Reverse Mortgage Loan Blog

York woman specializes in reverse mortgages for seniors

What is your name?

Nicole Waldron.

Where do you live?

York.

How long have you lived in York?

15 years.

Where are you from originally?

Massachusetts.

How did you make your way to York?

My parents bought the house that I live in. They then bought a second house when housing was much more affordable in York, and this house became empty. My husband and I had always wanted to live near the ocean and this was our big chance, so we took it.

Where are you currently employed?

I work for a family-owned mortgage company, GIA Mortgage, based in Worcester, Mass.

What is your role?

I just specialize in reverse mortgages. Four out of the five of us in York focus on reverse mortgages.

How long have you been with the company?

A year and a half. I waited till my youngest began school, and it has worked out great. Because this isn’t a corporate company, I get to have freer rein. I can be home with my kids at the end of each day.

So I’ve got to ask. What is a reverse mortgage anyhow?

It is a home equity loan for people over 62 that requires no payment until the last borrower moves out. It is a quickly growing field.

How did you get into reverse mortgages?

I can really thank my parents for the career I’m in now. I looked up information about reverse mortgages for my parents four year ago. I went in being skeptical and knowing nothing, and reverse mortgages ended up being a much better product than I thought they would be. My parents are really happy with their reverse mortgage. It has worked out very well for them.

For those who have a reverse mortgage, there will be less money for their kids after the parents are gone, but my parents are really doing fine and I really want them to enjoy their lives now. I am so glad my parents have done this. They are planning a trip to Nova Scotia this August, and the money from the reverse mortgage will help them pay for it. They get to enjoy themselves now and use the money to help themselves while they can really use it.

How are reverse mortgages calculated?

They are based on three things: the age of the people, the appraised value of the home, and current interest rates. It is a formula that tells you which products give you what amount of money. Closing costs are then rolled into the mortgage. Also, what you don’t use grows for you at about 5 to 7 percent.

What sort of other training have you had in this field? Any changes in the industry?

I do continuing education and I attend continuing education conferences. I am a member of the National Reverse Mortgage Lenders Association and I also constantly keep up with current products. For 17 years, there was only one product, one that was federal government insured, but now in the last couple months a bunch of new products have come out. A lot of banks are jumping into this field, but you need to be careful with what bank you choose. Not all of these new products are good, and there is only the one original product that carries insurance with it.

What resources do you suggest for people who want to learn more about reverse mortgages?

The AARP Web site is a good place to start and nrmlaonline.org also has good information on it. There’s a lot of misinformation out there. Make sure you have your facts. Whoever you talk to, it’s a warning sign if who you are asking won’t talk in front of friends, family, or even lawyers. It should be an open process.

What’s the best part of your job?

It’s about helping people. For some people, reverse mortgages can really be life changing. I like to assist people along the way if I can.

Now that we have the scoop on reverse mortgages, I recall you mentioned you have children. How many do you have? Do you have a favorite activity with them?

I have two daughters. Anna is 9 and Mae is 7. My kids would live at Story Land. Our happiest memories are from there. We are going there June 1. As far as the simple things, we love going to the beach in the summer. It’s so beautiful here. I tell my daughters that most people don’t have a hometown that looks like this.

Do you like to read?

I’m a huge reader. I’m reading “The Godfather” now. Yup, Mario Puzo. (laughing)

Found here.

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