Reverse Morgage Planner
Joan Qvigstad has been in the mortgage industry for over 12 years and is experienced in originating all types of residential loans. Learning that 10,000 people a day are turning 62 for the next 20 years (source: "Moving forward to economic stability" MBA David Stevens, Fairway Managers Meeting Presentation 2016) facing an uncertain retirement, Joan made the commitment in 2015 to become a specialist in Reverse Mortgages.
Home Equity Conversion Mortgage Loan (HECM)
A Home Equity Conversion Mortgage loan, or Reverse Mortgage, is a Federally-insured reverse mortgage loan backed by the U. S. Department of Housing and Urban Development (HUD).
Home Equity Conversion Mortgage for Purchase Loan (H4P)
The HECM for purchase is a reverse mortgage insured by the Federal Housing Administration (FHA) that allows seniors to use the equity from the sale of a previous residence to buy their next primary home in one transaction.
Home Equity Conversion Mortgage Line of Credit (HECM LOC)
A reverse mortgage line of credit has a clear cut advantage over the HELOC, in that it has a growth option that applies to the unused funds.