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Name: Song Hutchins
Company: Capital Point Funding Group, Inc
E-mail: Contact Song Hutchins (Capital Point Funding Group, Inc)
Website: http://www.ReverseMortgagePlus.info
Office Phone: (301) 468-7063
Cell Phone: (301) 367-4213
Alt. Phone: (301) 625-9545
Fax: (301) 625-9765
Address: Rockville, md, 20852
Description: Government Insured, FHA reverse mortgages (HECM). It is a beautiful financial option for seniors especially in this troublesome housing market. It saves lots of homeowners from losing their homes.

About me:

Vice President, Reverse Mortgage Division, Capital Point Funding Group, My reputation is built on Integrity, honesty, Accessibility, and Knowledge. I love and care for well being of seniors and I take their interest of reverse mortgage options very seriously. My first priority is to educate the seniors, their families and financial advisors on programs. If you would like to know how the reverse mortgages can help enhance your life style, please do not hesitate to contact me for more info or one on one private consultation at no cost. Licensed/Certified: Mortgage Originator; Security 7 and 66, Annuity, Life and Health Insurance in MD (Inactive). Have 10 plus years of retail banking management and in mortgage origination and management since 2002. Speak fluent in Korean.

Founding Chair, Asian Real Estate Association of America (AREAA) DC Metro Chapter, Founded in 2007, 501(C) 6, nonprofit professional trade organization dedicated to promoting sustainable homeownership opportunities in Asian American communities by creating a powerful national voice for housing and real estate professionals that serve this dynamic market.

AREAA will accomplish this mission by:
- Advocating for policy positions at the national level that will reduce homeownership barriers facing the APA community.
- Increasing business opportunities for mortgage and real estate professionals that serve this growing community.

Past President and current Board of Director, Washington Korean Women's Society, Cultural and Scholarship Funds, Inc. Founded in 1981, nonprofit 501(C)3, to promote, preserve and contribute to Korean Culture in the United States; to provide scholarship aid to Koreans, Amerasians of Korean descent, or other ethnic groups of students; and to share the American experience with new members who are recent arrivals to the United States.

Other Activities: Offer Free Foreclosure Prevention Workshops, Deliver Meals on Wheels, Member of Korean Women's Chamber of Commerce

Reverse Mortgage Basics:

Homeowners age 62 and older can use FHA-insured reverse mortgages to convert the equity in their homes into monthly streams of extra cash and/or a line of credit to be repaid when they no longer occupy the homes.

Borrower Requirements:

Must be age 62 years or older,
Own the property outright or have a small mortgage balance,
Live in the property as primary residence,
Participate in a consumer information session with a HUD-approved HECM counselor.

Mortgage Amount Based On:

Age of the youngest borrower.
Current interest rate.
Lesser of the appraised value or the HECM FHA mortgage limit.

Financial Requirements:

No income or credit qualifications are required.
No repayment is required as long as the borrower remains in the home
Must pay Property Taxes and Homeowners Insurance

Property Requirements:

Single family or 2-to 4-unit home with one unit occupied by the borrower (which can also be FHA-approved condominiums or manufactured homes and leased land).
Meet FHA property standards and flood requirements.

Homeowners can select from five payment plans:

Tenure - equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
Term - equal monthly payments for a fixed period of months selected or tenure
Line of Credit - unscheduled: at times and amounts of borrower's choosing until the line of credit is exhausted.
Modified Tenure - combination of line of credit with monthly payments for as long as the borrower remains in the home.
Modified Term - combination of line of credit with monthly payments for a fixed period of months selected by the borrower

Reverse Mortgage for Home Purchase, Realtors' A New Sales Tool:

All requirements are same as above except in purchase transaction, it requires a substantial down payments; between 30% - 52% of purchase price (no more than $625,500, as of Oct. 20, 2009), it depends on the age of borrower/s, property value and current interest rate. It includes approximate closing costs but not including pre-paid taxed and homeowners Insurance.

• Good Candidates: Down/Up Size home; Move in to active adult community; First time home buyer; Immigrant seniors with lots of cash buying and Cash buyers (option of reserve the cash and use the reverse mortgage to buy a home)

Success Stories

The daughter (Cindy) had lost her job and was behind on mortgage payments for two months and received foreclosure letter from the bank. Cindy tried to refinance the mortgage and tried to get HELOC without any success. Fortunately, Mrs. Green (80 yrs), Cindy's mom, owned a home free and clear and wanted to help save daughter's home from foreclosure. So Mrs. Green obtained the reverse mortgage to save Cindy's home from foreclosure and, that gave Cindy enough time to get back to work. Cindy sold her house at market price and received enough proceed to pay back mom, and have enough money to make down payment on a new house. Cindy also helped her daughter (Sally) with a down payment on buying a condo.

Ms. Smith (67 yrs) had sold her house and received $400,000 from proceed and wanted to move to 55+ retirement community. The house at Retirement community cost $500,000. Unfortunately, Ms. Smith did not receive enough monthly income to qualify for a mortgage of $100,000. However, good news was that, we were able to help her with the reverse mortgages on the new house and also established a large reverse mortgage line of credit for future emergency needs without any income, credit and asset requirements.

Mr. and Mrs. Wilson - Mr. Wilson is 70 years old. He has been working since he was 7 years old and was sick and tired of working. His goal was to spend some time with his wife; visiting antic stores, outdoor markets and just drive for scenic views. However, they still had monthly car payments and Home Equity Line of Credit payments so he needed to work full time. Make story short, after obtaining the reverse mortgage, now they are doing things they wanted to do and specially, he doesn't have to get up so early to go to work anymore. Mrs. Wilson confirms that obtaining the reverse mortgage was the best decision they've ever made.

Mrs. 64 is dying from cancer and her wish is to make sure that her husband could live in their house without any worries after she leaves. Because of their short monthly income and her medical expenses, they are now 4 months behind on their mortgage payments and receiving the foreclosure notices. Fortunately, from the reverse mortgage proceeds, we were able to pay off the mortgages and stopped the foreclosure processing just in time, and also able to give a smaller line of credit for future use.