A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM), is a home loan only for senior homeowners age 62+. It gives senior homeowners the option to have no mortgage payments entirely and to access their hard-earned home equity now, without new monthly payments.
Use a reverse mortgage to refinance a current mortgage, create a new one without a new monthly payment if you own your home free and clear, or use one to purchase a new home - even for jumbo loans for homes valued up to $10,000,000.Remain in your own home with no house payments as long as the borrower(s) or a surviving spouse lives in the home or until you sell it.
Use a reverse mortgage to refinance a current mortgage, create a new one without a new monthly payment if you own your home free and clear, or use one to purchase a new home - even for jumbo loans for homes valued up to $10,000,000.Remain in your own home with no house payments as long as the borrower(s) or a surviving spouse lives in the home or until you sell it.
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Rick is a native of Northern California and lived in Sonoma County for 33 years. The pacific northwest has always been a place he loved, especially Portland Oregon and Vancouver Washington. He is the father of 3 grown children, and enjoys being outdoors and spending quality time with family and friends.
Rick May, Reverse Mortgage Specialist at Mutual of Omaha, is dedicated to helping senior homeowners navigate the reverse mortgage process with ease and satisfaction. His goal is to help you enjoy a more comfortable retirement without monthly mortgage payments and with more money available for any purpose.
Rick will help you with the usual application and order the appraisal to determine the market value of your home. Almost any owner-occupied residence, including FHA-approved condos, as long as the owner occupies a unit. Mobile or manufactured homes not on a permanent foundation are not eligible. The loan becomes due and payable when both borrowers or a borrower and surviving spouse no longer live in the home.
A: This is without a doubt the number one misconception. No, the bank never owns your home. You remain the owner of your home and can stay as long as you wish. As the homeowner, you must continue to pay property taxes, home insurance, and continue with basic home maintenance during the loan period - that's it.
More and more mature Americans are exploring reverse mortgages these days. For homeowners ages 62 and up, a reverse mortgage can be an excellent way to improve your cash flow to help cover expenses or improve your quality of life. Over the years we have found that it's easy for people to get confused about reverse mortgages.
Reviews (7)
Bearer Is A. U. S. National & Not A. U. S. Citizen
Aug 11, 2020
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Marcie Collin
Aug 17, 2019
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Dear Rick, Thank you very much for all the help you gave me on my reverse mortgage. Your charm and optimism reassured me each step of the way and you went out of your way to make it easy for me. I have every confidence in you. You found all the best contractors for new windows, front and back porches and new car port. The painting of the whole outside of my home and cutting back of foliage has made my home safe and lovely. I love the new happy house and the new financial security I enjoy.
Thank you so much
Marcie
Thank you so much
Marcie
Robin Briskin
Jul 29, 2019
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I cannot say enough about the wonderful experience I had using Rick May to obtain my reverse mortgage. After interviewing 2 other brokers, I chose Rick who gave me the best loan option. Rick gave 150% of himself during the process of applying for and processing the loan. There were several hiccups along the way and Rick was right there, not only assuring me and reducing my stress, but went well out of his way to make sure that each issue was handled and resolved. I have never had a broker spend so much time helping out with my personal snags. Any other broker would have simply said, "oh well, looks
Patricia Canfield
Oct 26, 2018
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Rick was very dedicated to helping me do a reverse mortgage. He helped me to feel confident and comfortable and was very positive, even when we had some minor setbacks. Rick is very professional, yet easy to get to know. He explained everything very clearly and gave me copies I could refer to at any time. He was always available by telephone when we didn't have a meeting set up. He also went out of his way to accommodate meeting me when I had to be in town on other business. I highly recommend Rick May for his professionalism and ease in negotiating a reverse mortgage. I am very happy I did it
Kathy Sneed
Nov 22, 2017
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We first met Rick when my dad passed away about 4 years ago. John Sherf highly recommended him, as I needed some guidance with my dad’s Estate which involved his having a Reverse mortage for many years prior. He took time out of his day to meet with me and answer all of my question. I felt very comfortable, and was able to understand what I would need to do going forward with the options I had with his house. Flash forward to 2016 when my husband and I decided to look into aReverse mortage for ourselves, wanting the security of always having our home without the financial worries. He made
David Comfort
Aug 08, 2017
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Rex Schimmer
Jun 11, 2017
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