Justin Perry's Mortgage Blog

I recently met with a family that was suggesting a reverse mortgage to their parents.  This is actually how most reverse mortgages start,  with the kids.  Both of the parents had part time jobs and were "semi-retired."  It wasn't that they didn't want to fully retire, it was that they financially couldn't fully retire.

They knew exactly how much their fixed income was going to be and they also knew what their bills and expenses would be and the numbers didn't work.  So they had two options:

A) Continue working part time jobs to help cover expenses.

B) Fully retire and have their children help them pay the bills.

We were able to offer them another option.

C) Take out a reverse mortgage that gives them enough money each month to cover their property taxes and insurance.  And also $35,000 up front to pay for the remodeling they have always dreamed of doing. 

The downside to the children is that when they do inherit the home it will have less equity in it, but they can sell it and get all the remaining proceeds.  The upside is that they can watch their parents live the retirement they have always looked forward to, without feeling the financial pressure of paying their bills.

Do you know someone or have a family member who is on a fixed income and has trouble paying their bills or would like to improve their quality of life? 

Maybe you know someone who is 62 years of age or older and is well off financially but wants to give a large gift to a family member so they can buy a home or improve their life.

If you or someone you know wants to learn more about reverse mortgages please e-mail or call me and I will set you up with a free consultation with a reverse mortgage expert.

This is a press release recently published by First Call Mortgage Company.  This was sent to all NH news publications, but the program is being offered to all homeowners in New England and Florida. 

Wednesday, November 21, 2007- Local lender First Call Mortgage Company this month launched its “Home Owner Protection Campaign” to help the thousands of local residents saddled with high-risk adjustable-rate mortgages.

First Call Mortgage, with a branch office located in downtown Portsmouth, has already helped many New Hampshire home owners escape high-risk mortgages before their rate adjusts and monthly payment skyrockets.

“First Call has always believed that our clients deserve stable and low-risk solutions for their home loan needs. The sub-prime, adjustable-rate mortgages that have caused so many problems lately have always been a last resort here at First Call. We believe strongly that helping our clients attain stable and secure financial footing is good not only for them and their families, but for the greater community as well.”

First Call’s “Home Owner Protection Campaign” recognizes that fallout from risky home loans will continue to be a problem facing countless local home owners. The Federal Reserve Bank estimates that the interest rate on another 2.2 million mortgages nationwide will adjust over the next 18 months.

“We are excited to help home owners stay in their homes that they have worked so hard to obtain." “We are providing free mortgage reviews for home owners who want to make sure they have the right home loan. We’re also helping home owners learn more about proven fixed-rate home loans like FHA products offered by the Federal Housing Administration, which is becoming a popular solution to subprime mortgage problems.”

For a free in home review of your current mortgage, please call 603-766-4940 and ask to speak to Justin Perry.

First Call Mortgage Company is a full-service mortgage company with experienced professionals, competitive rates and numerous programs to suit any borrower’s needs. First Call’s specialty is to not only find the most appropriate mortgage program for their needs, but to provide exceptional service by educating customers about what to expect from every step of the loan process.

For more information contact First Call Mortgage at (603) 766-4940 or visit First Call on-line at www.ftmc.net.

Licensed by the New Hampshire Banking Department

MA license MC3198,

Maine License number CSO5709