Move Forward with Reverse

Pay Off Your Current Home Loan & Eliminate Mortgage Payments With A Reverse Mortgage

All you need to do is continue paying your property taxes, homeowners insurance and homeowners association dues if you own a condo.

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Brett Stumm
Reverse Mortgage Specialist
NMLS# 01146948, DRE# 325185

What sets him apart

Get to know Brett

I’ve been in the mortgage industry for over 27 years. Now I’m devoted to helping people get the most out of Reverse Mortgages. They key to making sound decision for you and your family is to be educated on facts not hype. My goal is to empower you with knowledge that will improve your situation.

ProTECT WHAT YOU LOVE

You Have Options

A Reverse Mortgage can help you achieve a financially stable and secure retirement while improving your way of life. Unlike a Home Equity Line of Credit (HELOC) or a conventional loan, borrowers do not make monthly mortgage payments, all they need to do is continue paying their property taxes, homeowners insurance and HOA dues if applicable.

SOUND FINANCIAL SOLUTION

What is a Reverse Mortgage?

A Reverse Mortgage is a loan for people age 62 and older. It allows homeowners to convert some of their home equity into tax free cash (consult a tax advisor) which they can receive as monthly payments to them, a growing line of credit or a lump sum distribution. At Lazerus Properties, we are also specialists in JUMBO Reverse Mortgages for high valued homes and are approved with all major Reverse Mortgage JUMBO lenders.

What can you do with a Reverse Mortgage?

PRESERVE YOUR ASSETS

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A reverse mortgage can help secure your retirement and improve your financial future. Learn more about the options that are available to you today.

Get Your Free Consultation

Reverse Mortgage Benefits

Consolidate High-Interest Debt

After retirement, when your monthly bills exceed your income, a Reverse Mortgage is a great option to payoff your debts.

Keep More Money In Your Pocket

A Reverse Mortgage can supplement your monthly income and increase your monthly cash flow if you payoff a mortgage or other bills.

Eliminate your mortgage payments

If you are over the age of 62 and have a mortgage, chances are that you'll be making mortgage payments for a long time. A Reverse Mortgage can help you eliminate those mortgage payments and replace them with monthly payments to you, a growing line of credit or a lump sum distribution. The best part is that you retain title to your home.

Paying For Medical Expenses

As we get older, we become more exposed to medical issues related to our age. A Reverse Mortgage can help you plan ahead by having a well funded emergency fund or payoff those medical bills.

HOW IT STARTED

History of Reverse Mortgages

FAST & FRIENDLY COMMUNICATIONS

Why Brett?

I’m dedicated to helping seniors make the most out of reverse mortgages for better retirement planning. With over 30 years of experience in the mortgage industry, I provide clarity and sound advice to ensure that all my clients make the best decision for themselves & their families. There are a lot of misconceptions about Reverse Mortgages today, my goal is to bring clarity and transparency for you.

I have over 27 years of experience helping people with achieve their goals & peace of mind with their home mortgages.
I'm dedicated in helping clients find creative solutions to their retirement planning through a Reverse Mortgage.
As a senior myself, I have a good understanding what seniors are most concerned about and to help them have peace of mind.
All my clients are not treated just a transaction but more like good friends.
After one consultation call with me, I might be able to unlock financial opportunities you might not have thought of.

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Brett's Track Record

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Industry Experience

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Dedication to Reverse Mortgages

Number of Lenders Brett Represent

CLIENTS IN THEIR OWN WORDS

Testimonials

Awesome to work with, incredibly organized, easy to communicate with, responsive with even the most trivial of questions. Was able to explain each step of the process as we went along. I Enjoyed working with Brett, and looking forward to the next time when we can work together again.

I have had the opportunity to work with Brett on a number of occasions. And each time he gives 110% performance. He takes the time to explain step of the loan process, his follow-up is next to none, he returns his messages same day. He is truly wonderful to work with.

I have been very impressed by Brett's ability to literally read our minds and deliver a home mortgage that we were looking for! He made the process so easy for us to understand.

I have worked with Brett on a number of occasions with my clients to get them a home loan. I'm always impressed by the amount time and patience that Brett gives each client explaining the loan process. Also he is very responsive with questions that come up during the loan process, he returns his messages on a daily basis.

FAQ

Frequently Asked Questions

What is a Home Equity Conversion Mortgage (HECM)?

A Reverse Mortgage is a loan that allows people over the age of 62 convert some of their home equity into tax-free cash. With a Reverse Mortgage, clients can choose to receive monthly payments for life, have a growing line of credit or receive a lump sum distribution at closing. The only obligation clients have, is to continue making payments of their property taxes, homeowners insurance and HOA dues if applicable. With a Reverse Mortgage, clients also retain full ownership of their home.

Not at all. A HELOC requires borrowers to make monthly payments once they start using it and when their line of credit “resets” (usually within a 5 or 10 year period), you’ll be making larger monthly payments. So why does this happen? There are two periods with HELOCS called the “draw period” and the “repayment period” that determine the amount of monthly payments you’ll be making and the availability of the funds to you. Under the “draw period”, you can borrow from the line of credit as many times as you want and you only make interest-only payments on your loan. The “repayment period” starts once your loan resets and at that time, you won’t be able to borrow anymore money against your HELOC. Not only that, at that time you’ll also have to pay interest and principal which usually means larger monthly payments and what many people call a “payment shock”. If you need to borrow more money when this happens, you need to apply for a new line of credit and qualify for the loan all over again. Lastly, a HELOC can be frozen or terminated at the lender’s discretion if there were to be a crisis like the one we saw during the financial meltdown of 2008. At that time, many banks froze of ended their client’s HELOCS without warning.

A Reverse Mortgage line of credit on the other hand, does not reset since it requires no monthly payments as long as the borrower lives in the house. Furthermore, the Reverse Mortgage Line of Credit is the only Line of Credit that offers a growth feature which means that any unused portion of the line of credit, will grow overtime giving borrowers more access to their home equity by having more money available each year that the line of credit is not used. When the loan becomes due, borrowers or their families are responsible to pay back only the amount that was used and the accrued interest. Since most Reverse Mortgages are federally insured, their line of credit is guaranteed to continue to grow and they won’t have to worry about deadlines to use their line of credit or entering a “repayment period”.

Is a Reverse Mortgage Expensive?

The cost of a Reverse Mortgage depends a lot on the type of loan you get and the value of your home. Costs associated with a Reverse Mortgage vary from the federally insured HECM to the proprietary Reverse Mortgage, also known as JUMBO Reverse Mortgage. In most cases, the JUMBO Reverse Mortgage has no origination fee and low closing costs while the federally insured Reverse Mortgage has costs that are determined by the value of the home. Generally speaking, the longer you keep a Reverse Mortgage, the lower the loan costs will be.

Can I use a Reverse Mortgage to purchase a home?

Yes. You can use a Reverse Mortgage to purchase a home as long as you make it your primary residence.

Are there limits on how I can use the money?

You can use the Reverse Mortgage any way you want. However, borrowers should be aware that using the money from a Reverse Mortgage to purchase financial products is not advisable and they should always consult with family members and/or their trusted advisors when it comes to financial products. Borrowers also need to make sure that they have the financial means to continue making property tax and homeowners insurance payments.

Why are there no monthly mortgage payments?

The reason there are no mortgage payments with a Reverse Mortgage is that that’s how it was created. In 1987, Congress passed an FHA Insurance Bill called the Home Equity Conversion Mortgage Demonstration, which was a reverse mortgage pilot program to insure reverse mortgages. In it, monthly payments were not required, allowing seniors to defer mortgage payments to the end of the loan which was either when the last surviving borrower passed away, vacated the home, or permanently moved away.

Do you have any special offers currently?

Yes we do! We offer discounts for veterans, first responders, law enforcement officials and their families. Call me for more information.

Is it safe to consider a Reverse Mortgage during the Covid-19 pandemic?

At Lazerus Properties we have taken the initiative to improve our systems to adapt to the COVID-19 pandemic. We offer virtual meetings via Zoom, Skype, and Facetime to adapt to our client’s needs while being able to make full presentations of your options from the comfort of your own home. All you need is a computer, a tablet, or a smartphone to connect with us. We also offer in-person consultations and to ensure your safety, we have adopted all recommendations made by Federal and State authorities for in-person meetings. Contact us for more information.

Are Reverse Mortgages safe?

Yes, they are and in order to make sure you get the best reverse mortgage experience, it is important to understand how they work and what are some of those features that make them safe.

Federally Insured. One of the program’s biggest protection is that it is insured by the FHA. (Federal Housing Administration). This means that if something were to happen to your lender, The Department of Housing and Urban Development would automatically assume the lender’s obligations towards you under the terms of your reverse mortgage contract, ensuring there is no interruption of your monthly payments, Line of Credit or any other plan you may have chosen at closing. This Mortgage Insurance also protects you and the lender in the case you were to outlive your loan, if the loan balance were to exceed the value of your home or both. In such cases, the Mortgage Insurance Fund would pay the difference to your lender without imposing additional obligations to you. In simpler words, you will never owe more than what the house is worth.Lastly, an FHA Reverse Mortgage while being insured by the Federal Government, is issued and serviced by a lender who makes all the cash advances to the borrower.

Non-recourse feature. Non-recourse feature. Another borrower protection built into the Reverse Mortgage loan is that it is non-recourse in nature. That means that if your Reverse Mortgage ends up exceeding the value of your home, you will never have to repay more than what your home is worth at the time of sale. The non-recourse aspect applies to your estate as well: If you own other properties and have other assets, your home is the only collateral for the loan which means that the lender can’t come after any other assets you leave behind.

Required Counseling. All prospective HECM borrowers are required to first undergo a counseling session through a Department of Housing and Urban Development-approved, third-party counseling agency. The purpose of the counseling is to make sure you understand how the loan works and how it could apply to your particular situation. Counseling sessions also give you the opportunity to ask any questions you might have. Counselors will assess your knowledge of the product before granting a certificate that enables you to move forward in the loan application process. Because counseling is conducted by a third-party agency, you can rest assured you are getting objective information from someone who has your interests at heart.The counseling is meant to educate you so you can make an informed decision.

Cross-selling ban. Reverse mortgage originators are forbidden from “cross-selling” certain financial products, under the Housing and Economic Recovery Act of 2008.
In other words, they’re not allowed to originate a reverse mortgage and then require you to purchase a financial product or insurance investment with them.In addition, reverse mortgage lenders are prohibited from being associated with or participating in selling other sorts of financial or insurance products.

Does the reverse mortgage have to be paid back?

Yes, a Reverse Mortgage is a loan like any other and it is not a government grant. When the borrower passes away, sells the house or no longer lives in the home, the Reverse Mortgage becomes due. If you pass away, your heirs get to decide if they want to keep it or sell it. Feel free to contact us for more information.

PRESERVE YOUR ASSETS

Get Started Today

A reverse mortgage can help secure your retirement and improve your financial future. Learn more about the options that are available to you today.

Get Your Free Consultation