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 YOUR LOOKING TO:
✓ Free up equity without selling your home
✓ Ensure you have enough money to retire comfortably
✓ Use your home to free up cash
✓ Your Social Security won't be enough to pay your bills
✓ Stay in your home without having a mortgage payment
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.
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.
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 homes 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 it would with a forward 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 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.
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.
About 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.
Hear From our clients in their new home
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!
All types of loans we provide:
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A Qualified Mortgage is a category of loans with certain, more stable features that help make it more likely that you’ll be able to afford your loan.
Conventional Mortgages, Conventional Rate, and Term Refinance, Conventional Cash Out Refinance, Conventional Down Payment Assistance Programs, Conventional First-Time Home Buyer Programs, Fixed Mortgages, ARMs Adjustable-Rate Mortgages, FHA Mortgages, FHA Down Payment Assistance Programs, FHA First Time Home Buyer Programs, FHA Streamline Refinance, FHA Cash Out, FHA 203K – Rehab Mortgage, FHA Reverse Mortgages, Non-FHA Reverse Mortgages, VA Purchase Mortgages, VA Jumbo Mortgages, VA Cash Out Mortgages, VAIRRL – VA Interest Rate Reduction Refinance Loan, Manufactured Home Mortgages - Conventional, FHA, VA, Construction Mortgages
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Non-QM stands for Non-Qualified Mortgage. These loans are for borrowers who may not meet the requirements of standard loan programs. Non-QM loans typically have a special income qualification and are designed for people with unique income streams.
Purchase, Cash Out, & Rate & Term Non-QM, 40 Year Term Mortgages. Interest Only Mortgages, Jumbo Mortgages, Alternative Income Qualifications for Self-Employed Borrowers, Fixed 2nd Mortgages, HELOC Home Equity Loan of Credit Mortgages, Bridge Loans, Fix & Flip, Foreign National Mortgages, ITIN Mortgages, Investor Loans, More than ten financed properties, DSCR: Rental income used to Qualify, Airbnb and VRBO Short term rentals