As an experienced mortgage broker with over two decades in the field, Jeff Foody is committed to educating individuals about the myriad of benefits of reverse mortgages. These reverse mortgage changes have brought about additional advantages for those who opt for reverse mortgages. Since August 2014, couples selecting reverse mortgages are no longer required to be both 62 or older to enjoy the benefits.

Previously, this rule created complications for families and contributed to negative perceptions about reverse mortgages. For instance, in cases where one partner was 62 and the other younger, the surviving spouse might face repayment or even the loss of their home upon the passing of their partner. “While it affected a small percentage, those were the stories that grabbed headlines,” Foody noted.

Reverse Mortgage Changes Cast the Program in a More Positive Light

Fortunately, this rule has been eliminated, allowing surviving spouses to retain home ownership regardless of age. This change has helped eliminate a negative perception associated with the program. “These kinds of reverse mortgage changes make the program safer for the clients” explains Foody.

Despite these changes, many people still lack the necessary information about reverse mortgages, leading to lingering negative stigmas. “There remains a significant negative stigma,” Foody emphasized.

Meanwhile, statistics reveal that a majority of individuals aged 54-64 have less than $15,000 invested in 401K retirement plans. Recognizing this need, both Foody and the Department of Housing and Urban Development (HUD) emphasize the importance of educating older adults about reverse mortgage changes. “HUD acknowledges the necessity of reverse mortgages for Baby Boomers entering retirement,” Jeff stated. That’s why Foody and his Northwest Reverse Mortgage team specialize in understanding this type of loan and its evolving landscape. Unlike other companies, Northwest Reverse Mortgage exclusively focuses on reverse mortgages, making them true experts in the field.

The Growing Need For Retirement Funding For Baby Boomers

Foody’s dedication to reverse mortgages began over 2 decades ago when he recognized the growing need for retirement security among Baby Boomers. In 2019, he became the proud owner of Northwest Reverse Mortgage, earning a reputation as a “reverse mortgage evangelist.” Foody and his team prioritize simplifying loan information in a way that’s understandable to everyone, focusing on the benefits and the positive impact of having a reverse mortgage on one’s lifestyle. Foody continues, “There have been many reverse mortgage changes over the years and people should take advantage of any opportunity this FHA program may give them.”

HECM reverse mortgages are available to homeowners and home shoppers aged 62 or older, allowing them to convert a predetermined portion of their home equity into cash. Rather than making monthly payments, as with traditional mortgages, reverse mortgage lenders pay borrowers. The borrower only repays the loan when the home is sold or vacated. “My primary role is education,” Foody emphasized. “Reverse mortgages are gaining mainstream recognition, and people are intrigued by the potential benefits. However, lingering negative perceptions still lead to hesitation and uncertainty; it’s imperative we get the information about all the reverse mortgage changes into people’s hands.”

Jeff remains committed to spreading the word about reverse mortgages. “Seniors need greater financial stability in retirement, and reverse mortgages are a valuable tool for many – whether they want to age in place or purchase a new home. Eliminating monthly mortgage payments during retirement can be truly transformative.”

“We’re dedicated to providing information that guides individuals toward a more secure future. We’re not about pushing people through the door,” Jeff explained. “The right fit matters and that’s why education is paramount. Misinformation persists, so choosing someone experienced and knowledgeable about this specialized program is crucial.”

Foody emphasizes that, for many of his clients, a reverse mortgage is their final loan, which he takes seriously. His goal is to enhance lives for the long term. “Think of a reverse mortgage as a significant part of your long-term care policy,” he advises.

Curious about whether a reverse mortgage might work for you? Whether you’re considering staying in your current home or purchasing a new one, contact Jeff Foody today for a no-obligation loan snapshot.