NMLS # 111842

SENIOR REVERSE MORTGAGE

"Equity Redemption Program"

1-800-817-8743

Hello, my name is Dan Palumbo. I am a Qualified Individual Mortgage Lender with over 25 years of experience.

I am licensed in the State of New Jersey.  Thank you for visiting our Reverse Mortgage Web site. Here you will find FREE information about the popular Senior Reverse Mortgage Program.  

My company is America's Choice Home Loans, LP.  

We are located at:  8 Hyers Street   Toms River, NJ  08753

REVERSE MORTGAGE INFORMATION

Why get a Reverse Mortgage?  A reverse mortgage is a loan against your home that requires no repayment as long as your home is your main residence. They are "non-recourse" loans -- the amount you owe can never exceed the net selling price of your home. If borrowers live beyond their life expectancy (by definition half of us will), a reverse mortgage can be a very favorable choice. If you die prematurely, your annual loan cost will be higher.

• You will still own your home.  A reverse mortgage is just a loan.  If you sell your home, the loan is repaid and you or your heirs receive the leftover home equity.  
• If it turns out that the loan balance is greater than your home's net selling price, the government (or the lender such as Fannie Mae) makes up the difference.  This is what "non-recourse" means.
• Loan advances to you are not taxable.  They are disbursement of principal, not income.
• the loan is not due on any specific date and there are no payments.  You can live in your home as long as you wish without repaying the loan (you still own your home and must keep insurance and property taxes current).
• Some people call a Revere Mortgage a "Equity Redemption."  It's your home -- you can redeem some of its equity now, without selling it.

How much can you borrow?  The amount you can borrow is based on the value of your home (up to $625,500) and the age of the youngest applicant..  I will send you a FREE printout of what you qualify for.  Just call me toll free at 800-817-8743 or e-mail me at dpalumbo@achlonline.com and I will be pleased to fax or mail it to you upon request with NO obligation.  Or, complete the information below and I will email you the printout immediately.

View the ACHL Privacy Policy

How can you receive your money? Several ways

When must you repay the loan?

     1.  Upon the death of the last remaining borrower.

     3.  When the loan is no longer your primary residence.

Note: Your heirs are not responsible for any over payment by this program.

Interest Rate

Maximum cash is obtained through the Fixed Rate program.  That means the interest rate you are charged does not change.  Interest rates change every week, so please call me at 732-797-0117 for the most up to date rates.  The rate is set by the Government and changes every Tuesday.   Your rate will become fixed 5 days prior to closing.   The actual money you are entitled to (known as the Principal Limit) is based on the age of the youngest borrower, the home value and the interest rate, so if there is an interest rate change at closing your expected principal limit will change slightly.  The interest is paid when loan is due (i.e. the passing of the last applicant on the deed, home sale or no longer the primary residence).  When the home is sold, the bank will take whatever money you took plus the interest that has accrued from the date of closing until the home sale.

Fee's and Costs:  A Reverse mortgage loan is not a cheap loan.  The fees are the same just as if you were buying or refinancing a home, however, the Government receives M.I.P.causing slightly higher costs.  Below you will see a detailed cost and description of the fees to expect.  This is an estimate and some fees may or may not apply and in all cases the fees could vary slightly.  Closing costs fees are paid out of the loan proceeds and are paid when you obtain the reverse mortgage. These items can be included in your loan so you don’t have to pay cash for them. YOU PAY NOTHING OUT OF YOUR POCKET, except appraisal.

Some fees to expect include: 

Origination Fee:  The government sets this fee and is based on the value of the home.  This fee goes to the lender for originating, processing and closing your loan.  The formula is 2% of the 1st $200,000, then 1% above that to a maximum of $6000.  Example:  $150,000 home value would cost $3000 in Origination fee.

HUD M.I.P (Mortgage Insurance Premium).  MIP is paid on all reverse mortgage loans and is equal to 2% of the home value.  On a home value of $150,000, this fee would be $3000.  This fee goes directly to the Government and is used to offset lender loss by homes that do not sell for what is owed on the home.

Appraisal:  An independent third-party must appraise the home.  This fee could vary from $400 to $450.  You are required to pay this fee via credit card or by check when the appraiser arrives at your home (usually within 5-10 days from the application date).   

Title Search and Insurance:  No lender will secure a property without a new title search and insurance.  The title company will also execute the closing and notarize the closing documents.  The closing fee is $395.  A title search must be done to establish clear title and will cost approximately $350.  Title Insurance is to guarantee clear title should a encumbrance come up that was not found on the search.  The insurance fee is based on the home value and at purchase rates.  The basic formula would be $500 for the first $100,000, then $5.75 for each $1000 above that.  Example: $150,000 value would be $500 +  $287.50 (5.75 x 50) or $787.50.  These fees are regulated by the state.

Recording Fee:  Is based on the number of pages to record.  A range of $200-$400 is common.

Credit Report Fee:  Although credit is not an issue for a reverse mortgage, lenders require a credit report for all applicants to make sure there are no liens.  This fee is normally $19.

Underwriting Fee:  The underwriter will charge a fee for her time to underwrite the file.  This fee will vary and is normally $300.

Doc Prep Fee:  The lender must draw many documents and make sure those documents are 100% accurate.  This fee is normally $100.

Flood Report:  This $17 fee is required on all loans.  The Government wants to know if you are in a flood zone.  The only verification the Government will accept is a Flood Report.  If you are in a flood zone, you will be required to obtain Flood insurance.

Are Reverse Mortgages safe? Reverse Mortgages are very safe. You own your home. The Deed stays in your name and in YOUR possession.  HUD insures the mortgage. HUD also guarantees you can stay in your home as long as you like, and you will never owe more than your house is worth.  In the unlikely event that upon your passing the home value is less than what is owed, the debt does NOT get passed on to your heirs.  You (and every other senior on the program) pays a government charged Mortgage Insurance Premium (MIP) to protect the lender should that happen.  There is NO recourse on Reverse Mortgage loans.  In fact, should the home sell for more than is owed, your heirs will receive that money.

Steps To Obtain A Reverse Mortgage:

STEP #1:  Call Dan Palumbo at (732) 797-0117 or email Dan at dpalumbo@achlonline.com  to discuss options.    

STEP #2:  Go to Counseling. Before you can apply for a Reverse Mortgage and before we can order an appraisal, title search or credit information, you must attend a counseling session with a Government approved agency.   Please Read "HUD COUNSELING-What to Expect" and then contact a HUD Counselor.  The counselor must visit you by phone, at their office or at your home to explain the program in detail.  Counseling sessions are normally done in person at a HUD office.  Some exceptions are made and counseling can be done over the phone.  There is a $125 charge to the Government agency.  Should you have a hardship with this cost, call Dan at 732-797-0117.

        Click here for HUD Counseling-What to Expect

        Click here to Find a HUD Counselor

Counseling Certificate:  Upon completion, you will receive a certificate.  Please fax (or have the counselor fax) the certificate to 732-797-0414 and retain the original as you will need it at the application.

STEP #3:  Make an appointment with Dan Palumbo to apply for your Reverse Mortgage Loan.  The application can be taken over the phone, at your home or in our office which is located at 8 Hyers Street  Toms River, New Jersey  08753.

WHAT DOCUMENTS ARE NEEDED FROM YOU?

1. NO MONEY from YOU!  (except home appraisal)
2. Photo ID (Driver’s license, passport, state official ID)
3. Copy of Social Security Card and Medicare/Medicaid Card
4. Copy of most recent TAX Bill OR copy of the Deed
5. Copy of Homeowners Insurance
6. Most Recent Mortgage Statement (if applicable)
7. Original Counseling Certificate

STEP #4:  Appraisal:  We will order an appraisal of your home.  How much you receive depends on the age of the youngest person on the deed (minimum 62), the interest rate at the time of closing and the home appraisal.  The cost is between $400-$425 and must be paid prior to the inspection on a credit card.  In some cases, the appraiser will take a check upon arrival.  If you have a financial situation, call Dan at 732-797-0117.  The appraisal will take about one week to be completed.  

STEP #5  Sit back and relax.  Our inside processing staff will package your appraisal and documents to be presented to the underwriter.  No one is turned down for a reverse mortgage unless the home does not appraise.  We have even taken seniors out of foreclosure.  You can expect the entire process to take 35-40 days for closing.  Should we need any additional documents, we will reach out to you.

STEP #6:  Closing.  Once we have your approval and cleared any underwriting conditions, we will set up a closing.  Normally, a closing will take place 3-5 days after we clear all underwriting conditions.

STEP #7:  Receive your money 3 business days after the closing.  We prefer to wire the funds into your account.  It's safer to wire funds than to send a check.  However, if you would like to receive a check, we can make that arrangement.  

Each month you will receive a statement showing the details of your loan.

You have worked all of your life for your home, now it’s time your home to work for you!

Call TOLL FREE for an appointment and/or more information.  Information is always FREE!  For your REVERSE Mortgage loan appointment, you can come to us, we can go to you or we can correspond via phone/ mail.  Please call us for a personal explanation of the program and FREE government print-out of your available benefits.  The Reverse Mortgage Hotline number is....

DAN PALUMBO

Office:  800-817-8743

Office:  732-797-0117

Cell:      732-674-0066

Email:  dpalumbo@achlonline.com

With warm regards,

Dan Palumbo, NMLS# 201624

Qualified Individual Mortgage Lender & Senior Reverse Mortgage administrator.

"Over 25 years of Experience"  

Referrals are 90% of my business.  Please recommend a friend or family member who might be in need of a Reverse Mortgage Loan.  Please tell your friend or family member to tell me who referred them so I can thank you appropriately.     

Equal Housing Opportunity

AMERICA'S CHOICE HOME LOANS, LP

Branch NMLS #387276

8 Hyers Street   Toms River, New Jersey  08753   

Office:  (732) 797-0117   Fax:  (732) 797-0414