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You can never owe more than what your house is worth, and you cannot lose your home?
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HECM stands for Home Conversion Equity Mortgage?
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Both spouses on title must be 62 or older to qualify for a reverse mortgage?
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The FHA
HECM Reverse Mortgage Loan Limits have recently
been raised to $417,000 nationwide.
This change just signed into law now offers
many more senior homeowners around the U.S.
the opportunity to access more equity in
their homes with a reverse mortgage.
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About Kathy Richmond
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Kathy Richmond is a Certified Senior Advisor
(CSA), and is the Reverse Mortgage Specialist
for Mortgage-South.
Kathy has been closing reverse
mortgages for over 15 years. Kathy closed the first
reverse mortgage in Tennessee in 1993 and has closed
more than any other individual in the Southeastern
United States, totaling over 1100 so far. When the
state of Tennessee decided they needed a manual
on how the product works, they turned to Kathy to
literally "write the book" for them. Kathy has closed
"reverses" for clients ranging in age from 62 to
103, and for that older client she had to help HUD
adjust their computer program calculations to accommodate
that situation.
Kathy began her career in the banking industry at
First Federal Savings and Loan here in Chattanooga
in 1986 working her way up through the bank until
joining Mortgage South as a Vice President and starting
the reverse mortgage program. She now has two processors
and oversees loan officers all across the state.
Kathy received her Certified Senior Advisor designation
(CSA) in 2002 and has been recognized by the Mortgage
Bankers Organization and Financial Freedom Mortgage
as a top producer for the last several years. Even
with all of her responsibilities she still seeks
to provide the personal touch with all of the clients
she serves, including, when possible, driving to
the far corners of Tennessee and Georgia to close
the loan in person.
Kathy lives in North Georgia near her father and
enjoys playing the piano and organ for her church
and traveling to the smoky mountains.
Quotes from Kathy ...
"Doing a reverse mortgage for someone is probably
the most rewarding thing I have ever done because
they can truly change people's lives. I feel so
fortunate to be in a position that can make this
much difference. It really is a life changing experience."
"It is one of the few things that you can do that
people call you back years later just to say "thank
you". I enjoy meeting these seniors and I feel like
I am not just making them a client, I am making
friends."
To ask any questions, or to discuss your reverse
mortgage needs, please
email Kathy or call her at (423) 624-3878 . |
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