mortgage Financial Assessment

HUD has issued a reverse mortgage financial assessment for HECM reverse mortgage borrowers. HECM lenders are to evaluate the borrower’s willingness and capacity to timely meet their financial obligations and to comply with the mortgage requirements. Those mortgage requirements include paying property taxes, homeowner’s insurance and keeping up home maintenance.

Reverse Mortgage Financial Assessment QuestionsPreliminary qualifying questions include: 

Do you file an income tax return with the IRS?

Are you currently employed?  What are your sources of income? What is your total income?

Do you have assets that could be used as monthly income such as savings, CDs, 401k, IRA, Annuity etc.
What are your monthly obligations?  (Installment debt, Revolving/credit card debt)

Have you experienced any hardships that may have affected your credit?

Have you ever co-signed on a loan?

Have you filed for bankruptcy in the past 2 years?

Have you been or are you in foreclosure?  If yes, was it an FHA loan?

Have you had any tax liens or judgments in the past 2 years?

Are you current on your taxes and homeowner’s insurance?

What are your monthly or annual property taxes and homeowner’s insurance?

Do you have PUD or HOA dues, what is the amount and is it current?

Do you have any other real estate such as an investment property or second home?             Is there an FHA loan on the other property?

To Read the HECM Financial Assessment and Property Charge Guide, Click Here

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Jumbo Reverse Mortgages are available in California & multiple states

  • This new private, non-FHA Jumbo Reverse Mortgage called “HomeSafe,” is available in these states: · Arizona · California · Colorado · Connecticut · Florida · Hawaii · Illinois · New Jersey · Oregon ·Pennsylvania · Rhode Island · South Carolina · Texas
  •  Maximum loan amount is $2.25 million
  • It has a fixed interest rate
  • There is no mortgage insurance premium
  • Borrower’s must draw all funds at closing, there will be no line of credit or monthly payment optionNoreverse mortgage for home purchase and financial planningn-FHA approved condos valued over $500,000 that pass the spot condo requirements will be eligible
  • Available for Reverse Mortgage for Home Purchase
  • New Construction is acceptable as long as the certificate of occupancy is issued prior to closing (HECM requires CO prior to application)
  • Reverse Mortgage Counseling is required. Two counseling sessions for California borrowers.
  • Financial Assessment must be completed.

Click Here to Be Informed When New Jumbo Reverse Mortgages Are Available.

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