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I'm Shannon

Senior Mortgage Specialist

Reverse mortgages are not just about financial transactions, they are about providing peace of mind to seniors who deserve a comfortable retirement. As an advisor, I am passionate about helping my clients secure a stable financial future and reverse mortgages are an important tool in achieving that goal.
Shannon Garman HS round

Shannon Garman

Senior Mortgage Specialist
NMLS# 1549599

Financial Solutions

Built for today —and tomorrow.

Regain the control and flexibility you need to create your ideal retirement. There are multiple ways you can access your home equity through a Reverse Mortgage.
asset 2
Refinance Your Home
Use your existing equity to enhance your retirement options
asset 3
Buy a Home
Have the freedom to live where you desire while preserving cash resources
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Line of credit
Create a growing line of credit to use if and when you need it
mortgage
Jumbo Retirement Mortgages
A proprietary product for homes valued over $1.4 million

Retirement is customizable Not one size fits all.

As you explore what your ideal retirement might look like you can gain valuable insight into the unique goals and values that motivate your decisions.

Which lifestlye resonates with you?

1

Safety

Safety

Feel secure in knowing that you will have enough money to last your lifetime and have the ability to live out your retirement in your own home.
2

Celebration

Celebration

Live the lifestyle you’ve worked a lifetime to enjoy by actively pursuing travel and hobbies.
3

Freedom

Freedom

Remain financially independent and have quick access to cash.
4

Legacy

Legacy

Experience the joy of witnessing your legacy in action by providing financial support to the people and causes you care about now.

Translating Reverse

Let's clarify some of the more common misunderstandings with the facts.

In a game of telephone, a group of people sit in a circle, and one person whispers a message to the person next to them, and so on. Without fail, by the time the message reaches the last person, it has been so distorted that it no longer resembles the original message. Similarly, when an idea or concept is shared from person to person over time, it can be subject to interpretation, biases, and misunderstandings.
The good news is that we can clarify some of the more commom misunderstandings with the facts.
You hold the title and own your home.
With a reverse mortgage, your home is still yours. Just like any other loan, if you meet the requirements of the loan (including paying your property taxes, homeowner’s insurance, and maintenance costs), you will retain ownership of your home.
You can leave your home to your children.
The title will pass to your estate, which will determine how to repay the loan.
There are very few out-of-pocket expenses.
Just like traditional mortgages, there are costs and fees. The largest cost unique to a reverse mortgage is the mortgage insurance premium paid directly to the FHA. This insurance is a benefit, as it insures the term of your loan and provides a non-recourse safeguard that protects you and your heirs. The good news is that most of these can be rolled into the loan, so there are in fact very few out-of-pocket expenses.
Reverse mortgages are beneficial across all socioeconomic levels.
Having access to home equity is good common sense. Its benefit as part of a sound financial retirement strategy can optimize retirement for all demographics.
It’s very different from any other mortgage.
A reverse mortgage is much like a forward mortgage. The main difference is that you have the flexibility to defer monthly payments on the money you borrow if you so desire. The interest is accumulated and settled in one final payment at the end of the loan.

A reverse mortgage is a loan that converts your home’s equity into cash without the burden of a monthly payment. The most common type of reverse mortgage is a Home Equity Conversion Mortgage (HECM), which is insured by the Federal Housing Administration (FHA).

  • Your home is your primary residence.
  • Borrowers undergo a financial assessment which compares their income and assets to their current monthly credit obligations.
  • At least one borrower is age 62 or older for an FHA-insured HECM, or 55 or older for a proprietary reverse mortgage.
  • Your property is either a single-family residence, a multi-family property, or condominium.
  • The age of the youngest borrower or non-borrowing spouse.
  • The current interest rates.
  • The maximum claim amount is the lesser of the appraised value of the home or the FHA lending limit, which is $1,089,300.
  • For homes valued over $1.4 million, we offer proprietary reverse mortgages.

The loan becomes due and payable if the borrower passes, sells the home, moves out permanently, or fails to meet the terms of the loan. When one of these occurs, there are three main options available:

Repay the loan and keep the home:

One option is for the borrower or their heirs to repay the loan and keep the home. This can be done by paying off the loan balance using other assets or financing.

Sell the home to repay the loan:

If the home is sold for more than the amount owed on the loan, the borrower or their heirs can keep any remaining proceeds.

Deed the home to the lender:

Transferring the home’s ownership to the lender is a last resort option typically chosen when the home’s value has declined, making it difficult to repay the loan through sale or other means. Fortunately, the FHA mortgage insurance and non-recourse feature serve as an excellent safeguard in this scenario. The borrower or their heirs will never owe more than the house is worth.

A reverse mortgage provides heirs with extra time to make decisions about what to do with the home and the equity in it.

1. When a borrower passes away and has a reverse mortgage, their heirs typically have up to 12 months (6 months plus the allowance of two 90-day extensions when requested) to decide what to do with the home.

2. With a traditional mortgage, heirs must immediately assume the monthly payment or face foreclosure.

You can rest assured that your heirs won’t be encumbered by the immediate financial strain of assuming the loan. This grants them the freedom to thoughtfully evaluate their choices, gauge market conditions, and carry out any necessary home improvements or repairs. Moreover, if the home’s equity has appreciated, this added control empowers heirs to capitalize on its value and earn a higher profit once the loan is repaid.

Accessing Your Home Equity is Simple and Easy.

Shannon Garman

Senior Mortgage Specialist
NMLS# 1549599
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