Bob Tranchell/The Federal Savings Bank - Reverse Mortgages

Cynthia Zizzo

Linda and I have just completed working with Bob on an HECM. Bob made this process seamless and he was always available to answer questions with the fastest of responses. It was an absolute pleasure to get to know Bob and to work with him and the comfort level he provided. Thank you Bob for all your hard work and attention to detail. Linda and Cindy

John Farmer

I just worked with Bob Tranchell, at The Federal Savings Bank, to complete a very difficult Reverse Mortgage. Bob is a Pro at his profession. He is creative, determined, very knowledgeable and caring. He has a number of options that offer you the best possible result. I highly recommend Bob if you have a client who can use a Reverse Mortgage to improve their retirement. Or, if you have need for yourself, he is the best.

Frank J

We started looking at a Reverse Mortgage several months ago, Bob was one of three lenders we initially contacted for information, within a couple days it became obvious Bob was going to be the one for us. Any time we had questions he was always available to help, responded to e-mails immediately and when we called him, he answered, never had to leave a message. He seamlessly guided us thru all the paperwork until the final document signing. Looking back at the entire process Bob was the perfect choice to handle our Reverse Mortgage Frank & Susan N

Ted Butler

Google review My wife and I just closed on a home equity conversion mortgage, also known as a reverse mortgage, with Bob Tranchell, with the Federal Savings Bank. I will summarize this kind of mortgage below, copied and pasted from the bank website, with a link two it. The mortgage is a Really good deal, for people that are at least 62 years of age and own their own home. My wife and I Especially recommend you work with Bob Tranchell. He has always been available to answer our questions by email, even on evenings and weekends. Because the mortgage is underwritten by both the FHA and HUD, the process is much more complicated than with a conventional mortgage. Bob took a lot of time to explain the process thoroughly, and to provide amortization schedules for different scenarios, with different amounts withdrawn initially and periodically. I can’t imagine anyone better to work with than Bob! Also, the title company paid my sewer bill after I did. Is this going to happen every quarter? I have set up an automatic quarterly payment plan. Should I cancel it? What is a HECM? A Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage, was created over 25 years ago to help borrowers age 62 and older convert a portion of their home equity into tax-free money. HECMs are insured by the Federal Housing Administration (FHA) and allow seniors to stay in their home and achieve retirement security. Department of Housing and Urban Development (HUD) rules help ensure the financial security of the HECM program and provide additional safeguards for borrowers. How Does It Work? A HECM allows you to convert a portion of the equity in your home into cash. You will continue to live in your home, retain ownership and will not be required to make any monthly mortgage payments during the loan period. However, unlike a traditional home equity loan or second mortgage, you do not have to repay the HECM loan until you no longer use the home as your principal residence or fail to meet the obligations of the mortgage. You will be required to pay for property taxes, home insurance and home maintenance.