Connelly Law Staff Receive Comprehensive Training on Reverse Mortgages
By Don Drake, Connelly Law Offices, Ltd.
"Last week, the team at Connelly Law had the opportunity to attend a comprehensive training session conducted by Garrett Duffy of Norcom Mortgage, an expert on reverse mortgages," stated professional fiduciary and certified elder law Attorney RJ Connelly III. "With an aging population, many seniors are looking for alternative financial solutions to support their golden years. Reverse mortgage loans have become increasingly popular in this regard, and it's crucial for both elder law professionals and potential borrowers to understand the benefits and risks of these products."
During the training, the team was guided through a detailed overview of reverse mortgage loans, including the different types available and the eligibility criteria. Staff also delved into government-insured reverse mortgage loans, exploring the regulations and prohibitions associated with these loans under the law. The training session helped the staff gain a comprehensive understanding of the reverse mortgage lending process, including the necessary steps to be taken to obtain such a loan.
About the Trainer
Garrett Duffy is a lending expert who understands the uncertainty that comes with choosing the right mortgage. To alleviate this stress, Garrett focuses on clear communication, empathetic service, and an unwavering commitment to meeting the specific needs of his clients. With over five years of experience, Garrett has helped countless homeowners in Rhode Island, Connecticut, and Massachusetts find not just their dream home but peace of mind and a place to make lasting memories.
Garrett is passionate about connecting with people at every stage of their homeownership journey. He understands that the right mortgage can make all the difference in creating a home that's perfect for his clients. That's why he takes the time to explain every option available in today's market and make sure his clients are fully informed. For Garrett, it's not just about getting the deal done. It's about building relationships and helping his clients create memories that will last a lifetime.
“At the end of the day, it’s the personal memories that make a home. My goal is to match my clients with the best mortgage option for their needs so that they can enjoy their life and turn their house into a home,” says Garrett, who is dedicated to making the reverse mortgage process as smooth and stress-free as possible.
What a Reverse Mortgage is
A reverse mortgage is a financial instrument that allows seniors to tap into the equity of their homes. With a reverse mortgage, homeowners can borrow money against the value of their property and access the funds in several ways - as a lump sum, through regular monthly payments, or on an as-needed basis.
The amount of money that seniors can borrow depends on the value of their home, the age of the borrower, and the prevailing interest rates. Borrowers are not required to make any payments on the loan during their lifetime, and the loan is only due when the borrower dies, sells the property, or no longer uses the home as a primary residence.
When the borrower passes away, the heirs are responsible for paying off the loan if they wish to keep the property. If the borrower moves out of the home for more than 12 months or if they stop paying taxes and homeowners insurance, the loan becomes due.
Many older homeowners use reverse mortgages to supplement their income in retirement, pay for home repairs or improvements, or reduce housing expenses. Reverse mortgages can be a useful tool for seniors who want to stay in their homes and maintain their quality of life during retirement.
Why Staff Stay Informed
"At our firm, we understand that meeting new clients who are developing an estate plan and exploring housing options, including aging in place, makes us the first point of contact," said Attorney Connelly. "As part of our commitment to providing exceptional customer service, we ensure that our staff has a basic knowledge of the Reverse Mortgage product. This enables them to better serve our clients and make appropriate referrals."
As the baby boomer generation ages, more and more people are considering housing transitions such as downsizing, upsizing, or aging in place. To meet this growing demand, it's essential to offer a wide range of comprehensive options. The team at Connelly Law is dedicated to providing clients with a thorough overview of all available choices, as well as reliable and trustworthy partners who can assist with the transition process.
"Our approach ensures that clients are well-informed and able to make educated decisions based on their specific needs, preferences, and financial situations," stated Attorney Connelly. "Ultimately, our goal is to help clients feel confident and satisfied with their housing and estate planning decisions."
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