Local : (775) 204-3390
Direct : (800) 489-0986

I certainly appreciate your interest and kindness, and I know why my friend thinks so highly of you now.

You come across as a good friend to people, and that is so refreshing in a time when so many think otherwise, and act otherwise. Thank you! - Allaire

The beauty of this reverse mortgage is that now I can spend the rest of my life in my home. What more can anyone ask for? - Edward J

We really appreciate you going the ‘extra mile’ for us. - Betty and Joseph

We decided to turn the equity into something that could better out financial situations. – - Mary and Joseph C

The whole reverse mortgage process was a very pleasant experience, thank you for all your help and information. - Janette P

The reverse mortgage may not be the right option for everyone, but it certainly was the best thing for us. - Mr and Mrs Brazil

A great big thank you! You and your staff are to be commended! - Roberta D

At first, I was having trouble wrapping my brain around it (reverse mortgages), but now I recommend them to my friends. - Marlene A

Thank you for the least time consuming, easiest application and fulfillment mortgage procedure I have ever experienced.

Thank you for your prompt attention and cordial response to every piece of minutiae I managed to come up with.

You, your company and your services came highly recommended by a former co-worker of mine and I add my own recommendation to his without hesitation. - Martha Y

Now, I can finally pursue my passions. - Katheryn K

You made my reverse mortgage process a painless one! I will gladly refer you to anyone I know that has similar needs. - Everene P

You can’t just look at the costs, you have to look at the whole picture and decide whether it is right for you. - Lamu M

In a time when there are so many obvious thieves, highbinders and idiots loose in the American business world it is a pleasure to take note of a firm that is peopled by those who are as competent and pleasant to deal with as you are. - Gilbert C.

I am glad I got a reverse mortgage- I have peace of mind now. - Roberta D

Your friendliness, knowledge and expertise made it possible for me to finally fulfill my wish to retire while remaining solvent at the same time. - Carolyn C

I sold my larger home, paid off a mortgage I could not afford and purchased a new home with a mortgage that was very affordable. No payments at all! - Casey S

It is very easy to see that, in terms of both service and cost, Maggie O’Connell was the clear choice. - Anne G

The reverse mortgage has provided us with a great deal of stability and lets me sleep at night. - Dawn and John B

My experience with Maggie O’Connell was very professional and everything clearly explained and every question answered. I would recommend Maggie to anyone thinking about a Reverse Mortgage. - Robert C

The Reverse mortgage has been a real security blanket for us. - Linda and Ralph W

Your thoroughness in walking us through all the details and your immediate responses to our questions to you gave us unsurpassed confidence in you and your company. - Herbert and Madeline S

I needed the Reverse Mortgage but at the same time I was very scared to do the transaction. You were always very calm, pleasant, understanding and helpful and never pushy. Thank you. - Hana B.

Thank you for your courtesy and professionalism in assisting me.

You were always available to assist with any question and problem I might have, and I cannot think of anything that was not resolved to my satisfactions. - Elizabeth C

We were extremely pleased with your service. You answered all of our questions when we called. Thanks Again. - Dale and Mae M

I have only one comment to make about you. First class all the way! - T.L.C

To my favorite lady! Gold Bless you Maggie, you saved my butt from the bandit credit card co. They are history!! - Gerald H

I am more than happy with my reverse mortgage and the super job you and your staff did for me. - Virginia G

Reverse Mortgage Information- How They Work

Reverse Mortgage Information

How Reverse Mortgages Work

A reverse mortgage is a home equity loan or mortgage designed for older homeowners. With a reverse mortgage, the lender pays the homeowner either a lump sum, monthly payments or a line of credit to access money over time. Since it is a loan, it must be paid back, but not until the end, after the owners leave the home permanently or sell the property. There are no monthly payments required from the borrower during the time they remain in their home.

Interest is charged on the reverse mortgage loan balance and added to the balance (compounding) and the debt balance continues to increase. In essence, you are using your equity now, while you enjoy your home and there will be less in the future for you or your heirs, although home value appreciation offsets the rising loan balance.

Find out if you qualify for a Reverse Mortgage

Qualifying for a reverse mortgage is easy provided you and any co-borrower:

are both at least 62 years old
are living in the home as primary residence
have balances on any existing mortgages no higher than funds available through a reverse mortgage. Find out if your mortgage is too high for a reverse mortgage
meet financial assessment requirements

If you apply for a Home Equity Conversion Mortgage (backed by the federal government) you must receive reverse mortgage counseling prior to starting the loan process. See our Reverse Mortgage Counseling page.

Federally Insured Government Reverse Mortgages

Federally backed reverse mortgages are known as Home Equity Conversion Mortgages or HECM. These mortgages have mortgage insurance through the FHA, and guarantees you continue to have access to your funds. The FHA insured HECM also has the benefit of protecting you and your heirs if the loan balance exceeds your home’s value. The home stands for the debt and you would not be required to go out of pocket if there is a deficiency.
The HECM has a maximum claim amount of $625,500 so a higher valued home would cap at that amount. Private jumbo reverse mortgages, also known as Proprietary Reverse Mortgages, are also offered through this company.

Phone: (209) 434-8333 or (775) 204-3390 | Fax: (209) 434-8444
Scott O’Connell Cell/text: (916) 502-0359
NMLS 250080 Reno Nevada Location: 10399 Double R Blvd. #108 Reno, NV 89521

We do reverse mortgages in all 50 States and physically located in Nevada and California

DISCLAIMER: The information contained on this website are the views of Scott Matthew O'Connell, and do not necessarily reflect the views of The Federal Savings Bank. The information contained in this website is for general information purposes only. It is believed to be reliable, but The Federal Savings Bank does not warrant its completeness, timeliness or accuracy. The information on this website is not intended as an offer or solicitation for any mortgage product or any financial instrument. The information and materials contained in this website - and the terms and conditions of the access to and use of such information and materials - are subject to change without notice. Products and services described, as well as, associated fees, charges and interest rates may differ among geographic locations, offices and as a result of individual conditions. Not all products and services are offered at all locations. In no event will The Federal Savings Bank be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.

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Reverse Mortgage Information- How They Work

Reverse Mortgage Information

How Reverse Mortgages Work