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New Castle Mortgage LLC
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Mike Holton is the President and founder of New Castle Mortgage. He began his mortgage career in 1997 and soon realized that he had found his calling in the mortgage industry. He has always been in the management side of the mortgage business leading sales teams to a high level of success. Around 2006 he became familiar with the Reverse Mortgage and immediately was interested in specializing in these products. After much research he approached the company where he worked to allow him to head up a Reverse Mortgage division. They were uninterested so Mike and his wife Catherine, applied for and obtained their own license and opened New Castle Mortgage in Nashville in April of 2007. Although they had never done a Reverse Mortgage prior to the opening, they set out to purely specialize in ONLY Reverse Mortgages.

Opening a business in 2007 was challenging, Opening a mortgage company in 2007 was worse. Opening a Mortgage company to only specialize in this very small niche was almost crazy. But, fast forward eight years and New Castle Mortgage is the largest company in Tennessee specializing in Reverse Mortgages. New Castle is currently licensed in four states, with four offices and a staff of eleven Reverse Mortgage Specialists.

http://nashville.newcastlemortgage.com/team-members/mike-holton/

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The Reverse Mortgage Specialists
We can assist you in obtaining your Reverse Mortgage anywhere in Tennessee. Our Website was designed to offer a simple, yet complete base of information on Reverse Mortgages.

The site will answer most of your questions, such as; What Is A Reverse Mortgage? How Do I Qualify? and How Much Money Can I Get with a Reverse Mortgage? Be sure to click on the Free Informational Brochure button or any of the Quick Quote buttons to obtain additional material on the subject of Reverse Mortgages.

At any time, please do not hesitate to call our office and one of our professional, courteous and experienced Reverse Mortgage Specialists will be happy to answer all of your questions.
http://newcastlemortgage.com/

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Reverse Mortgage Client Benefits for Financial Planners 

Bottom line… Use the proceeds from the Reverse Mortgage before tapping in to the investment portfolio or social security income.  Accessing home equity, strategically… during retirement, can help senior homeowners  to:
extend retirement assets,  increase cash flow  and reduce taxes.

• The Reverse Mortgage serves as a fourth leg of the retirement plan
o Social Security
o Pension / 401k
o Personal Savings / Investments
o Conversion (Reverse) Mortgage

• Strategies
o Portfolio Management – Client will have an additional source of funds from which to draw during down markets (prevents portfolio depletion during times when asset is already declining). 
o Supplemental Income – Client may draw consistent supplemental income from their home equity through a monthly payment stream to enhance monthly cash flow. 
o Postpone receiving SS Income – Use Reverse Mortgage proceeds to provide tax free monthly funds from 62 years of age until a later date to maximize Social Security income dollars.
o Replace the taxable income generated from CD’s or Bonds with a tax free monthly stream of funds generated by a RM. 
o During bull markets, if desired, Portfolio funds can be used to pay down the Line of Credit balance.

www.NewCastleMortgage.com
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Why use a Reverse Mortgage to finance the purchase of a home?
When a person over 62 is moving and buying a home he is in the mode of setting himself up for retirement. Often the senior will choose to sell the home they have occupied for years in order to downsize or secure a home better suited to their lifestyle during retirement. The traditional options would be to pay cash or to get a regular forward mortgage. Paying cash depletes an asset and a forward mortgage has strict credit and income requirements as well as monthly payments. The Reverse Mortgage would allow them to purchase a home with an adequate down payment  and finance the rest but with no mortgage payment. With the Reverse Mortgage, the senior homeowner is able to conserve his cash providing him with a more robust retirement. 

How does recommending a Reverse Mortgage benefit the Real Estate Professional?

The bottom line benefit for the Real Estate Professional, working with senior home buyers, is that you have the ability to sell them a home that is priced two times the amount of cash he has to spend. This doesn’t imply that you should sell him more house than he needs. It simply gives you headroom with which to work in finding him what he wants or needs. The Reverse Mortgage creates flexibility in the price range of homes you can show them. The RM produces a loan that is approximately a 50% LTV.  So yes…  if they have $100,000 to spend, you can find them a $200,000 home. 

Example: Prospective Senior Buyer has sold his home and has $125,000 in cash. He is looking at homes in the $125,000 price range but can’t find something that suits him. He found a home that he likes, but it has a price tag of $250,000. He could purchase that home with a Reverse Mortgage. 
He puts his $125,000 down and finances the rest through a Reverse Mortgage. He now owns a $250,000 home that he contributed $125,000 of his own money, financed the rest and now he has 
NO mortgage payment for the rest of his live.
He gets more than he ever hoped for and you are the Hero. (Cue the referral floodgate to open!)

• They have often just sold a home and have significant cash to work with.
• Older buyers are generally more loyal, stable and easier to work with. 
• RM is easier to qualify for than a traditional mortgage.
• Expand choices of properties since buyer can now afford a higher priced home.
• Allows buyer to afford more upgrade in new construction.

www.NewCastleMortgage.com
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THE TRUTHS ABOUT REVERSE MORTGAGES

You will always own your own home!
You will always retain ownership of your home throughout the term of the reverse mortgage, just the same as with a regular home purchase or refinance mortgage. Nobody else has title to your home but you. If you permanently move out of your home or the last surviving borrower dies, the loan must be repaid.  The control and title to the home WILL NOT transfer to the bank. It will go to whomever you specify in your will or trust.

You are not required to make any loan repayment as long as you live in your home!
There are never any monthly payments.  Never!  Payment of insurance, property taxes, and general upkeep of the home are the only responsibilities of the homeowner.

Easy to qualify!
To qualify, the homeowner should have sufficient value (equity) in the home, be at least 62 years of age, and use the home as their primary residence.

The amount you can receive depends upon the ages of you and your spouse, the appraised value of your home, and the total amount presently owed on your home! 
All mortgages, home equity lines of credit, and liens against your home must be paid-off at closing, usually from closing proceeds.

It is your decision as to the method by which you choose to receive your money!
You may receive the money all-at-once in a lump sum, as a line-of-credit, in monthly payments, or you can use a combination of any of the above.  It’s completely up to you.

Social Security and Medicare benefits are not affected!
Since you are simply accessing the equity in your own home, you are not “earning income”, thus it has no impact on your other benefits.

Fees can be financed!
Unlike a home purchase or refinance mortgage, all of these costs can be financed into the reverse mortgage. Most of the same costs of home purchase mortgages apply to reverse mortgages. You can expect to be charged an origination fee, a mortgage insurance fee, and certain other standard closing costs. These expenses are controlled and regulated by the Federal Government to protect Senior consumers. You are only required to pay for a current FHA-certified appraisal, since the value of your home is a factor in determining the amount of funds available to you.

Your home does not need to be free and clear or paid-off in order to qualify!   
You can have an existing mortgage on your home and it will be paid-off through the proceeds of the reverse mortgage.

No repayment is made until the home is sold or the owner (last remaining title holder) permanently moves out or passes away!
When any of these situations occurs, you or your heirs can choose to pay the balance due on the reverse mortgage and keep the home, or sell the home and use a portion of the proceeds to pay off the reverse mortgage.

Visit www.NewCastleMortgage.com
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How does the Reverse Mortgage Process Work? 

We advise that you take the time, up front, to do your research. Read up on the Reverse Mortgage program as much as you can. Know what it is you hope to achieve through the Reverse Mortgage. Feel comfortable with the company with whom you choose to do business. Be sure they are credible and that they are experts in the field of Reverse Mortgages. It’s best to choose a company that is local with an advisor that you can meet face to face.  Contact your local Better Business Bureau (BBB) to verify they are members and in good standing. Only work with a company that is a member of NRMLA (National Reverse Mortgage Lenders Association). Require the company to furnish you with all their credentials, including company license, advisor license, and HUD approval letter.


The following is the typical procedure for obtaining a reverse mortgage. New Castle Mortgage is always available to answer any questions you have along the way. Just call us at the office location nearest you. The entire process typically takes 3-4 weeks from the time you begin, until closing. Of course you are under no obligation to proceed quickly, and you may take as much time as you need during any step in the process.


1) Initial Inquiry 
We will discuss with you (either over the phone or in person) your reverse mortgage options. We will provide a summary of available funds and instructions on how you may receive them. Our goal is to help you decide if a reverse mortgage is the right choice for you. If you choose, you may invite other family members or friends to attend the meeting and ask any questions they may have. It is important for everyone in the transaction to make an informed decision. 

2) Reverse Mortgage Counseling 
This is really an "education session" to be sure that you completely understand the reverse mortgage and your options before you apply for the loan. The counseling is done by an approved agency through HUD. The counseling can be done over the phone or in person, it's your choice. A counseling certificate will be given to you, or mailed to your home. You'll need to sign and date the certificate and we will collect it at the time of application since we need to send it along with the loan application package to the underwriter. 

3) Application 
After counseling has been done, we will meet to complete the application process. We will come to your home or you may come to our office. We will thoroughly explain all forms and answer any questions you may have. Once again, you may bring a family member or anyone else who is helping you with this transaction. 

4) Appraisal 
We will order an appraisal on your home from one of our HUD approved appraisers. The appraiser will contact you directly to make the appointment. The appraisal fee, and how it’s to be handled, will be verified prior to the appointment. The appraiser will prepare the report and send it to our processor. 

5) Title Work 
At the same time the appraisal is being done, the title work is being completed by the title or escrow company. This is in preparation for the closing. The title company may call you with questions during the course of their work. Please provide any information they require as this will make for a smooth transaction. Of course, if you have questions, we are just a phone call away. 

6) Underwriting 
Once the appraisal, title work and any other necessary information is received by New Castle, our processor will submit the loan to underwriting. The underwriter's job is to make sure that the loan file conforms to all applicable guidelines. Once reviewed and approved, it's time for closing. 

7) Closing 
The title representative will come to your home and conduct the closing, or you may choose to come to our office, or the title company. This is when the legal documents for the reverse mortgage are signed. The title representative will explain all forms and answer any questions you have. After the closing, there is a three day right of recession mandated by the Federal Government. What this means to you is that on the fourth business day after closing, the funds you requested will be available to you. During these three days you have the right to cancel the loan. 

8) Repayment
You will not be required to make monthly payments during the term of your loan. The reverse mortgage becomes due and payable in full once: 1) the home is no longer being used as a primary residence, 2) it is sold, or 3) the borrower passes away. Upon the death of the borrower, the loan may be repaid from the sale of the home or by refinancing the existing reverse mortgage. All remaining equity belongs to the heirs/estate.

9) After closing 
We are here to answer any questions you may have at any time throughout the life of the loan. You'll receive periodic statements about your account showing the current balance, the interest rate in effect, and the amount of funds still available to you. There will be a customer service number that you may call at any time.

For More Information visit www.NewCastleMortgage.com
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THE TRUTHS ABOUT REVERSE MORTGAGES
www.NewCastleMortgage.com

You will always own your own home!
You will always retain ownership of your home throughout the term of the reverse mortgage, just the same as with a regular home purchase or refinance mortgage. Nobody else has title to your home but you. If you permanently move out of your home or the last surviving borrower dies, the loan must be repaid.  The control and title to the home WILL NOT transfer to the bank. It will go to whomever you specify in your will or trust.

You are not required to make any loan repayment as long as you live in your home!
There are never any monthly payments.  Never!  Payment of insurance, property taxes, and general upkeep of the home are the only responsibilities of the homeowner.

Easy to qualify!
To qualify, the homeowner should have sufficient value (equity) in the home, be at least 62 years of age, and use the home as their primary residence.

The amount you can receive depends upon the ages of you and your spouse, the appraised value of your home, and the total amount presently owed on your home! 
All mortgages, home equity lines of credit, and liens against your home must be paid-off at closing, usually from closing proceeds.

It is your decision as to the method by which you choose to receive your money!
You may receive the money all-at-once in a lump sum, as a line-of-credit, in monthly payments, or you can use a combination of any of the above.  It’s completely up to you.

Social Security and Medicare benefits are not affected!
Since you are simply accessing the equity in your own home, you are not “earning income”, thus it has no impact on your other benefits.

Fees can be financed!
Unlike a home purchase or refinance mortgage, all of these costs can be financed into the reverse mortgage. Most of the same costs of home purchase mortgages apply to reverse mortgages. You can expect to be charged an origination fee, a mortgage insurance fee, and certain other standard closing costs. These expenses are controlled and regulated by the Federal Government to protect Senior consumers. You are only required to pay for a current FHA-certified appraisal, since the value of your home is a factor in determining the amount of funds available to you.

Your home does not need to be free and clear or paid-off in order to qualify!   
You can have an existing mortgage on your home and it will be paid-off through the proceeds of the reverse mortgage.

No repayment is made until the home is sold or the owner (last remaining title holder) permanently moves out or passes away!
When any of these situations occurs, you or your heirs can choose to pay the balance due on the reverse mortgage and keep the home, or sell the home and use a portion of the proceeds to pay off the reverse mortgage.

http://youtu.be/rgWm2n9Ylgs

Post has attachment
How does the Reverse Mortgage Process Work? 

We advise that you take the time, up front, to do your research. Read up on the Reverse Mortgage program as much as you can. Know what it is you hope to achieve through the Reverse Mortgage. Feel comfortable with the company with whom you choose to do business. Be sure they are credible and that they are experts in the field of Reverse Mortgages. It’s best to choose a company that is local with an advisor that you can meet face to face.  Contact your local Better Business Bureau (BBB) to verify they are members and in good standing. Only work with a company that is a member of NRMLA (National Reverse Mortgage Lenders Association). Require the company to furnish you with all their credentials, including company license, advisor license, and HUD approval letter.


The following is the typical procedure for obtaining a reverse mortgage. New Castle Mortgage is always available to answer any questions you have along the way. Just call us at the office location nearest you. The entire process typically takes 3-4 weeks from the time you begin, until closing. Of course you are under no obligation to proceed quickly, and you may take as much time as you need during any step in the process.


1) Initial Inquiry 
We will discuss with you (either over the phone or in person) your reverse mortgage options. We will provide a summary of available funds and instructions on how you may receive them. Our goal is to help you decide if a reverse mortgage is the right choice for you. If you choose, you may invite other family members or friends to attend the meeting and ask any questions they may have. It is important for everyone in the transaction to make an informed decision. 

2) Reverse Mortgage Counseling 
This is really an "education session" to be sure that you completely understand the reverse mortgage and your options before you apply for the loan. The counseling is done by an approved agency through HUD. The counseling can be done over the phone or in person, it's your choice. A counseling certificate will be given to you, or mailed to your home. You'll need to sign and date the certificate and we will collect it at the time of application since we need to send it along with the loan application package to the underwriter. 

3) Application 
After counseling has been done, we will meet to complete the application process. We will come to your home or you may come to our office. We will thoroughly explain all forms and answer any questions you may have. Once again, you may bring a family member or anyone else who is helping you with this transaction. 

4) Appraisal 
We will order an appraisal on your home from one of our HUD approved appraisers. The appraiser will contact you directly to make the appointment. The appraisal fee, and how it’s to be handled, will be verified prior to the appointment. The appraiser will prepare the report and send it to our processor. 

5) Title Work 
At the same time the appraisal is being done, the title work is being completed by the title or escrow company. This is in preparation for the closing. The title company may call you with questions during the course of their work. Please provide any information they require as this will make for a smooth transaction. Of course, if you have questions, we are just a phone call away. 

6) Underwriting 
Once the appraisal, title work and any other necessary information is received by New Castle, our processor will submit the loan to underwriting. The underwriter's job is to make sure that the loan file conforms to all applicable guidelines. Once reviewed and approved, it's time for closing. 

7) Closing 
The title representative will come to your home and conduct the closing, or you may choose to come to our office, or the title company. This is when the legal documents for the reverse mortgage are signed. The title representative will explain all forms and answer any questions you have. After the closing, there is a three day right of recession mandated by the Federal Government. What this means to you is that on the fourth business day after closing, the funds you requested will be available to you. During these three days you have the right to cancel the loan. 

8) Repayment
You will not be required to make monthly payments during the term of your loan. The reverse mortgage becomes due and payable in full once: 1) the home is no longer being used as a primary residence, 2) it is sold, or 3) the borrower passes away. Upon the death of the borrower, the loan may be repaid from the sale of the home or by refinancing the existing reverse mortgage. All remaining equity belongs to the heirs/estate.

9) After closing 
We are here to answer any questions you may have at any time throughout the life of the loan. You'll receive periodic statements about your account showing the current balance, the interest rate in effect, and the amount of funds still available to you. There will be a customer service number that you may call at any time.

http://youtu.be/fg3OgU4TOqU

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Thank you for considering New Castle Mortgage as a source for answers to your questions on Reverse Mortgages. It is extremely important that you choose wisely with whom you work in obtaining your Reverse Mortgage, as this could be one of the most important decisions you will ever make. At New Castle Mortgage, we are experts in the field of Reverse Mortgages. Our company was founded in 2007 to specialize in this industry. 


New Castle Mortgage is “The Reverse Mortgage Company of Tennessee.”

We are the major producer of Reverse Mortgages in Tennessee, owned and operated by Tennesseans, purely specializing in Reverse Mortgages. As a consumer you can be certain we are qualified, experienced and credible. Our partners, Mike Holton and Catherine Holton, each have over 16 years of experience originating FHA loans throughout the state of Tennessee. With offices in Nashville, Knoxville and Chattanooga, our “boots on the ground” originator staff of 12 can effectively cover most all areas of Tennessee. We have a highly experienced Loan Origination staff, many of whom have served as an originator for 10, 15, and even 30 years. We are a State licensed facility and are members of NRMLA (National Reverse Mortgage Lenders Association) and the BBB (Better Business Bureau). We advertise on network television (NBC, CBS, ABC), the Yellow Pages, the BBB, NRMLA.

Our Nashville office is conveniently located on 21st Ave in the Green Hills area of Nashville.
 
Our Knoxville office is located in the Cedar Bluff area of West Knoxville. 

Our Chattanooga office is located on Lee Highway across from Capital Toyota. 

All locations are easy to get to and have plenty of free parking. Our customers enjoy the convenience of being able to meet their Reverse Mortgage specialist face to face. This not only aids in the communication process, but also enables our customers to get to know the person they will be working with.

The answers to your questions are just a call away. Contact us today with your questions on how the Reverse Mortgage might work for you. You are always welcome to visit us at our office or we will be happy to meet with you in your own home. 

www.NewCastleMortgage.com
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