My name is Debora O’Dell, I have lived in Iowa all my life, with a background in
Agriculture, loan processing, Insurance and Sales. I now work for a National Lender
that offers Reverse Mortgages
I am here to help inform & educate, to share exciting news and probably some things
you didn’t realize about reverse mortgages. Because the biggest thing I am finding is
that many people just do not understand how they work. They are very exciting and
very versatile.
Today we need some good news. The economy is very difficult to deal with,
foreclosures are high, pensions, 401ks and investments are disappearing. People still
need cash for today & tomorrow. In fact in a survey taken in 2008 says the #1 concern
for seniors today is outliving their money. It’s on everybody’s minds.
Did you know Ronald Reagan first conceived the idea back in the late 80s as a way to
help seniors stay financially independent and in their own homes as long as possible?
But all in all a fairly new concept especially for the conservative Midwest. They have
become increasingly popular since 2000.
We have worked hard all our life for our homes and now they can pay us back! Before
reverse mortgages there were only 2 ways to access the equity in our homes either
sell it or take out a home equity loan, which would require enough income and good
credit scores to qualify, plus you WILL be making monthly payments. NOT the case
with a reverse mortgage.
With a Reverse mortgage it doesn’t matter how much income you have or what your
credit scores are and you do not make monthly mortgage payments. There is no other
product on the market today that can do what it can do.
You must be at least 62 and have enough equity in the home to make the process work
A reverse mortgage will allow a senior to tap into a large portion of their homes equity
but not all of it. This is what most people don’t realize. There remains unused equity.
So what happens to the rest of the equity? It still belongs to the home owner. This
means in many cases there will still be some left for the heirs too. Plus the senior
continues to own the home, retains title to that home
You probably heard that there are fees involved and it can be costly to get into a
reverse mortgage, but did you know it costs less to access a reverse mortgage than to
sell a home and the fees can be rolled into the loan. There are no out of pocket
expenses. [In Iowa this is true because there is still free HUD counceling]
The loan becomes due when a person moves, sells, or passes away, only the amount
used plus interest is owed. Interest on a reverse mtg runs about 3% currently
depending on they type you chose.
So a person will not have to worry about loosing their home because no monthly
payments are involved.
Did you know that these reverse mortgages are FHA insured loans and come with
many consumer protections?
Such as:
A: One can never owe more than the home is worth no matter how much comes in
through a reverse mortgage. If the home depreciates in a bad market same thing holds
true, you cannot owe more than the current market value of that home.
B. These are non-recourse loans, so if they go into an overage the house is the cap,
the excess can never come back on your children, your estate or you’re other assets
FHA guarantees it.
C. Third party counseling through a HUD agency is required as a protection to make
sure the senior understand the product.
I am here to tell you about the seniors I have personally worked with right here in our
area, different people with different reasons and how their lives changed and met their
goals with out ever making a payment.
1.Helen, is 89, widowed, lives in my hometown and still rides a bike to get around town[
well its a trike], and she very involved in church and community she volunteers for
everything, she is living on Social Security, lives in a large,well kept 4 bedroom, 2 bath
home appraised at $83,000 where she raised all 7 of her children, who that agreed a
reverse mortgage was a good idea for her.
Her home equity conversion mortgage allowed her over $60,000 in tax free income, she
had options on how to receive the money, lump sum, monthly payments for life, or put
the money in line of credit that she can access at any time but will pay no interest until
she uses it, in fact it has a growth rate for her at .5% above the current interest rate.
Helen took out some money at closing and put the rest in that line of credit until she
was ready to use it, and she is not required to make monthly payments. She wants to
travel, there are a few places she has not seen yet, she tells me.
2. Joy & Lawrence both work and Joy is the president of the Area Agency on Aging for
her county. Both in their sixties and a home valued at 55K they were wanting to do a
costly bathroom remodel but really did not have room for another payment. They were
able to access just under 21K for the home modification.
So they are enjoying a new bathroom without worrying about another payment. In fact
they paid off a few bills and got rid of some payments All the while they are increasing
their homes value which will help them if they ever do sell it and move to the Ozarks.
3. Wendell & Leota both 82
Wendell lost his position as an Insurance agent and lost some residuals that he
normally gets in the spring to pay his taxes. He was worried about a tax sale.
So they had been trying to sell the house in a very bad market with no luck.
They live in Small town IA where home values have decreased some and its hard to
sell a home since its is a small rural town without much to draw people there to buy the
homes. Their
80k home gave them a $52,000 safety net and they can stay in their home as long as
they want to now ,and not worry about loosing it. Because they are not required to
make monthly mtg payments.
Did you know that in a normal market your home on average will almost double in value
every 10 years? Now it depends where you live and what the market is doing.
But today they say we are in a recession with fears of a depression. Wendell was
worried about the home values dropping where he lives.
Wendell and Leota locked in the current value with a reverse mortgage. And received
the most they can receive today through a reverse mortgage, not waiting for it to
possibly drop further.
And if the home appreciates, he can always refinance his reverse mortgage later for
more cash should he need or want to, at that time his home would be worth more and
they will be older, the older a person is the more cash they are eligible to receive.
4. Kate 75 in Northern Iowa, had been taking care of her husband at home for years
and finally had to put him in a nursing home, that cost and medical bills ate up
everything they had. And social security just wasn’t enough. But she still had her home
worth 95K, which through a reverse mortgage gave her around $60,000 in tax free
income to work with, greatly increasing her quality of life. It was Kate's sons who had
encouraged her to look into this a reverse mortgage. She still volunteers at the nursing
home even though her husband is gone now.
5. Mary, 82 a widow living in Omaha. Mary fell and broke three ribs winter of 07. At
that time she decided she needed a Reverse Mortgage so she could pay for in home
care and be able to stay in her own home as long as possible.
She does have 3 children in the area busy with jobs and she didn't want to burden them.
Where else can some like Mary a retired Telephone company worker, come up with
over 90K in tax free income [ her 124K home made that possible] Mary says she feels
a sense of security now. And she is even helping her grandson start a new business!
6. Ed & Marcie both in their mid sixties Bellevue NE, 128K home. Ed works 2 jobs They
had only one more mortgage payment to go, but they had one big problem, $60,000
in home equity loans @ 11% interest OUCH!
Ed holds 2 jobs.
We paid off those loans; they had $18.000 left over, they put in all new energy efficient
windows that Marcie has been wanting. And for the first time Ed feels like he could
retire. Some very happy homeowners.
7. Dale & Delores both mid sixties 165K home in Blair NE completely paid off. Delores
still baby-sits and Dale and master electrician still works some too.
They were able to access around 95K to put an entire new addition on the home
They also own two rental properties in town so if they ever sell those they might pay off
their Reverse Mortgage at that time if they want to with no penalty. But for now their
goal is achieved without any monthly payments
8. Gary & Donna, mid sixties, 250K home in Omaha. 111K left to go on mtg. We paid
off that existing mtg, they have 18K left over and we just eliminated over $1000 per
month in monthly payments for them, plus thousands$ in future interest.
At the closing Donna turns to me and says ‘’ On TV they make it sound like these loans
are just for the needy, WE FEEL LIKE WE ARE BEING SMART WITH OUR MONEY’’
we have other uses for it.
We did the same thing for a 65 year old who has been in the mortgage and banking
business for 37 years but for him we eliminated over 1600$ in monthly payments and
20 years of future interest on that loan.
We also closed a loan in Ottumwa IA, where the gentleman had a Corvette in the
garage and a owned a cabin on the river. He just wanted to get rid of his monthly
mortgage payments to create more cash flow.
9. Josephine, age 70 near Waterloo has helped her kids and grand kids all her life,
most of the time without repayment, she told me the money from the reverse mortgage
is for her. It’s her turn now!
10. A Reverse mortgage can even rescue those headed for foreclosure. This one I was
not personally involved with but its certainly worth sharing. A couple in Chicago had
lived in their 500K home 52 years, they still owed 155K, but with the rising cost of living
and not enough income they developed bad credit. They were within 2 days of
foreclosure when there bank executive contacted a reverse mortgage professional in
the area. We attained a 30 day extension paid off their loan plus they had 80K left over
for themselves. A very happy ending for that senior couple.
11. A widow in Nebraska had her furnace go out in November 08, she had been using
credit cards to survive and the banker who referred her could not loan anymore on
unsecured loans. She was at her breaking point. The Banker agreed to loan the money
on the basis that time was of the essence for that furnace installation. Once her
Reverse Mtg was completed her unsecured loans to the bank were paid and she had a
line of credit to draw from now for expenses.
12. A Widower in Dunlap IA, was having trouble making ends meet, his two daughters
had been helping him on a monthly basis, he considered a home equity loan, but
decided that the payments would be too much. So he heard me speak at the area
senior center meal site and learned that through a fixed rate reverse mtg we where
able to eliminate his current monthly mortgage payments all together. He still owed
$51,000 on a $76,000 home, he just barely sqeaked by, we had enough to pay off his
current mortgage
13. After being invited to speak at the Optimist Club in Red Oak IA, a couple in their
eighties asked me to come talk to them and their son, they had been watching their
investments disappearing as the economy worsened and chose access the equity in
their home as an alternate form of income.
Through the FHA modernization bill, the Reverse Mortgage Purchase Option has been
introduced as of January 2009, so now for the first time a senior can look at a home
they would like to purchase and go to closing with reverse mtg income and walk out
with no monthly payments! This is great especially if a person wants to relocate or
downsize to a town home, condo or a single story.
Example of how this might work:
My home sells for $100,000. I will take a portion of that sale income and purchase
another home and pocket the rest. The Reverse Mortgage picks up half or more of the
cost of the new home depending on my age. Remember the older one is the more a
reverse mortgage applies toward the new home. And again walk out of the closing with
no monthly mortgage payments!
FHA passed a higher lending limit on reverse mtg as well [ up to 625,000 now ] as of
February 2009.
The overseer of the National Council on Aging Barbara Stuckey is quoted saying ‘’ we
are telling older Americans everywhere that one of the nest eggs, besides pensions
and 401ks is the nest itself!’’
Also the former US Sec of HUD Jack Kemp, was a strong believer in the concept. ‘’ it
will allow more seniors stay in their own homes longer and live more comfortably’’
I hope this has helped you understand what these loans can accomplish, please let me
know if you would like further information, I work from an office in my home so I travel
to meet you in your own home or visit over the phone , for convenience, you will not
have to travel to meet with me. Call or email me for a free DVD.
Debora O'Dell, Licensed
Reverse Mortgage Consultant
Serving IA, NE & MO
800-894-9166 or 515-770-8060
Agriculture, loan processing, Insurance and Sales. I now work for a National Lender
that offers Reverse Mortgages
I am here to help inform & educate, to share exciting news and probably some things
you didn’t realize about reverse mortgages. Because the biggest thing I am finding is
that many people just do not understand how they work. They are very exciting and
very versatile.
Today we need some good news. The economy is very difficult to deal with,
foreclosures are high, pensions, 401ks and investments are disappearing. People still
need cash for today & tomorrow. In fact in a survey taken in 2008 says the #1 concern
for seniors today is outliving their money. It’s on everybody’s minds.
Did you know Ronald Reagan first conceived the idea back in the late 80s as a way to
help seniors stay financially independent and in their own homes as long as possible?
But all in all a fairly new concept especially for the conservative Midwest. They have
become increasingly popular since 2000.
We have worked hard all our life for our homes and now they can pay us back! Before
reverse mortgages there were only 2 ways to access the equity in our homes either
sell it or take out a home equity loan, which would require enough income and good
credit scores to qualify, plus you WILL be making monthly payments. NOT the case
with a reverse mortgage.
With a Reverse mortgage it doesn’t matter how much income you have or what your
credit scores are and you do not make monthly mortgage payments. There is no other
product on the market today that can do what it can do.
You must be at least 62 and have enough equity in the home to make the process work
A reverse mortgage will allow a senior to tap into a large portion of their homes equity
but not all of it. This is what most people don’t realize. There remains unused equity.
So what happens to the rest of the equity? It still belongs to the home owner. This
means in many cases there will still be some left for the heirs too. Plus the senior
continues to own the home, retains title to that home
You probably heard that there are fees involved and it can be costly to get into a
reverse mortgage, but did you know it costs less to access a reverse mortgage than to
sell a home and the fees can be rolled into the loan. There are no out of pocket
expenses. [In Iowa this is true because there is still free HUD counceling]
The loan becomes due when a person moves, sells, or passes away, only the amount
used plus interest is owed. Interest on a reverse mtg runs about 3% currently
depending on they type you chose.
So a person will not have to worry about loosing their home because no monthly
payments are involved.
Did you know that these reverse mortgages are FHA insured loans and come with
many consumer protections?
Such as:
A: One can never owe more than the home is worth no matter how much comes in
through a reverse mortgage. If the home depreciates in a bad market same thing holds
true, you cannot owe more than the current market value of that home.
B. These are non-recourse loans, so if they go into an overage the house is the cap,
the excess can never come back on your children, your estate or you’re other assets
FHA guarantees it.
C. Third party counseling through a HUD agency is required as a protection to make
sure the senior understand the product.
I am here to tell you about the seniors I have personally worked with right here in our
area, different people with different reasons and how their lives changed and met their
goals with out ever making a payment.
1.Helen, is 89, widowed, lives in my hometown and still rides a bike to get around town[
well its a trike], and she very involved in church and community she volunteers for
everything, she is living on Social Security, lives in a large,well kept 4 bedroom, 2 bath
home appraised at $83,000 where she raised all 7 of her children, who that agreed a
reverse mortgage was a good idea for her.
Her home equity conversion mortgage allowed her over $60,000 in tax free income, she
had options on how to receive the money, lump sum, monthly payments for life, or put
the money in line of credit that she can access at any time but will pay no interest until
she uses it, in fact it has a growth rate for her at .5% above the current interest rate.
Helen took out some money at closing and put the rest in that line of credit until she
was ready to use it, and she is not required to make monthly payments. She wants to
travel, there are a few places she has not seen yet, she tells me.
2. Joy & Lawrence both work and Joy is the president of the Area Agency on Aging for
her county. Both in their sixties and a home valued at 55K they were wanting to do a
costly bathroom remodel but really did not have room for another payment. They were
able to access just under 21K for the home modification.
So they are enjoying a new bathroom without worrying about another payment. In fact
they paid off a few bills and got rid of some payments All the while they are increasing
their homes value which will help them if they ever do sell it and move to the Ozarks.
3. Wendell & Leota both 82
Wendell lost his position as an Insurance agent and lost some residuals that he
normally gets in the spring to pay his taxes. He was worried about a tax sale.
So they had been trying to sell the house in a very bad market with no luck.
They live in Small town IA where home values have decreased some and its hard to
sell a home since its is a small rural town without much to draw people there to buy the
homes. Their
80k home gave them a $52,000 safety net and they can stay in their home as long as
they want to now ,and not worry about loosing it. Because they are not required to
make monthly mtg payments.
Did you know that in a normal market your home on average will almost double in value
every 10 years? Now it depends where you live and what the market is doing.
But today they say we are in a recession with fears of a depression. Wendell was
worried about the home values dropping where he lives.
Wendell and Leota locked in the current value with a reverse mortgage. And received
the most they can receive today through a reverse mortgage, not waiting for it to
possibly drop further.
And if the home appreciates, he can always refinance his reverse mortgage later for
more cash should he need or want to, at that time his home would be worth more and
they will be older, the older a person is the more cash they are eligible to receive.
4. Kate 75 in Northern Iowa, had been taking care of her husband at home for years
and finally had to put him in a nursing home, that cost and medical bills ate up
everything they had. And social security just wasn’t enough. But she still had her home
worth 95K, which through a reverse mortgage gave her around $60,000 in tax free
income to work with, greatly increasing her quality of life. It was Kate's sons who had
encouraged her to look into this a reverse mortgage. She still volunteers at the nursing
home even though her husband is gone now.
5. Mary, 82 a widow living in Omaha. Mary fell and broke three ribs winter of 07. At
that time she decided she needed a Reverse Mortgage so she could pay for in home
care and be able to stay in her own home as long as possible.
She does have 3 children in the area busy with jobs and she didn't want to burden them.
Where else can some like Mary a retired Telephone company worker, come up with
over 90K in tax free income [ her 124K home made that possible] Mary says she feels
a sense of security now. And she is even helping her grandson start a new business!
6. Ed & Marcie both in their mid sixties Bellevue NE, 128K home. Ed works 2 jobs They
had only one more mortgage payment to go, but they had one big problem, $60,000
in home equity loans @ 11% interest OUCH!
Ed holds 2 jobs.
We paid off those loans; they had $18.000 left over, they put in all new energy efficient
windows that Marcie has been wanting. And for the first time Ed feels like he could
retire. Some very happy homeowners.
7. Dale & Delores both mid sixties 165K home in Blair NE completely paid off. Delores
still baby-sits and Dale and master electrician still works some too.
They were able to access around 95K to put an entire new addition on the home
They also own two rental properties in town so if they ever sell those they might pay off
their Reverse Mortgage at that time if they want to with no penalty. But for now their
goal is achieved without any monthly payments
8. Gary & Donna, mid sixties, 250K home in Omaha. 111K left to go on mtg. We paid
off that existing mtg, they have 18K left over and we just eliminated over $1000 per
month in monthly payments for them, plus thousands$ in future interest.
At the closing Donna turns to me and says ‘’ On TV they make it sound like these loans
are just for the needy, WE FEEL LIKE WE ARE BEING SMART WITH OUR MONEY’’
we have other uses for it.
We did the same thing for a 65 year old who has been in the mortgage and banking
business for 37 years but for him we eliminated over 1600$ in monthly payments and
20 years of future interest on that loan.
We also closed a loan in Ottumwa IA, where the gentleman had a Corvette in the
garage and a owned a cabin on the river. He just wanted to get rid of his monthly
mortgage payments to create more cash flow.
9. Josephine, age 70 near Waterloo has helped her kids and grand kids all her life,
most of the time without repayment, she told me the money from the reverse mortgage
is for her. It’s her turn now!
10. A Reverse mortgage can even rescue those headed for foreclosure. This one I was
not personally involved with but its certainly worth sharing. A couple in Chicago had
lived in their 500K home 52 years, they still owed 155K, but with the rising cost of living
and not enough income they developed bad credit. They were within 2 days of
foreclosure when there bank executive contacted a reverse mortgage professional in
the area. We attained a 30 day extension paid off their loan plus they had 80K left over
for themselves. A very happy ending for that senior couple.
11. A widow in Nebraska had her furnace go out in November 08, she had been using
credit cards to survive and the banker who referred her could not loan anymore on
unsecured loans. She was at her breaking point. The Banker agreed to loan the money
on the basis that time was of the essence for that furnace installation. Once her
Reverse Mtg was completed her unsecured loans to the bank were paid and she had a
line of credit to draw from now for expenses.
12. A Widower in Dunlap IA, was having trouble making ends meet, his two daughters
had been helping him on a monthly basis, he considered a home equity loan, but
decided that the payments would be too much. So he heard me speak at the area
senior center meal site and learned that through a fixed rate reverse mtg we where
able to eliminate his current monthly mortgage payments all together. He still owed
$51,000 on a $76,000 home, he just barely sqeaked by, we had enough to pay off his
current mortgage
13. After being invited to speak at the Optimist Club in Red Oak IA, a couple in their
eighties asked me to come talk to them and their son, they had been watching their
investments disappearing as the economy worsened and chose access the equity in
their home as an alternate form of income.
Through the FHA modernization bill, the Reverse Mortgage Purchase Option has been
introduced as of January 2009, so now for the first time a senior can look at a home
they would like to purchase and go to closing with reverse mtg income and walk out
with no monthly payments! This is great especially if a person wants to relocate or
downsize to a town home, condo or a single story.
Example of how this might work:
My home sells for $100,000. I will take a portion of that sale income and purchase
another home and pocket the rest. The Reverse Mortgage picks up half or more of the
cost of the new home depending on my age. Remember the older one is the more a
reverse mortgage applies toward the new home. And again walk out of the closing with
no monthly mortgage payments!
FHA passed a higher lending limit on reverse mtg as well [ up to 625,000 now ] as of
February 2009.
The overseer of the National Council on Aging Barbara Stuckey is quoted saying ‘’ we
are telling older Americans everywhere that one of the nest eggs, besides pensions
and 401ks is the nest itself!’’
Also the former US Sec of HUD Jack Kemp, was a strong believer in the concept. ‘’ it
will allow more seniors stay in their own homes longer and live more comfortably’’
I hope this has helped you understand what these loans can accomplish, please let me
know if you would like further information, I work from an office in my home so I travel
to meet you in your own home or visit over the phone , for convenience, you will not
have to travel to meet with me. Call or email me for a free DVD.
Debora O'Dell, Licensed
Reverse Mortgage Consultant
Serving IA, NE & MO
800-894-9166 or 515-770-8060
Good News for Senior Homeowners
*New examples of seniors enjoying the benefits of Reverse Mortgage*
*New examples of seniors enjoying the benefits of Reverse Mortgage*
Examples of seniors here in Midwest
No Income or credit qualifications and no monthly mortgage payments
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