Peter and Janet

Michael Gaddis, J.D., CEO & Broker of Frontier Loan Group, Inc. (“FLG”) recently took his new friends, Peter & Janet of Oceanside, CA, to dinner at Benihana in Carlsbad, CA to celebrate their new reverse mortgage.  Also attending the dinner was Peter & Janet’s son, Mike.  Mike is the one that originally approached Michael Gaddis, J.D. about potentially helping his parents with a reverse mortgage.  Mike thought a reverse mortgage would be a good fit for his parents provided they were able to get acceptable terms.  Michael Gaddis, J.D. spent a considerable amount of time educating Mike about the various reverse mortgage programs and even went so far as to thoroughly explain minute details related to adjustable interest rate reverse mortgage programs (such as margins and indexes).  When Mike was convinced that a reverse mortgage might be something that would really help his parents with their quality of life he arranged for Michael Gaddis, J.D. to have a meeting with his parents.  Michael Gaddis, J.D. prides himself in educating his clients on the “nuts and bolts” of reverse mortgages and Peter & Janet really seemed to appreciate the time that Michael Gaddis, J.D. spent with them.

Reverse mortgages, also called a “home equity conversion mortgage” (HECM), is a special type of home loan insured by the FHA that allows seniors, over the age of 62, to utilize the equity in their home to eliminate their house payment and have access to the equity of their home.  HECM’s do not require a monthly mortgage payments during the life of the borrower.  While the borrower does not have to make a principal or interest payment on the loan, borrowers are still required to make ongoing property tax, insurance and HOA payments.  Over the years a lot of myths and misconceptions have arisen surrounding reverse mortgages that have caused some public resentment toward the loan product.  However, Michael Gaddis, J.D. is convinced that most of these myths and misconceptions are due to a lack of education and bad press.  Additionally, the FHA recently made changes to the HECM guidelines that addressed many of the concerns that opponents claimed were flaws in the program.

If you someone you know if considering a reverse mortgages please consider attending a reverse mortgage workshop given by Michael Gaddis, J.D.  The workshops last between 1 1/2 and 2 hours during which you will learn everything you ever wanted to know about reverse mortgages.  The workshops are geared toward education and there is absolutely no high pressure sales tactics.  Michael Gaddis, J.D. believes that the decision of whether or not to obtain a reverse mortgage is a personal decision based upon the individual set of circumstances of each individual.  What is right for one will not be right for another.  However, the only way to know for sure is to learn about the product from someone that really knows how it works.

Michael Gaddis, J.D. is a frequent lecturer on reverse mortgages and the host of “The Michael Gaddis Show” on KCBQ AM 1170 The Answer.  For more information on Frontier Loan Group, Inc. please visit To contact Michael Gaddis, J.D. you may email or call 888-242-2272.