Your Hometown Reverse Mortgage Consultant based in Ocean City, NJ

Your Hometown Reverse Mortgage Consultant based in Ocean City,
NJ

Licensed in NJ, PA, DE, FL

John Walters

NMLS#91144

I'm proud to work with a company focused on one thing: educating seniors about reverse mortgages to help them unlock the power of their homes and live a more comfortable retirement.

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.

Here’s what people like you are saying about us

Very Helpful and Friendly. Helped me set up an account and get answers to my questions. Great customer service.

Donald

Now Two Very Positive Reverse Mortgages with Longbridge Financial. We had established our original reverse mortgage two years ago, and already had our new mortgage serviced by Longbridge. While we were completely pleased with our original reverse, we were contacted by Longbridge in September notifying us that with a continued downward trend in rates, there might be enough overall benefit to consider a refinancing. We did exactly that and couldn't be more pleased with our new reverse mortgage.

Brian Howell

Everything Went Well. I got an increase in my monthly income plus cash and a line of credit. I'm very happy with the outcome.

Laurel Burke

Longbridge is a Courteous, Competent, and Thoughtful Company to work with. Great salespeople and customer service.

Casey McLaughlin

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Featured Video

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.

Additional Resources

Are You a Good Candidate for a Reverse Mortgage?

How Much Money Could You Get from a Reverse Mortgage?

Can You Get a Reverse Mortgage with Bad Credit?

About Me

John Walters has been in the mortgage industry since 2005, with a focus on HECM reverse mortgages for the past 16 years. He specializes in educating borrowers, realtors, financial planners and other referral partners on strategies to strengthen retirement through the use of the reverse mortgage. John has a master’s degree in teaching and 35 years of classroom experience. He is a licensed continuing education instructor providing training and CE credits for financial planners and realtors. He has earned the designation of Certified Senior Advisor (CSA) and is one of 200 plus certified reverse mortgage professionals (CRMP) in the country. He is state licensed and is a frequent contributor on reverse mortgages in print and on the radio.
John’s radio show called “All about Reverse Mortgages” along with Harry Hurley, discusses reverse mortgages as a potential tool to enhance retirement outcomes. You can listen to John on the radio every other Wednesday from 9:00am to 10:00am. There is a free download through the App Store on your smart phone at “WPG talk radio 95.5”.
“My greatest strength is my commitment and passion for the HECM reverse mortgage program,” says John. “I care about the client’s total financial well-being, so I honestly share the benefits as well as the risks and obligations of the reverse mortgage. I want my clients to make decisions that allow them to have the retirement they envision.” Contact John Walters at 609-231-4924 or jwalters@longbridge-financial.com