Home Equity Conversion Mortgages (“HECM”), more commonly known as reverse mortgages, are considered by many to be an enigmatic loan product. During his recent radio show on KCBQ AM 1170, reverse mortgage expert Michael Gaddis, J.D., the CEO & Broker of Frontier Loan Group, Inc. (“FLG”)challenges seniors and their loved ones to learn the facts before judging reverse mortgages.  Although the reputation of reverse mortgages have been improving over the years, many myths and misconceptions still exist that cloud the virtues of this flexible and potentially life-changing loan product.  Michael Gaddis, J.D., who also happens to be a licensed CA attorney (“The Law Offices of Michael Gaddis, APC”), believes that only through education and transparency can seniors and their loved ones truly dispel the false information and fully understand the virtues of this amazing loan product.

Reverse Mortgages are, arguably, one of the most personal and flexible loan products on the market.  Since the analysis of whether or not a reverse mortgage is the right choice for a borrower is so subjective a thorough review of the seniors situation is required.  The variables surrounding every senior’s situation is different including, but not limited to, monthly income, equity position, assets, age, expenses, revolving debt, etc.  The goal is to take these variables into account when attempting to determine how to maximize the potential benefits of the reverse mortgage.  Not only will a reverse mortgage eliminate the monthly mortgage payment for a senior but they may be eligible (depending on the eligible principal balance) for one of, or a combination of, the following: line of credit with growth potential, lump sum payment, tenure payments or term payments.

As mentioned, Michael Gaddis, J.D. assists seniors and their family with their reverse mortgage needs throughout the State of California. For more information on Michael Gaddis, J.D. or FLG please visit www.FrontierLoanGroup.com or contact Michael Gaddis, J.D. directly at 760-692-5950 or by email at Michael@FrontierLoanGroup.com.  FLG’s headquarters are located at 6104 Innovation Way, Carlsbad, CA 92009.  Frontier Loan Group, Inc. is licensed by the California Bureau of Real Estate license#01449152 NMLS#345305 Michael Gaddis, J.D. is licensed by the California Bureau of Real Estate license #01433800 NMLS#280011.