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The Reverse Mortgage Authority by Patrick Donohue |
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Your Resource for Unbiased Reverse Mortgage Information |
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Welcome: · Prospective borrowers and their families · Senior-market financial planners and attorneys · Mortgage lenders and banks · Reverse mortgage counselors |
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1st Reverse Financial Services, LLC |
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Contact Me: |
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Patrick Donohue, MBA, CSA Certified Senior Advisor Phone: 773-491-9500 Fax: 312-896-9438 |
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ABOUT THIS SITE: I tried to create a site that takes you past “Reverse Mortgage 101.” For the basics, I recommend visiting the AARP or NRMLA sites and also requesting the AARP’s free guide to reverse mortgages. I tried to provide detailed information about reverse mortgages and their various applications. Also, I wanted to let you learn more about me in case you are looking for an advisor to handle you or your family’s loan. I have found that there is a lack of awareness about how reverse mortgages work and for whom they are appropriate. I hope to provide some examples you might not have considered and to show you where these loans work the best. |
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Currently, I originate loans all over the US for 1st Reverse Financial Services (www.1streverse.com), which is affiliated with Family Federal Savings of Illinois, a federally chartered savings institution headquartered in Cicero, IL and in business since 1910. 1st Reverse is run by three past Presidents of the Illinois Association of Mortgage Brokers, and is very unique because we: 1) Offer loans directly to seniors 2) Enable banks and mortgage companies to get into the business If your bank or mortgage company wants to learn how to get into the reverse mortgage industry or are looking for other correspondent partners, you should definitely contact us. Our specialty is in assisting lenders who have little or no experience with the reverse mortgage product and process. One key part of my job as it relates to our corresponding banks is helping them craft and implement marketing strategies to boost their reverse mortgage business. For more information on how to make real money in this industry please contact me through 1st Reverse Financial Services at 877-574-1000 and at www.1streverse.com. On January 20th, 2005, I was quoted in Terry Savage’s nationally syndicated Chicago Sun Times article on reverse mortgages, and on theStreet.com. I am a HUGE fan of Terry Savage, both personally and professionally. She, more than anyone else in our industry, has promoted the positive benefits of reverse mortgages and continues to write positive, well informed articles. Later in 2005 I was quoted again by Ms. Savage in her book, The Savage Number: How Much Money Do You Need to Retire?. Another career highlight was my speaking opportunity at the National Reverse Mortgage Lenders Association’s annual conference in 2006. I was a panelist for a very well received session entitled “Introducing Yourself to Financial Planners”. It is my hope that this site provides you with a place to get questions answered and also to get help on whatever reverse-mortgage related issue you have. For those of you looking for other senior-specific services (e.g., legal help, home health care, insurance), please consult the “Bona Fide Partners” page. Below is the type of information you can expect to find at this site: For Prospective Borrowers and their Families: · A personal site to get your questions answered and to interact in order to make a good decision · A resource guide for senior-market service providers for whom I can vouch for their capabilities and ethics For Senior-Market Planners and Attorneys: · A place to learn about relevant applications—and in many cases to get yourselves prepared for your clients’ questions · An information source for financial– and estate-planning strategies using reverse mortgages · A resource guide for senior-market service providers for whom I can vouch for their capabilities and ethics For Mortgage Lenders & Banks: · An information and education source · An entry point into the reverse mortgage industry · A place for you to get your marketing and sales questions answered For Reverse Mortgage Counselors: · A spot to get detailed and complex questions answered · A resource for the latest reverse mortgage industry news |