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We serve Seniors preparing to Retire
WE HELP SENIORS INCORPORATE HOUSING WEALTH INTO THEIR RETIREMENT PLANNING
Seniors and their Financial Advisors are more and more often working together planning to incorporate housing wealth into their retirement strategies. At one time, a singluar goal of retirement was to pay-off the mortgage on a home. Today, there is an alternative goal being incorporated into retirement strategies - the goal of eliminating a mortgage payment through the use of a HECM - Home Equity Conversion Mortgage or Reverse Mortgage.
Instead of planning the day of retirement in coordination with the day a mortgage is paid off, seniors today are planning their retirement by strategically establishing their equity position in their home, so that they are able to eliminate their mortgage through the use of a Reverse Mortgage without having any significant out-of-pocket closing costs.
More often than not, the children of seniors are not interested in owning their parent's home and are managing their own finances so that they're happy to see their parents maximize their retirement by incorporating their housing wealth into their own retirement experience.
We help seniors and their Financial Advisors, beginning as early as age 50, strategically plan their mortgage payments and equity position to give them the optimal equity position for the best utilization of a Reverse Mortgage in Retirement.
If you're interested in knowing more about this process, Schedule a Consultation with us, and we'll help you determine the steps you can can take to incorporate your housing wealth into your retirement strategy.
Reverse mortgage borrowers retain ownership and title to their home². It’s yours just as it was before, but now you may benefit from the equity that’s been building in your home for years. In addition, HECM (Home Equity Conversion Mortgage) reverse mortgage loans give you peace of mind since it is insured by the Federal Housing Administration (FHA); and your home and property are the only assets that secure the loan. In order to retain the home when the reverse mortgage becomes due, the heirs may choose to keep the home by paying off the current outstanding loan balance or 95% of the home's appraised value, less customary closing costs and real estate commissions. After you get a reverse mortgage on your primary residence, repayment is not due until the home is sold, the last borrower passes away or permanently leaves the home, or you do not comply with the loan terms². Borrowers also must keep the home in good condition, pay property taxes and keep homeowner’s insurance coverage to avoid the loan becoming due and payable. As a protection, all those seeking a reverse mortgage are required to obtain counseling (from an independent HUD-approved third-party counselor) prior to incurring any costs associated with the loan (other than the counseling fee). While proceeds from a reverse mortgage are not subject to personal income taxation, borrowers should seek tax advice on how proceeds may affect government needs-based programs such as Medicaid and Medi-Cal.³
For the loans presented we are a Mortgage Broker only, not a mortgage lender or mortgage correspondent lender. We will arrange loans with third-party providers but do not fund the loans directly. We will not make mortgage loan commitments for these loans..²There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower is still responsible for paying property taxes, homeowner’s insurance and maintaining the property to HUD standards. Failure to do so could make the loan due and payable. Credit is subject to age, income standards, credit history, and property qualifications. Loan rates, fees, terms, and conditions are not available in all states and subject to change.³Borrowers should seek professional tax advice regarding reverse mortgage proceeds. *Borrowers must continue to pay property taxes, homeowner’s insurance, and home maintenance costs.
Contact us today for your FREE reverse mortgage loan consultation.
This material is not provided by, nor was it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA). It is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice.
*There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower(s) must continue to pay for property taxes and insurance and maintain the property to meet HUD standards or risk default. Credit is subject to age, minimum income guidelines, credit history, and property qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.
Retirement Mortgage Specialists
Kenny Hawthorne
NMLS #1647665
Ken Kennedy
NMLS #1627908
Branch Location:
605 S Orchid
White Oak, TX 75693
Phone: 903-235-7114
Powered by OC Home Loans, Inc
NMLS: 1842513
This licensee is performing acts for which a mortgage company license is required. OC Home Loans, Inc., is licensed by the Texas Department of Savings and Mortgage Lending, NMLS: 1842513. Loan approval is not guaranteed and is subject to lender review of information. All loan approvals are conditional and all conditions must be met by borrower. Loan is only approved when lender has issued approval in writing and is subject to the Lender conditions. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. K2--Financial, LLC is an Equal Opportunity Mortgage Broker/Lender. The services referred to herein are not available to persons located outside
the state of Texas.
Corporate Address: 24302 Del Prado Suite B Dana Point, California 92629
Complaint/Recovery Fund Notice: (https://www.sml.texas.gov/wp-content/uploads/2021/07/rmlo_80_200_b_recovery_fund_notice.pdf)
Tyler, Longview, East Texas, Texas
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