Homeowners age 62 and older who want to access the equity they’ve built in their homes to pay for senior care or other post-retirement expenses reverse-mortgage seekers who want to work with a VA- and FHA-approved lender homeowners who thoroughly understand the details and responsibilities of a reverse mortgage. Borrowers may be able to roll some of these costs into the loan. For reference, the government’s outline of HECM costs includes upfront and yearly mortgage insurance premiums, an origination fee up to $6,000 paid to the lender, a monthly servicing fee of up to $35 paid to the lender, and 3 rd -party costs related to loan approval such as title searches, taxes, appraisal costs, and property inspections. There are several fees that will vary based on the loan amount and type. HECM rules dictate that the homeowner/borrower must stay current on property taxes, insurance, and home maintenance in order to stay in the home after the loan is made. Reverse mortgage income doesn’t usually affect Social Security benefits or Medicare coverage, but it’s a good idea to verify that before taking out a loan. Regardless of lender, the money received from a reverse mortgage may affect the homeowner’s eligibility for income-based programs such as Medicaid review your state’s policies and your personal situation carefully before making a borrowing decision. You can check the company’s licensing map here for the latest updates on states RFS serves and those were the company is not yet licensed. RFS services are not yet available in all states. RFS’ parent company, Synergy One Lending, has an A+ rating with the Better Business Bureau and has been BBB-accredited since March 2015. Retirement Funding Solutions offers several calculators on its web site to help prospective borrowers figure out how much money they might receive from a reverse-mortgage loan, how such a loan can affect the borrower’s long-term financial outlook, and how much money they might receive through an HECM for Purchase loan to buy a smaller house.īecause RFS is a division of an FHA-approved lender, the company is authorized to offer FHA Home Equity Conversion Mortgage loans these loans require prospective borrowers to meet with a counselor to fully explain the program and its requirements. We’d love to hear from you! Share your opinion by writing a review. Here’s our review of Retirement Funding Solutions. The company launched its HECM offerings in early 2015 as a division of mortgage-lender Synergy One. Retirement Funding Solutions (is a San Diego-based lender currently licensed to offer reverse mortgage loans in 39 states. For seniors who own their homes outright or have paid off most of their mortgage, a home equity conversion mortgage (HECM) or “ reverse mortgage,” can free up equity to pay for post-retirement expenses, including using the proceeds to purchase a downsized home or to buy into a retirement community. Synergy One Lending also does business as Mutual of Omaha Mortgage.It’s no secret that most Americans don’t save enough to fully cover retirement expenses, but many of us have equity in our homes. The Firm is strategically built to support and grow both distributed retail and consumer direct channels, while operating under the brand Retirement Funding Solutions for its reverse mortgage lending activities. ![]() Ī wholly owned subsidiary of Mutual of Omaha Bank, Synergy One Lending is an agency approved Seller/Servicer, licensed to conduct mortgage origination activities in 48 states. Over the next few years, RFS and by extension its parent company, Synergy One Lending worked aggressively to become a top 10 lender in the reverse mortgage. If you're looking for opportunities to learn more about the power behind Synergy's value proposition, please contact Synergy's EVP, National Head of Production, Aaron Nemec at (208) 794-7786 or. ![]() Synergy is one of the fastest growing mortgage lenders in the country. At Synergy, Abraham will oversee national operations, which include processing, underwriting, closing/funding, appraisal and disclosure desk, among other responsibilities. Abraham most recently served as SVP, National Operations for Academy Mortgage Corporation where she oversaw operations in 14 regions consisting of more than 400 employees supporting annual production exceeding 40,000 loans per year. 8, 2019 /PRNewswire/ - Nicole Abraham has joined Synergy One Lending, a Mutual of Omaha Bank company ("Synergy") as EVP, National Operations over the forward distributed retail division.
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