Mark Loewenberg PA 561-214-0370: Reverse Mortgage Qualification Process

Reverse Mortgage Qualification Process

As Mark Daly of Group One Mortgage educates us in the following blog, Reverse Mortgages is a very misunderstood product in the mortage industry.  This is a very unique solution for specific individuals.  To find answers and more information, please read Mark's post and feel free to call him anytime at 561-252-0346!

Never has a loan product been more misunderstood than a (HECM) Reverse Mortgage. Most of my clients come in skeptical, bewildered and confused as they start their journey. During the initial consultation, we explain in detail how the Reverse Mortgage loan works and the qualification process.  Then, we provide a quote package that outlines one’s specific situation to determine which HECM product is the best for their situation.  As the initial consultation moves on, and my client realizes that this product may solve many of their current financial challenges, their facial expression changes to optimism and hope.


Home Reverse Mortgage

FHA’s Home Equity conversion Mortgage (HECM) is a creative way of 
helping seniors use one of their most valuable assets as leverage to help live a better life. The concept is simple, but for many just seems too good to be true.   And for good reason, it just doesn’t seem logical that a bank will give someone a loan that they don’t need to make payments on. And that’s precisely where the creative nature of the product is so beneficial to the consumer.


There is a new financial assessment standard that has been added to the qualification process.  The new standard considers income and liabilities, assets and past credit challenges.  If a borrower doesn’t meet this standard, then a set aside may be required.  This set aside is designed to help the borrower meet future financial obligations like property taxes and home owner’s insurance.


Once we feel that you understand the product and how it can work for you, we then provide a list of HUD approved HECM counseling agencies. HUD requires that a counseling session be conducted for all reverse mortgage programs. It must be done by an independent, objective housing counseling agency, approved by FHA. There is a fee involved, paid directly to the counseling agency. The session will last about 30-45 minutes and may be done in person or over the phone. The U.S. Department of Housing and Urban Development (HUD) has established this counseling requirement to ensure that all clients have been properly educated about the program.


Click here to find out if you qualify for a HECM.

Mark F Daly

Group One Mortgage


561-252-0346 Direct

561-745-6072 Office

561-747-8422 Fax

NMLS #317641


Personal Website

Online Application



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Comment balloon 2 commentsMark Loewenberg • February 16 2016 04:17PM


Mark, thanks for the reblog.  I've been trying to get specific information on reverse morgages with no luck.  

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) over 4 years ago

Great re-blog, Mark.  I must confess that I don't fully understand reverse mortgage either.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) over 4 years ago