Stephen Parnell is a Certified Reverse Mortgage Professional
A Certified Reverse Mortgage Professional has the experience and training to consult and advise older homeowners and their trusted advisors on the most prudent plan to utilize home equity for a sustainable retirement.
Stephen is one of only 186 individuals nationwide with the Certified Reverse Mortgage Professional designation.
Contact me directly at 561.306.6927 or submit your question by clicking the button.
Retirement Mortgage Facts
With a Retirement Mortgage, does a borrower ‘retain’ ownership?
YES! The lender does not own the home, the borrower does. So long as the borrower continues maintaining the property’s taxes, insurances and upkeep, he/she would retain ownership and remain on title—just as they are now.
Can a borrower sell their home with a Retirement Mortgage?
YES! The Reverse Mortgage is a home loan. The borrower may sell their home and payoff the loan’s balance at any time.
Can a borrower continue making mortgage payments with Retirement Mortgage?
Outside of the property’s required payments to Homeowner’s Insurances, Taxes and Upkeep, the HECM loan is a payment free structured program. Borrowers may choose to make payments or not make them.
What happens to the home when the last remaining borrower passes away?
When the last remaining borrower no longer occupies the property as their primary residence, the loan becomes ‘due’. Heirs may choose to sell/pay-off the reverse mortgage or keep the property via their own financing.