Reverse Mortgage Reality

Hi, I’m Jason Eichmiller, and I run Reverse Mortgage Reality.  It is my absolute pleasure to be your Reverse Mortgage guide!

Reverse Mortgage Reality was built around a pretty simple idea:

People shouldn’t have to sit through a sales pitch just to understand a reverse mortgage.

I’m Jason Eichmiller, founder of Reverse Mortgage Reality and President of Key Home Lending, LLC.

I’ve specialized in helping seniors and their families understand reverse mortgages since 2008, and over that time I’ve helped more than 470 seniors learn about and obtain them.

Today I’m based in Wellington, Palm Beach County, Florida, and work alongside Frank Vaccaro, my good friend and a vital part of the Reverse Mortgage Reality team.

Together, we lead with one philosophy:

Education First. Mortgage Second.

And here’s the funny part…

I got into reverse mortgages almost completely by accident.

HOW I BECAME A REVERSE MORTGAGE SPECIALIST

Years ago, I moved from Baltimore to Philadelphia chasing a girl.

Yes, it sounds like a cliché.

Fortunately, I caught her.

So I had the new city. I had the girl.

I just didn’t have a job.

One day I answered an ad looking for “Reverse Mortgage Specialists.”

I went into the office and the president of the company asked me what I knew about reverse mortgages.

My answer was basically:

“Not much. I think you give seniors money and then eventually you get the house.”

He smiled.

Then he explained how wrong I was.

I learned that the homeowner continues to own the home.

I learned about the protections built into reverse mortgages.

I learned that homeowners could use their equity in very different ways depending on what they were trying to accomplish.

And I learned that a reverse mortgage wasn’t simply a “last resort” loan for someone who had run out of money.

I was hooked.

That was in 2008.

MORE THAN 470 SENIORS LATER…

Since then, I’ve had the opportunity to help more than 470 seniors and their families explore reverse mortgages.

I’ve also spent years educating financial advisors, attorneys, CPAs, Realtors and other professionals who work with older homeowners.

And I’ve seen reverse mortgages used in ways I never would have imagined when I first walked into that office.

I’ve helped homeowners use their equity to:

• Eliminate existing mortgage payments and improve monthly cash flow
• Pay for home health care and remain in their homes
• Establish a line of credit for future needs
• Purchase a new home during retirement
• Access equity from higher-value homes with jumbo reverse mortgages
• Preserve attractive low-rate first mortgages by exploring reverse mortgage second mortgages when available
• Create another source of funds during retirement

But I’ve also spoken with plenty of people where my recommendation was:

Don’t get a reverse mortgage.

That’s an important part of the story too.

WHY I CREATED REVERSE MORTGAGE REALITY

The reverse mortgage industry has never had a shortage of advertising.

What I thought it needed was better education.

That’s why I created Reverse Mortgage Reality.

I wanted a place where homeowners and their families could learn about reverse mortgages without feeling like every article, video or conversation was simply leading to a sales pitch.

My philosophy is:

Education First. Mortgage Second.

We’ll explain how the loan works.

We’ll show you the numbers.

We’ll talk about the benefits.

We’ll talk about the costs.

We’ll explain what happens to your equity and your heirs.

And we’ll talk about the catches and disadvantages too.

Then we can determine whether a reverse mortgage actually improves your situation.

MEET FRANK VACCARO

Reverse Mortgage Reality isn’t just me anymore.

Frank Vaccaro is a vital part of the Reverse Mortgage Reality team.

Frank joined me in 2024 and shares the same philosophy I’ve tried to build this company around:

Educate people first. Understand what they’re trying to accomplish. Then determine whether a reverse mortgage actually makes sense.

Frank is originally from the Philadelphia area and is also a husband and father of three — Danny and twins Gemma and Leo.

That family perspective matters in this business.

A reverse mortgage conversation is rarely just about an interest rate or how much money someone can receive.

There are often adult children involved.

There are questions about inheritance.

There may be concerns about whether Mom or Dad can afford to remain in the family home.

Sometimes we’re talking about paying for home health care.

Sometimes we’re talking about a surviving spouse.

And sometimes the entire family is simply trying to figure out what’s best.

Frank understands that.

And just like me, his job isn’t to convince someone to get a reverse mortgage.

It’s to make sure they understand what they’re considering.

TWO PEOPLE. ONE EDUCATION-FIRST PHILOSOPHY.

Whether you’re talking with Jason or Frank, the approach is the same.

We’ll explain the options.

We’ll answer the uncomfortable questions.

We’ll show you the costs.

We’ll talk about what happens to the home and your equity.

We’ll discuss the pros and the cons.

And if a reverse mortgage isn’t the right solution?

We’ll tell you that too.

That’s what Reverse Mortgage Reality is supposed to be.

Not simply a place that sells reverse mortgages.

A place where you can actually understand them.

REVERSE MORTGAGES AREN’T ONE-SIZE-FITS-ALL

One of the biggest changes I’ve seen since entering this business in 2008 is how many different reverse mortgage options now exist.

Today, our work includes more than just the traditional FHA-insured HECM.

Depending on the homeowner and what’s currently available, we may explore:

HECM Reverse Mortgages

Jumbo and Proprietary Reverse Mortgages

Second Reverse Mortgages

HECM for Purchase

Different homeowners need different strategies.

Someone with a multimillion-dollar home may need a very different reverse mortgage than someone trying to eliminate a modest mortgage payment.

A homeowner with an incredibly low-rate first mortgage may not want to refinance it at all.

Someone moving to Florida may be trying to determine how much of their savings they should put into their next home.

That’s why we don’t believe in cookie-cutter reverse mortgages.

PALM BEACH COUNTY IS HOME

Reverse Mortgage Reality is based in Wellington, Palm Beach County, Florida, where I live and work.

We help homeowners, families and trusted advisors throughout Wellington, West Palm Beach, Boca Raton, Delray Beach, Boynton Beach, Palm Beach Gardens, Jupiter, Lake Worth Beach, Royal Palm Beach and surrounding Palm Beach County communities.

Palm Beach County is a particularly interesting reverse mortgage market because of its combination of high-value homes, condominiums, 55+ communities, longtime homeowners with substantial equity and retirees relocating to South Florida.

That’s also why having access to and understanding more than one type of reverse mortgage matters.

Depending on the homeowner, we may compare a traditional HECM with jumbo/proprietary programs, a HECM for Purchase, a reverse mortgage second mortgage or other available options.

Palm Beach County is home, but it isn’t our only market.

Through Key Home Lending, LLC, we also help eligible homeowners in other states where we’re licensed, including all of Florida, California, New Jersey, Texas, South Carolina, Colorado and Pennsylvania.

If you’re specifically researching your options locally, visit our Palm Beach County Reverse Mortgage resource for more information.

WORKING WITH FINANCIAL ADVISORS, CPAs & ATTORNEYS

A significant part of our work involves financial advisors, CPAs, estate attorneys, elder-law attorneys, Realtors and other trusted professionals who have clients asking about reverse mortgages.

We don’t want to replace the client’s advisor.

We want to be the reverse mortgage specialists at the table.

We’ll provide scenarios, explain the programs, answer questions and help the homeowner and their advisors understand exactly what the numbers look like.

Sometimes a reverse mortgage can be a valuable piece of a retirement strategy.

Sometimes it isn’t.

Either answer is okay.

The objective is to give the homeowner, their family and their trusted advisors enough information to make an informed decision.

THERE’S A LIFE OUTSIDE OF MORTGAGES