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california: Do you need your investments to perform better or a reverse mortgage? - 05/27/12 12:22 PM
Do you need your investments to perform better or a reverse mortgage?
A recent article in the Wall Street Journal tells us it doesn’t matter if your investments perform well…. most retirees don’t have enough savings to matter. Author Tom Lauricella goes on to say that home equity is still most people’s largest asset and with the help of a reverse mortgage it can make up for their shortfall in investments.
Read the full article: Savings Fall Short for Most Retirees
There are various strategies in utilizing home equity with reverse mortgages to supplement retirement income. … (2 comments)
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california: How to Structure Public Assistance (Medicaid, Medi-Cal and SSI) with Reverse Mortgages - 04/10/12 05:45 AM
If you are looking into supplementing your retirement income through a reverse mortgage and you are on Medicaid (Medi-cal) or Supplemental Security Income (SSI) or want to maintain eligibility for these programs in the future, it is important to understand these service’s asset limitations. The reverse mortgage must be structured properly so you can receive the benefits of these need’s based programs and at the same time, receive the benefits of the reverse mortgage.
Reverse Mortgage proceeds can be received in various ways, through a lump sum, line of credit, monthly payment or a combination. Since the reverse mortgage … (0 comments)
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california: American Pacific Mortgage Awared #31 Top Mortgage Company in America - 04/01/12 03:22 PM
I’m proud to work for a top mortgage company in the USA! We were recently awarded #31 by Mortgage Executive Magazine among the top 100 Mortgage Lenders. Click here to view the full list: top 100 lenders
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california: Who to Choose For Your Reverse Mortgage Lender - 03/17/12 05:35 PM
This short video set on a snowy day describes who Maggie O'Connell is and how she helps senior homeowner's understand reverse mortgages and go through the reverse mortgage loan process.. … (1 comments)
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california: Reverse Mortgages Really Can Be Low Cost Despite What You Read! - 01/19/12 04:33 PM
If you get your education on reverse mortgages from what you hear in mainstream news, you are missing out on a very important fact. Reverse mortgages are not expensive. The media loves to tell you that it is a program of last resort and the costs are too high, but in reality, reverse mortgages can have lower cost than conventional loan programs. The HECM Saver option was introduced recently and it really does save a lot of money in upfront costs. It makes sense to do a reverse mortgage even if it's a relatively short time frame you are looking at. … (0 comments)
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california: Memories As I Write Out My Christmas Cards - 12/21/11 06:53 PM
I spent the weekend writing Christmas cards to my past reverse mortgage clients. It provided an opportunity to reflect .... the joy I felt knowing how the program I introduced to my clients that made their lives better in so many ways, the privilege I continue to enjoy as I enter their homes and become a part of their lives. Often, as result of referrals, particularly Rob Black’s recommendation, people developed a trust in me quickly. It made me uncomfortable as I felt and continue to feel they must learn the details of the program and trust themselves in the decision. … (1 comments)
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california: HECM Lending Limits to Remain at $625,500 Through 2012 - 12/02/11 03:55 PM
We received great news from HUD that the HECM Lending Limits will remain at the high level of $625,500 through 2012. This means that seniors with high value homes can receive a percentage of their home value, up to $625,500. If the home appraises for more than that amount, we will use $625,500 as the home value and provide reverse mortgage funds based on the age of the youngest homeowner. The minimum age for a reverse mortgage is 62 years old and the older you are, the higher principal limit or amount of funds is available. There are no payments required … (0 comments)
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california: Reverse Mortgage Lending Limits Set To Sunset on Dec. 31st 2011 - 08/12/11 07:25 PM
The FHA maximum claim amount for HECM Reverse Mortgages has been $625,500 since President Obama increased it in the stimulus package in 2008. It is schedule to go back to $417,000 on December 31st 2011 unless Congress votes to extend it. In the San Francisco Bay Area, this means many older homeowners will not qualify for a reverse mortgage as their existing mortgage to be paid off will be higher than the reverse mortgage will allow. For example, 72 year old homeowner with a home valued at $600,000 would now get $392,000 or pay off a mortgage up … (2 comments)
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california: Set Realistic Dreams for Reverse Mortgage Purchases - 07/31/11 07:20 PM
What is best, keeping hopes and dreams alive that are unrealistic or knowing what is possible and realistic up front? It’s easy to agree that not wasting time, energy, emotions and money on a transaction that is unrealistic is the sensible thing to do.
But it happened again…. A couple came to me after spending almost three months pursuing a short sale purchase on the home of their dreams. The seller’s lender for the short sale finally agreed to their offer and the first reverse mortgage rep assured them their dream home was within reach. After the rep was unable … (3 comments)
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california: Why Real Estate Agents Need to Know Reverse Mortgage Purchase Guidelines - 06/02/11 09:20 AM
I see it all the time, a buyer tells their agent they want to make an offer on a home and they plan to use a reverse mortgage for the financing. The agent writes the offer as usual without considering the special requirements for the reverse mortgage. In this most recent example, six weeks went by before the buyer came to me for help. They were working with a national reverse mortgage lender who didn't even know the guidelines! What he learned was, their as-is offer would never work! Six weeks waisted!
The reverse mortgage purchase program allows senior homeowners … (4 comments)
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california: Reverse Mortgage Rates Lower! Fixed Rate - 4.5% Variable Margin 1.75% - 05/24/11 04:29 PM
Rate Update on 4-3-11: The Fixed Rate is now 4.5% and the variable margin is 1.75%. These rates carry origination fees.
It's pretty hard to believe that you can get a fixed rate reverse mortgage for 4% interest rate but it's true! Now is a great time to get a reverse mortgage, especially if you have a home valued above the fha maximum claim amount becuase the max claim is currently $625,500 and scheduled to go down to $417,000 on October 1st. So with the incredibly low interest rates and high lending limits, make sure you don't miss this opportunity … (5 comments)
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california: Reverse Mortgage Client Testimonial - 04/08/11 06:28 PM
Maggie O'Connell just helped my wife and I secure a reverse mortgage for her mother. Service was above and beyond anything we could have expected. Our particular situation was very complicated, as the property was in trust and was zoned commercially .
Three other brokers had failed to secure a loan for us. Maggie never gave up! Even after being rejected by one lender, she stuck with it and found another willing to do the loan.
All fees, rates, and options were clearly explained, and the process progressed smoothly and quickly. Communication throughout the process was outstanding, with Maggie always replying … (4 comments)
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california: How To Fund In Home Care for Seniors at a Low Cost - HECM Saver Reverse Mortgage - 03/13/11 07:29 PM
It’s happening more frequently. A son, daughter, nephew, conservator or guardian calls looking for solutions for keeping an elderly person in their home for as long as possible and preferably for their lifetime. The all have one goal in mind, to provide the best quality of life as possible for their loved one or client. Keeping them in their home helps attain that goal. Recently I received that call from a woman who was power of attorney for her elderly mother who was living much longer than anyone expected. The reverse mortgage was a perfect option as she could live in … (5 comments)
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california: Reverse Mortgage Purchase Transactions Requires Professional Help! - 02/11/11 07:41 PM
I received a call early this morning, a woman was on the phone asking specific questions about the reverse mortgage purchase program. She was a real estate agent, asking questions about repairs and if they would be they required to be completed prior to closing and who is allowed pay for it. She told me it was some minor items needed to get the air conditioner and water heater working properly. I told her, yes, the operating functions of the house must all be working properly prior to closing and the buyer / reverse mortgage borrower cannot pay for it… then … (1 comments)
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california: Reverse Mortgage Video - San Francisco KRON4 interview - 01/03/11 10:28 AM
Transcript Reverse Mortgages can Ride to the Rescue for older homeowners. Maggie O’Connell is here to educate us on this helpful program for seniors. Maggie, how do reverse mortgages work? The homeowner receives money from the lender, and they don’t have to pay it back until they sell the home or move or pass away. With a reverse mortgage, you never have to make monthly mortgage payments. It’s all paid back at the end. I can see why retired people would love a mortgage with no payments, tell us other reasons people get reverse mortgages? So many reasons, just having enough … (6 comments)
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california: Reverse Mortgage Refinance Increases Cash Flow For Seniors - 01/02/11 01:46 PM
I received a call the other day and although it was pretty normal, I wanted to share it with you. The caller said, “We’re considering a reverse mortgage because we heard we could get monthly payments or a credit line”. I respond, “Yes, but let me ask you a few questions”. My first general questions determine qualifications as both borrower’s must be at least 62 years old and occupy a home that also must meet basic qualification standards. I get their home address and quickly look up comps to get an idea of the value and the next questions are … (0 comments)
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california: How the Housing Recovery Act, HR 3221 helps senior homeowners through FHA Reverse Mortgages - 08/17/08 05:38 PM
The housing and credit crisis of 2008 doesn’t limit its impact to speculators and risk takers. Senior homeowners have also been impacted. Home equity represents a large portion of net worth for the older set. Often, people sell their family home and downsize after retirement. But, in many areas of California and Nevada with home prices realizing dramatic reduction as we enter the fall of 2008, selling a home at this time may not be a good option or may not be an option at all! That’s where the reverse mortgage comes in. You can stay in your home, pull cash … (6 comments)
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Maggie O'Connell
Livermore,
CA
More about me…
American Pacific Mortgage - Reverse Mortgages
Address: 1548 Catalina Ct. Livermore, CA 94550, Livermore, CA, 94550
Office Phone: (800) 489-0986
Cell Phone: (800) 684-9438
Email Me
In this blog, I go into detail on reverse mortgage information through questions seniors and their families ask, industry news and current events, new program & rate options, client stories and experiences and more. From my 20 years experience as a reverse mortgage specialist, I can help guide and educate you and answer the question, is a reverse mortgage right for you and if so, what is the best option with lowest costs, interest rates and payment plan. I am easily accessible and will be happy to talk with you.
Maggie O'Connell
direct line 800-684-9438.
American Pacific Mortgage
maggie@rmstore.net www.RMStore.net
Cal DRE# 01151456 #01215943 NV #45747 #164 NMLS #279499 #396955 #330948 #1850 Licensed by the Department of Corporations under the California Residential Mortgage Lending Act. Equal Housing Opportunity
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