Your Hometown Reverse Mortgage Consultant based in Lady Lake, FL
Your Hometown Reverse Mortgage Consultant based in Lady Lake,
FL
Licensed in Florida: Serving all of Florida from The Villages
Penny Thayer
Your Hometown Reverse Mortgage Consultant based in Lady Lake, FL
Your Hometown Reverse Mortgage Consultant based in Lady Lake,
FL
Licensed in Florida: Serving all of Florida from The Villages
A Florida native originally from Plant City, I now call The Villages my home. I began my career in 1998 and held positions in the mortgage, real estate, and insurance industries until entering the reverse mortgage space in 2021. I chose to work in the reverse mortgage business because I enjoy helping seniors make the most of their retirement years. Giving my clients the opportunity to have the retirement they deserve, is what I love most about the business.
I’m married with three children of my own and two step children, and I also have 12 wonderful grandchildren. My passions include flats fishing, horses, and gardening.
Your Starting Point to Reverse Mortgages
Common Misconceptions
MYTH: With a reverse mortgage, the bank takes your home.
That’s false! With a reverse mortgage, the homeowner keeps the title to the home in their name. The lender simply adds a lien onto the title to guarantee that the money will eventually be paid back when the loan becomes due.
MYTH: Your heirs can’t inherit the home with a reverse mortgage.
Nope! You will still be able to pass the home on to your kids. Just like any other mortgage, they can inherit the house. When the loan becomes due, they can decide how to repay the loan balance.
MYTH: Reverse mortgages should only be used as a last resort.
That’s incorrect! A reverse mortgage is a powerful financial tool that can be an important part of your overall financial plan. From paying off an existing mortgage to delaying Social Security benefits, or even establishing an emergency line of credit, it’s a flexible product that gives you options.
MYTH: A reverse mortgage interferes with Social Security and Medicare benefits.
False! Government entitled programs such as Social Security and Medicare are not affected by a reverse mortgage – however, need-based programs such as Medicaid may be. Consult a qualified financial advisor to learn more.
MYTH: Reverse mortgages are expensive.
Here’s the truth – reverse mortgage loan origination costs and interest rates are comparable to those of traditional mortgages. They do not require large out-of-pocket expenses. There are FHA insurance costs that some traditional mortgages don’t require, but the insurance benefits are well worth the relatively small cost.
MYTH: Taxes have to be paid on money received from a reverse mortgage.
Nope! Proceeds from a reverse mortgage are not considered income, and are therefore not taxable. The money from a reverse mortgage comes from your home’s equity, which already belongs to you, so it’s not considered income. Plus, the interest on a reverse mortgage can be tax-deductible when it’s repaid.
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How it Works
For many Americans, their home is their biggest asset, and the one they have invested the most in throughout their lives. And a Home Equity Conversion Mortgage (HECM), or "reverse mortgage," can allow senior homeowners to tap into some of this hard-earned home equity – for another source of cash to help fund retirement, counteract the effects of inflation, and live more comfortably.
Let’s Get Social
Confronting the Costs of Retirement: Housing
For many seniors, their home is their greatest asset. However, it could also be their greatest expense. Among older households, over one-third of spending is related to housing – including mortgage payments as well as property taxes, insurance, maintenance and general upkeeping. Fortunately, there are some steps that can be taken to get ahead of housing expenses. Learn more in the article below.
From all of us at Longbridge, we wish all those celebrating Passover a joyous and happy spring season ahead!
Happy Earth Day! Today and every day is a great day to reduce, reuse and recycle – protecting our planet for future generations to come. #EarthDay
Optional Mortgage Payments? Not too Good to be True.
Reverse mortgages do not require you to make monthly mortgage payments. And no it's not too good to be true. With a reverse mortgage, borrowers have the flexibility to make payments as often or as little as they want, as long as they continue to pay taxes and insurance, and keep up with home maintenance. Check out the article below to learn more about reverse mortgages and optional monthly mortgage payments.
May your Easter basket be full of joy, happiness and peace today and always. Happy Easter! #easter
Confronting the Costs of Retirement: Housing
For many seniors, their home is their greatest asset. However, it could also be their greatest expense. Among older households, over one-third of spending is related to housing – including mortgage payments as well as property taxes, insurance, maintenance and general upkeeping. Fortunately, there are some steps that can be taken to get ahead of housing expenses. Learn more in the article below.
From all of us at Longbridge, we wish all those celebrating Passover a joyous and happy spring season ahead!
Happy Earth Day! Today and every day is a great day to reduce, reuse and recycle – protecting our planet for future generations to come. #EarthDay
Optional Mortgage Payments? Not too Good to be True.
Reverse mortgages do not require you to make monthly mortgage payments. And no it's not too good to be true. With a reverse mortgage, borrowers have the flexibility to make payments as often or as little as they want, as long as they continue to pay taxes and insurance, and keep up with home maintenance. Check out the article below to learn more about reverse mortgages and optional monthly mortgage payments.
May your Easter basket be full of joy, happiness and peace today and always. Happy Easter! #easter
About Me
Hello, I am your local Reverse Mortgage Professional. I am honored to be working with the senior community. I have several years of experience in the reverse mortgage space, focusing on Home Equity Conversion Mortgages. I am committed to helping seniors find better retirement solutions and am excited to bring my honesty, compassion and education to senior homeowners. I bring an in-depth understanding of the reverse mortgage process and how the loan works.
Branch Address: 510 County Rd 466 Suite 207, Office #E, Lady Lake, FL 32159; Branch NMLS #: 2481939; Phone #: 786-627-3082