jack tenold reverse mortgage specialist: Reverse Mortgage Seminar in Spokane coming soon. - 03/23/16 08:04 AM
Reverse Mortgage Seminar in Spokane coming soon. 
 
Isn't it time to learn how to make your retirement dollars go further? Discover the benefits of a Reverse Mortgage for yourself or a loved one.                                                                               
Reverse Mortgage Seminar
Friday, March 25th      |     10:30 AM
Shadle Library, 2111 W Wellesley
 
 
Learning about reverse mortgages is easy. Bring your spouse, a friend or family member and get the scoop on Reverse Mortgages from Jack Tenold, Spokane's Reverse Mortgage Specialist.  There is no cost and your questions are welcomed. The seminar lasts approximately 1 hour.  Call 623-1623 for more details or to make reservations.  Walk-ins are invited. 
 
If … (1 comments)

jack tenold reverse mortgage specialist: Reverse Mortgages: Cost vs Benefit - 02/03/16 08:07 AM
Reverse Mortgages:  Cost vs Benefit?
 
What are the costs?  What are the benefits? Only the homeowner can make the final decision, but an experienced professional can certainly explain the costs vs the benefits of a Reverse Mortgage to anyone with an open mind.  A second line of  information comes from the counselor at the mandatory counseling session. Full disclosure at every turn. 
 
Over the years, I have visited with eligible seniors who appear in "full body language" mode with arms crossed and legs firmly planted on the floor who are certain that Reverse Mortgages are terrible. And horrible.  
They are certain that no good … (4 comments)

jack tenold reverse mortgage specialist: Condominiums In Vancouver WA. FHA approved or not. - 01/20/16 02:36 AM
 Condominiums in Vancouver WA.  FHA approved or not.
 
There are lots of  fine condominiums in Vancouver WA and a recent search
at HUD.gov revealed that a few are FHA approved..... Cascade Crest (on NE 34th St. ), Indian Hills (at NE Loowit Loop), Cedar Heights (on NE 88th Ave.), Vintage Oaks (on NE 20th) and The Grove at Towncenter.  
This makes me wonder, why aren't there more? 
 
 
The criteria for HUD approval include, but are not limited to:
monetary reserves insurance condition ratios regarding occupancy (These conditions help to explain why there are not more FHA approved condominiums.) 
 
Here is why FHA approval is a good … (0 comments)

jack tenold reverse mortgage specialist: Antiques Roadshow Came and Went - 06/08/15 08:05 AM
Antiques Roadshow Came and Went
 
Anticipation was half the fun surrounding a visit to Spokane by  Antiques Roadshow.  Our tickets arrived on schedule along with instructions and tips to make the experience THE BEST.  
 
 Volunteers, roadshow employees, appraisers, convention center workers all pulled together to keep attendees moving along and headed in the right direction.  The event was very, very  well organized.  I guess after 20 seasons, these folks should know exactly how to move and manage a crowd. 
 
My wife and I didn't fund our retirement with a valuable painting from an obscure and rare artist nor did we even … (3 comments)

jack tenold reverse mortgage specialist: You can't flunk reverse mortgage counseling. - 02/11/15 03:38 AM
You can't flunk reverse mortgage counseling.
 
Whew!  The pressure is off but you still want to have a total understanding of the senior home loan called a reverse mortgage. 
FHA requires that all applicants on a Reverse Mortgage have HUD counseling either over the phone or in person.  Nearly all of my clients get the required counseling while sitting in the comfort of their own homes. Either way, grab a cup of coffee or tea and relax; you can't flunk.
A reverse mortgage specialist  will provide you with a list of counselors. First make an appointment with an experienced … (0 comments)

jack tenold reverse mortgage specialist: Surviving Spouses and Reverse Mortgages - 02/02/15 09:24 AM
Surviving Spouses and Reverse Mortgages
 
What you need to know when a non-borrowing spouse lives in a home that has a Reverse Mortgage.
 
In the past, when one of the married couple was under the age of 62, a homeowner's choices were to either
A:  postpone applying for a reverse mortgage until the younger spouse became eligible or
B:  take the risk of getting a reverse mortgage on just one of them.
 
With Option B, there was a chance that the non-borrowing spouse could become homeless if there was not enough life insurance or other assets to pay off the loan in the event of the … (2 comments)

jack tenold reverse mortgage specialist: Reverse Mortgage Seminar February 7 at Shadle Library Spokane WA - 02/02/15 06:32 AM
Reverse Mortgage Seminar February 7th at Shadle Library
If you are interested in learning how to make your retirement dollars go farther don't miss the Reverse Mortgage Seminar this Saturday, February 7th. at the Shadle Library, 2111 W Wellesley, Spokane WA.
New Reverse Mortgage Guidelines are changing March 2nd so this is a good time to learn more about the home loan that is available to seniors age 62 and older. The new law will require borrowers to prove income and credit worthiness. Don't procrastinate.
 No longer is a Reverse Mortgage considered a loan to save desperate retirees.  It is … (2 comments)

jack tenold reverse mortgage specialist: Reverse Mortgage Borrower Checklist Still Good for a Short While - 01/28/15 05:07 AM
Reverse Mortgage Borrower Checklist Still Good for a short while
 
You won’t need to provide all of the items on the list below to support your reverse mortgage application but you must act fast.  Reverse Mortgage guidelines are changing March 2, 2015.  The changes may affect your ability to qualify and you will be required to provide many more financial documents such as tax returns, income statements & more.
 
1.  Identification (2 pieces, all borrowers)
·       Drivers License or state issued ID or current passport
·       Social Security Card or Medicare Card
2.  Proof of Homeowner’s Insurance
·       Name … (0 comments)

jack tenold reverse mortgage specialist: California Seniors: Reverse Mortgage Changes Coming Fast - 01/23/15 09:16 AM
California Seniors Reverse Mortgage Changes Coming Fast
 
March 2, 2015 is the scheduled date for major changes* to the Reverse Mortgage guidelines. 
Retirees, baby boomers and homeowners who have been delaying getting informed about this special home loan (for which you must be 62 to qualify) would be wise to get started NOW.  Why?  If you move quickly you can have an application completed and an FHA case number assigned to you prior to March 2, 2015 and your application will fall under current guidelines which are less stringent.

* (If you are interested in the details, the HUD Mortgagee letters (ML 2014-21 and … (1 comments)

jack tenold reverse mortgage specialist: Alert! Financial Assessment coming to Reverse Mortgages. - 01/16/15 12:03 AM
Alert!  Financial Assessment coming to reverse mortgages
 
It has been relatively easy to get a reverse mortgage in the past but a reverse mortgage may soon be out of reach for some homeowners.  New FHA guidelines tighten underwriting requirements making it more difficult to qualify for this senior home loan. 
 For retirees who need to supplement their retirement income and to others who wish to simply increase cash flow, a review of their financial strategy should include learning about and considering a reverse mortgage. My advice is to move quickly in order to avoid the more stringent requirements that become standard March 2, 2015. 

A financial assessment is … (0 comments)

jack tenold reverse mortgage specialist: Reverse Mortgages for Oregon's Senior Homeowners - 01/12/15 05:46 AM
 Reverse Mortgages for Oregon's Senior Homeowners 

Oregon senior homeowners find information regarding Reverse Mortgages easily on the internet but learning about your situation (or on behalf of a friend or loved one) from a knowledgeable professional is probably what you are really looking for. A Reverse Mortgage Specialist will know about guideline changes that occur from time to time.  Make sure you speak to a loan specialist (who has a proven track record during your quest for information and ask for client comments.  
Scheduled for March  2, 2015,  Reverse Mortgage Guidelines change. The new changes affect eligibility and here are the latest:
 
  1.  A financial assessment could make it tougher to … (0 comments)

jack tenold reverse mortgage specialist: Reverse Mortgages for Washington's Seniors - 01/09/15 05:55 AM
 Reverse Mortgages for Washington's Seniors  
Washington State senior homeowners find information regarding Reverse Mortgages easily on the internet but learning about your situation (or on behalf of a friend or loved one) from a knowledgeable professional is probably what you are really looking for. A Reverse Mortgage Specialist will know about guideline changes that occur from time to time.  Make sure you speak to a loan officer with experience during your quest for information and ask for client comments.  
Scheduled for March  2, 2015,  Reverse Mortgage Guidelines change. The new changes affect eligibility and here are the latest:
 
  1.  A financial assessment could make it tougher to qualify. … (0 comments)

jack tenold reverse mortgage specialist: Questions about Reverse Mortgages from Spokane senior homeowners - 12/05/14 08:44 AM
Questions about Reverse Mortgages from Spokane senior homeowners
 

 Recently I hosted an opportunity for Spokane retirees, baby boomers and senior homeowners to learn about Reverse Mortgages at the Shadle Library. The library is a quiet, neutral location that is convenient for meetings, seminars and classes.
The following are questions and answers about reverse mortgages from that event.  
 
Q:  How much money can I receive from a reverse mortgage on my home?
      The amount you can borrow depends on your age, the current interest rate, and the appraised value
of your home.  First, of course,  any existing mortgages … (0 comments)

jack tenold reverse mortgage specialist: Reverse Mortgage Questions for Vancouver WA Retirees - 12/03/14 03:43 AM
Reverse Mortgage Questions for Vancouver WA Retirees 
 
I frequently conduct Reverse Mortgage seminars and of course I encourage questions.
Here are a few  Q & A's  from a recent event. 
 
Q:  What does HECM stand for?
       The term is used exclusively for FHA reverse mortgages. It stands for Home Equity Conversion Mortgage.  Home equity is converted to cash with an FHA insured reverse mortgage.  
 
Q:  Who determines the value of my home?
   An FHA approved appraiser is hired to evaluate your home and determine the value.  You pay for the appraisal up front with your credit card and you receive … (0 comments)

jack tenold reverse mortgage specialist: Reverse Mortgage Seminar at Shadle Library, Spokane WA November 15th - 11/03/14 07:01 AM
Reverse Mortgage Seminar at Shadle Library, Spokane WA November 15th 
 
Are you interested in learning how to make your retirement dollars go farther?  No longer is a Reverse Mortgage considered a loan to save desperate retirees. It is a financial strategy.  
Learn more from Spokane's Reverse Mortgage Specialist the benefits which may help you enjoy retirement with more money in your pocket.
 
Saturday, November 15th
1:00 PM  -- Walk-ins welcome
Shadle Library  2111 W Wellesley
Spokane  WA
Presenter:  Jack Tenold, Reverse Mortgage Specialist 
 
The program is approximately 45 minutes and you are invited to ask questions. Bring a friend or neighbor.  Admission is free. … (0 comments)

jack tenold reverse mortgage specialist: Reverse Mortgage Purchase in Spokane County - 10/28/14 04:56 AM
Reverse Mortgage Purchase in Spokane County
....................... A strategy for home buyers 62 or older
 
If cash is king it is wise to leave your liquid assets untouched when you purchase your next or your last home.  A reverse mortgage on a new home is a financial strategy worth taking a very serious look at.  When you avoid dipping into your investments, you keep your financial goals in tact.  And....with a HECM loan you don't have monthly mortgage payments. Worth considering? 
 
Note:  You still are required to pay property taxes, insurance, and HOA fees (if any) as well as keep the  home in good condition.  The home must be your primary residence. At this writing, there are … (2 comments)

jack tenold reverse mortgage specialist: Reverse Mortgage & Required Counseling - 10/22/14 05:49 AM
Reverse Mortgage & Required Counseling

Counseling, in person or over the phone, is a mandatory step for reverse mortgage applicants. The purpose of third party counseling is for consumer protection as well as to provide additional information and to answer questions.  Counseling may be scheduled either before or after talking to a reverse mortgage specialist and typically lasts about one hour.
 
To locate an FHA counselor, click here  ⇒  HECM Counseling Agencies.

Shop around a bit and make a few phone calls, because sometimes counseling is offered for free or at a very low cost to you. Typically, when free counseling is available, it is because … (3 comments)

jack tenold reverse mortgage specialist: Reverse Mortgage & Certificate of Occupancy - 10/09/14 05:30 AM
Reverse Mortgage & Certificate of Occupancy
On the anniversary of your reverse mortgage close date, you will receive a letter from your lender which must be signed and returned.   The "Annual Occupancy Certificate" is very, very important to your Lender and the FHA  They want to know that you are residing
in your home.  After all, their only collateral is your home. therefore, you are required to certify that such is true.
 
It is all very simple: sign, date and return.  
 
 Guidelines require that you live in the property as your primary residence, maintain it, pay taxes and insurance and pay HOA dues (if applicable) just as you … (1 comments)

jack tenold reverse mortgage specialist: Choosing a Reverse Mortgage Specialist in Vancouver, WA - 10/02/14 05:19 AM
Choosing a Reverse Mortgage Specialist in Vancouver, WA.
 
Before you sign reverse mortgage documents there are important things to
consider when choosing a mortgage loan officer to assist you with a senior home loan.   There are  fewer “reverse mortgage specialists” than you think and the list does not include Fred Thompson, Robert Wagner or the Fonz.  Referrals from satisfied Reverse Mortgage holders is always comforting, but you may not have a referral.  
Choosing a loan officer with no reverse mortgage experience is similar to ordering fast food.  Yep, they will answer your questions, they will take your order and they will deliver it.   But do they follow up?  Do … (0 comments)

jack tenold reverse mortgage specialist: Reverse Mortgages in Sacramento County. - 09/22/14 06:29 AM

Reverse Mortgages in Sacramento County   
Information regarding Reverse Mortgages is easy to find on the internet but learning about your own situation is probably what you are really looking for. Contacting a Reverse Mortgage Specialist who will provide you with a no-cost and no obligation loan comparison is time well spent.   Make sure the loan officer you talk to is a specialist.   A second opportunity to review the details occurs with required reverse mortgage counseling. A licensed counselor will also answer your questions and review the FHA guidelines and your options.
Enhancing your retirement via a HECM reverse mortgage (either refinance or purchase) is an opportunity worth studying. Title to your … (0 comments)

 
Jack Tenold, Specializing in Reverse Mortgages (Jack Tenold LLC)

Jack Tenold

Specializing in Reverse Mortgages

Spokane, WA

More about me…

Jack Tenold LLC

Address: 203 N Washington Suite 200L, Spokane, WA, 99201

Office: 509-710-2227

Mobile: 509-710-2227

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