Certified Reverse Mortgage Professional

Pete is a trusted reverse mortgage advisor. Clients rely on him to explain the process and recommend the best courses of action. Accountants, retirement planners, and other professionals in the financial field look to Pete to help provide the best options for their clients.

Having earned the reverse mortgage industry’s highest designations, Pete is at the top of his profession.

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Why a Reverse Mortgage?

Reverse mortgage loans are commonly used to pay for home renovations, medical and daily living expenses. Homeowners who have an existing mortgage often use the reverse mortgage loan to pay off their existing mortgage and eliminate monthly mortgage payments.

A reverse mortgage loan uses a home’s equity as collateral. The amount of money the borrower can receive is determined by the age of the youngest borrower, interest rates and the lesser of the home’s appraised value, sale price and the maximum lending limit. The funds available to you may be restricted for the first 12 months after loan closing, due to HECM requirements. In addition, you may need to set aside additional funds from loan proceeds to pay for taxes and insurance.

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Fact vs. Fiction

Just a few of the mistaken impressions about Reverse Mortgages:

The lender owns the home.
You will retain the title and ownership during the life of the loan, and you can sell your home at anytime . . .
Once loan proceeds are received, you pay taxes on them.
Generally, money received is not considered income and should be tax free, though you must continue to pay required property . . .
The home must be free and clear of any existing mortgages.
Actually, many borrowers use the reverse mortgage loan to pay off an existing mortgage and eliminate monthly mortgage . . .

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CASE STUDY

How ignorance could cost your clients their home

CASE STUDY

Right-Size Without Compromise®: Purchase plan

CASE STUDY

Doctor Bernie goes first class: Fully enjoying retirement