Since Congress created the FHA Reverse Mortgage in 1989, many Reverse Mortgage safeguards have been put in place to protect Senior Homeowners. Counseling by an independent 3rd party is required and typically takes about an hour and is done over the phone. A “senior friendly” financial assessment is also required, to make sure that the senior homeowner has the ability to continue to pay the property taxes, homeowner’s insurance, HOA dues and can afford to maintain the home. For a spouse who is not 62 at the time the reverse mortgage is originated or who is not named on title to the home, these “non-borrowing spouses” are protected by allowing them to stay in the home - with no Principal and Interest payment - after the borrower passes or moves into a healthcare facility for more than 12 consecutive months. Since a reverse mortgage is a “non-recourse loan”, borrowers have no personal liability for the loan, so responsibility for repayment is transferred from the borrower to the home. Reverse mortgages insured by FHA, that have a line of credit term or tenure payment, cannot be frozen or canceled as long as the borrowers: live in the home as their primary residence, pay their property taxes, homeowner’s insurance and homeowners association dues on time and maintain the home. There is never a pre-payment penalty on a reverse mortgage, and homeowners are free to refinance or sell at any time they choose. It’s important to note, that reverse mortgage lenders are strictly regulated by the Consumer Financial Protection Bureau and by the Department of Housing and Urban Development and many commit to the code of ethics of the National Reverse Mortgage Lenders Association. To find out more, call a C2 certified reverse mortgage specialist today. Specialist Mortgage Group, Pasadena CA 🏠 You can also find us here – SMPL Mortgage - smplmortgage.com BorrowSmartReverse - https://borrowsmartreverse.com/ SMPL Education - smpleducation.com Instagram - https://www.instagram.com/johnthompson_mortgageexpert/ Twitter - https://twitter.com/3MinuteMortgage Facebook - https://www.facebook.com/mortgageloansLA/ Linkedin - https://www.linkedin.com/in/johnthompsonlender/ 🏠 About us – As a leading residential mortgage broker based in Southern California, we are dedicated to providing our clients and partners with comprehensive education and guidance. Our focus on financial wellness and mortgage-specific knowledge enables us to deliver unparalleled support and expertise to individuals seeking to make informed decisions about their finances. To achieve this, we offer a range of educational resources, including live classes and virtual sessions via Zoom, as well as an On-Demand format for convenient access to information. Our commitment to education and personalized service sets us apart as a trusted advisor and valued resource in the mortgage industry. As we look to the future, we recognize the importance of utilizing digital tools and platforms to reach a wider audience and provide even greater value to our clients. We remain dedicated to our mission of empowering individuals and helping them achieve their financial goals, and look forward to continued growth and success. Our Founder John Thompson, Certified Reverse Mortgage Professional, Mortgage Advisor, FOUNDER Throughout his career, John has been passionate about helping clients design and implement a mortgage plan that helps them achieve life goals. At SMPL Mortgage, the entire team is dedicated to that very ideal. Entering the Industry in 1991, John began his career at the bottom, gathering and inputting client data for analysis. This early hands-on knowledge of the mortgage process, from the “ground up” gives him an insight that many in the industry never receive. An Alumnus of the University of Southern California, John earned a degree in International Finance. As an entrepreneur both in the mortgage industry and other businesses, John gained valuable “real world’ experience and perspective. This combination of education and experience make John and his Team uniquely qualied to understand, advise and relate to clients’ goals and needs today and in the future. John soon discovered that most client interaction was essentially teaching around nance and life. He teaches groups, companies and individuals about money and life and how simple decisions impact every area, intentional or otherwise. In 2007, he was invited to join the faculty of the National Institute of Financial Education, a non prot with the goal of “Simple, Fast and Fun” financial education for all. 🏠 Channel tags - #financialplanning #reversemortgage #SMPLMortgage