Address: 100 Independence Dr #7-304, Hyannis, MA 02601, USA
Phone: +18334114326
Sunday: Closed
Monday: 8:30AM–5:30PM
Tuesday: 8:30AM–5:30PM
Wednesday: 8:30AM–5:30PM
Thursday: 8:30AM–5:30PM
Friday: 8:30AM–5:30PM
Saturday: Closed
Sarah Canning
Extremely educated about his business. He was able to help my parents with a HELOC giving them a monthly income taking away all of their stress about bills and the house after their retirement. I cannot say enough about his professionalism, and knowledge. Call him!
Stephen Tom
Bob and The Federal Savings Bank were terrific to work with on our reverse mortgage. He was thorough, patient, and timely as we learned about reverse mortgages. Bob’s guidance was invaluable. The bank was well organized and professional.
Lynne Duff
Bob was very knowledgeable and kind; he helped us greatly on the process. A true Gem!
Peter Readel
Very knowledgeable and easily understood. Great follow up and guidance. Clearly explained process and guided us through, beginning to end. Explained each step and pointed out the positives and negatives of the Reverse Mortgage. A gentleman, always welcome in our home.
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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.
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.
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
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.
Hi Joe, that is a great question. There is a tremendous amount of confusion about reverse mortgages. Reverse mortgage is a generic term applying to many loans. They all have a basic concept of lending against the equity in your home without a monthly mortgage payment. You are still responsible for the taxes and insurance. The HUD regulated and FHA insured version is called the Home Equity Conversion Mortgage.(HECM). It is by far the most popular. The HECM is a home equity loan, specifically designed for home owners 62 and older. It features a flexible payment plan, where you decided on a monthly basis what you want to pay. It can be low as zero or whatever you are comfortable with. It also comes with a growing line of credit the unused portion of which grows in availability matching the interest rate on the loan. That is a quick answer. I would be happy to talk more specifically about how it might work for you. Call me at 833-411-HECM (4326) so we can discuss it more. thoroughly.
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