Reverse mortgage Specialists
Yolanda Moats Shakoor
Meet Your
I’m a Loan Consultant who creates
loan solutions for specific
mortgage needs, specializing in
reverse mortgages to help seniors
maximize their retirement years. I
closely work with a team of
underwriter and processors to
assist funding each loan on-time,
every time. Please contact me
when considering the purchase of
a new home, refinancing or
obtaining additional property
I entered the mortgage industry in 2002
after earning a Bachelor of Science
degree from the Business College at San
Diego State University. It was my
neighbor who introduced me to the
mortgage business, and after just a few
short weeks of working with her, I
realized why she was so passionate
about helping folks become
homeowners. I worked my way up from
loan processor, to loan officer assistant,
to loan officer during the course of five
years. If you want to do something well,
you take a hands on approach. That’s
how I approach each and every escrow
for each and every one of my clients.
Karoline Stanley
Co-Branch Manager
NMLS #265513
928.892.9024
karoline.stanley@fairwaymc.com
Loan Officer
NMLS #576459
619.884.9039
yolanda.shakoor@fairwaymc.com
what is a reverse mortgage loan?
Reverse mortgages allow homeowners who are 62 and older to borrow against the equity in their homes without
making monthly mortgage payments, provided they continue paying property taxes, homeowners insurance, and
upkeep expenses.
Unlike standard “forward” mortgages, a reverse loan gives borrowers the option to receive monthly cash advances
or access to a line of credit (or a combination of the two).
According to the US Department of Housing and Urban Development,
more than a million households across the nation are using a reverse
mortgage insured through the Federal Housing Administration (FHA).
These loans can help seniors manage increasing living expenses.
QUALIFICATIONS:
One borrower must be at least 62 years old
Purchased home is required to be your primary residence
New property must be: single-family home, 2-4 unit dwelling or FHA-
approved condoFor a new home purchased, you must have an adequate down payment**
for your new home based on your ageNo credit score requirements, some income and credit qualification apply
to make sure you have the ability to pay taxes and insurance
How Can This Loan Help You?
Enables qualified senior homebuyers to purchase a new primary
residence and obtain a reverse mortgage in simultaneous transactions.A reverse mortgage is the only type of mortgage that never requires a
payment until you pass away or move out of your home, as long as all
loan terms are met. You are still required to pay taxes and, insurance,
and maintain your home.
Build a new customized home
Purchase a primary residence suitable for your current needs
Purchase a home in senior housing community
Move into a new home that easily accessible with modern amenities
Relocate closer to friends and family members
Free up cash
Reduce tax burden*
Extend your investments*
Improve your quality of life
A Reverse Mortgage can enhance your
retirement in many ways:
*This website does not constitute tax or financial advice. Please consult a tax and/or financial advisor regarding your specific situation.
Ted and Barbara, both age 74, want to buy a more accommodating single-story home. They work with a Realtor to
sell their current two-story home, which they own free and clear. After the costs of sale, they take home $800,000.
Estimated Cash Required to Close with a Reverse Mortgage is only $342,000.*
Ted and Barbara took the $800,000 from the sale of their two-story home and purchased a more accommodating
single-story home for $600,000. By purchasing their new home in a reverse mortgage, they only needed to bring
$342,000 dollars to closing. Rather than paying all cash for their new home, they only paid $342,000 and kept
$458,000 in liquid funds. The reverse mortgage requires no monthly payments, although they are still required to
pay taxes and insurance and must maintain the home. As long as all loan terms are met, the balance isn't due until
both Ted and Barbara move out of their new home or pass away.
Here's an Example of How a HECM for Purchase*
Can work for you:
Ted and Barbara also work with a Fairway Reverse Mortgage Planner. They explain to Ted and Barbara how
using a reverse mortgage loan does not require them to use all of the proceeds from the sale of their current
home to purchase their new home.
Most but not all reverse mortgages are Home Equity Conversion Mortgage - HECMs, and are only available through an FHA-approved lender. This advertisement talks about HECM loans only. *Example is for illustration purposes only.
The persons depicted herein are fictional and any resemblance to actual persons is a coincidence. This information is provided as a guideline; interest rates and loan fees are subject to change without notice.
**The down payment on your new home required is determined by a number of factors. including your age, current interest rates, and the lesser of the home's appraised value or purchase price.
Age 59½: You can withdraw from 401(k) without 10% federal penalty tax
You'll still owe taxes
• Tip: You will owe federal income taxes on withdrawals from your retirement plan. That's why it's a good idea to set aside some of your withdrawal for
taxes.
Exceptions to the 10% federal penalty tax include distributions made after death, after permanent and total disability, under a divorce agreement, and
to pay unreimbursed medical expenses that exceed 10% of adjusted gross income.
Age 62: Minimum age at which you can choose to begin receiving Social Security
retirement benefits
But bear in mind that for each year you postpone taking this benefit (until age 70), your monthly check will be larger
Age 65: Time to apply for Medicare
At age 65, if you’re already receiving Social Security, you’re automatically enrolled in both Parts A and B of
Medicare. But if you aren’t yet receiving Social Security, you will need to apply for Medicare during one of the
designated annual enrollment periods. You’re initial enrollment period lasts for 7 months , beginning 3 months
before the month in which you turn age or 65. Missing your enrollment date may mean higher premiums for the
rest of your life.
important dates:
If you're of retirement age, it's important to understand there are deadlines to enroll in your benefits.
Age 66-67: You’ve reached your full retirement age
Your full retirement age for Social Security is the age at which you become eligible for full or unreduced retirement
benefits. If you were born between 1943-1954, your full retirement age is 66. If you were born between 1955-1959, your
full retirement age is 66 plus 2 months for each year after 1954.
Age 70: Claim your maximum benefit
If you’ve waited until your 70th birthday to begin taking Social Security, you’ll now get the biggest possible monthly
benefit, which may be as much as 76% larger than if you had started receiving payments at age 62. Any further delay in
claiming wont increase the size of your check
Age 72: Access what you’ve saved
Even if you don’t feel ready to start withdrawing funds from your IRAs and employer-sponsored retirement plans, the
government requires you to do so once you reach a certain age. The amounts of these required minimun distributions.
Or RMDs, will vary from year to year, depending on the value of your retirement accounts and your age. Failing to take
an RMD, or taking an insufficient amount, can result in costly additional taxes. Choosing an appropriate distribution
strategy can help you avoid issues and make the most of your retirement assets. For details on the latest legislation and
regulation impacting your investment accounts, be sure to consult with your tax professional.
Copyright©2022 Fairway Independent Mortgage Corporation NMLS #2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800. All rights reserved.
Reverse mortgage borrowers are required to obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency. The youngest
borrower must be at least 62 years old. Monthly reverse mortgage advances may affect eligibility for some other programs. This is not an offer to enter into
an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and
property approval. Other restrictions and limitations may apply. Equal Housing Opportunity. Fairway Independent Mortgage Corporation is not affiliated
with any government agencies. Materials are not from HUD or FHA. AZ License #BK-0904162. Licensed by the Department of Financial Protection and
Innovation under the California Residential Mortgage Lending Act, License No 41DBO-78367. Licensed by the Department of Financial Protection and
Innovation under the California Financing Law, NMLS #2289. Loans made or arranged pursuant to a California Residential Mortgage Lending Act License.