Family and Advisors – You Can Help Make Their Retirement Wish A Reality…

Get involved early in the decision process, so that you and the senior homeowner can be educated together. Our goal at First National Bank is to work closely with family, caregivers and advisors to ensure that you reach the best solution for your given situation.

AARP lobbied congress for 8 years to develop a Federally Insured Program. The HUD Federally Insured Reverse Mortgage or HECM (Home Equity Conversion Mortgage) allows senior homeowners with an option to utilize the equity in the home tax free.

In 2008 The Federal House Administration approved 115,176 loans. The demand for the Federally Insured Reverse Mortgage continues to climb. As the credit crisis has worsened, more seniors have turned to the Federally Insured Reverse Mortgage to tap home equity and, in some cases, to prevent foreclosures.

Unlike a home-equity line of credit, consumers don’t need to have income or high credit scores to apply. They must own all or almost all of their home. The amount of money from the reverse mortgage depends on the person’s age and appraised value.

Some seniors won’t even consider the HUD Federally Insured Reverse Mortgage as an option because they are so worried about leaving an inheritance for their children. As a family member, you should know that the home/title on home will also remain in the senior homeowners name and that the home continues to accrue equity. If children urge their parents not to worry about inheritance issues, they often begin to explore the possibilities.

Mandatory counseling is required through HUD/FHA for the protection of the senior before applying for the loan. We strongly encourage family members to also participate in the counseling, so that they can discuss the process with the senior homeowner.

At First National Bank we are dedicated to educating the senior and all of those that provide services to the senior audience with the facts regarding the HUD Federally Insured Reverse Mortgage. We have developed the HECM Education Outreach Program and present it to professionals and seniors directly here in the Tampa Bay market. The First National Bank HECM Education Outreach Program is our commitment to the senior that the facts of the program are understood and used to improve the quality of their life.