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    "Reverse Mortgage Originator: Scott O'Connell" Call: (209) 434-8333 or (775) 204-3390
    NMLS 250080

    It takes money to maintain a long, comfortable and financially secure retirement. But you don’t need to count your penny’s and sacrifice the lifestyle you want. The solution is right under your roof! Give us a call and we will educate you on reverse mortgages. With a good understanding, you can make good decisions.

    Reverse Mortgage News – Spot Condo Approval

    HECM Lending Limits to Increase in 2020

    The lending limit for HECM reverse mortgages is increasing for the fourth consecutive year in a row and is set to rise to $765,600 on Jan 1, 2020.

    Spot Condo Approvals Are Now Available

    HUD spot condo approval was eliminated in 2009, requiring the entire project to undergo approval every 2 years. Very few condo projects had approval and older owners of condo’s were unable to get HECM reverse mortgages.  This rule change opens up eligibility for a reverse mortgage to many more owner-occupants of condos as we will be able to submit single units for approval.

    HECM Reverse Mortgage Financial Assessment

    The HECM financial assessment evaluates sources of income including liquid assets. It will consider the existing mortgages that are paid off from the proceeds of the reverse mortgage so no longer having mortgage payments will make it easier to qualify.

    Satisfactory credit includes all housing or mortgage payments paid on time in the last 12 months, have no more than two 30 day late payments on installment debt in the last year and no major derogatory credit issues in the last twelve months. There will be consideration for extenuating circumstances and compensating factors. If income or credit doesn’t meet the standards a set aside account may be required to fund future property taxes and homeowner’s insurance. In some cases, borrower’s may be declined because of the assessment. The purpose is to measure the borrower’s willingness and ability to meet financial and homeownership obligations. The HECM reverse mortgage is not intended to be a short term ‘fix’ but provide long term solutions. The assessment should help meet those goals.

    Maggie O’Connell

    New California Counseling Rule

    California Reverse Mortgage Borrowers Have Seven Day Cooling Off Period From Counseling Session to HECM Application (Effective Jan. 1, 2015)

    Be Prepared for Counseling prior to scheduling appointment.






    Call Maggie O’Connell to request the required documentation and find a HECM Counselor

    Reverse Mortgage Articles

    HECM Lending Limits to Increase in 2020   By Chris Clow Dec. 3, 2019

    Brookings: Reverse Mortgages Should be More Than a Niche Product  By Chris Clow  Nov. 3, 2019

    HECM Congregational Hearing with the Senate Finance Committee, Video by Shannon Hicks, Sept 27, 2019

    Proprietary reverse mortgage products could eclipse fha’s hecm program in 2019,  by Jamie Hopkins, July 2, 2019

    Low mortgage interest rates stimulate homeowner’s to refinance by Jack Guttentag, June 21, 2019

    Finding a Reverse Mortgage Use for Every Income Bracket by Alex Spanko, June 19th, 2017

    Strapped retirees are turning to reverse mortgages by Anna Robaton, June 28, 2016

    How to use a reverse mortgage to protect your retirement income by Robert Powell, Nov. 11, 2015

    The Case for Reverse Mortgages by Wade Pfau, Dec. 1, 2014

    FHA healthier than subsidy from U.S. Treasury suggests -official By Margaret Chadbourn, Reuters, Oct.28,2013

    FHA Sounds Alarm on CBO Data by Christina Mlynski Housingwire Oct.23,2013

    Social Security’s Real Retirement Age is 70 by Alicia H. Munnell Oct.23,2013

    New Rules Could Revive Reverse Mortgages MarketWatch Oct. 9, 2013

    Reverse Mortgages Can Benefit Retirees Both Wealthy and Not By Kelly Green Wall Street Journal Aug.16,2013

    A great reverse mortgage idea: Take a credit line now Jane Bryant Quinn Aug.15,2013

    Today’s Money: June 2012
    Pros and Cons of Reverse Mortgages (video)

    NBC Today Show March 21, 2012
    Experts Tell Viewers, “Inheritance is Not a Right”.

    Time Moneyland, Published March 16, 2012
    Reverse Mortgages More Popular With Younger Homeowners

    US News January 30, 2012
    Reverse Mortgages Have Big Potential

    New York Daily News January 18, 2012
    Four Ways For Retirees To Create Income

    Reuters-October 27, 2011
    Stern Advice: Reverse Mortgages Appeal to Younger Borrowers


    ATLANTA, June 1 /PRNewswire/ — Generation Mortgage Company™, the largest privately owned reverse mortgage retailer and wholesaler in the United States, today announced the availability of a new jumbo reverse mortgage loan for homes valued up to $6 million. Currently, the only fixed-rate jumbo reverse loan offered industry-wide for higher-valued homes, Generation Mortgage’s Generation Plus™ loan product caters to a presently underserved consumer segment, seniors owning homes appraising higher than $1,000,000.

    “Many owners of higher-valued homes find themselves in the position of being house rich and cash poor,” said Jeff Lewis, Chairman of Generation Mortgage. “With our Plus loan, these owners can receive the liquidity they require without having to sell their home or other assets. And, with an improving real estate market, this offering becomes even more attractive.”

    For the Generation Plus reverse mortgage loan product, the minimum appraised home value eligible is $500,000 while the maximum value is $6 million. Available in most states throughout Generation Mortgage’s national footprint, the jumbo Generation Plus loan is offered at a fixed rate and may be obtained on primary residential homes, including FHA-approved townhomes. Payout is completed at closing and may be used for any purpose, including covering medical expenses or making home repairs or improvements.

    “Generation Mortgage is in the business of helping clients to enjoy their homes for as long as possible,” commented Lewis. “We will continue to introduce innovative products like Generation Plus to fulfill that goal for the full spectrum of the senior community.”

    February 2010 – New federal budget proposes increase in reverse mortgage MIP-Changes expected for HECM reverse mortgages would negatively impact seniors.
    The Administration’s proposed Fiscal Year 2011 budget for HUD would increase the ongoing mortgage insurance premium on HECM’s from 0.5 percent to 1.25 and reduce principal limit factors.If congress approves of the proposal, it will take effect October 1, 2010.Impact on borrowers will be a higher expected calculating rate resulting in less money in the homeowner’s pocket and higher mortgage insurance costs adding to the loan balance.

    Seniors and concerned family members may want to ask their representatives in congress not to increase mortgage insurance premiums and lower the amount they can receive. It is important that reverse mortgages continue to be a reasonable option for accessing equity and helping seniors maintain their qualify of life.

    January 24, 2010 Reverse Mortgage Store helps save home from foreclosure.
    When a bank takes a loss to make the reverse mortgage work it helps the senior homeowner and itself. You’ve heard of short sales, here’s an example of a short refinance.
    A story with a happy ending! (pdf)

    November 16, 2009 – HECM Reverse Mortgage high lending limits will continue through the end of 2010 – great news for California Seniors Homeowners!

    October 6. 2009 – Interest Rate Reduction for HECM ARMs!
    This weeks expected rate fell for adjustable rate reverse mortgages. This is good time to lock in a higher principal limit.

    September 10, 2009 Falling Reserves for FHA Insured Mortgages and Reverse Mortgages Causes Concern – Wall Street Journal. The Federal Housing Administration, hit by increasing mortgage-related losses, is in danger of seeing its reserves fall below the level demanded by Congress, according to government officials, in a development that could raise concerns about whether the agency needs a taxpayer bailout…
    August 27, 2009 -‘A Full Fall On The Hill’ – Current Legislation Update Article
    ‘A Full Fall On The Hill’ by Marty Bell – this article provides a good update on current reverse mortgage legislation and addresses NRMLA’s position.

    August 26, 2009 – Update on current Reverse Mortgage Legislation
    The HR 3288 Bill is up in front of the Senate after the August recess. This very important, critical piece of legislation includes proposals concerning how long the current HECM limits of $625,500 will be extended, if at all.
    Read more about the HR 3288 bill and review updates and amendments

    August 3, 2009 – Attention All Condo Owners considering a reverse mortgage!
    Beginning on Oct. 1, 2009, all condo projects will have to go through an extensive approval process in order to qualify for a reverse mortgage. If you are considering a reverse mortgage, it’s important you apply and get your counseling certificate prior to the end of August to avoid delays or possibly not qualifying at all! Call Maggie O’Connell at 800-489-0986 or e-mail at
    For further information, read this HUD issued mortgagee letter!

    February 25, 2009 – New HECM limits $625,000 for balance of 2009!
    HUD has now issued the awaited Mortgagee Letter that brings these new loan limits into effect for the balance of 2009. Contact us to find out how this can benefit you!

    January 29 2009 – House Passes Economic Stimulus Bill!
    The House passed the $819 billion economic stimulus bill by a vote of 244 to 188. This includes a provision to increase the single national loan limit for the balance of 2009. It now awaits a vote in the Senate.

    January 22 2009 – Are the HECM limits to go up to $625,500? When the Housing and Economic Recovery Act of 2008, HR 3221 passed, there was confusion over the new HECM lending limit. HUD made a conservative decision to cap the limit at $417,000 which has been in effect since November. There is now a Bill in the House containing a provision to increase the HECM limit to $625,500 to Oct. 1, 2013, according to the National Reverse Mortgage Lenders Association.