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Increase Your Retirement Cashflow
Keep Your Assets in the Bank
Spend Retirement Comfortably in your Home
Many of the seniors we help are on fixed income. When you eliminate your largest monthly expenses, your cashflow increases and you are more comfortable.
Reverse Mortgages allow you to use some of your home equity, so you can keep more of your retirement money in the bank. In today’s market, it’s vital to keep your “safe money” safe.
Healthcare costs for seniors are at an all time high, yet 9 out of 10 seniors would prefer their home over the nursing home. Use a Reverse Mortgage to pay for home health care, a modification, or even to downsize into your perfect “Forever Home”.
Testimonials
GET A FREE REVERSE MORTGAGE QUOTE HERE
Reverse Mortgage Education You Can Actually Understand
Helping Seniors, Families & Financial Professionals Understand Reverse Mortgages Since 2008
Welcome to Reverse Mortgage Reality, an education-first reverse mortgage resource based in Wellington, Palm Beach County, Florida.
I’m Jason Eichmiller, a reverse mortgage specialist and President of Key Home Lending, LLC. Since 2008, I’ve helped more than 470 seniors and their families learn about and obtain reverse mortgages.
My philosophy is simple:
Education first. Mortgage second.
A reverse mortgage can be an incredibly useful retirement tool for the right homeowner — but it isn’t right for everyone. My job is to help you understand exactly how it works, what it costs, the pros and cons, and how it may affect your home and your heirs before you make a decision.
Whether you’re a homeowner researching a reverse mortgage for yourself, an adult child helping your parents, or a financial advisor looking for a reverse mortgage expert for a client, you’re in the right place.
Reverse Mortgage Assistance in Palm Beach County & Beyond
Reverse Mortgage Reality is based in Wellington, Florida, and proudly serves homeowners throughout Palm Beach County, including:
Wellington • West Palm Beach • Palm Beach Gardens • Boca Raton • Delray Beach • Boynton Beach • Lake Worth Beach • Jupiter • Royal Palm Beach • Loxahatchee • and surrounding South Florida communities.
We also help homeowners in other states where Key Home Lending is licensed, including California, New Jersey, South Carolina, Texas, Pennsylvania and Colorado.
EDUCATION FIRST
There is no one-size-fits-all reverse mortgage.
That’s why every conversation starts with education.
First, we TEACH.
We’ll explain how reverse mortgages actually work — including the benefits, costs, responsibilities and potential drawbacks.
Next, we LEARN.
We learn about you: your home, finances, retirement goals and what you’re trying to accomplish.
Then, we EXPLORE.
We’ll look at the available options and determine whether a reverse mortgage actually makes sense.
Finally, YOU DECIDE.
If a reverse mortgage isn’t a good fit, I’ll tell you.
If it is, we’ll structure it around your situation and walk you through the process from beginning to end.
Want to Really Understand Reverse Mortgages? Start Here.
I’ve spent years answering the same questions from seniors and their families: How does a reverse mortgage actually work? What’s the catch? What happens to my home and my kids’ inheritance? And how do I know which type of reverse mortgage is right for me?
I put the answers together in this Reverse Mortgage Masterclass-without the sales fluff. If you’re seriously researching reverse mortgages, this video is a great place to start.
Working With Financial Advisors, CPAs, Attorneys & Other Professionals
At Reverse Mortgage Reality, we also work with financial advisors, CPAs, estate attorneys, elder-law attorneys and other trusted professionals whose clients are considering using home equity as part of their retirement strategy.
We aren’t here to replace you as the client’s trusted advisor.
We’re here to be the reverse mortgage resource at the table — providing education, scenarios and numbers so the client and their advisors can make an informed decision together.
If you’re a financial professional with a client in Palm Beach County or another state we serve, you’re welcome to call us at (888) 309 9705 to discuss the scenario.
WHAT IS A REVERSE MORTGAGE?
A reverse mortgage allows seniors age 55+ to access a portion of their home equity without requiring traditional monthly principal and interest mortgage payments.
You continue to own your home.
The loan generally becomes due when the last eligible borrower permanently leaves the home, sells the property or passes away.
Borrowers must continue to meet the terms of the loan, including living in the home as their primary residence when required and staying current on property taxes, homeowners insurance, HOA dues when applicable, and home maintenance.
Reverse mortgage proceeds can potentially be used to:
- Pay off an existing mortgage or HELOC
- Eliminate high interest credit cards and bills
- Improve monthly cash flow
- Establish a line of credit
- Supplement retirement income
- Pay for home improvements
- Help fund in-home care and aging in place
- Purchase another home
- Fund a business
- Create an additional source of funds during retirement
- Help manage unexpected expenses
The right strategy depends entirely on the homeowner and their unique needs.
TYPES OF REVERSE MORTGAGES
One reason it’s important to work with someone who specializes in reverse mortgages is that there isn’t just one reverse mortgage anymore.
Depending on your age, property, equity and goals, there may be several options worth comparing.
HECM — Home Equity Conversion Mortgage
The HECM is the federally insured reverse mortgage program backed by the Federal Housing Administration.
It is the most widely used reverse mortgage and may allow eligible homeowners to receive proceeds through different combinations of upfront funds, monthly advances and/or a line of credit.
The HECM is the most creative Reverse Mortgage option out there, and the HECM credit line an absolutely incredible wealth preservation tool(more on that later).
HECMs are non-recourse loans, which provides important protection to borrowers and their estates.
Jumbo & Proprietary Reverse Mortgages
For homeowners with higher-value properties — something we see frequently throughout Palm Beach County and South Florida — a proprietary or jumbo reverse mortgage may provide another option.
These programs are privately offered rather than FHA-insured and may allow access to substantially more home equity on higher-value properties.
Whereas you have to be 62 or older to get a HECM Reverse Mortgage, Jumbo Reverse Mortgages in Florida(and most other states)just require you to be 55 to get them.
Right now, Jumbo(again also known as Proprietary Reverse Mortgages) give more cash than HECMs, and you can actually use them for smaller home values(I’ve personally done Jumbo Reverse Mortgages on homes valued from $170,000 to $11,000,000).
Just like the HECM, all Proprietary and Jumbo Reverse Mortgages are non-recourse.
We almost always compare HECM and jumbo reverse mortgage options side-by-side rather than automatically assuming one is better.
Second Reverse Mortgage
Some homeowners already have an extremely attractive low-rate first mortgage and don’t want to refinance it.
Depending on your equity position and needs, a Second Reverse Mortgage may allow a homeowner to access additional equity without replacing an existing first mortgage.
This can be especially interesting for homeowners who locked in historically low mortgage rates and want to preserve that financing.
The minimum age is 55 and these loans are non-recourse as well.
The Second Reverse Mortgage is available in Florida, California and a few other states, and I’m happy to give you the list if you ask!
HECM for Purchase
A HECM for Purchase allows eligible buyers to purchase a new primary residence using a combination of their own funds and a reverse mortgage.
For some retirees, this can make it possible to purchase the home they really want while keeping substantially more money available for retirement.
This strategy can be particularly relevant in Palm Beach County’s many 55+ communities and retirement communities.
WHY REVERSE MORTGAGE REALITY?
You can find a reverse mortgage quote almost anywhere.
We think the education behind the quote matters more.
Reverse Mortgage Reality was built to give seniors and their families straightforward information about reverse mortgages — including the parts that aren’t always discussed in advertisements.
We talk about:
The benefits.
The drawbacks.
The closing costs.
The effect on your equity.
What happens to your heirs.
Your responsibilities as a homeowner.
And the alternatives you should consider.
Because the goal isn’t simply to get a reverse mortgage.
The goal is to determine whether a reverse mortgage improves your retirement.
That’s been our approach since 2008.
TALK WITH A REVERSE MORTGAGE SPECIALIST
Whether you’re just beginning your research or you’re ready to see actual numbers, we’re happy to help. Jason Eichmiller and Frank Vaccaro have been helping seniors with Reverse Mortgages since 2008, and we like to boast that you won’t have a question that we can’t answer(how’s THAT for pressure)!
Unlike some of the major Reverse Mortgage companies, Jason and Frank will hold your hand throughout the entire Reverse Mortgage process. We’ll help you figure out IF you should get a Reverse Mortgage(sometimes the answer is NO!), IF you qualify, and the smartest way to maximize your home equity.
There is no obligation to move forward simply because you ask questions or request an analysis.
Call Jason Eichmiller and Reverse Mortgage Reality at (888) 309-9705
Or request a personalized reverse mortgage analysis below.
GET A FREE REVERSE MORTGAGE ANALYSIS
Reverse Mortgage Reality
A reverse mortgage education resource of Key Home Lending, LLC
Based in Wellington, Palm Beach County, Florida
Jason Eichmiller | NMLS #297995
Key Home Lending, LLC | NMLS #2103187
Copyright © 2019-2023 Key Home Lending, LLC; NMLS 2103187. 2345 Waburton Terrace, Wellington, FL 33414