Tom MacDonald - Reverse Mortgage Consultant






       Reverse Mortgage Consultant

      Tom MacDonald


       707-265-6385      800-801-5727   Is This The Best Reverse Mortgage Website in the U.S.*

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Reverse Mortgage Consultant- Tom MacDonald BBB Business Review

Reverse Mortgage Basics

Reverse Mortgages are very simple.  But, like many things, it is all in the details.  Anyone considering, or helping someone consider, a reverse mortgage should learn as much as they can about how it works and how it might affect them.  Unfortunately, people getting regular mortgages thought they were a normal part of buying a house and didn't learn as much about the mortgage they choose or how it might affect them.  All mortgages need to be understood.

Start with the 1 Minute recap before you do anything else.  This gives you an overview of a reverse mortgage.  This is probably 70% of what you need to know in just a few words.  From here, move through the basics in anyway you wish.  With this initial knowledge, the rest will start falling into place.  As you go, you will see side steps to detail.  Follow those as you choose or come back to them later.

1 Minute Recap

Start here with the reverse mortgage 1 Minute recap for an overview of the very basics of reverse mortgages.

Reverse Mortgage Calculator

A calculator to determine how much money you can receive from a reverse mortgage.  It will also include typical fees and take into account any mortgage you may have.

Understanding Online Reverse Mortgage Calculators

Online reverse mortgage calculators are designed to be easy for the average person to understand.  But what are those choices?  What do they mean?  This explanation will be very detailed with graphics to help you understand what you are looking at.

Misconceptions People Have About Reverse Mortgages

Many people have not looked at the possibility of a reverse mortgage because of what they thought or a neighbor, friend, or relative told them something they had heard about reverse mortgages that wasn't true.

Reasons Why People Get a Reverse Mortgage

There are a multitude of reasons why someone might get a reverse mortgage.  Don't see your reason here?  It's OK.  You may use a reverse mortgage anyway you wish.

Qualifying for a Reverse Mortgage

Qualifying for a reverse mortgage is not as rigorous as a regular mortgage but still involves some financial and credit qualifying.

Reverse Mortgage Payments

 It is frequently said you make no payments if you have a reverse mortgage.  More correctly, you make no monthly payments.  See how this works.

The Different Ways of Accessing the Money from a Reverse Mortgage

With most regular mortgages, you take all the money up front.  With an Equity Line of Credit, you take the money out as you need it.  Reverse mortgages combine up these two methods and add a monthly payment as a third way to access the money.

Interest Rate Choices of a Reverse Mortgage

The largest number of reverse mortgages use an adjustable rate mortgage.  This isn't as scary as it might be for a regular mortgage.  Fixed rate reverse mortgages are available but frequently not the best choice.

How Much Money Can Be Borrowed

The amount you can borrower is dependent on the age of the youngest borrower, the value of the home, the home value limit the FHA has set, and the current interest rate.

Consumer Safeguards and Education

Most reverse mortgages require what is referred to as 3rd party counseling.  The counselor is following a strict agenda making sure you understand the most important terms of the reverse mortgage you are going to apply for.

Items Needed At Application

f you have applied for a regular mortgage, you will find the process for a reverse mortgage much easier.  The lender does not need to verify your income so that saves a lot of paperwork.

What Happens Once You Apply for a Reverse Mortgage

Signing the application for the loan originator is just the beginning of getting a reverse mortgage.  What happens next?

What Happens After You Sign the Final Documents

You've signed the final documents in front of a notary.  Do you get your money now? 

HECM for Purchase - Buying a Home with a Reverse Mortgage

On January 1, 2009, Congress made a provision that allowed the HECM Reverse Mortgage to be used to purchase a home for the first time.

Financial and Credit Qualfying

As of April 25, 2011 lenders must use some credit and financial criteria to qualify borrowers for a reverse mortgage.

Past Borrower Testimonials

What my past clients have said about their reverse mortgage, frequently years after initially applying.