Bob Tranchell/The Federal Savings Bank - Reverse Mortgages

Category: Mortgage lender

Address: 13 Steeple St, Mashpee, MA 02649, USA

Phone: +18334114326

Opening hours

Sunday: Closed

Monday: 9AM–5PM

Tuesday: 9AM–5PM

Wednesday: 9AM–5PM

Thursday: 9AM–5PM

Friday: 9AM–5PM

Saturday: 9AM–4PM

Reviews

Cynthia Zizzo

Aug 1, 2022

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

May 6, 2022

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

Feb 4, 2022

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

Jan 5, 2022

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.

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Questions & Answers

Can I make periodic payments back to keep the balance from growing more than I would like?

Bob Tranchell/The Federal Savings Bank - Reverse Mortgages | Oct 2, 2021
Bob Tranchell/The Federal Savings Bank - Reverse Mortgages | Oct 2, 2021

Reverse mortgages do not require a monthly principal and interest payment, but making a payment can be a powerful option HECM Payment Choices Choice 1 – Make Principal & Interest Payments Very popular choice for those who wish to pay off their mortgage. Like every other refinance in your life, simply call us to explore the HECM Rate & Term Refinance! Choice 2 – Make Interest Only Payments Very popular choice for those that want HECM Line of Credit growth, but who want to reduce their monthly mortgage payment. Choice 3 – Make No Payments Very popular choice for those looking to improve cash flow in retirement to slow withdrawal of savings accounts, re-purpose their current mortgage payment to meet other obligations, or enhance monthly savings.

How does a reverse mortgage work?

Bob Tranchell/The Federal Savings Bank - Reverse Mortgages | Oct 2, 2021
Bob Tranchell/The Federal Savings Bank - Reverse Mortgages | Oct 2, 2021

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.

How can the funds from a reverse mortgage be used?

Bob Tranchell/The Federal Savings Bank - Reverse Mortgages | Oct 2, 2021
Bob Tranchell/The Federal Savings Bank - Reverse Mortgages | Oct 2, 2021

Reverse mortgages can be utilized in numerous ways. Here are just a few Longevity in Portfolio Management • Line of credit growth for use in future years • Offset withdrawal of assets in down markets • Immediate, flexible funding source vs. liquidating accounts with tax implications Optimize Mortgage in Retirement • HECM Rate & Term Refinance into most flexible mortgage • Control mortgage payments, or make no payment…you make the choice and are in control • Fund home repairs, home improvement, and home modifications Healthcare & Legacy • Fund medical expenses • Pay for needed insurance (long-term care, life insurance, Medicare supplement, end of life) • Pay for insurance to secure legacy (2nd to die policy with LTC rider, term policy, etc) Right Sizing Purchase • Upsize, downsize, or help settle a divorce • Afford the home you want, in the location you desire, with the conveniences you expect • Preserve portfolio and keep assets invested

How do I qualify for a reverse mortgage?

Bob Tranchell/The Federal Savings Bank - Reverse Mortgages | Oct 2, 2021
Bob Tranchell/The Federal Savings Bank - Reverse Mortgages | Oct 2, 2021

The borrower on title must be 62 years or older (a non-borrowing spouse may be under age 62). • The home must be the borrower’s primary residence. Newly purchased properties must be occupied within 60 days. • The borrower must have title to the home. • Property can be a single-family home, 2-4 unit or FHA approved condo. • If funds are needed for closing, they must be from a verified source such as a savings account or sale of a prior residence. • Fixed and adjustable rate options are available.

What is a reverse mortgage?

Bob Tranchell/The Federal Savings Bank - Reverse Mortgages | Oct 2, 2021
Bob Tranchell/The Federal Savings Bank - Reverse Mortgages | Oct 2, 2021

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.

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