Two golf enthusiasts from One Reverse Mortgage, Reece Minard and Nate Nordstrom, attended the Quicken Loans National in Maryland over Fourth of July weekend. But watching the golf tournament live wasn’t the best part of their weekend; it was representing One Reverse Mortgage and speaking with volunteers about the reverse mortgage.
Held at TPC Potomac at Avenel Farm, the popular golf event hosted more than 100 players (with Kyle Stanley taking the win) and roughly 1,000 volunteers. Nate and Reece, with the support of ORM, spent Thursday, Friday, and Saturday passing out ice cream to volunteers finishing their day’s work. One Reverse Mortgage also sponsored the volunteer party, where Reece, a licensed specialist spoke on the reverse mortgage. He and Nate passed out thermal cups and our free information guide, while answering questions and providing more information on the loan.
One of the biggest hurdles our team members faced (and one we face daily) was the misconception that you could lose your home if you get a reverse mortgage. Many of the volunteers Reece and Nate spoke to had the same concern, “We don’t want to lose our house.” What our team members told those volunteers is the same thing we tell everyone else: You remain the owner of your home. Your name remains on the title. This of course means you are still responsible for paying property taxes and homeowners insurance and maintaining the home.
As our team members spoke to volunteers, they noticed a common thread. It surprised people to know that the reverse mortgage was similar to a traditional mortgage. You can pay the loan off with no prepayment penalty and you borrow money based on the value of the home.
Many people asked how much they could get with a reverse mortgage. The answer varies from person to person, but the amount is based on the person’s age, the amount of equity in their home, and current interest rates. If you are wondering how much you may qualify for, you can put your info into our reverse mortgage calculator and get a custom estimate.
One Reverse Mortgage was happy to host the group of volunteers, and our team members were happy to spend a few days getting to know them on a more personal level and be able to answer questions face to face.
Of course, it wasn’t just “all work and no play” for our team members. Nate and Reece did get to enjoy some time on the green and throughout Washington DC, playing a round of golf early in the day, then heading to our nation’s capital to visit the White House and relax on the steps of the Lincoln Memorial. They were also able to watch some of the tournament and even meet a few players.