Reverse Mortgages are an excellent way to access the equity in your home to pay off your existing mortgage and enjoy financial stability for your retirement years. You can use your proceeds for anything you want to; home improvements, pay bills, reduce debt or buy gifts for grand children.
With a reverse mortgage, you continue to own your home, with no monthly payments. This program, guaranteed by the Federal Housing Administration and funded by Fanny Mae, is a safe solution for your needs. With this FHA regulated program you are required to receive free independent counseling and provide a certificate of completion for your approved mortgage lender.
Frequently Asked Questions:
Q: What happens to my house when I pass away?
A: If your spouse is listed on the title to your home, he/she can continue to reside in the home and receive the benefits of the reverse mortgage. If you do not have a surviving spouse, all equity remaining in the home will pass to your heirs. Your heirs can choose to sell the house or keep the home and apply for a traditional mortgage to finance the outstanding balance. The lender will work with your heirs to help them decide how to proceed.
Q: Will I continue to own my home?
A: Yes. You still own your home since you retain the title. Like conventional mortgages, as long as you continue to live in your home, keep up repairs, pay property taxes and maintain homeowner's insurance, you can stay in your home as long as you choose.
Q: Do I need to make any ongoing payments?
A: No. Unlike traditional mortgages or home equity lines of credit, you do not need to make mortgage payments.
Q: What are my-of-pocket expenses associated with applying for a reverse mortgage?
A: Absolutely none! All closing costs can be financed with the proceeds from the reverse mortgage.
Q: Are there any income requirements?
A: No, unlike a home equity line of credit, there are no income requirements. Credit is not an issue either. The only financially related requirement is that you cannot owe the federal government money. Otherwise, the mortgage is based on the equity in your home and your age.
Q: Do I lose any of my federal benefits by selecting a reverse mortgage?
A: Social Security and Medicare benefits are not affected. Supplemental Security Income (SSI) and Medicaid are not affected either, as long as all monthly advances are fully spent each month. Financial Freedom Senior Funding Corporation is happy to assist you in selecting the plan that will work best for your financial needs.
Q: Can I pay back the equity I've borrowed?
A: Yes. At any time you choose to increase the equity in your home, you can do so by paying all or a portion of your reverse mortgage.
Ted Lewicki, president of Pillar Mortgage Corporation, specializes in reverse mortgages and financial planning for seniors. Ted offers a unique plan called the senior care package which includes financial planning for long-term care. Find out more and fill out a preliminary reverse mortgage application at http://www.pillarmortgage.com/
Contact:
Ted Lewicki
Pillar Financial Corporation
3129 Dixie Hwy
Waterford, MI 48328
Phone: 248-674-8171
Email: tlewicki@pillarmortgage.com
Website: http://www.pillarmortgage.com/
Servicing: Oakland County, Addison Township, Auburn Hills, Berkley, Beverly Hills, Bingham Farms, Birmingham, Bloomfield Township, Clawson, Commerce Township, Farmington, Farmington Hills, Ferndale, Franklin, Hazel Park, Highland Township, Holly, Holly Township, Huntington Woods, Independence Township, Keego Harbor, Lathrup Village, Lyon Township, Madison Heights, Milford, Milford Township, Northville, Novi, Oak Park, Oakland Township, Orchard Lake, Orion Township, Oxford Township, Pleasant Ridge, Pontiac, Rochester, Rochester Hills, Royal Oak,
Southfield, South Lyon, Troy, Walled Lake, Waterford Township, West Bloomfield Township, White Lake Township, Wixom
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Waterford, MI-Ted Lewicki recently attended a meeting to discuss options for distressed homeowners in foreclosure or pre-foreclosure. He talked about one of his recent customers, a senior living on a very limited income, where her mortgage payment took a big chunk of her monthly income. "Seniors who are 62 and over, and have equity in their homes, can qualify for a reverse mortgage, to pay off the debt," Ted explained. "With a reverse mortgage, they don't have a monthly mortgage payment and the debt is not due until they pass away or move out of the home."
Ted went on to explain further details of the reverse mortgage, where the senior owns the home, with no mortgage payment. They do have to maintain adequate insurance on the home and pay the property taxes. They are also responsible for the upkeep of the home. The reverse mortgage amount one can receive is based on the equity in the home and the age of the senior.
Credit is not an issue; however, the senior cannot qualify if they owe the federal government money, unless the proceeds pay off the debt. This was the case with a recent client. "She owed the IRS in the neighborhood of $30,000," said Lewicki. "I reviewed her financial situation and was able to get her qualified for a reverse mortgage allowing her to pay off the mortgage to her existing lender and $5,000 to the IRS. After some negotiation, the IRS accepted a reduced payoff of $5,000.
My client can live in her home for the rest of her life, with no mortgage payments and no outstanding $30,000 debt to the IRS. She has peace of mind now; she can enjoy retirement, spend time with family and loved ones and have some financial stability," Ted concluded.
As the meeting concluded, Ralph Maupin, of the National Real Estate Network, stood up and presented Ted Lewicki with a Certificate of Appreciation, from a local group of homeowners who were able to keep their homes, thanks to Ted. Ted graciously accepted and said, "During these tough times and alarmingly high foreclosures, I find it very rewarding to be able to help people keep their homes, while negotiating a win-win solution for all parties involved, including the lenders and other debtors who hold liens on the property."
Ted Lewicki of Pillar Financial Corporation, offers a variety of unique financial packages for consumers with special individual needs, including a senior care package, family care package, reverse mortgages, conventional mortgages and more. With over 20 years in the mortgage business, Ted has been a member of the Better Business Bureau, with no reported complaints. "I have built my reputation on honesty and trust - backed by sincerity, dedication, and plain old hard work. I would be happy to help you define and achieve your financial goals," says Lewicki. For Mortgage and financial needs: http://www.pillarmortgage.com/
Contact:
Ted Lewicki
Pillar Financial Corporation
3129 Dixie Hwy
Waterford, MI 48328
Phone: 248-674-8171
Email: tlewicki@pillarmortgage.com
Website: http://www.pillarmortgage.com/
Servicing: Oakland County, Addison Township, Auburn Hills, Berkley, Beverly Hills, Bingham Farms, Birmingham, Bloomfield Township, Clawson, Commerce Township, Farmington, Farmington Hills, Ferndale, Franklin, Hazel Park, Highland Township, Holly, Holly Township, Huntington Woods, Independence Township, Keego Harbor, Lathrup Village, Lyon Township, Madison Heights, Milford, Milford Township, Northville, Novi, Oak Park, Oakland Township, Orchard Lake, Orion Township, Oxford Township, Pleasant Ridge, Pontiac, Rochester, Rochester Hills, Royal Oak,
Southfield, South Lyon, Troy, Walled Lake, Waterford Township, West Bloomfield Township, White Lake Township, Wixom
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Rental income - Rent from boarders in a single-family property that is also the borrower's primary residence or second home may not be considered as acceptable income. For borrowers that intend on vacating their current primary residence, a copy of a lease agreement signed by proposed renters (this may be from a family member) is acceptable. We will use 75% of gross rental income as stated on the lease as evidence of rental income or to offset the payment if the following conditions are met.
For FNMA: When converting a principal into an Investment Property the following requirements must be met or else the borrower must be qualified with full payment of the current present residence and the subject property: There must be documented equity of at least 30 percent in the existing property (derived from an appraisal, AVM, or BPO, minus outstanding liens).
The rental income must be documented with a copy of the fully executed lease agreement and
the receipt of a security deposit from the tenant and deposit into the borrower's account
If the 30 percent equity in the property cannot be documented, rental income may not be used to offset the mortgage payment. Both the current and the proposed mortgage payments must be used to qualify the borrower for the new transaction; and 6 months of PITI for both properties is required to be in reserves for manually underwritten loans. For loans submitted to Desktop Underwriter, DU will determine the amount of reserves. Gift funds cannot be used for reserves. Loans that require mortgage insurance must have 6 months of PITI reserves for both properties.
For Fnma: When converting a principal residence into a Second home,=2 0both the current and the proposed mortgage payments must be used to qualify the borrower for the new transaction; and 6 months of PITI for both properties is required to be in reserves unless DU allows for less. Loans that require mortgage insurance must have 6 months of PITI reserves for both properties. we may consider reduced reserves of no less than 2 months for both properties if there is documented equity of at least 30 percent in the existing property (derived from an appraisal, automated valuation model (AVM), or Broker Price Opinion (BPO), minus outstanding liens)
For FHLMC Agency Loans: For borrowers that currently own a principal residence and are using a lease agreement to qualify for the purchase of a new principal residence, 12 months PITI (principal, interest, taxes and insurance) reserves are required. If evidence of 12 months reserves cannot be provided, the PITI of the current home must be used for qualification. The use of a lease agreement cannot be used. For FHA Loans: For borrowers that currently own a principal residence and are using a lease agreement to qualify for the purchase of a new principal residence, 12 months PITI (principal, interest, taxes and insurance) reserves are required AND a copy of the signed lease agreement and evidence of receipt/deposit of the security deposit check is required.
FHLMC requires a borrower purchasing or refinancing an investment property to have a minimum two-year history managing rental properties unless the borrower qualifies with the full PITI of the subject property payment. FNMA has the same requirement; however to waive the requirement the loan must be run through DESKTOP UNDERWRITER and the DU FINDINGS must not indicate property management experience as a condition. To receive this waiver (i.e. DESKTOP UNDERWRITER will not issue the standard rent loss insurance and property management messages), the amount entered in DESKTOP UNDERWRITER for "Subject net cash flow" must be the negative value of the proposed PITI for the subject property. This will ensure that the PITI is included in the total expense ratio calculation. For example, if the total proposed PITI for the subject property is $975, the "Subject net cash flow" data entry must reflect at least $975 (negative $975).
Ted Lewicki has been in the mortgage business for over 20 years. He is one of the rare people who holds an insurance license, a mortgage broker license and he is an approved FHA Correspondent. He has been a member of the Better Business Bureau, with no complaints.
Mortgage and financial needs: http://www.pillarmortgage.com/
Full Service Insurance: http://www.a-oneinsurance.com/
Serviceng: Oakland County, Addison Township, Auburn Hills, Berkley, Beverly Hills, Bingham Farms, Birmingham, Bloomfield Township, Clawson, Commerce Township, Farmington, Farmington Hills, Ferndale, Franklin, Hazel Park, Highland Township, Holly, Holly Township, Huntington Woods, Independence Township, Keego Harbor, Lathrup Village, Lyon Township, Madison Heights, Milford, Milford Township, Northville, Novi, Oak Park, Oakland Township, Orchard Lake, Orion Township, Oxford Township, Pleasant Ridge, Pontiac, Rochester, Rochester Hills, Royal Oak,
Southfield, South Lyon, Troy, Walled Lake, Waterford Township, West Bloomfield Township, White Lake Township, Wixom
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We offer more than mortgages; we also offer financial services, investment and retirement products, and all insurance needs including home, car, life, boat, RV, annuties, liability, business and more.
Hi, my name is Ted Lewicki and I have been an insurance agent since 1961. I have been married 37 years with five children and one son in the U.S. Navy. I have been in the same location for 27 years. I also own Pillar Financial Corporation dba Pillar Mortgage, which specializes in reverse mortgages for seniors.
As an Independent Insurance Agency, A-1 Insurance, located in Waterford Michigan, is able to represent a variety of insurance companies to better serve your Insurance needs. For more information click on a link below or call us at 248-674-0355!
Residential CommercialWe are affiliated with Pillar Financial Corporation, providing all your mortgage financial needs including Conventional, FHA, and Home Equity Loans. Pillar also specializes in Reverse Mortgages for seniors age 62 and older, allowing access to equity in their home without a single payment. See www.pillarmortgage.com for further information.
I am the President of Pillar Financial Corporation and have been in the mortgage business for 17 years. I also have 43 years in the insurance business, starting out on a debit in Detroit for Metropolitan Life Insurance Co. Since then I have been an AAA agent for 12 years and have been working as a Farmers Insurance agent for 25 years. I have been working within the community for all of these years dealing face to face with people of all ages and occupations. I am a family man with a wife and 5 children and I can relate to a multitude of scenarios. I have built my reputation on honesty and trust - backed by sincerity, dedication, and plain old hard work. I would be happy to help you define and achieve your financial goals.
Mr. Hutton is 74 years old and his wife is 72 years old. Their home has been appraised at $300,000 and they own it free and clear of mortgage. They qualify for a reverse mortgage and are eligible for a lump sum of cash in the amount of $138,000 or a guaranteed income of $900 per month for as long as they live in their home. If they purchased an annuity with the cash, they would receive $960 per month for the rest of their lives wherever they live. If they choose to receive the money from their reversed mortgage in the line of credit option, the unused portion would grow at the same rate as their loan balance. They would receive the interest earned on a monthly basis ($675) or on an annual basis ($8,400) and still have the $138,000 available as reserve. They can also mix or match those options to provide them with the most appropriate solutions for their needs. Regardless of which option they choose, the reverse mortgage provides several practical options to fund either their long-term care insurance policies or their long-term care services. The Senior CARE Package provides both of the products in one!
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