Page 9 - PGA Community News - July '21

July 2021 July 2021 PGA C.A.N.!, Page 9

State-Of-The-Art Grand Opening from page 8

Emily Pantelides, Steve Macht, Pat Deshong, Kiersten Miller, Jessica Eddie Tybuszynski, Kiersten Miller, Steve Macht, Pat Deshong, Karen Noel Martinez, Pat Deshong, Steve Macht
Chavers, Karen Baum Baum, Jessica Chavers

Thinking in Reverse

A monthly article about the Home Equity
Conversion Mortgage (HECM) loan, commonly
known as a reverse mortgage.

Call us today for more information!
Phil & Marianne Hindman - (561) 371-9972
Richard Gore, Linda Stoch, Kathy Rensin, Julie Rutter, Gearl
Gore

HECM Myths & Realities

As with many financial products, a HECM loan
can be complicated. Let’s clear up common
misconceptions about how the product works.

Do you know the facts about HECM loans?

Myth No. 1 The lender owns the home. Noah Kahler, Sarah Stamp, Sara Wilson, Karen Counts
FACT Like all mortgage loans, a HECM loan is secured by a lien, and you will not lose your home
as long as you continue to meet your loan obligations. You cannot lose your home under normal nonprofit celebrated making it through the toughest year
in its history by throwing a long overdue grand opening
circumstances. Borrower must continue to pay property taxes, homeowners insurance, maintain so friends and media could see this one-of-a-kind space in
the home, and otherwise comply with the terms of the loan. Jupiter. The new Furry Friends facility even has an ultra-
modern cat themed hangout area named Catopia. Pups and
Myth No. 2 The borrower is restricted on how to use the loan proceeds. Cups CATfé is a quiet space where the public can relax
FACT The proceeds from a HECM loan can be used for almost any purpose. Borrowers use them to with their new friends or play with the shelter animals.
supplement their retirement income, delay receiving social security benefits, pay off high-interest The never before seen community room was designed to
host public birthday parties, seminars, pet yoga and more.
credit cards, medical expenses, remodel their home, or help their adult children. Prudence along The public has never been allowed to see these state-of-
with budgeting should be the proper approach to enjoy proceeds received from your HECM loan. the-art upgrades, built exclusively to serve them … until
now. To celebrate this long overdue achievement in our
Myth No. 3 Once loan proceeds are received, you pay taxes on them. community, Jupiter Mayor Todd Wodraska, Furry Friends
FACT Like any loan, HECM proceeds are paid out tax-free as they are not considered income. President Pat Deshong, the entire Furry Friends Board of
However, it is recommended that you consult your financial advisor in connection with your Directors including one of Furry Friends’ original founders
Linda Gore, and the nonprofit’s largest benefactor Karen
reverse mortgage application. Baum held a ribbon cutting on June 3. “We are so proud of
this new facility and the community should be proud too,”
Myth No. 4 The home must be free and clear of any existing mortgages. said President Pat Deshong. “This shelter was built for the
FACT Actually, many borrowers use the HECM loan to pay off an existing mortgage and eliminate community and it’s finally time to show it off celebrating
monthly mortgage payments. Paying off the existing mortgage and any other liens is required as our 40 years of offering homeless animals lifesaving help.”
part of the loan. Adding to the fun, local students from all over Palm
Beach County submitted artwork to be displayed at Furry
Friends. Middle and high school art teachers across Palm
Myth No. 5 Only people with financial hardships need HECM loans. Beach County submitted their students’ artwork and
FACT The perception that HECM loans are only for “financially strapped” borrowers is changing. kids from all around the county were on site to see their
Affluent senior borrowers, with million-dollar homes and healthy retirement assets, are using beautiful works of art displayed and up for auction.
HECMs as part of their financial and estate planning, working closely with financial professionals About Furry Friends Adoption, Clinic And Ranch
and estate attorneys to enhance their overall quality and enjoyment of life. Furry Friends Adoption, Clinic and Ranch (The
Humane Society of Greater Jupiter/Tequesta), is a 501(c)
(3) not for profit, no-kill rescue organization headquartered
in Jupiter, Fla. They are the only shelter open to the public
About the Author: Phil and Marianne Hindman are reverse mortgage professionals with American Advisors Group
(AAG) working locally in Palm Beach County. Their branch office is located at 1452 North US Hwy 1, Suite 107, in Northern Palm Beach County and have been rescuing,
Ormand Beach, FL 32174. Phil’s NMLS ID: 304929. Marianne’s NMLS ID: 254687. You can reach them locally at: (561) rehabilitating, and re-homing homeless animals for more
371-9972 | phindman@aag.com than 30 years. For more information or to donate to the
http://aag.expert/PhilHindman cause, visit https://www.furryfriendsadoption.org.
NMLS# 9392 (www.nmlsconsumeraccess.org). American Advisors Group (AAG) is headquartered at 18200 Von
Karman Ave., Suite 300, Irvine, CA 92612. AAG conducts business in FL. AAG is an equal housing lender. These
materials are not from HUD or FHA and were not approved by HUD or a government agency. For full legal
disclosure, visit www.aag.com/legal-information.