Facts vs Myths Regarding a Reverse Mortgage

There are a lot of myths surrounding reverse mortgages. They certainly are not the best option for all over homeowners but many would benefit greatly from a reverse mortgage. A reverse mortgage is a great financial tool with minimum underwriting requirements to gain access to the equity in a home.

Here are some of the facts about a reverse mortgage:

  • Total fees to close a reverse mortgage are less now than they were in prior years
  • The required age to qualify for a reverse mortgage is 62 or over
  • Interest only accrues on the outstanding loan balance and any additional monies drawn from the line of credit( if available). Interest does not accrue on any amounts not drawn from the line of credit. Also, interest only payments can be made as well as principal and interest payments, but not required.
  • Borrowers remain on the deed to the home. When the home is sold, any remaining equity passes to the borrower or heirs.

Over the last several years I have become a reverse mortgage expert to guide and consult homeowners accordingly. I provide straight forward and easy to understand information to educate on a reverse mortgage.

Please contact me if you have any questions about a reverse mortgage or mortgages in general. I am licensed in NJ, NY, CT, PA and FL and would be happy to assist you or anyone you know.

Important Information Regarding Six Types of Identity Theft

Think Identity Theft is limited to someone using your Credit Card?

Take a closer look. . .

Six Types of Identity Theft

    1. DEPARTMENT OF MOTOR VEHICLES An identity thief could obtain your driver’s license and accumulate traffic tickets in your name.  They could get a DUI with your identity and not show up in court leaving you guilty and liable. 2. SOCIAL SECURITY An identity thief could use your Social Security Number for employment purposes and you wouldn’t know it until the IRS contacts you for their unpaid taxes.  There are 11 million illegal aliens in the US today.  They can buy names and SSN’s.  A thief can open a credit account or utilities, purchase a home, or start a business with your SSN without your knowledge or approval. 3. MEDICAL INFORMATION BUREAU This area of ID Theft is growing rapidly as more people are losing or are unable to afford health insurance.  An identity thief could use your personal information to obtain prescriptions or medical help which may reduce your available benefits.  A thief could get an AIDS test and the results would go on your record.  Your blood type could be changed without your knowledge, which could be life threatening in an emergency. 4. CRIMINAL IDENTITY THEFT An identity thief could use your information to escape fines or jail time.  You could find that you have a criminal record for bad checks, shoplifting, pornography or prostitution which could lead to time in jail or wrongful conviction. 5. FINANCIAL IDENTITY THEFT An identity thief could use your information to obtain money, goods or services leaving you with the bill.  They could use your Debit Card and access your bank account, purchase a cell phone or lease a car in your name and not make payments, therefore, ruining your good name and credit. 6. SYNTHETIC IDENTITY THEFT An identity thief uses a social security number, medical records, motor vehicle records, address, and other non-public information of different people to create a synthetic identity, which in turn can adversely affect all parties being victimized. “Identity theft is an undesirable situation in which you can become both a victim and a criminal at the same time without even being aware of it.”

Marc Demetriou is no salesman

If you were going to sum up Marc Demetriou’s career, it would be “Number 1 with a bullet.” Having become the top producer within a year of joining Residential Home Funding (RHF) in 2005, he has not only never looked back, he has also never taken success for granted and has continually focused on improvement. Continue reading »

Annamae Baerenbach Memorial 28th Annual Lending Conference

Join us for our 28th Annual Lending Conference. NJBankers has designed a conference that is timely, informative and intended to keep you up-to-date on the latest developments in today's residential and commercial mortgage markets. Your morning will begin with a presentation on “How to Build an Incredibly Successful Referral Based Business” by Marc Demetrion of Residential Home Funding Corp. Following the presentation will be Cynthia Palladino, of the Federal Home Loan Bank of New York, who will provide an update on First Home Club. After a break with our exhibitors, attendees will be able to choose between our morning Residential breakout session, “Social Media, Where to Put Money for Marketing” or the Commercial breakout session, “Business Development By Design vs. Default”, with Danny Wood, of Sandler Training. After the morning sessions, attendees will enjoy a Networking Reception with Exhibitors followed by our luncheon, where we will present on the Economic Outlook for 2016. Continue reading »

Home and Reverse Mortgage Educational Seminar

Hosted by Marc Demetriou, one of the most trusted and respected mortgage bankers in the state of New Jersey and #1 producer at Residential Home Funding from 2006 to 2015. On November 3rd, 2015, Marc was a Key Note Speaker at the Mastermind Summit, the #1 real estate and mortgage event in America, featuring motivational speaker Tony Robbins, Barbara Corcoran from Shark Tank and many others Continue reading »