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.
Brett Stumm
Reverse Mortgage Specialist
NMLS# 01146948, DRE# 325185
Brett Stumm
Reverse Mortgage Specialist
NMLS# 01146948, DRE# 325185
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.
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.
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?
- Tax Free Retirement Income (consult with a Tax Advisor)
- Payoff an existing mortgage
- Payoff credit cards and other debts
- Purchase a new home
- Cover medical expenses
- Home improvement projects
- Increase your monthly cash flow by supplementing your income
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.
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.
History of Reverse Mortgages
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.
Brett's Track Record
Testimonials
FAQ
- 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.
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.