- Name
- Maggie O'Connell
- Company
- American Pacific Mortgage
- E-mail
- Contact American Pacific Mortgage
- Website
- http://www.ReverseMortgageStore.com
- Office Phone
- (800) 489-0986
- Cell Phone
- (775) 770-0870
- Alt. Phone
- (925) 243-6343
- Fax
- (800) 724-9517
- Address
- 1548 Catalina Ct. Livermore, CA 94550, 675 Sierra Rose Drive #113, Reno, NV, 89511
- Description
- Specialist in Reverse Mortgages for Home Purchase and Refinance.
Trust your home only to experts!
Maggie O'Connell is a seasoned expert in the reverse mortgage industry, and works with American Pacific Mortgage, a nationally recognized Mortgage Banker based in Roseville, Ca. She has interviewed frequently on a Bay Area TV financial show and and assists older homeowners in understanding, evaluating and securing reverse mortgages. For attentive personal service from an expert in reverse mortgages for purchase or refinance, Maggie O'Connell is the person to call. She works directly with her clients and has her own seasoned processor who only works on Maggie's files. You are assured to be a priority and your file will be processed correctly the first time.
Corporate: California Department of Real (DRE) License # 01215943 | NMLS #1850
Maggie O’Connell: California Department of Real Estate Lic #01151456 | NMLS #279499
Licensed by the Department of Corporations under the California Residential Mortgage Lending Act
Nevada Licence #163 & 45747
Equal Housing Lender
Reverse Mortgage Specialist
IMPORTANT! Be sure you and your Realtor know the facts BEFORE making the offer:
Must the property be owner occupied and what properties are eligible? The property must be an eligible HECM property, owner occupied single family residence, 2-4 units, PUDs or FHA approved condos. (If you are considering a condo, call to find out if it is FHA approved first!) New construction must be fully completed, and a certificate of occupancy issued. You must occupy the home within 60 days of closing.
What fees can the seller pay and what fees must the buyer pay? Allowable Fees must be typical for the market. Costs associated with the HECM loan must be paid by the buyer. Seller cannot pay pre-paid costs. Taxes and HOA dues are paid by buyer on a prorated basis. Seller can only pay the transaction costs such as transfer tax, real estate commissions, title search, and fees typically paid by the seller. At what point must reverse mortgage counseling be completed? Counseling is Required Prior to Opening Escrow!!! Request a Pre-Counseling Packet and Counselor List and complete your counseling before making an offer. It is required to have the counseling certificate in the file before the loan process can begin. All borrowers, non-borrowing spouses and attorney-in-facts must receive counseling and the Counseling Certificate issued prior to opening escrow.
Is New Construction acceptable? As long as a Certificate of Occupancy has been issued and property ready to occupy.
What must be included in the purchase agreement or contract of sale? FHA Amendatory Clause FHA Real Estate Certification Language indicating Seller is responsible for completing and paying for required repairs prior to closing. A Contract of Sale, fully executed with signatures of all parties and all amendments signed and initialed. It is recommended to include a Mortgage Contingency. FHA encourages a Home Inspection conducted by a qualified Home Inspector prior to signing a sales contract. The inspection serves two purposes, to determine the magnitude, if any, of repairs and/or rehabilitation the home as well as helps the buyer to negotiate the purchase price in situation where a home requires repair or rehabilitation. Closing must take place in the Settlement Agent’s office.
What source of funds is acceptable and what documentation is needed for the down payment? Seller concessions or down payment assistance is NOT allowed. Down payment requirements are higher than traditional mortgages because there must be equity available for interest to accrue over the owner’s lifetime as no monthly loan payments are required.If down payment is from bank or investment accounts, a verification of deposit along with original statements that cover the most recent 3-month period are required on all accounts. If a gift is being used, a gift letter, evidence of donor’s ability to provide the gift from seasoned funds and evidence that funds have been transferred into Borrower’s account prior to closing is required. (funds must be seasoned) If the source of funds comes from the sale of the homeowner's principal residence or other owned property, and the sale is occurring the same day as the closing on the HECM, a copy of the executed HUD-1 and cashier's or certified check, evidencing the sale, may be used to verify the funding source. Ineligible Funding Sources include; credit card advances, bridge loans, personal loans, subordinate liens, loan discount points, interest rate buy downs, closing costs assistance, builder incentives, gifts or personal property given by the seller or any other party, seller concessions or financing, loans against borrower assets, down payment assistance programs are prohibited.
What if borrowers using the HECM for Purchase for a new primary residence choose to retain their existing home as a rental property? Lenders must ensure that they have sufficient income to: Maintain the costs associated with the new home financed with the HECM for Purchase (ie: taxes, insurance, maintenance); Satisfy the monetary investment for the HECM for purchase transaction; and Continue to make the mortgage payment and tax and insurance payments on the existing mortgage. How is the down payment determined? The calculation is based on age of youngest borrower, current expected interest rate and the maximum claim amount or value (the lower of the actual sales price, appraised value or FHA maximum claim amount.)
What documentation is required? Counseling Certificate (original—signed and dated) Legible copy of Social Security Card (security or medicare card) Acceptable Photo ID Proof of Age—Drivers license or senior ID Complete copy of Living Trust Agreement with notary acknowledgment (if your property will held in a living trust) Homeowners Insurance Policy (and flood policy if required)
Testimonials in our clients on words!
Listen to client interiews and testimonials in our unique podcasts!
"I certainly appreciate your interest and kindness, and I know why Rob Black thinks so highly of you now. You come across as a good friend to people, and that is so refreshing in a time when so many think otherwise, and act otherwise. Thank you, Allaire"
"I am more than happy with my reverse mortgage and the super job you and your staff did for me.” Virginia G.
"We really appreciate your going the ‘extra mile’ for us.” Betty & Joseph
"The whole reverse mortgage process was a very pleasant experience, thank you for all your help and information.” Janette P. "A great big thank you! You are a staff to be commended!” Roberta D.
"Thank you for The least time consuming, easiest application and fulfillment mortgage procedure I have ever experienced. You friendliness, knowledge and expertise made it possible for me to finally fulfill my wish to retire while remaining solvent at the same time.” Carolyn C.
"Thank you for your prompt attention and cordial response to every piece of minutiae I managed to come up with. You, your company and your services came highly recommended by a former co-worker of mine and I add my own recommendation to his without hesitation.” Martha Y.
"You made my reverse mortgage process a painless one! I will gladly refer you to anyone I know that has similar needs.” Everene P.
"In a time when there are so many obvious thieve, highbinders and idiots loose in America’s business world it is a pleasure to take note of a firm that is people by those who are as competent and pleasant to deal with as you are.” Gilbert C.
"It is very easy to see that, in terms of both service and cost, Maggie O’Connell was the clear choice.” Anne G.
"My experience with Maggie O’Connell was very professional and everything clearly explained and every question answered. I would recommend RM Store to anyone thinking about a Reverse Mortgage.” Robert C.
"Your thoroughness in walking us through all the details and your immediate responses to our questions to you gave us unsurpassed confidence in you and your company.” Herbert & Madeline S.
"I needed the Reverse Mortgage but at the same time I was very scared to do the transaction. You were always very calm, pleasant, understand and helpful – and never pushy. Thank you.” Hana B.
"Thank you for your courtesy and professionalism in assisting me. You were always available to assist with any question and problem I might have, and I can’t think of anything that was not resolved to my satisfaction.” Elizabeth C.
"We were extremely pleased with your service. You answered all of our questions when we called. Thanks Again” Dale & Mae M.
"I have only one comment to make about you – first class all the way." T. L C.
