Here is how I met the great Texas reverse mortgage loan officers:
In the past I was privileged to get to know a select group of reverse mortgage loan officers. I am a notary public and as you know, when you sign documents relating to a real estate loan transaction a notary is needed to witness the borrowers' signatures.
I had a small business as a full-time independent notary professional and most of my business came from the reverse mortgage industry.
Week after week I traveled to reverse mortgage loan borrowers' homes in counties all over the "Heart of Texas" and met with them and their loan officer while they signed their final documents.
There were two types of borrowers (in relation to the experience they had with their loan officers):
1. Generally Disatisified and Frustrated with Their Experience: Borrowers who were not able to find the name of a person to contact directly while doing their research and got the number to call off of a generic website or from the television commercial often got hooked up with loan officers who did not meet with them personally because they were too far away.
2. Generally Happy and Confident about Their Decision: Borrowers who were fortunate enough to get a personal referral from another borrower or by chance bumped into a reverse mortgage loan officer were generally delighted with their experience. I came to know these reverse mortgage loan officers well and saw how caring they were about the borrowers they worked for.
From my experience as a notary working in the reverse mortgage industry I could not help but be partial to a select few loan officers and what I observed in their demeanor and professionalism. I kept a list of them. One day I started trying to find their names on the internet to see how they marketed their reverse mortgage loan business online and guess what! They are harder than hen's teeth to locate!
I decided to start this website to share my unique perspective and observations about reverse mortgage loans and to give borrowers a reference point for locating a LOCAL loan officer who would provide the personal service the borrowers deserve.
The last reverse mortgage loan transaction I acted as a notary for was in Round Top, Texas. In fact, I did three of them within a few weeks. That was in the spring of 2007. I work full-time now in a demanding position and I just don't want to be spread too thin, so I don't seek to do reverse mortgage notary work any more. (I guess I would if one of my favorite loan officers were in a bind for a notary, but for now, I am concentrating on my full-time position.)
I miss the everything about my little business but the position I have now is very rewarding. This website lets me pursue one of my hobbies (writing) and it helps me to stay connected to the reverse mortgage loan business, the loan officers and people like you, the borrowers.
If you would like me to send you the name of one of my favorite loan officers, please email me at revmortblog@gmail.com . Or, you can fax it to me toll free at 877-548-2536. My name is Brenda and you can learn more about me here.
I will need the following information:
Phone number (Only if you want the loan officer to call you. If you want to call them, I will send you their name and contact information.):
_________________________
eMail:
___________________________
Your name:
___________________________
Year of Birth (so that it can be determined how much you may receive):
___________________________
Address of property (to figure your property value):
___________________________
Spouse's name:
___________________________
Year of Birth:
___________________________
Sunday, January 20, 2008
How I met the good reverse mortgage loan officers.
Saturday, January 19, 2008
Contact a Loan Officer in Travis County - Austin
If you would like to connect with a loan officer who is familiar with Travis County and who will make a personal visit with you to talk with you about a reverse mortgage loan, please send me the following information by email, I will send you the names and contact information of the loan officers I personally know in this area. If you prefer to fax this information to me you can fax it TOLL FREE to 1-877-548-2536. Just print this out, fill it in and fax it. It will come to my private fax.
For more information about me, read this article.
If you prefer the loan officer call you, I can also have them contact you by phone.
Phone Number (only if you want a call):
___________________________
eMail:
___________________________
Your name:
___________________________
Year of Birth (so that it can be determined how much you may receive):
___________________________
Address of property (to figure your property value):
___________________________
Spouse's name:
___________________________
Year of Birth:
___________________________
Contacting a Loan Officer in Bell County - Temple
If you would like to connect with a loan officer who is familiar with Bell County and who will make a personal visit with you to talk with you about a reverse mortgage loan, please send me the following information by email, I will send you the names and contact information of the loan officers I personally know in this area. If you prefer to fax this information to me you can fax it TOLL FREE to 1-877-548-2536. Just print this out, fill it in and fax it. It will come to my private fax.
For more information about me, read this article.
If you prefer the loan officer call you, I can also have them contact you by phone.
Phone Number (only if you want a call):
___________________________
eMail:
___________________________
Your name:
___________________________
Year of Birth (so that it can be determined how much you may receive):
___________________________
Address of property (to figure your property value):
___________________________
Spouse's name:
___________________________
Year of Birth:
___________________________
Contacting a Loan Officer in Nacogdoches County
Contact a Loan Officer in Nacogdoches County
If you would like to connect with a loan officer who is familiar with Robertson County and who will make a personal visit with you to talk with you about a reverse mortgage loan, please send me the following information by email, I will send you the names and contact information of the loan officers I personally know in this area. If you prefer to fax this information to me you can fax it TOLL FREE to 1-877-548-2536. Just print this out, fill it in and fax it. It will come to my private fax.
For more information about me, read this article.
If you prefer the loan officer call you, I can also have them contact you by phone.
Phone Number (only if you want a call):
___________________________
eMail:
___________________________
Your name:
___________________________
Year of Birth (so that it can be determined how much you may receive):
___________________________
Address of property (to figure your property value):
___________________________
Spouse's name:
___________________________
Year of Birth:
___________________________
Contacting a Loan Officer in Robertson County - Hearne
If you would like to connect with a loan officer who is familiar with Robertson County and who will make a personal visit with you to talk with you about a reverse mortgage loan, please send me the following information by email, I will send you the names and contact information of the loan officers I personally know in this area. If you prefer to fax this information to me you can fax it TOLL FREE to 1-877-548-2536. Just print this out, fill it in and fax it. It will come to my private fax.
For more information about me, read this article.
If you prefer the loan officer call you, I can also have them contact you by phone.
Phone Number (only if you want a call):
___________________________
eMail:
___________________________
Your name:
___________________________
Year of Birth (so that it can be determined how much you may receive):
___________________________
Address of property (to figure your property value):
___________________________
Spouse's name:
___________________________
Year of Birth:
___________________________
Contacting a Loan Officer in Burleson County - Caldwell
If you would like to connect with a loan officer who is familiar with Burleson County and who will make a personal visit with you to talk with you about a reverse mortgage loan, please send me the following information by email, I will send you the names and contact information of the loan officers I personally know in this area. If you prefer to fax this information to me you can fax it TOLL FREE to 1-877-548-2536. Just print this out, fill it in and fax it. It will come to my private fax.
For more information about me, read this article.
If you prefer the loan officer call you, I can also have them contact you by phone.
Phone Number (only if you want a call):
___________________________
eMail:
___________________________
Your name:
___________________________
Year of Birth (so that it can be determined how much you may receive):
___________________________
Address of property (to figure your property value):
___________________________
Spouse's name:
___________________________
Year of Birth:
___________________________
Contacting a Loan Officer in Grimes County - Navasota
If you would like to connect with a loan officer who is familiar with Grimes County and who will make a personal visit with you to talk with you about a reverse mortgage loan, please send me the following information by email, I will send you the names and contact information of the loan officers I personally know in this area. If you prefer to fax this information to me you can fax it TOLL FREE to 1-877-548-2536. Just print this out, fill it in and fax it. It will come to my private fax.
For more information about me, read this article.
If you prefer the loan officer call you, I can also have them contact you by phone.
Phone Number (only if you want a call):
___________________________
eMail:
___________________________
Your name:
___________________________
Year of Birth (so that it can be determined how much you may receive):
___________________________
Address of property (to figure your property value):
___________________________
Spouse's name:
___________________________
Year of Birth:
___________________________
Contacting a Loan Officer in Brazos County - College Station
If you would like to connect with a loan officer who is familiar with Brazos County and who will make a personal visit with you to talk with you about a reverse mortgage loan, please send me the following information by email, I will send you the names and contact information of the loan officers I personally know in this area. If you prefer to fax this information to me you can fax it TOLL FREE to 1-877-548-2536. Just print this out, fill it in and fax it. It will come to my private fax.
For more information about me, read this article.
If you prefer the loan officer call you, I can also have them contact you by phone.
Phone Number (only if you want a call):
___________________________
eMail:
___________________________
Your name:
___________________________
Year of Birth (so that it can be determined how much you may receive):
___________________________
Address of property (to figure your property value):
___________________________
Spouse's name:
___________________________
Year of Birth:
___________________________
Contacting a Loan Officer in Brazos County - Bryan Area
Contact a Loan Officer in Brazos County - Bryan Area
If you would like to connect with a loan officer who is familiar with Brazos County and who will make a personal visit with you to talk with you about a reverse mortgage loan, please send me the following information by email, I will send you the names and contact information of the loan officers I personally know in this area. If you prefer to fax this information to me you can fax it TOLL FREE to 1-877-548-2536. Just print this out, fill it in and fax it. It will come to my private fax.
For more information about me, read this article.
If you prefer the loan officer call you, I can also have them contact you by phone.
Phone Number (only if you want a call):
___________________________
eMail:
___________________________
Your name:
___________________________
Year of Birth (so that it can be determined how much you may receive):
___________________________
Address of property (to figure your property value):
___________________________
Spouse's name:
___________________________
Year of Birth:
___________________________
Why is the loan origination fee so high on reverse mortgages?
The loan origination fee amount is set by the government. There is seldom a point in trying to bargain over the origination fee. In my opinion, shopping around for the cheapest origination fee won’t be worth your while. However, I wouldn't ever tell anyone not to look for a better bargain. I don't think you'll be able to find it, though.
Most lenders I have encountered require that the full amount to be set for every loan they fund no matter what their loan officer (the person who works with you) might like to do to lower the amount.
The reverse mortgage loan officer who comes and takes your loan application and walks you through the process will NOT be getting all of that…not even close.
A good bit of it goes to the lender they work for...the lender which is making you the loan on your home. The loan officer will only receive a portion of the fee.
I don't know for certain, but my best guess is they get between $200 and $500 of the origination fee depending on how many loans they originate for the lender on a regular basis. Most of the time this commission is the only income or compensation a full-time loan officer receives.
If you think of the hours, if not days, of time they put into originating the loan, getting you through the process and seeing that nothing falls through the cracks they’ve definitely earned their money. In addition, reverse mortgage loan officers maintain a home office, computer equipment, and often drive many miles during the loan process.
I wouldn't blame you for calling one of those numbers on late night television to see what kind of "deal" they might make you, though I really don't think there will be bargaining room. I honestly think that having a more localized, personal-touch, kind of loan officer will make you happier with the entire process. Calling the numbers on television or obtained through cards you receive in the mail will often get you in touch with a loan officer you will never meet. He or she will not know the local vendors you will need to make your loan run smoothly. Just my opinion based on my experience with borrowers...something to think about when you decide who you want to help you with your reverse mortgage.
Check out all your options and then come back here to get in touch with someone who is familiar with your territory.
Read about reasons why you might want a local reverse mortgage loan officer to originate your loan at this link.
Contacting a Loan Officer in Leon County - Centerville Area
If you would like to connect with a loan officer who is familiar with Leon County and who will make a personal visit with you to talk with you about a reverse mortgage loan, please send me the following information by email, I will send you the names and contact information of the loan officers I personally know in this area. If you prefer to fax this information to me you can fax it TOLL FREE to 1-877-548-2536. Just print this out, fill it in and fax it. It will come to my private fax.
For more information about me, read this article.
If you prefer the loan officer call you, I can also have them contact you by phone.
Phone Number (only if you want a call):
___________________________
eMail:
___________________________
Your name:
___________________________
Year of Birth (so that it can be determined how much you may receive):
___________________________
Address of property (to figure your property value):
___________________________
Spouse's name:
___________________________
Year of Birth:
___________________________
Contacting a Loan Officer in Milam County - Cameron Area
If you would like to connect with a loan officer who is familiar with Milam County and who will make a personal visit with you to talk with you about a reverse mortgage loan, please send me the following information by email, I will send you the names and contact information of the loan officers I personally know in this area. If you prefer to fax this information to me you can fax it TOLL FREE to 1-877-548-2536. Just print this out, fill it in and fax it. It will come to my private fax.
For more information about me, read this article.
If you prefer the loan officer call you, I can also have them contact you by phone.
Phone Number (only if you want a call):
___________________________
eMail:
___________________________
Your name:
___________________________
Year of Birth (so that it can be determined how much you may receive):
___________________________
Address of property (to figure your property value):
___________________________
Spouse's name:
___________________________
Year of Birth:
___________________________
Contacting a Loan Officer in Grimes County - Anderson Area
If you would like to connect with a loan officer who is familiar with Grimes County and who will make a personal visit with you to talk with you about a reverse mortgage loan, please send me the following information by email, I will send you the names and contact information of the loan officers I personally know in this area. If you prefer to fax this information to me you can fax it TOLL FREE to 1-877-548-2536. Just print this out, fill it in and fax it. It will come to my private fax.
For more information about me, read this article.
If you prefer the loan officer call you, I can also have them contact you by phone.
Phone Number (only if you want a call):
___________________________
eMail:
___________________________
Your name:
___________________________
Year of Birth (so that it can be determined how much you may receive):
___________________________
Address of property (to figure your property value):
___________________________
Spouse's name:
___________________________
Year of Birth:
___________________________
Contacting a Loan Officer in Madison County - Madisonville Area
If you would like to connect with a loan officer who is familiar with Madison County and who will make a personal visit with you to talk with you about a reverse mortgage loan, please send me the following information by email, I will send you the names and contact information of the loan officers I personally know in this area. If you prefer to fax this information to me you can fax it TOLL FREE to 1-877-548-2536. Just print this out, fill it in and fax it. It will come to my private fax.
For more information about me, read this article.
If you prefer the loan officer call you, I can also have them contact you by phone.
Phone Number (only if you want a call):
___________________________
eMail:
___________________________
Your name:
___________________________
Year of Birth (so that it can be determined how much you may receive):
___________________________
Address of property (to figure your property value):
___________________________
Spouse's name:
___________________________
Year of Birth:
___________________________
Who is Brenda Stone, the Author of this Blog?
And, why should I feel comfortable sending her my name and email address?
You shouldn't feel comfortable about giving your information out to strangers! I don't encourage that. However, by the time you finish reading this page you will have an understanding of who I am as a fellow Texan and member of your community if you live in the Bryan/College Station area.
I am an eight-year resident of College Station; before that I lived in Sealy, Texas where my husband, Gary Stone, was city manager until he passed away in 1999. Before that I lived my entire life in Brazoria County, Texas, except for one year when I lived in Burnet, Texas back in the early 80's.
I am a notary public, so by knowing this you now know that the Secretary of State of Texas has done a background check on me before issuing my commision to ensure I am not a criminal person. My notary commission number is 00738231-6. You can verify this information by going to this link at the Secretary of State of Texas's notary search.
I know and have worked with many Texas reverse mortgage loan officers and their borrowers when I was contracting with them as a reverse mortgage loan notary; I live near and attend the Covenant Presbyterian Church on Rock Prairie, I have a son who is TAMU Class of '03 and he works for TAMU while he is on his last semester of his master's degree.
I have a lot of free time in the evenings and on weekends to write. This website is one of my writing projects. I put my enjoyment of writing to work for my in my off hours because I earn a little bit of money here and there writing web content and serving Google Ads which goes toward my own retirement account. Since I know a good bit about reverse mortgages and how important it is to work with a local reverse mortgage loan officer, I decided to start writing on the topic of reverse mortgages and further, to set up a referral network with the loan officers who are my personal acquaintances from my previous work with them as a reverse mortgage notary.
One thing I have noticed about trying to find a Texas reverse mortgage loan officer through using Google.com is that very few of them have learned how to use the internet to find people like you who need to have personal contact with a reverse mortgage loan officer. I decided to bridge that gap and develop a referral network. If you want to know how I came to know the loan officers I'll provide you the name or names of, read this article.
Any more concerns? Google me. I'm pretty easy to find.
You can post comments to the articles on this blog and you can also email me at revmortblog@gmail.com just to ask a general question. I am NOT a loan officer, or an expert qualified to answer your questions, but what I can tell you is this:
- I have a lot of practical knowledge about reverse mortgages. I will only answer your questions with facts based on HUD.gov literature. If I give you an opinion, I will state it as such.
- I personally know good, honest reverse mortgage loan officers who care about their borrowers.
- Finally, I have recommended FHA's Home Equity Conversion Mortgages (HECMs) type reverse mortgages to my own parents. I feel that comfortable with them. (As stated elsewhere, the HECM is the reverse mortgage I am most familiar with, hence my recommendation of the. Further, they are generally the loan of choice for most people seeking reverse mortgages.)
Contacting a Loan Officer in Washington County - Brenham Area
If you would like to connect with a loan officer who is familiar with Washington County and who will make a personal visit with you to talk with you about a reverse mortgage loan, please send me the following information by email, I will send you the names and contact information of the loan officers I personally know in this area. If you prefer to fax this information to me you can fax it TOLL FREE to 1-877-548-2536. Just print this out, fill it in and fax it. It will come to my private fax.
If you prefer they call you, I can also have them contact you by phone.
Phone Number (only if you want a call):
___________________________
eMail:
___________________________
Your name:
___________________________
Year of Birth (so that it can be determined how much you may receive):
___________________________
Address of property (to figure your property value):
___________________________
Spouse's name:
___________________________
Year of Birth:
___________________________
If my house is worth $100,000 how much will I REALLY get?
If my house is worth $100,000 and the calculator says I can get $61,000 out of it with a HECM, for instance, will I get a check for that much?
The short answer to your question is that my best guess is $47,483.
The long answer to this question:
There will be closing costs, “set asides”, a loan origination fee, and a mortgage insurance premium. There will likely be a year’s worth of house insurance collected
at closing, and possibly a year’s worth of property taxes. If you need
repairs on your home, those will be completed and the money to pay for those will be held back at closing. (Working with a local reverse mortgage loan officer can make repairs less painful and time consuming. Obviously, being nearby they can help you with lining up contractors and making sure you will be working within the lender's policy on contractors and repairs.)
Here is a typical list of those types of expenses and pre-payments subtracted from the amount you expect to receive at closing if you were born in 1933 and your house was worth
$100,000. (This is by no means meant to be all inclusive! This is just an example off the top of my head.)
Title insurance $1,100.00
Title endorsements $115.00
Escrow fee $500.00
Loan Origination Fee
Total:
Now, subtract $13,017.00 from $61,000 and you get a clearer picture of
what you will be receiving if you choose to take the entire lump sum…around
$47,483.
subtracted at closing.
What are “set asides”? Set asides are amounts set aside to have the loan serviced each month. The amount is generally calculated on $35.00 a month for a certain amount of months. The money is there to be taken away from the available funds each month to pay for loan servicing.
What is servicing? In all loans through lenders there is a servicing amount which the loan costs the lender each month. In a traditional loan, in part the interest portion of the loan payment is used for servicing. Since you never pay a payment on a reverse mortgage you
have to set it aside to pay for servicing over the life of the loan.
Wow, that Mortgage Insurance Premium is sure high! Do I have to ever pay that again? What’s that for anyway?
No, the Mortgage Insurance Premium is only paid once. Yes, it does seem high, but what you get for it makes it worth it. You can read an in depth explanation here.
Title Insurance? Do I have to ever pay that again? What’s that for
anyway?
No, you will only pay this once. The title insurance lets the lender know that no other person or entity has any interest in your home and that you have a clear title to it. Title searches to assure clear title are done by people called abstractors; part of the costs involved in the title fees pay for abstractors to go to the courthouse and follow the chain of title on your property making sure that you are the only title holder.
What if my home needs repairs?
What if my home needs repairs?
What if my slab is cracked?
Or my roof needs fixing?
You can still get a reverse mortgage loan if there is ample equity in your home aside from the repair requirements.
The loan officer will work with you and approved local contractors to get your home in good repair prior to the loan funding, in most cases I have seen. I highly recommend working on your loan with a local reverse mortgage loan officer and this is one of those reasons.
Repair expenses can also be subtracted from the funds you will receive at closing.
You do not have to pay for those types of things before your loan closes. It can be paid out of your proceeds when you sign your papers.
Having a local loan officer to work with you when there are repairs to be made can facilitate the process to speed along. Someone who is not connected to your local area will not have the same kind of ease in streamlining repairs as a local loan officer will.
If you will please send me the following information by email, I will send you the names and contact information of the loan officers I personally know in this area, or get a referral for you if you live in one of the outlying areas of Texas.
YOU DESERVE PERSONAL SERVICE!
If you prefer to fax this information to me you can fax it TOLL FREE to 1-877-548-2536. Just print this out, fill it in and fax it. It will come to my private fax.If you prefer they call you, rather than you calling them, I can also have them contact you by phone.
Phone Number (only if you want a call):
___________________________
eMail:
___________________________
Your name:
___________________________
Year of Birth (so that it can be determined how much you may receive):
___________________________
Address of property (to figure your property value):
___________________________
Spouse's name:
___________________________
Year of Birth:
___________________________
Please read:
If you are seeking to do more than gather information, you must contact a broker or mortgages. If you prefer, I will ask them to contact you.
Your email will not be disclosed except for the purpose intended on this website. Your email is private and will not be sold.
Only if you ask me to have a reverse mortgage loan officer, or officers, contact you, and then I will only provide it to them.
In this website I provide general information on reverse mortgages as a fixed-income marketer for my friends who are licensed reverse mortgage lenders. Again, I am not a mortgage broker, originator, underwriter, or lender.
I do not solicit, process, place, or negotiate residential mortgage loans. I provide information in this website and will refer you to one or more loan officers if you request that I do so. You can either ask for their contact information and call them, or they can call you.
It is your decision.
I do not accept or offer to accept applications for residential mortgage loans, assist or offer to assist in the processing of applications for residential mortgage loans, or negotiate or offer to negotiate the terms or conditions of residential mortgage loans.
If I am able to refer a reverse mortgage loan officer to you, you understand that at some point in this effort I may be compensated for that referral.
One of the purposes of writing this website is so that I might establish myself and my website as a viable means for a small, select network of reverse mortgage loan officers I have worked with in the past to utilize as a marketing tool.
Brenda, why don't you publish the names of loan officers?
You may wonder why I don't publish the names of loan officers you can contact on this website.
The reason I don't is because if I did, and if you contacted them directly, they would not know that my website was finding referrals for them through using my internet marketing techniques.
In other words, I have a few personal motives for writing these articles. I want to be clear about that.
My person moviations are listed below:
First and foremost, one of the ways I earn money for my own retirement account plan is to write blogs and content for websites. Admittedly, I do not make a lot, but I make more by writing than I would watching television in my spare time. If you allow me to refer you to the loan officers I know I am hopeful they will see me as a viable solution to their internet marketing needs. Eventually, I hope to develop a business arrangement with them. I would never ask them to pay me for something I cannot prove that I can produce. I will first "prove" to them that I can reach internet savvy senior citizens with the information they seek. After that, I believe they will find value in my services.
Secondly, you will see that there are ads by Google.com on my website. When people search for reverse mortgage information they will find my website and/or blogs and then they may click on those ads. Each time they do I will earn a few cents (and I mean a very few!) for publishing Google ads.
Thirdly, one reason I write this information without guaranteed compensation is because I enjoy writing about things I am interesting in. I am very interested in reverse mortgages as a financial solution to senior citizens who need to tap into the equity of their homes. As you will find out, I will not sugar coat the facts in my articles. I will explain things as best as I know how. I feel that while there are many excellent sites on the internet regarding reverse mortgages I have a different perspective and know how to answer. If I simply provided names of reverse mortgage loan officers my readers may never read what I write and might miss a few tidbits that they would really like to know before going forward with contacting a loan officer. Eventually, I hope that my readers will post comments and feedback on the validity of my information and whether or not it assisted them in their decision process.
Fourth, I feel that no reverse mortgage loan officer deserves to be shuffled off to some guy sitting off in California originating loans by telephone or by internet. Through my personal handling of your referral that will not happen to you. If I opened the site up for straight advertising at this time I would have a problem turning down loan originators who I do not know or have some kind of reference on.
So, there they are. These are my reasons for keeping the names of my network of loan officer off of this site at this time. In the future my policy may change but first I need to establish myself as the internet marketing person I believe I am. (:>)
Contact a Local Loan Officer - Why it's better for YOU...
Don't you want personal service when doing such an important transaction? I would!
If I were a senior citizen seeking a reverse mortgage I would prefer doing business with a local person rather than having a person from hundreds of miles away originating my loan…which is what often happens when potential borrowers respond to television ads or cards they receive in the mail from mass marketers in Dallas or Houston.
Sometimes the borrowers never meet those loan officers!
Another person is hired to collect the information from the borrower and then courier it via Fedex or UPS to the loan officer in an office which maybe several states away, or to a call center boileroom far away; everything is conducted over the phone.
That is not the way it works with my network of loan officers. They meet with the borrower face to face. They will travel to you and give you the attention you deserve while you pose questions to them.
If I am able to put the two of you together I know you will not be disappointed with the professionalism and information you will get from any of those in my small network I would refer you to.
If you will please send me the following information by email, I will send you the names and contact information of the loan officers I personally know in this area. If you prefer to fax this information to me you can fax it TOLL FREE to 1-877-548-2536. Just print this out, fill it in and fax it. It will come to my private fax.
If you prefer they call you, rather than you calling them, I can also have them contact you by phone.
Phone Number (only if you want a call):
___________________________
eMail:
___________________________
Your name:
___________________________
Year of Birth (so that it can be determined how much you may receive):
___________________________
Address of property (to figure your property value):
___________________________
Spouse's name:
___________________________
Year of Birth:
___________________________
Please read:
If you are seeking to do more than gather information, you must contact a broker or lender yourself or ask me to have them contact you.
Once I receive your information, I will provide you contact information for one of friends who originate reverse mortgages. If you prefer, I will ask them to contact you. Your email will not be disclosed except for the purpose intended on this website. Your email is private and will not be sold. Only if you ask me to have a reverse mortgage loan officer, or officers, contact you, and then I will only provide it to them.
In this website I provide general information on reverse mortgages as a fixed-income marketer for my friends who are licensed reverse mortgage lenders. Again, I am not a mortgage broker, originator, underwriter, or lender.
I do not solicit, process, place, or negotiate residential mortgage loans. I provide information in this website and will refer you to one or more loan officers if you request that I do so. You can either ask for their contact information and call them, or they can call you. It is your decision.
I do not accept or offer to accept applications for residential mortgage loans, assist or offer to assist in the processing of applications for residential mortgage loans, or negotiate or offer to negotiate the terms or conditions of residential mortgage loans.
If I am able to refer a reverse mortgage loan officer to you, you understand that at some point in this effort I may be compensated for that referral.
One of the purposes of writing this website is so that I might establish myself and my website as a viable means for a small, select network of reverse mortgage loan officers I have worked with in the past to utilize as a marketing tool.
Is anyone else getting a Reverse Mortgage Loan in Brazos County?
The answer to this is yes…many are taking advantage of the equity in their homes and taking out a reverse mortgage. I can prove that to you by showing you a list from the Brazos County Property Records.
It’s been my experience that before senior citizens sign their final documents they want to know if anyone else in this area is taking advantage of the benefits of a reverse mortgage loan. Naturally, if you are considering a reverse mortgage you would like to know if others have decided to do it, or if you are the “guinea pig”. Rest assured that you are not a guinea pig. You are not alone if you are considering taking out a reverse mortgage.
There is a way you can gauge for yourself how many reverse mortgage loans are being taken out on properties in Brazos County. Here is a picture of one page of the reverse loan mortgages which have taken place in Brazos County within the last year.
All of the loans listed in this picture are the type of reverse mortgage I am most familiar with, the Home Equity Conversion Mortgage or “HECM”. The HECM is a reverse mortgage product which is backed by the government through the USA Department of Housing and Urban Development.
Wait! Back up…where did that information come from?
I got this picture from a site called Texas Land Records (http://www.texaslandrecords.com/). I took what is called a “screenshot” of the results I found when using the Texas Land Records, and searching the index of property transactions in Brazos County, Texas. In my search, I “told” the site that one of the parties to the transaction would be “U S A HOUSING & URBAN DEVELOPMENT” (Usually you will see the name of this agency as "USA Department of Housting and Urban Development" or HUD, however the clerk's office has indexed the agency's name as it is writte just before the opening parenthesis.) The reason this search provides a list of properties which have taken out a HECM reverse mortgage is because the USA Department of Housing and Urban Development is involved in every single HECM reverse mortgage made.
If you want to try this search for yourself, follow these instructions:
1) Go to Texas Land Records (http://www.texaslandrecords.com/).
2) Near the top on the gray bar across the screen click “Counties”.
3) Next you will see a big “2” on the right hand side of the page and there will be a list of counties underneath it. Click on “Brazos”.
4) At that page, near the top on the gray bar across the screen click “Free Search”.
5) Next, you will see a box to input Business/Last Name. In that box enter “U S A HOUSING & URBAN DEVELOPMENT”. You must enter this accurately and just as I have or it will not find any records.
6) Just below that you will see a drop down box where you can choose “Document Type”. Go down to select “Equity Lien”.
7) Hit “Search Now”.
If everything was done correctly you will find the same results I showed you up above in the picture. As you can see, “many” people in Brazos County have taken out reverse mortgages over the past year.
Why is this information available on the internet?
The trick I just showed you is not a commonly known way to get information. It is a well-kept secret. The truth is that most people have no idea this information exists either online or in the courthouse.
Is this information available at the courthouse?
Yes. Deed records, deeds of trust (mortgages) and many other types of documents are recorded at the courthouse. In fact, if since 1967 you have purchased or sold a piece of property in Brazos County there will be a record of it at Texas Land Records and in the County Clerk’s office. If you would like to visit the Brazos County Courthouse in person to take a look at these records first hand, you can find the courthouse at 300 E. 26th Street, Bryan, TX 77803. Go in the main entrance. The County Clerk’s office is immediately to your right.
Contact a Reverse Mortgage Loan Officer
If you will please send me the following information by email, I will send you the names and contact information of the loan officers I personally know in this area. If you prefer to fax this information to me you can fax it TOLL FREE to 1-877-548-2536. Just print this out, fill it in and fax it. It will come to my private fax.
If you prefer they call you, I can also have them contact you by phone.
Phone Number (only if you want a call):
___________________________
eMail:
___________________________
Your name:
___________________________
Year of Birth (so that it can be determined how much you may receive):
___________________________
Address of property (to figure your property value):
___________________________
Spouse's name:
___________________________
Year of Birth:
___________________________
HECM or the HomeKeeper?
Which type of reverse mortgage is better for me, the HECM or the HomeKeeper?
This article will not give you answers conclusively but will give you an idea of which one might be better for you.
Two examples are presented below. Example #1 shows a better deal on amount of cash available with a HECM. Example #2 shows a better deal on amount of cash available with the HomeKeeper.
Example #1:
The following numbers are based on a person with a birthdate in 1933 and whose home is estimated to be worth $100,000. As you can see, simply put, if you have a home worth up to $350,000 (or thereabouts) you will come out with more money with a HECM.
A comparison follows:
1) A single lump sum advance of
HECM $61,704
HomeKeeper $33,455
2) OR a creditline account of
HECM $61,704
HomeKeeper $33,455
,,,that grows larger each year by
HECM 5.29%
HomeKeeper 0%
...so, if unused, available credit in 5 years would be
HECM $79,862
HomeKeeper $33,455
...in 10 years would be
HECM $103,363
HomeKeeper $33,455
3) OR a monthly loan advance for as long as you live in your home
HECM $394
HomeKeeper $289
4) OR any combination of lump sum at closing, creditline account, and monthly advance
Example #2:
The following numbers are based on a person with a birthdate in 1933 and whose home is estimated to be worth $350,000. If your home is worth $350,000, then the HomeKeeper will give you more money at closing.
A comparison follows:
1) A single lump sum advance of
HECM $130,765
HomeKeeper $132,144
2) OR a creditline account of
HECM $130,765
HomeKeeper $132,144
...that grows larger each year by
HECM 5.29%
HomeKeeper 0%
...so, if unused, available credit in 5 years would be
HECM $169,244
HomeKeeper $132,144
...in 10 years would be
HECM $219,047
HomeKeeper $132,144
3) OR a monthly loan advance for as long as you live in your home
HECM $836
HomeKeeper $1,143
4) OR any combination of lump sum at closing, creditline account, and monthly advance
(The above charts and the following information was taken from AARP’s reverse mortgage information pages. This is the link: http://www.rmaarp.com/.)
These comparisons only include the HomeKeeper and the HECM.
Important Information About These Figures:
If you currently owe any debt on your home, and do not pay it off before getting a reverse mortgage, you must take at least that amount as a lump sum advance at closing, and use it to pay off your debt at that time. This would reduce the amount of cash available to you in a single lump sum, creditline or monthly advance. If you do not qualify for enough cash to pay off any debt on your home at closing, you cannot get a reverse mortgage.
For example, if you still owe $20,000 on a mortgage or home equity loan and do not pay it off before closing a reverse mortgage, you would have to qualify for at least $20,000 in a lump sum from a reverse mortgage, and then use it to pay off your debt at closing. If you qualify for more than $20,000, you could take the rest in cash at closing, leave it in a creditline, or take it as monthly advances.
All estimates on this page are based on monthly-adjusting interest rates in the HECM program, maximum origination and servicing fees, and an approximate national average closing cost total. Interest rates are current for the week of December 11th, 2007. Actual loan amounts available depend on the rates in effect when a loan is closed, and the actual origination fee and closing costs charged. Actual loan amounts available also depend on the appraised value of your home and current equity limits in each program. These estimates reflect Fannie Mae's year 2005 equity limit and the 203-b equity limits from HUD's web site as of December 10. HUD limits are subject to change during the year.
Creditline growth projections show maximum potential future available credit assuming continuation of the current creditline growth rate (which could increase or decrease) and no creditline draws. The more credit you use sooner, the less cash will remain available. To see how credit used affects cash remaining, click
All of the figures on this "Loan Estimates" page are provided for illustrative and educational purposes only.
Mortgage Insurance Premium ("MIP") Explained
MIP is one of the costs involved in a reverse mortgage. For an overview of all of the most usual costs, please review this link.
An explanation of Mortgage Insurance Premium on the HECM reverse mortgage according to AARP follows:
HECM insurance guarantees that you will receive your promised loan advances and not have to repay the loan for as long as you live in your home, no matter:
--how long you live there;
--what happens to your home's value; and
--what happens to your lender.
You pay for this insurance in two parts:
--2% of your home's value (or 2% of the 203-b limit in your area, whichever is less) is charged "upfront" at closing; and
--0.5% is added to the interest rate charged on your rising loan balance.
This two-part mortgage insurance premium (MIP) can be financed with the loan. The MIP also guarantees that your total debt can never be greater that the value of your home at the time the loan is repaid. It makes it possible for you to keep getting your monthly loan advances or growing creditline as promised even if:
--you live much longer than others your age;
--your home's value grows very little, not at all, or declines, or;
--your loan balance catches up to—and then is limited by—the value of your home.
As a government program, HECM insurance does not make a profit. The premiums paid by all borrowers are used to continue making loan advances to—and limit the amount owed by—the borrowers who live the longest and whose home values grow the least or decline.
But the MIP is a substantial cost. The upfront portion on a $250,000 home, for example, can be as much as $5,000. The cost of the 0.5% added to the interest rate depends on how much money you borrow, when you borrow it, and the interest rate on the loan.
For a 74-year-old borrower living in a $250,000 home in May of 2006 who borrows one-half of the maximum loan amount at closing, the total amount paid during her remaining life expectancy (12 years) could be about $7,800
(This information was taken directly from AARP’s website. The link you will find this on is here: http://www.aarp.org/money/revmort/revmort_federal/a2003-03-21-whatarecosts.html.)
Friday, January 18, 2008
How the Lender Participates and Makes Money
• Any FHA-approved lender may originate HECM loans.
• Lenders earn an origination fee and either earn servicing fees or sell servicing rights to other companies.
• Fannie Mae purchases HECM loans, and several companies offer loan servicing systems or services.
• Lenders are protected against loan losses that occur because the nonrecourse feature limits how much a borrower must repay.
• HECM loans may be assigned to HUD when the total loan balance equals 98% of the Maximum Claim Amount.
• HECM insurance benefits may equal up to that amount
What Your Obligations Are
Simply put you must continue to
- maintain the property,
- insure the property,
- pay taxes on the property,
- occupy the property.
Unless borrowers choose to pay and provide evidence of paying property taxes and insurance, lenders are authorized to make these payments from HECM proceeds.
Lenders are also authorized to use the loan to pay for property repairs if they are needed to maintain HUD property standards
The borrowers must continue to occupy the property as primary residence (where at least one
borrower spends the majority of the time). Borrower may reside elsewhere for a maximum of 12 consecutive months, due to physical or mental illness.
At this point, if a determination is made that it is unlikely that the borrower would return, the home would no longer be considered owner-occupied and the loan could become due and payable.
Federal Guarantees in a HECM Loan
In a HECM Loan there are two things that the federal government will guarantee:
• If the borrower chooses a monthly pay out: In the event of lender default, HUD will continue to make payments to the borrower based on the original terms of the loan.
• A HECM is a "non-recourse" loan, which means that a borrower can never
owe more than the value of the property at the time the loan is repaid.
Costs of a Reverse Mortgage Loan
Except as noted, all costs can be financed, that is, added to the loan balance (amount owed).
• Property Appraisal: The loan officer will ask you for this up front. It is generally an advance payment of about $350, but may be refunded to borrower and added to loan balance at loan closing.
• Credit Report: generally an advance payment of about $25 for a simplified credit report, but may be refunded to borrower and financed with the loan. It doesn't really matter what your credit is however, they need to assure that your property isn't the subject of freshly instigated lawsuit which will result in a judgment lien about the time your loan is about to close.
• Standard Closing Costs: title search and insurance, surveys, required inspections, recording fees, mortgage taxes, etc.
• Hazard or Flood Insurance Premiums: replacement value coverage is required; may require advance premium to be paid at closing if coverage is increased.
• Origination Fee: varies by lender, but cannot exceed the greater of $2,000 or 2% of the Maximum Claim Amount, which is the lesser of the home's appraised value or HUD’s maximum mortgage insurance limit for the area, which is also known as HUD’s 203(b)(2) limit. (A little secret I have learned along the way is that often your loan officer cannot waive any part of the origination fee. The lender requires that all the origination fee be collected. There's no bargaining room there. Your loan officer is working for a lender. Out of the $2,000.00 or more of the amount of the origination fee your loan officer will keep between $200.00 and $500.00. The lender will get the rest. Often the loan officer is not making any other compensation for their time except the portion of the origination fee they receive.)
• Mortgage Insurance Premium: up-front payment equals two percent of the Maximum Claim Amount, paid or financed at closing, plus an annual premium of 1/2 percent, or 50 basis points, charged on the rising loan balance. (My experience is that the Mortgage Insurance Premium is usually the same exact amount as the origination fee. The two are not related but the calculations of them both fall about in the same range.) An additional explanation of MIP can be found here.
• Servicing Fee: flat monthly charge, if not included in interest rate; cannot exceed $30 per month for HECMs with annually adjusting interest, and $35 per month for HECMs with monthly adjustable interest. (The servicing fee on a regular loan is figured into the loan costs as well and taken through interest and points. In a reverse mortgage the servicing fee is calculated and set aside as an amount against your maximum claim amount. In other words if you are entitled to get $50,000.00 the servicing fee will be calculated at an amount which will come off the top of that $50,000.00. Usually this runs around $3,000 to $5,000.)
• Interest is charged on all payments made to the borrower and on all loan costs that have been added to the loan balance. Borrower may select a rate that is subject to change either once a year or once a month.
• Annually adjustable interest cannot vary by more than 2 percentage points per year, or 5 points over the life of the loan. Monthly adjustable interest has no annual cap and a current lifetime cap of 10%.
• Interest rate adjustments do not affect the amount of a monthly advance, but they do change the rate at which a creditline grows larger. They also affect how quickly the HECM loan balance grows.
The Basics of Reverse Mortgages
The common characteristics of all reverse mortgages are relating to homeownership, loan advances, loan cost financing, loan balances, repayment, and debt limits. Here are the basics of reverse mortgages:
A. The senior citizens retain the title to their home.
The lender does not own the home, and does not automatically "get" the home when the borrower dies. So if your kids are against you getting a reverse mortgage tell them that they can extend you a non-recourse loan now and there won't be a reverse mortgage loan, or they can pay off the balance and keep the home when you die. Or, your executor can pay off your home with other assets of your estate.
However, during the life of the loan the borrower is still responsible for taxes, insurance, and upkeep. That's important to remember.
The borrower’s estate or heirs must pay off the loan upon the borrower’s death or it will belong to the lender.
B. About the amount of the loan.
The amount of the loan advances generally depends on the value of the home, the age of the borrower, and the cost of the loan (that is, the loan fees and interest rate).
The greatest amounts are generally available to the oldest borrowers with the most valuable homes who take loans that have the lowest costs.
C. It does cost to get a reverse mortgage. However...
The fees involved in getting the loan fees can generally be "financed," that is, added to the loan balance at loan closing. This means, in effect, that some or all of the cost of setting up the loan (closing costs, origination fee, insurance premium) can be paid with an extra loan advance at closing.
D. The loan balance (amount owed) rises over time. It grows because the borrower keeps getting loan advances and being charged interest on the outstanding balance while making no repayment until a future time.
E. No repayment is required on most reverse mortgages for as long as the borrower lives in the home as a principal residence. When the last surviving borrower dies, sells the home, or permanently moves away, then the full loan balance becomes due and payable.
F. There is a "non-recourse" limit on the borrower’s repayment obligation. This important consumer safeguard means that the total amount owed by the borrower can never exceed the value of the home at the time the loan becomes due and payable. In seeking repayment, the lender does not have recourse to anything other than the home’s value.
1) Even if the loan balance grows to be greater than the home’s future value, what the borrower owes is limited by the value of the home.
2) The non-recourse feature protects the borrower and the borrower’s estate and heirs from "deficiency judgments," that is, from being required to pay back more than the home’s value.
Three Basic Types of Reverse Mortgages
- Single-Purpose
- Government Insured Reverse Mortgages
- Proprietary Reverse Mortgages
For example, some are limited to home repairs, others to paying property taxes. These plans generally have maximum income eligibility requirements, but the cost is usually very low or moderate.
Government Insured Reverse Mortgages
Federally-insured reverse mortgages are called Home Equity Conversion Mortgages (or HECMs" which you may hear people pronounce as "Heck-ums"). This is the type of loan I am most familiar with and will discuss the most while writing this blog. The HECM loan is insured by the FHA.
Proprietary reverse mortgages come from private companies; they are developed, owned, and insured by private companies. According to a source I use to learn about reverse mortgages offered by the Neighborhood Reinvestment Training Institute they are the most expensive type of reverse mortgage, and generally only provide competitive loan advance amounts on the most highly valued homes. At present, one of these plans is available nationwide, and the other is available in the most populated states.
Introduction to the Writer
My name is Brenda Stone and I am a resident of College Station, Texas. (More about who I am can be found here.)
If you need a reverse mortgage loan officer you are at the right place. I am not a reverse mortgage loan officer, but I personally know some very special people who are. If you will allow me to, I will connect you with one of them. I have had the opportunity to observe many reverse mortgage loan officers with Texas borrowers and transactions in many Texas counties which involve reverse mortgage loans.
I hope you find this to be a unique reverse mortgage website. Here you will find information and questions answered which other websites will not answer for you. This is because I know the questions you have and the concerns that borrowers have on the day they sign their important reverse mortgage loan documents…questions that other websites have not had first hand knowledge with.
