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We Take The Headache Out Of Home Financing
Attention Seniors, Baby Boomers,
Generation Xers and Millennials,
We’re here to help you with your forward and reverse home mortgages. I help the “AARP” crowd: BUY their dream home or TAP their home equity to finance their lifestyle or financial goals. Kathey Grodi is a specialist in providing Forward and Reverse Mortgages! Our company was founded in April of 2006. Kathey Grodi is a retired CPA and has originated mortgage loans since 1992. (Click on tabs below for more information)
What is a Forward Mortgage? A forward mortgage is a loan that is secured by Real Estate that is either a Conventional, FHA, USDA, or VA loan. These loans have minimum credit score requirements and maximum debt to income ratios. The term of these loans can be 15, 20, 25, and 30 years. Interest rates can be fixed for the life of the loan or fixed for a time period and them adjustable yearly. Each type of loan has a maximum loan amount and a required down payment percentage. Most loans offer the ability for the buyer to roll their closing costs and prepaid expenses into the loan by increasing the sales price offered to the seller. At closing, the seller pays these costs for the buyer– this is called a seller’s concession. We can loan on a single family dwelling, townhouse, approved condominium, duplex, triplex, or fourplex to be used as a primary, second/vacation home or investment property. We are licensed in the state of Tennessee and Missouri, therefore we can offer financing on dwellings in those states.
Reverse Mortgages COULD be the answer to your prayers! The proceeds of this Reverse Mortgage loan are TAX FREE.
Please remember the owner’s continue to have the obligation to pay property taxes, homeowner’s insurance, maintain the property and continue to occupy the property as their primary residence.
The Reverse Mortgage loan can be used for several financial goals.
- Refinance- you can use the Reverse Mortgage funds from your equity to pay off existing mortgages to eliminate the monthly payments, go on a dream
vacation, purchase your prescription medication or medical expenses, grandchildren’s college, pay for needed repairs or updates on your home, purchase a vehicle, purchase an RV or boat or purchase
a 2nd home.
- Purchase – for a new primary residence the borrower doesn’t have to liquidate as much of their cash to purchase a home & not have a monthly payment. A Reverse Mortgage loan helps a borrower stretch their purchasing dollars to secure the home of their choice. In other words, if a couple sells their primary residence and wants to down size, instead of using ALL the proceeds to purchase the replacement property– they can save some of the proceeds or invest it and purchase the home with a Reverse Mortgage and still not have a monthly payment!
- Retirement Plan – There are four ways a Reverse Mortgage can improve
your retirement plan: defer social security benefits, reduce draws on portfolio assets, allow IRAs to convert to ROTH at a lower tax rate reduce retirement expenses & cash outflow. At least 1 borrower must be 62 years old,
borrowers must pass a financial and credit assessment. Eligible properties are single family homes, & FHA approved condos.