Colby Keener
MLO-72898
Thank you visiting our website, at Stay In-Home Mortgage,
and my personal home page. Now that you have made it here, my goal is to provide
you with useful information to make your visit worthwhile.
There are many resources available to you now via the internet, personal contacts,
third-party counselors, and advisors like myself. My belief is that the best thing
you can do is to find a company, and an advisor, to help you navigate through this
information. Through open communication with an experienced advisor, you should
be able to learn everything you need to know.
Four important things to consider when learning about a Reverse Mortgage:
Work with a Reputable Company: Ensure that you are working with
a reputable company that focuses on Reverse Mortgages. Reverse Mortgages have unique
rules when compared to conventional loans. A company focused on this program will
help ensure that you are provided with the most up-to-date program details available.
Companies that participate in industry organizations like National Reverse Mortgage
Lenders Association (NRMLA) show a vested interest in promoting the product in a
resourceful and ethical way. Companies must be licensed by HUD under the FHA, and
should be a member of the Better Business Bureau (Stay In-Home Mortgage is a member
of the BBB through our corporate office in Washington State).
Education: Ask what resources are available to you. There are a
number of valuable resources to assist you with becoming educated about these programs.
Your advisor should readily provide these to you. The Reverse Mortgage industry
is no longer a “cookie cutter” program and you need to be aware of the best plan
for you. The availability of good information is constantly growing. There are Jumbo
Loans (for higher home values), Fixed Interest Rate options, Reverse Mortgages (used
to purchase 1st or 2nd homes), and other programs available. Explain your goals
thoroughly and your advisor should present options that best fit your needs.
Your Advisor Relationship: Pick the right advisor for YOU. In my
opinion, this is a relationship that you should have for life. This is probably
the last loan you will ever need. Always ask good questions and evaluate how they
are answered. Your advisor should know this product inside and out and, just as
importantly, should be someone you feel comfortable dealing with. While costs are
always a factor, you should never go with the lowest priced advisor, if it’s only
for that reason. An advisor should understand your goals, give you options to consider,
and provide information that is clear and easy to follow.
Think Outside The Box: This program works in reverse of what you
have learned throughout your life. You are no longer paying a mortgage on your home
—— your home is now paying you. It can be difficult to imagine adding debt back
into your home, but think of this program like a tax-free savings or 401K account
that you have put money into over the years. You are now at a point in your life
where this money may be better utilized than sitting in your house. You can’t take
your equity with you when you pass away. Be open minded about this option, you never
know what life holds in the future.
Thank you for your time. Please feel free to contact me anytime. I look forward
to helping you understand this retirement tool.