Can a Reverse Mortgage Help You? Andi Hays, Branch Manager at Paramount Residential Mortgage Group
What Does Veterans Day Mean to You?
The History of Veterans Day
Through Aging Warriors, I’ve been able to meet some amazing people whose professional skills help the heroic veterans I get to work with daily. The person I want to highlight for this edition is Andi Hays, the Branch Manager at Paramount Residential Mortgage Group, Inc. Andi has been a
This month, Americans will take time to observe Veterans Day, a holiday nationally recognized for the last 80 years. But in all these years of commemoration, some people might be unaware that the holiday used to have a different name. In 1938, former President Dwight D. Eisenhower declared Nov. 11 “Armistice Day” to honor the end of World War I, which took place the same day 20 years prior. When the legislation officially passed, Eisenhower requested that Americans all across the country dedicate their efforts toward the cause of world peace. In fact, the word “armistice” refers to an agreement to cease fighting made by opposing sides in a war. During that time, the joy that emanated from the end of the Great War was palpable, and every year on Nov. 11, U.S. citizens took time to remember that joy and celebrate worldwide peace. If you know your history, then you know that by 1954, the U.S. military fought in two more wars, World War II and the Korean War. With the end of the Korean War, at the urging of the veterans service organizations, the 83rd U.S. Congress amended the Act of 1938 by striking out the word “armistice” and inserting the word “veterans.” With the approval of the legislation, Nov. 11 became a day to honor American veterans of all wars. From that day onward, the entire nation paid recognition to the hard work and sacrifices those soldiers made to protect our rights to life, liberty, and the pursuit of happiness. All the amazing aspects that come with living in the United States stem from the dedication and perseverance of our nation’s military personnel. Their choices to leave their homes and their families to ensure the greater good of our country exemplifies their patriotic allegiance even in times of great strife. For this reason, the 110th Congress designated the week of Nov. 9–15 as National Veterans Awareness Week to emphasize the need to develop educational programs regarding the contributions and sacrifices of veterans for the country. Hopefully as time goes on, every man, woman, and child will be able to learn exactly what veterans accomplished and endured to keep our nation as wonderful as it is.
branch manager for eight years, having served at this specific branch for more than two years. According to Andi, one of the most interesting and accommodating types of loans she oversees are reverse mortgages. If you are familiar with the more commonly used traditional mortgage — the type used to purchase a home — then a reverse mortgage might initially seem odd. But with over 4,800 Floridians opting for this alternative approach to monthly home payments, it might be worth considering. Essentially, a reverse mortgage is a loan that a homeowner who is 62 or older with considerable home equity can borrow against the value of their home and receive funds. They can receive these funds as a lump sum, fixed monthly payments, or a line of credit. Unlike a standard mortgage, a reverse mortgage does NOT require the homeowner to make any loan payments. Instead, the entire loan balance becomes due and payable when the borrower moves out of the home, sells it, or passes away. When this occurs, the proceeds from the sale of the home go to the lender to repay the reverse mortgage’s principal, interest, mortgage insurance, and other fees. Because Andi has worked with several clients interested in reverse mortgage loans, she has a solid idea of the people who would benefit most from them. For clients who are 62 or older, reverse mortgages can be a great way to get cash when home equity is their biggest asset. Unlike a home equity loan or line of credit, people considering a reverse mortgage don’t need an income or a high credit score to qualify. The desire to help people reach their ideas of success has led Andi to pursue her career in mortgage banking; and for the past 18 years, that is exactly what she has done. Beyond her expertise in lending, Andi is an all-around wonderful person with a heart to serve; and I fully recommend her to all my clients who are interested in reverse mortgages or any other type of home loan. If you want more information, feel free to contact Andi at (772) 336-3570.
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