Hi! I’m Tim Hemmen. With over 10 years mortgage experience, I provide borrowers with a complete consultation on whether a Reverse Mortgage is right for them. I can help you on your Reverse Mortgage journey.
This federally insured loan is designed to help U.S. homeowners age 62 and older with their financial needs in retirement. There are basic borrower and property eligibility requirements. You may be eligible at this time based on your present age, current rate and home value.
Eliminate a monthly principal and interest payment on an existing mortgage
Get access to the equity in your home so you can extend your savings further into retirement
Cover unexpected medical costs and family emergencies
Home improvements or home repairs (water heater, new roof, etc.)
Long term healthcare
Replace lost Social Security income when a spouse passes away
A dream vacation or motor home
Buy a second home for rental income, or a vacation home.
There are three ways to access the equity in your home:
You may select one of these pay out options, or a combination of the three. I can review these different options with you and help you decide which one is best for you.
Three steps to get through your reverse mortgage and started on retirement.
Call 916-616-8632 to learn if a reverse mortgage is right for you. You will receive a proposal based on the value of your home, the age of the youngest borrower and the prevailing interest rate.
I provide you with a list of FHA approved counselors to call and schedule an independent counseling session to be sure you understand everything about a reverse mortgage.
A loan application is completed after the counseling is done. The loan process, including appraisal, takes approximately 30-75 days depending on market conditions.
I will help you determine if you qualify for a reverse mortgage and how much money you could qualify for. Call me and see for yourself why more than a million senior homeowners have already taken advantage of this special loan designed for retirement.
My older brother lives on his own and on Social Security and needed help financially. On the plus side, he owns his home. So a friend recommended Tim for help with a reverse mortgage and we are very grateful she did! He explained the process in detail then walked my brother through everything - step by step until the reverse mortgage closed. My brother has piece of mind now. I would recommend Tim to everyone.
- Mary Jo R.
Tim was outstanding! We had many questions which all were answered and more. When the interview process was completed we understood exactly were we were with no surprises. Tim also supported us during the complete loan process to clarify or straighten out any issues that arose. Tim is a extreme professional and is very approachable, a rare pair which made the process somewhat pleasant.
- Mike E.
Tim made it easy and understandable, plus I always felt cared for. I am so grateful for the timing of my reverse mortgage. What a difference it’s making in my mental health during this pandemic.
- Robyn D.
Tim is professional and friendly. He knows his product and knows how to lead the process every step of the way. When issues arise, he is able to resolve them quickly and effectively. We would definitely recommend Tim to anyone in need of this service.
- Patti & Hal M.
Since 1988, more than a million senior homeowners across the country have used this special loan to live a better life. Like many older adults, you may have a substantial amount of wealth in your home that is not being utilized.
At no cost or obligation to you, I can show you how to put the untapped wealth in your home to work for you with an FHA government-insured Home Equity Conversion Mortgage (HECM).
To request free HECM educational materials and a free confidential consultation, please call me at 916-616-8632.
American Pacific Reverse Mortgage Group is typically in the nation’s top 20 of origination of FHA insured HECM loans. I invite you to let me personally show you first-hand why American Pacific Reverse Mortgage Group service is exceptional.
A: Pronounced (heckum). It’s a reverse mortgage that is insured by FHA. HECM is an acronym for a Home Equity Conversion Mortgage. In 1988, former U.S. President Ronald Reagan, signed the FHA bill that put HECM loans into law.
A: The Federal Housing Administration (FHA) is a United States government agency created in part by the National Housing Act of 1934. The FHA sets standards and provides insurance for loans made by banks and lenders that offer Home Equity Conversion Mortgages (HECM)
A: Simply put, home equity is your home’s fair market value less the outstanding balance of all liens on the property...e.g. If your home is worth $250,000.00 and you owe $100,000.00 on your mortgage (lien), you’d have $150,000.00 of equity.
Here’s the formula: Home Value - Liens = HOME EQUITY
A: When you take out a mortgage loan, the company lending you the money places a lien on your property to secure the debt. The owner of the property is referred to as the borrower and the lender is referred to as the lienholder.
A: To qualify as your primary residence, you must typically live in the property for at least 6 months and one day per calendar year.
A: An FHA-insured HECM is a non-recourse loan, which is beneficial for consumers. This means when the loan becomes due and payable (i.e. you move out or pass away), if the reverse mortgage balance is higher than the value of your home, neither you nor your heirs will be required to pay the difference. That’s because the FHA insurance covers the difference to pay off the lender.
I am available to answer your questions with no cost or obligation. Contact me at 916-616-8632
It’s no secret that Americans are largely unprepared for retirement. But according to some financial advisors, they could be improving their financial standing significantly by factoring in home equity into a comprehensive retirement income plan.
Reverse mortgage loans typically must be repaid either when you move out of the home or when you die. However, the loan may need to be paid back sooner if the home is no longer your principal residence, you fail to pay your property taxes or homeowners insurance, or do not keep the home in good repair.
Would the line of credit ultimately be larger if opened earlier rather than later? We can further explore this question with a more realistic example.
If you’re a senior with serious digs in places like California or the New York City area or other markets where many homeowners are house-rich and cash-poor, you might be able to secure such funds with only your home.
With coronavirus shutdowns wreaking havoc on the global economy, investment portfolios are also getting battered. The S&P 500 is down more than 10% since the start of the year.
Get more information about your reverse mortgage for you and your home.