Reverse Mortgages Creates New Income
Del.icio.usSeminars help make educated decisions
By Percy Ihara
Reverse Mortgage Specialist
Like any other financial transaction, getting a reverse mortgage involves a number of steps designed to protect both you and the lender.
Here are the steps you can expect to go through when you apply for your reverse mortgage with Financial Freedom:
INITIAL DISCUSSION
The first thing we like to do is talk to you, either over the phone or in person, about whether a reverse mortgage is right for you. We talk about the pros and cons, how it works, how much money you might receive and anything else you’d like to know about. Then you decide whether you want to take the next step.
COUNSELING
If you decide that a reverse mortgage is the right choice, you receive free independent counseling from a certified, HUD-approved counselor to make sure that you have had all your questions answered and that there’s been no confusion. It’s a protection device the government has built into the process of obtaining a reverse mortgage.
APPRAISAL Then we arrange for an appraisal to determine the objective market value of your home, and whether any repairs will be required to meet Federal Housing Administration guidelines.
CLOSING The final step is the closing, where you receive the money, or proceeds, from your reverse mortgage. You can choose to receive the payment in one of three ways: as a lump sum, as a monthly payment or as a line of credit.
Then it’s up to you: pay bills, fix up the house, help a family member or use the money to enjoy your life.
At Financial Freedom, we’re proud of our reputation for integrity, and we adhere to the highest ethical standards in dealing with seniors and their advisors.
CONSUMER SAFEGUARDS
As pioneers of the industry, we’re a founding member of NRMLA, the National Reverse Mortgage Lenders Association, and we subscribe to the NRMLA Code of Conduct and Best Practices Standards created to protect seniors from predatory lending practices.
Here’s what we’re doing to ensure that you get objective, complete and honest information when you do business with Financial Freedom.
DOCUMENTING YOUR OPTIONS
Our Reverse Mortgage Specialists provide each senior borrower with a document, created by Financial Freedom’s innovative, proprietary software program, that clearly illustrates all products and benefit options available to that senior.
INVOLVING YOUR ADVISORS
We encourage all of the senior borrower’s advisors, both personal and professional, to meet with our Reverse Mortgage Specialists to review the needs and options available to that senior.
UNMATCHED TRAINING Our Reverse Mortgage Specialists receive the most comprehensive training in the industry, including training on how to protect the interests of our senior customers and prospective customers.
A reverse mortgage could be an ideal way for your parents to benefit from the wise investment they made in real estate perhaps decades ago. If you are the son or daughter of a senior who is age 62 or older, you should understand the facts about reverse mortgages.
FOR THE FAMILIES OF SENIORS
Get money without moving. A reverse mortgage can help your parent(s) create a new source of tax-free* money without having to sell their home. In fact, they can stay in the home they love for as long as they’d like.
Financial independence. A reverse mortgage allows seniors to tap into money they’ve earned in the form of home equity, and avoid having to depend on relatives for financial assistance.
Keep title to the house. Your parents retain full title to their home and have no risk of losing the home to the lender. And no matter what happens to the housing market, your parents can never owe more than the value of their home when it is sold.
Proven safe. Over 350,000 Americans have already benefited from reverse mortgages. The fact is, HECM reverse mortgages are government-protected loans, and many safeguards are in place to protect seniors from unethical lending practices.
Percy Ihara, CSA is the R e v e r s e Mor tgage Specialist and C e r t i f i e d S e n i o r Advisor for F i n a n c i a l Freedom, the n a t i o n ’ s largest direct lender and services of reverse mortgages.
For more information, or a video on reverse mortgages entitled “Making an Educated Decision,” call 368-6747.
On the Neighbor Islands, call toll-free 1-866-369-6747.
If you’d like a presentation on reverse mortgages for your group or organization, call Percy for future scheduling. Financial Freedom, a subsidiary of IndyMac Bank F.S.B (Indymac Bank), and the nation’s largest lender of reverse mortgages recently honored Percy Ihara as the recipient of the Platinum “Top Producers Club” award. Percy has been with Financial Freedom for over 4 years. The award recognizes Financial Freedom Reverse Mortgage Specialists who have excelled during the past year. Percy is one of only 3 Platinum awards nationwide.
“Percy has been an exemplary ambassador for the reverse mortgage industry demonstrating great expertise in helping many seniors solve the retirement funding puzzle with their existing home equity,” said Michelle Minier, CEO of Financial Freedom Senior Funding Corporation. “Percy has been a tremendous contributor to Financial Freedom’s growth as well as our ability to achieve our mission of enhancing seniors lives by providing financial security and independence.”
FREE REVERSE MORTGAGE SEMINAR
June 10th: Waikele Golf Course
Sushi Ten Restaurant 9am-11am
June 12th: Wahiawa - Dot’s Restaurant 9am-11am
June 16th: Pearl Country Club Grille Room
9am-11am
June 17th: Kaneohe Pah Ke’s Restaurant
9am-11am
June 20th: Ala Moana Hotel Plumeria Room
9am-11am and 1pm-3pm
Refreshments Served * Reservations Recommended Direct Line 368-6747 * Toll Free 1-866-369-6747
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