Call Us Today 828-350-8886 | For a Reverse Mortgage Dial 828-333-4922

Reverse Mortgages Loan

Could a Reverse Mortgage
be a Good Fit for Your
Retirement Needs?

Buy or Refinance Your Home for Retirement.

Featured Customer Testimonial

“I was paying a mortgage out of a small income and I didn’t really have enough left for all of the utilities and for food so I had help with food each month. It was uncomfortable to accept help from somebody else. When I met Paul, he made me very comfortable. He was very intelligent and told me everything about the company and how I would never lose my home. I’ve been relieved of financial problems and I really have peace of mind because now I can spend my time doing anything I want. I have an emergency fund now that I didn’t have before. I’ve just been extremely pleased and relieved after going to Fairway. Everything was just smooth and professional. Paul Donohue & Ayla were just a great help. Without them I wouldn’t have been able to see it through. I probably would’ve lost faith in it.”

– Julie Thomspon

Asheville Team Spotlight

Paul Donohue

Reverse Mortgage, Retirement Specialist
paul.donohue@fairwaymc.com
336-254-3027
NMLS # 68305
Local Asheville team member, Paul Donohue specializes in reverse mortgages. Paul’s true passion is sitting down with people age 62+ to sort out whether a reverse mortgage, is a fit for their needs. Read more about Paul here.

Key Benefits of Reverse Mortgages

Eliminate Required Mortgage Payments

A Reverse Mortgage is the only home loan that doesn’t require a monthly mortgage payment. Of course, the homeowner must pay taxes, insurance, as well as, maintain the home, and the balance is due once the last remaining borrower leaves the home. More than 40% of people age 62+ still make a house payment…a reverse mortgage eliminates the required monthly payment, and improves cash flow.

Purchase Your Retirement Home

The HECM for Purchase (H4P), is a type of reverse mortgage used to buy your dream retirement home, without the required monthly payments…you are always responsible for general maintenance, taxes and insurance. The reverse mortgage allows you to buy the home you really want and need, for the many good years ahead of you!

Provide Cash, Tax-Free* From Your Home

A Home Equity Conversion Mortgage (HECM), is a reverse mortgage that converts your home equity into cash, which can be used at any time for any purpose, tax free. This FHA insured loan allows people 62+, to turn housing wealth into cash, while living in the home. *This advertisement does not constitute tax advice. Please consult a tax advisor regarding your specific situation.

Build a Growing Line of Credit

A Reverse Mortgage Line Of Credit(LOC), is guaranteed to grow (applies to unused funds), and over time can amass a sizable cash nest egg. The LOC can be used for long term care needs or other major expenses in your elder years, at a time when you’ll need it most. The closer to age 62 you set up the reverse mortgage credit line, the more time it has to grow for you.

Call Us Today 828-333-4922

From the Learning Center

Unexpected Expenses

Unexpected Expenses

It has been said, “Life is what happens to you when you are making other plans”. One great lesson of the Covid-19 health crises is; the best laid plans can be tossed to the wind. Forces beyond our control can take what seemed like Good Times, and disrupt everything we...

read more
Portfolio Protection

Portfolio Protection

True Story. Talking recently to a friend and respected Financial Planner, we concluded the absolute worst possible time to retire was March of 2020. She had a client who had been planning to retire for over three years, and the week before the Dow lost 30% of its...

read more
Payments Optional

Payments Optional

The original concept of the Reverse Mortgage has evolved over the last 50 years which was: “to create a mortgage loan product that allows seniors to tap into a portion of their home equity while they live in the home, which does not require a monthly payment”. As...

read more
Security & Uncertainty

Security & Uncertainty

True Story. Talking recently to a friend and respected Financial Planner, we concluded the absolute worst possible time to retire was March of 2020. She had a client who had been planning to retire for over three years, and the week before the Dow lost 30% of its...

read more
Basics of Reverse Mortgages (aka HECMs)

Basics of Reverse Mortgages (aka HECMs)

What The Heck’s a HECM?Pronounced Heck-Em, a Home Equity Conversion Mortgage is a type of Reverse Mortgage loan that is insured through the Federal Housing Administration (FHA) and is used to covert your home’s equity into tax-free* cash, without having to make any...

read more
Rightsizing for Retirement

Rightsizing for Retirement

One big myth about housing for Baby Boomers is that everyone wants to downsize in retirement…not true. According to research published by Merrill Lynch, 19% of retirees move into a similar sized home and 30% up-size to accommodate family, entertain friends or to go...

read more
Retire in the Home You Love

Retire in the Home You Love

Recent research found that 93% of people 65 and older want to stay in their own home, for the duration of their retirement years. It’s understandable that you would want to retire in the home you love, in the safety of the community you know. …think for a minute about...

read more
Age Wave

Age Wave

As a nation, we face unprecedented retirement challenges that will stress our health and social systems. The loss of pensions, 17 years of stagnant wages, low returns on personal savings, and because we are now living 20, 30 even 40 years in retirement, we must...

read more
Cash is King

Cash is King

The Biggest challenge in retirement is…to not outlive your money. To succeed in retirement, Cash is King. Income planning, requires thoughtful allocation of your cash assets. The big fear of running out of cash in your later years is an issue you must confront now, as...

read more

Reverse Mortgage Videos

Paul Donohue addresses two common challenges of buying for retirement, in the Asheville Market; Affordability and Limited Inventory. Paul talks about “sticker shock”, and how a Reverse Mortgage expands retirement buying power, to help Realtors put buyers into their dream retirement home.
Paul Donohue, Director of Reverse Mortgages at Fairway Independent Mortgage – The Asheville Team, interviews Wade D. Pfau, Ph.D., CFA, Professor of Retirement Income in the new Ph.D. program for Financial and Retirement Planning at The American College in Bryn Mawr, PA.
Paul Donohue’s take on tackling one of retirement’s biggest questions: Should you pay cash for your retirement home? At a minimum, Paul argues that those over 62 should make themselves aware of how a reverse mortgage can preserve cash, mitigate Sequence of Returns Risk and help extend the life of your portfolio investments.

FAQs on Reverse Mortgages

Does the Lender Take the House When We Die?
No. You own the home and retain title to the property. You can live in the home as long as you want to, or decide to sell it anytime you want.
As with a traditional or “forward mortgage”, with a Reverse Mortgage the lender has a lien on the property and the balance of the loan will be required to be paid.
When is the Loan Balance Required to be Paid Off?
As long as you maintain “qualified”, the loan balance does not become due until the last remaining borrower leaves the home permanently. This generally means when they have vacated the home for one year, or has knowledge they will not be returning to the home.
At this time the lender will begin notification that the loan balance is due and payable, and will inquiry as to the estates plans to settle the balance. On a case by case basis, the lender will allow up to one year for the estate to pay the balance in full.
What Does it Take to Qualify for a Reverse Mortgage?
There are seven eligibility factors that will be considered when qualifying for a revere mortgage, they are;

  • At least one Borrower must be 62 years or better
  • Property must be a single family home, a 2-4 unit dwelling, or a FHA-approved condo
  • Must live in the home as the primary residence(live there 6+ months per year) and have significant equity, as determined by the age of the youngest borrower
  • Minimal property and credit qualifications(credit scores are not considered)
  • Can not be delinquent on any Federal debt
  • Must pay property taxes timely and maintain homeowners insurance coverage
  • Must complete HUD approved, reverse mortgage counseling
Will There be an Inheritance Left for My Heirs?
Whatever assets remain in your estate upon your passing may be willed to your heirs. Once the loan balance is paid in full, all remaining home equity will go to your heirs.
The home can be sold with the proceeds paying the loan balance, or should your heirs want to keep your home, they may purchase it for 95% of the current appraised value.
What Does the Lender Require of Me to be Qualified?
You must occupy the property as your primary residence and maintain it in reasonably good condition. You also must pay your property taxes, home owners association dues when required, and maintain homeowners insurance coverage.
What Are Some Benefits of a Reverse Mortgage?
There is an enormous list of benefits that can be custom tailored to your personal goals such as;
• By Refinancing your current mortgage, you could eliminate a required monthly mortgage payment, and free up cash flow, of course you must continue paying taxes,  and insurance, as well as, maintaining the home
• You can purchase a new home, more suited to your changing needs in retirement with a 30 to 70% down payment, as determined by the age of the youngest borrower
• Receive tax free* cash from the equity in your home
• Because the loan is FHA insured, you can never owe more on the home than the home is worth**
• Generally will not affect Social Security and Medicare
• Build a growing line of credit, with access to unused funds at any time for any purpose, that is guaranteed to grow (applies to unused funds) and can never be frozen
• You keep ownership and can live in the home until the end of your retirement
• It is a safe and secure FHA government insured loan
*This advertisement does not constitute tax advice. Please consult a tax advisor regarding your specific situation.
**There are some circumstances that will cause the loan to mature and the balance to become due and payable. Borrower is still responsible for paying property taxes and insurance and maintaining the home. Credit subject to age, property and some limited debt qualifications. Program rates. fees terms and conditions are not available in all states and subject to change.

Call Us Today 828-333-4922

Ready To Connect?

10 + 14 =

By entering your contact information, you are providing express written consent for Fairway Independent Mortgage Corporation to contact you at the email and number you provided via telephone, mobile device, automated means like autodialing, text SMS/MMS and pre-recorded messages, even if you are registered on a corporate, state, or federal Do Not Call list. You are also acknowledging and agreeing to our terms of service and privacy policy. Consent is not required to use our services.

The Asheville Team

NMLS# 113607
paul.donohue@fairwaymc.com
O. 828-333-4922
C. 336-254-3027
149 S Lexington Ave
Asheville, NC 28801
FIMC #2289