Stephen ParnellNMLS #1595864
Retirement Mortgage Specialist
- I personally have a retirement mortgage
- Have more than 37 years of mortgage experience
- A retirement mortgage, is a valid option of financial planning and should be approached and/or set up long before it is needed (not when it’s too late and it’s your last resort). I want to enlighten you to the benefits of approaching this subject much earlier i.e. as soon as you approach 62 years of age.
Long History of Experience
- 2017 Joint Founder of New Florida Mortgage
- 1999 – 2010 CEO and Principal Broker of LynxBanc Mortgage Boca Raton
- 1992 – 1999 Held multiple mortgage origination and management positions in Florida
- 1992 Florida Mortgage Brokers License obtained
- 1983 – 1991 Managing Director of LH Group mortgage brokerage in UK
What is a Retirement Mortgage?
- Tool used by savvy homeowners as part of a comprehensive retirement plan
- Used properly, the retirement mortgage allows the homeowner flexibility to make a monthly mortgage payment, make no payment, or take annual distributions from an ever increasing line of credit
- Allows the homeowner to tap into equity in their home while always maintaining ownership of the home and never taking on the risk of the home being worth less than the mortgage amount (you must keep taxes and insurance current and must live in the home)
- Provides an opportunity to access equity for homeowners who have already retired and no longer have sufficient income to qualify for a forward mortgage
- Allows homeowners to acquire a line of credit before they need it. In this case the line of credit grows during the years you do not use it and can never be canceled.
With a federal insured retirement mortgage HECM you can never owe more than the value of your property – This protects your family and beneficiaries.
Who would benefit from a retirement mortgage?
Anyone who has significant equity in their home. There are numerous strategies around the retirement mortgage, so it is a case by case situation. When properly used it can benefit the senior citizen in various ways.
Who would not benefit from a retirement mortgage?
Someone who has a significant net worth and can fully fund unexpected expenses (such as medical bills, home health care expenses) in retirement without placing a strain on their financial situation.
I personally have a retirement (reverse) mortgage because it gives me multiple financial options for the future!
Steve entered the mortgage business in 1983 in London England and first obtained his state mortgage license in Florida in 1992.
As well as his lifelong interest in the mortgage business Steve is an avid amateur photographer and loves to travel both home in the USA and abroad. He has 8 grandchildren living in 3 different countries.
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