Reverse Mortgages
RETIRE COMFORTABLY...A REVERSE MORTGAGE COULD BE RIGHT FOR YOU.
We're Local! Meet your Mortgage Broker face-to-face or online. Then, work with the same person start to finish.
A REVERSE MORTGAGE COULD HELP YOU, IF:
✓ You want to access your home's equity without selling your home
✓ You are struggling to live on your social security
✓ You want to use your home to free up cash
✓ You want to be able to afford retirement
✓ You want to access your home's equity without having a mortgage payment*
*you’re still responsible for property taxes, insurance, HOA's, & maintaining your home
Meet Samantha Cooley | Mortgage Broker | Mindful Money
Samantha has been a Mortgage Loan Officer for over 20 years. She believes a mortgage is only one part of a well-balanced, healthy life. She brings a unique holistic approach to mortgages that incorporates skills learned while becoming a 500-hour yoga teacher.
As the Mortgage Broker for Mindful Money LLC, Samantha can shop for the perfect mortgage for her clients. Samantha works with dozens of wholesale lenders, which allows her to shop not only for the lowest rates and cost but also for the right loan product that fits her clients’ unique needs. This flexibility allows her to avoid the conventional “one size fits all” approach, providing personalized solutions that genuinely benefit her clients.
Samantha’s dedication to her clients’ financial well-being is evident in her commitment to providing a comprehensive approach to all aspects of a client’s financial life, including wealth building, understanding credit, goal setting, vision boards, budgeting, and whole-family financial fitness.
What Makes Mindful Money Different
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Your Mortgage Partner for Life
We believe in a holistic approach to mortgages, incorporating what is important to you into your mortgage. We believe to be happy in life you need balance in all aspects of your life and to ensure that all are connected and in harmony with your plans.
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Easy Process
We have streamlined processes which require less documentation from clients and offer innovative applications to help save our clients time and money. We are not your one size fits all Mortgage Broker, we focus on honest communication, and a simplified mortgage process.
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Personalized Mortgages
Mindful Money, we know that no person is alike, and neither are their needs and goals. We recognize that each borrower is unique and works with numerous wholesale lenders that offer a wide array of mortgage products.
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Wholesale rates
As a Mortgage Broker, we work with wholesale lenders who offer lower rates and fees. Mindful Money is a small women-owned business that does not need to charge junk fees because we have low overhead, which saves you money.
What is a Reverse Mortgage?
Home Equity Conversion mortgages (HECMs), more commonly known as reverse mortgages, are loans that help seniors access their home equity without having to make a monthly payment. HECMs are insured by the Federal Housing Administration (FHA) and are non-recourse mortgages.
Reverse mortgages are a misunderstood loan product. Like a forward mortgage, a reverse mortgage is a lien against the property that must be paid off when the loan matures. With a reverse mortgage, the borrower owns the property, but they do not have to pay the monthly payment. *You're still responsible for property taxes, insurance, HOA's, & maintaining your property.
A borrower with a reverse mortgage will never owe more than the home is worth. Even if the loan balance is more than the appraised value, when the loan matures, the payoff will be 95% of the current appraised value. The mortgage insurance that a borrower pays allows for this protection. A forward mortgage is a recourse loan, and the homeowner owes what the loan balance is at the time of the home selling or transferring ownership, even if the home is valued for less than the mortgage payoff.
*You're still responsible for property taxes, insurance, HOA's, & maintaining your property.
Let’s Bust some of the Myths about Reverse Mortgages
Myth
Fact
Only people in dire straights get reverse mortgages. People who have very little money and a lot of home equity are the only people that benefit from a reverse mortgage.
Using your home’s equity to enjoy your retirement is smart. A reverse mortgage allows you to stay in your home without having a mortgage payment.
With a reverse mortgage, you will still own your home. Your name will be on the title as the owner of the home. There will be a lien on the home for the mortgage, just like there would with any mortgage.
If I get a reverse mortgage, I no longer own my home.
You can make payments at any time during the loan. The payments are optional.
I cannot make payments on a reverse mortgage.
HECM Reverse Mortgages are non-recourse, and your kids will not owe more than the appraised value of the home when the mortgage is due and payable.
My kids will have to pay off the whole mortgage balance.
You can sell your home or refinance the reverse mortgage just like you would with a traditional mortgage.
I cannot refinance my home once I get a reverse mortgage.
A Pledge to reverse mortgage borrowers
In the spring of 2012, while meeting in Washington, DC, NRMLA’s Board of Directors voted unanimously to implement signing and abiding by the Pledge to Reverse Mortgage Borrowers as a requirement for association membership. This was a reaffirmation of the viewpoint of the committee of members that worked on writing the Pledge.
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The Pledge is the anchor of the Borrow with Confidence campaign, a national effort that provides another and an even higher level of assurance to America’s seniors that their best interest is our priority. Its 19 points promise integrity and clarity throughout the reverse mortgage experience.
Why do we need to provide this additional assurance at this time? Suspicion about financial service providers is rampant in the press, and the public, and with inappropriate home mortgages pinpointed as the cause of the last recession, it can be hard to argue. But that doesn’t mean we don’t try to distinguish our business from the other sectors of financial services. And if this effort is going to be taken seriously, we need to prove that we’re different to back up our claim.
The best evidence we can provide is the most transparency and the fewest surprises for consumers—which are precisely the goals of Borrow with Confidence.
The Pledge to Reverse Mortgage Borrowers — which every new member must sign in addition to existing members when they renew each year — was created with input from lenders, originators, servicers, closing agents, and counselors from all across the country and reviewed before release by our Executive Committee and our Board. We are grateful to all of you who contributed. But despite all the thought and experience that went into it, the Pledge will only be trusted if adhered to with unanimity. One bad egg can ruin the taste of the whole soufflé. We cannot settle for anything less than a 100% buy-in to these principles from those who choose to affiliate with NRMLA.
Consumer Safeguards
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Counselling
All borrowers interested in getting a reverse mortgage are required to get third-party counseling from a HUD-approved counselor to ensure that they understand reverse mortgages and are comfortable with obtaining one.
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No-Pre-Payment Penalty
A reverse mortgage can be paid off at any time, and nothing prevents borrowers from making monthly payments.
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Non-Recourse Loan
This is a key feature of a reverse mortgage and one of the most misunderstood features. When the loan is due and payable, a borrower is protected from being liable for the loan beyond the current value. The lender only repaid 95% of the home’s value or the loan balance at maturity, whichever is less.
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Life Expectancy Set-Aside (LESA)
This is an account set up at the time of closing from the proceeds of the mortgage to pay the borrower’s property taxes and property insurance for the estimated life of the reverse mortgage. LESA can be required if the borrower meets certain requirements, a borrower can also opt to have a LESA account.
Hear From our clients in their new homes
Licensed Mortgage Broker in Arizona, California, and Colorado
Why should all senior homeowners consider a reverse mortgage?
Reverse mortgages are an awesome tool for retirement and should be considered by anyone who wants to ensure that they have enough money to retire comfortably.
Reverse mortgages can help seniors eliminate monthly mortgage payments (they still must pay property taxes, homeowners’ insurance, and HOA fees), stay in their homes, continue to own their homes, and allows them to access their equity, which could be tax-free (talk to your tax advisor). Seniors can get money in a lump sum, monthly payments, or a line of credit. The best part is that the reverse mortgage is non-recourse, so heirs’ inheritance will not be affected even if the senior’s life expectancy or home values drop.
Reverse Mortgage for Purchase
Did you know you can use a reverse mortgage when buying a home?
Are you planning on selling your home and buying a new home for cash?
What if you could buy a new home and keep some of the proceeds from the sale of your current home and still not have a mortgage payment?
Thanks to the passing of the Housing and Economic Recovery Act (HERA) in 2008, Reverse Mortgages for Purchase have been available.
With a reverse purchase, your down payment is your equity, and the proceeds from the reverse mortgage make up the difference between your purchase price and the down payment. AND…you do not have to make a monthly mortgage payment! You still must pay for the property taxes, homeowners’ insurance, and HOA to maintain the home, but you keep some of your proceeds from selling your home.
Get Started
Curious to see if you can benefit from a reverse mortgage? Contact Mindful Money today to learn more!
Loan Types We Provide
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Also referred to as conforming or conventional mortgages. Fannie Mae and Freddie Mac guarantee these mortgages as government-sponsored enterprises (GSEs). Conventional mortgages require a minimum credit score of 620, a minimum down payment of 3%, and are available as fixed-rate or adjustable-rate mortgages. A borrower must pay private mortgage insurance when using a conventional mortgage and have a down payment that is less than 20%. Often, conventional mortgages have more stringent guidelines than government-backed mortgages like FHA, USDA, and VA. Our conventional loan products come in fixed rates, adjustable rates, mortgage terms from 30 years to 15 years, and include down payment assistance programs, first-time home buyer programs, first-generation home buyer programs, purchase mortgages, refinance mortgages, renovation/construction mortgages, and manufactured/modular home mortgages, to name a few.
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FHA mortgages are insured by the Federal Housing Administration, which is a government agency that sets the guidelines and requirements for obtaining an FHA mortgage. These mortgages are great for first-time home buyers and a great tool for people who might have less than perfect credit, including lower credit scores, need down payment assistance, have higher debt-to-income ratios, or have had credit issues like bankruptcy or foreclosures in the past. Often, FHA mortgages have more competitive rates and mortgage insurance than conventional mortgages especially for borrowers with medium to low credit scores or smaller down payments. We offer FHA fixed rate, adjustable-rate mortgages for purchases and refinances, along with FHA streamline refinance, cash-out refinance, down payment assistance programs, first-time home buyer programs, manufactured/modular home mortgage loans, and renovations mortgages to name a few.
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VA mortgages are backed by the Department of Veterans Affairs and are specifically designed to help our Veterans and their families achieve their goals of homeownership. VA mortgages have zero down payment and are available for Veterans. They offer lower credit score requirements and easier underwriting requirements to help ensure that our Veterans can achieve the American Dream of homeownership. VA mortgages have lower rates and do not have monthly mortgage insurance like conventional, FHA, or USDA mortgages. VA Mortgages do have a funding fee, which is financed into the mortgage. It allows the VA to guarantee the mortgage. Veterans who are disabled may qualify for a funding fee exemption, depending on their disability rating. We offer several types of VA mortgages, such as purchase mortgages, VAIRRRL, cash-out refinances, VA Jumbo loans, and VA renovation mortgages, to name a few.
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JUMBO mortgages are mortgages that are for $1 more than the conforming loan limits set by the Federal Housing Finance Agency (FHFA). These mortgages are non-qualified mortgages so the interest rates, terms, and underwriting guidelines are different from a conforming mortgage loan. We offer fixed-rate and adjustable-rate jumbo mortgages for purchase or refinance mortgages. We offer a JUMBO mortgage of $4 million and above!
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Home Equity Conversion Mortgages are non-recourse reverse mortgages insured by FHA. HECM reverse mortgages allow seniors over 62 to access the equity in their homes without having a monthly mortgage payment. Borrowers are still required to pay for their homeowners insurance, property taxes, and homeowners association dues, and maintain the property. HECM mortgages are great financial plan tools to help seniors ensure that they have enough money to live comfortably in their golden years.
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These are reverse mortgages that are non-recourse like HECM FHA Reverse Mortgages but are underwritten to different guidelines, which are more flexible for some borrowers. Proprietary reverse mortgages do not have mortgage insurance like HECM reverse mortgages and are available for borrowers who are 55 or older. These Reverse Mortgages are also available in loan amounts up to $4,000,000 and allow for debt consolidation on refinance transactions. Borrowers are still required to pay for their homeowners insurance, property taxes, and homeowners association dues, and maintain the property.
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2nd mortgages can be used to help a borrower who has less than 20% for their down payment purchase a home and not have mortgage insurance. 2nd mortgages can also be used as a tool to access home equity without refinancing their first mortgages. Fixed-rate 2nd mortgages offer homeowners the security of knowing what their monthly payment will be for the term of their mortgages. Fixed rate 2nd mortgages are avaliable in 10, 15, 20, and 30-year mortgage terms.
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A Home Equity Line of Credit can be used to purchase a home in conjunction with a 1st mortgage, allowing a borrower to put down less than 20% and avoid paying mortgage insurance. People wanting to access their home’s equity without refinancing their first mortgage can use a HELOC to access that equity. HELOCS are interest-only for 10 years during the draw period and then become fully amortized for the remaining 20-year term. HELOCS are adjustable rate mortgages, so the payment will change throughout the term of the HELOC. HELOCS can be used, paid down, and used again throughout the 10-year draw period.
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We offer down payment assistance programs that are available for 1st time home buyers and non-first-time home buyers. These programs allow the borrower to receive funds to use for their down payment and closing costs. We offer a wide varity of down payment assitance programs and help buyers determine which program is right for them.