Expect More With Sless
Primary Residential Mortgage (PRMI)’s Steven J. Sless Group, the lender’s consumer-direct retail branch focused solely on reverse mortgages in Owings Mills, Md., has spearheaded the creation of a new, reverse mortgage-focused video series designed to appeal to seniors and to present accurate information about the reverse mortgage product category.
PRMI has hired Steven Sless as its reverse mortgage division manager. In his new role, Sless will be opening the lender’s first consumer-direct retail branch that deals exclusively with reverse mortgages in Maryland.
Many residents want to retire from their jobs as soon as they are financially able to do so. The ongoing COVID-19 pandemic has caused some older adults to reevaluate their finances and retire even earlier.
If financial planners agree on one thing, it’s that financial planning is especially important for older people.
Work days last month for Owings Mills mortgage leader Steven J. Sless boomeranged from crazy busy to unease, and then layoffs.
Loan Officers offer insights into how technology helps during crisis.
With 10+ years of experience, Joe Susserman is a top-level producer with a proven track record of success in the reverse mortgage space.
At The Steven J. Sless Group of PRMI, Joe educates homeowners to determine if a reverse mortgage will meet their financial goals. He then helps clients to navigate through all steps of the loan process.
“I enjoy assisting seniors to help them live a better retirement,” said Susserman, who has three sons and two grandchildren. Joe says, “I aim to provide the highest level of customer service and be responsive to all of my clients’ needs.”
JOSEPH SUSSERMAN: NMLS 986529. Maryland Department of Labor, Licensing & Regulation Commissioner of Financial Regulation #5511.
A reverse mortgage can pay off and replace a traditional mortgage loan, reducing the burden of a mandatory monthly payment,
This gives you immediate savings!
You see, reverse mortgages offer flexibility and versatility that other mortgages don’t.
With a reverse mortgage, YOU determine if and when you make mortgage payments.
Since you still own the home and continue to live in it as your primary residence, you must pay the property taxes and homeowners insurance.
You also are responsible for its upkeep.
Discover how a reverse mortgage can help you.
If you’re ready to learn more, click below to get started. As always, Expect More with Sless!
According to the U.S. Department of Health & Human Services, 10,000 people per day are turning 65 and that will continue until the year 2030.
Seven out of 10 of these people will require some level of long-term or extended care in their lifetime.
This care will consist of help with the activities of daily living such as: bathing, dressing, eating, transferring and toileting.
The need for care may also extend to usage of the telephone, meal preparation, housekeeping, managing personal finances or transporting to and from doctors’ appointments.
Without proper measures in place ahead of time, paying for care could wipe out your savings and wreak financial havoc on your caregivers.
As one of the nation’s only reverse mortgage professionals Certified in Long-Term Care, I’m uniquely qualified to discuss with you the subject of longevity and its acute consequences on families – financially, physically and emotionally – years down the road.
Here are five ways leveraging housing wealth by way of a reverse mortgage can help qualified homeowners cover the costs of long-term care.
In short, there are many factors to consider when it comes to funding long-term care.
If you’re ready to learn more, click below to get started. As always, Expect More with Sless!
Today’s Baby Boomers want to stay in their home.
They want to maintain or better their lifestyle.
And they may require home improvements to accommodate future needs.
But where will they find the funds to cover these costs without depleting their retirement savings?
The answer could be as simple as converting some of their home equity with a reverse mortgage.
Housing Wealth Levels for Homeowners 60+
A reverse mortgage gives homeowners 60+ access to the wealth tied up in their home while they still own it and continue to live there.
Using home equity to cover home renovation, healthcare costs or long-term care is tax free, unlike drawing from your retirement savings, which could have tax implications and also limit future growth on those accounts.
If you’re ready to learn more, click below to get started. As always, Expect More with Sless!
Did you know that home buyers 62 and older can purchase their next home with a Reverse Mortgage?
It’s called a Home Equity Conversion Mortgage (HECM) for Purchase.
And it’s tailored to better suit the needs of the growing number of older home buyers.
Whether you want to upsize to the home of your dreams, to downsize – or to right size to a home more suited to meet your long-term needs, a HECM for purchase may be a better option, versus paying cash or taking out a 15-, 20- or even a 30-year mortgage at this stage in life.
Simply put, a HECM for Purchase loan combines a Reverse Mortgage with the equity from the sale of your previous home – or from other savings and assets – to buy your next primary home in one single transaction.
Regardless of how long you live in the home or what happens to your home’s value, you only make one initial down payment of roughly 50 percent towards the purchase, provided that you pay property taxes, homeowner’s insurance, and maintain the property.
Once the purchase is complete, you can make payments on the home or defer pay back until the last remaining borrower leaves the home.
There is no mandatory mortgage payment, making this option a great way to preserve cash flow later in life.
Here’s an example. Tom (67) and Barb (65) live in a 3-story home no longer suitable for their lifestyle as they grow older. They wish to purchase a ranch style home with everything on one floor where they can comfortably age in place.
Their current home value is $400,000, and they owe $100,000 on it with an ongoing payment of $1,100 a month.
After finding a new home for $300,000, Tom and Barb sell their current home and purchase the new home, where they can age comfortably in place.
They have no mandatory monthly payment, freeing up cash flow and providing flexibility as they grow older.
This additional money can be used to bolster their retirement nest egg, help fund long term care, pay off debt, leave in legacy or estate planning and still keep some liquidity for emergencies.
The alternative would have been to pay cash for the new home using all of the proceeds from the sale of the current home or to take out a traditional mortgage with a mandatory mortgage payment, leaving them with far less flexibility as they grow older.
This is a better option for many buyers nearing or in retirement.
If you’re ready to learn more, click below to get started. As always, Expect More with Sless!
Without proper planning, several risks can wreak havoc on your retirement plan.
Whether you outlive your money will be determined by how you take these key risks off the table.
These include…
Market Risk, Long Term Care Risk, Inflation Risk, Taxation Risk and the biggest one, Sequence of Return Risk.
Some of the most astute investors will set up a “buffer asset,” which is a bucket of money outside of the investment portfolio that can be strategically used when needed.
The wealthiest people typically have enough cash saved to ride out shifts in the market so they don’t need to tap into their portfolios during economic downturns which can have devastating effects.
Most folks nearing retirement or those who are currently retired don’t have that kind of cash lying around.
But homeowners 60+ do have what is in most cases their largest asset. Their home.
Monetizing the home with a reverse mortgage is a safe and effective strategy to create a buffer asset.
Reverse mortgages can do wonders to help mitigate sequence of return risks.
A reverse mortgage line of credit can be established as a bucket of cash, guaranteed to be there that you can hold in reserve until needed.
The line of credit comes with a guaranteed cost of living increase each year giving you more borrowing power each year it’s in place.
You can set it up at very little cost, they are federally insured, can never be suspended, frozen or reduced regardless of what happens to the home value or market conditions so long as the terms of the loan are met.
Reverse mortgages also can help meet income needs in the event of a down market, preventing you from locking in losses and giving your portfolio an opportunity to recover.
Most people don’t think of reverse mortgages as a way to extend the longevity of an investment portfolio, but today’s reverse mortgages are part of a comprehensive financial plan to increase cash flow and help create a more comfortable retirement.
And I’m here to tell you our clients and their advisors use this strategy successfully.
To be clear, reverse mortgages aren’t for everyone, but they deserve to be a part of the conversation.
If you’re ready to learn more, click below to get started. As always, Expect More with Sless!
If you’re like many who are retired or close to retirement, you worked hard for years, but may have started saving too late.
Because of the delayed savings, you may not have enough assets to cover future living expenses.
It’s likely that the equity built up in YOUR HOME represents the largest portion of your net worth.
A reverse mortgage can convert this equity into cash, which can be received in a variety of strategic ways to supplement your retirement income.
One way to supplement your income is to receive proceeds as a tenure payment or lifetime check sent to you each month.
Another option is taking your loan proceeds as a line of credit to draw from as needed until funds are exhausted.
It’s also possible to combine payout options to accommodate your specific cash flow needs.
Bottom line: the money that you’ve put into the home can now be accessed with a reverse mortgage – giving you the additional funds for a comfortable retirement.
Discover how much equity you can access.
If you’re ready to learn more, click below to get started. As always, Expect More with Sless!
Steven J. Sless has become regarded as the “go-to housing wealth source” by various media outlets. Bringing nearly 20 years of mortgage industry experience, he founded The Steven J. Sless Group of PRMI, the lender’s national division dealing exclusively with reverse mortgages.
A powerful speaker and communicator, Steven regularly gives seminars and learning workshops for homeowners 60+, their family and trusted advisors. Exploring the nuts and bolts of reverse mortgages, Steven presents the facts, dispels common myths and misperceptions, and answers questions so his audiences can make informed decisions and take control of their retirement.
In 2019, Steven earned the CLTC®: Certified Long-Term Care professional designation, demonstrating that he also has acquired the critical tools necessary to discuss the subject of longevity and its acute consequences on a client’s family – financially, physically and emotionally – years down the road.
“Possessing knowledge of long-term care and what decisions must be made before care is needed will allow me to better serve the needs of my clients,” Steven says. “Having a deeper understanding of my clients’ needs will allow me to have a more advanced conversation with them, their family and trusted advisors.”
In addition to helping clients and educating colleagues and audiences, Steven loves spending time with his wife and two young daughters. He also is an avid fan of the Baltimore Ravens and Orioles, and he enjoys playing golf and cooking.
Steven J. Sless NMLS# 298581 . Licensed by the Delaware State Bank Commissioner to engage in business in Delaware 5644 expires on 12/31/2021. Georgia Residential Mortgage Licensee. Georgia Department of Banking and Finance 6521. Indiana-Department of Financial Institutions Consumer Credit Division, First Lien License 11069 Secretary of State Securities Commission Second Lien License 103936. C.P.D. Reg. No.-19-07981
Brandy Nickoles has over 17 years of experience in the mortgage industry, dedicating the last 8 years solely to reverse mortgages. With great knowledge of the reverse mortgage product, she is committed to making sure our borrowers have a seamless experience.
Instrumental in creating infrastructure from file setup through loan funding, Brandy manages the loan pipeline. This includes everything from analyzing documentation and loan scenarios, to creating and implementing process/procedures, and coordinating with lenders.
Brandy also trains and oversees team members to ensure tasks are completed timely and efficiently. Having worked with Brandy for nearly a decade, Steven and Andrew can attest that her attention to detail and organization is top notch.
The Steven. J. Sless Group is fully operational and committed to expediting loans for our clients during these unprecedented times.
We have implemented the following measures to ensure the safety of our team members, strategic partners and valued customers:
Call us at 410-814-7575 or schedule an appointment. (link )
Andrew Parker began his career in the mortgage industry in 1999 and transitioned to focusing solely on reverse mortgages in 2008. Through the years, Andrew has built a stellar reputation in scaling mortgage teams and overseeing products and systems training.
He has worked in tandem with Steven for the past 18 years and now oversees day-to-day production operations at the Steven J. Sless Group. In addition to managing loan originators and coordinators, providing product training and helping them to structure loan scenarios, Andrew works with credit desks to get clients approved. He also navigates underwriting approvals.
Andrew is a big reason why The Steven J. Sless Group get clients approved for loans that other lenders don’t, and why the team closes loans much quicker than the industry average. He has consistently forged strong bonds with and earned the trust of clients and strategic partners.
With 10+ years of mortgage industry experience, Robert Sklar educates clients about reverse mortgage loans and the strategy of incorporating housing wealth in retirement planning.
In doing so, he structures loan scenarios based on clients’ specific goals and needs. He also reworks loans to new terms and identifies additional conditions as needed to insure a viable credit decision. And he analyzes credit reports, property appraisals, titles and associated documentation.
Passionate about making a profound impact in the lives of his clients and others, the Hofstra University graduate has become a trusted resource of information and education in and around Baltimore.
ROBERT SKLAR: NMLS 1161107. Maryland Department of Labor, Licensing and Regulation Commissioner of Financial Regulation #5511.
Bringing 30 years mortgage industry experience, Sharon Birdow is adored by her clients and colleagues alike.
The West Chester University graduate, wife and mother of four has served as branch partner and originating loan officer, branch manager and senior mortgage loan officer. She was named Loan Originator of the Year in Volume in 2016, 2017 and 2018.
At The Steven J. Sless Group of PRMI, Sharon helps clients 60+, their families and trusted advisors to obtain reverse mortgage loans. She regularly consults with financial professionals on the benefits an HECM provides and how to utilize this tool in individual retirement planning.
“It’s my privilege to educate and empower older Americans about the versatility of reverse mortgages,” Sharon says. “I love helping our clients achieve financial independence and peace of mind in their golden years.”
SHARON BIRDOW. NMLS#176375 // GA MLO # 47859. California – Licensed by the Department of Financial Protection and Innovation (DFPI) under the California Residential Mortgage Lending Act 4130403. A copy of our Privacy Policy and Notice is accessible by going to Primary Residential Mortgage’s website and clicking on the “Privacy Policy” link located at the bottom of the page. https://www.primeres.com/privacy-policy – District of Columbia-Department of Insurance, Securities and Banking Department MLB3094. Distrito de Columbia-Florida Office of Financial Regulation MLD646. Oficina de Regulación Financiera de Florida MLD646. Georgia Residential Mortgage Licensee. Georgia Department of Banking and Finance 6521. Indiana-Department of Financial Institutions Consumer Credit Division, First Lien License 11069 Secretary of State Securities Commission Second Lien License 103936. C.P.D. Reg. No.-19-07981 Indiana-Departamento de Instituciones Financieras, División de Crédito al Consumidor, Licencia de primer grado 11069, Secretaría de Estado, Comisión de Valores, Licencia de segundo grado 103936. C.P.D. Reg. No.-19-07981
According to the U.S. Department of Health & Human Services, 10,000 people per day are turning 65 and that will continue until the year 2030.
Seven out of 10 of these people will require some level of long-term or extended care in their lifetime.
This care will consist of help with the activities of daily living such as: bathing, dressing, eating, transferring and toileting.
The need for care may also extend to usage of the telephone, meal preparation, housekeeping, managing personal finances or transporting to and from doctors’ appointments.
Without proper measures in place ahead of time, paying for care could wipe out your savings and wreak financial havoc on your caregivers.
As one of the nation’s only reverse mortgage professionals Certified in Long-Term Care, I’m uniquely qualified to discuss with you the subject of longevity and its acute consequences on families – financially, physically and emotionally – years down the road.
Here are five ways leveraging housing wealth by way of a reverse mortgage can help qualified homeowners cover the costs of long-term care.
In short, there are many factors to consider when it comes to funding long-term care.
If you’re ready to learn more, click below to get started. As always, Expect More with Sless!
At the Steven J. Sless Group of Primary Residential Mortgage our mission is to help homeowners 60+ achieve financial security and peace of mind.
We do this by offering equity-based retirement solutions, such as Home Equity Conversion Mortgages and a wide array of proprietary and jumbo reverse mortgage options.
Our goal is to help you leverage housing wealth with a reverse mortgage, so you can
We help our clients to comfortably age in place, either staying in the home they love or using a reverse mortgage loan to purchase a home more suitable for their long-term needs.
With more than 65 combined years of reverse mortgage experience, we possess the knowledge and expertise to close loans quickly and efficiently.
We’ll always take the time to answer your questions, discuss your goals and review your finances to determine whether a reverse mortgage is a proper fit.
If we feel this may not be the best option, we will tell you so.
Our team will always give straight talk and offer real solutions.
It would be a privilege to help you create an exceptional retirement lifestyle.
Contact us to learn more.
As always, Expect More With Sless™
Jumbo reverse mortgages – also known as proprietary reverse mortgages – offer several advantages for homeowners 60+ with higher home values.
For starters, jumbo reverse mortgages allow for loan amounts up to $3 million for homes valued up to $10 million.
Also, jumbo reverse mortgages don’t require mortgage insurance, resulting in a lower cost option for qualified borrowers.
Another plus is that jumbo reverse mortgages can pay off and replace traditional mortgage loans, reducing the burden of a mandatory monthly payment and resulting in substantial savings.
Additionally, jumbo reverse mortgages are non-recourse and don’t require you, your heirs or estate to pay the difference if the loan exceeds the home’s value at the time of sale.
Also, most jumbo reverse mortgages allow co-borrowers and eligible non-borrowing spouses to live in the house indefinitely, as long as taxes, insurance and maintenance remain paid.
Finally, because proprietary reverse mortgages don’t require FHA approval for condominiums, they are a great option for homeowners with higher value condos.
Homeowners 60+ sitting on hundreds of thousands or even millions of dollars in home equity would be wise to consider a jumbo reverse mortgage as part of a comprehensive income strategy.
It would be our privilege to guide you on how to best leverage your housing wealth.
Contact us today.
We are national leaders in the reverse mortgage space with a full array of proprietary reverse mortgage products.
Our team will always give straight talk and offer real solutions.
And remember. Expect More With Sless™
Reverse mortgages provide qualified homeowners access to home equity, while retaining ownership of their home.
These loans are designed to provide increased liquidity, accessibility and flexibility for homeowners 60+.
The loan is called a “reverse mortgage” because instead of making monthly payments to a lender – as with traditional mortgages, the lender pays the borrower.
With a variety of payout options, reverse mortgages are among the most versatile type of mortgage loans available.
Borrowers are not required to pay back the loan until the home is sold OR the last remaining homeowner permanently vacates the home.
They can, however, make payments for any amount at their discretion without penalty.
As with any mortgage loan, borrowers must meet loan obligations: paying property taxes and homeowner’s insurance and maintaining the home.
They also must live in the home as their primary residence.
If you’re retired or close to retirement, your home equity likely represents a large portion of your net worth.
Understanding how to strategically and tax efficiently incorporate this wealth into your retirement plan may be the key to protecting and prolonging your nest egg.
Contact us today to see if a reverse mortgage is right for you.
We are national leaders in the reverse mortgage space.
Our team has the knowledge and expertise to get clients approved for loans that other lenders don’t.
And because of our experience, we close loans much quicker than the industry average.
And remember, Expect More With Sless™!
Did you know that home buyers 62 and older can purchase their next home with a Reverse Mortgage?
It’s called a Home Equity Conversion Mortgage (HECM) for Purchase.
And it’s tailored to better suit the needs of the growing number of older home buyers.
Whether you want to upsize to the home of your dreams, to downsize – or to right size to a home more suited to meet your long-term needs, a HECM for purchase may be a better option, versus paying cash or taking out a 15-, 20- or even a 30-year mortgage at this stage in life.
Simply put, a HECM for Purchase loan combines a Reverse Mortgage with the equity from the sale of your previous home – or from other savings and assets – to buy your next primary home in one single transaction.
Regardless of how long you live in the home or what happens to your home’s value, you only make one initial down payment of roughly 50 percent towards the purchase, provided that you pay property taxes, homeowner’s insurance, and maintain the property.
Once the purchase is complete, you can make payments on the home or defer pay back until the last remaining borrower leaves the home.
There is no mandatory mortgage payment, making this option a great way to preserve cash flow later in life.
Here’s an example. Tom (67) and Barb (65) live in a 3-story home no longer suitable for their lifestyle as they grow older. They wish to purchase a ranch style home with everything on one floor where they can comfortably age in place.
Their current home value is $400,000, and they owe $100,000 on it with an ongoing payment of $1,100 a month.
After finding a new home for $300,000, Tom and Barb sell their current home and purchase the new home, where they can age comfortably in place.
They have no mandatory monthly payment, freeing up cash flow and providing flexibility as they grow older.
This additional money can be used to bolster their retirement nest egg, help fund long term care, pay off debt, leave in legacy or estate planning and still keep some liquidity for emergencies.
The alternative would have been to pay cash for the new home using all of the proceeds from the sale of the current home or to take out a traditional mortgage with a mandatory mortgage payment, leaving them with far less flexibility as they grow older.
This is a better option for many buyers nearing or in retirement.
If you’re ready to learn more, click below to get started. As always, Expect More with Sless!
At the Steven J. Sless Group of Primary Residential Mortgage our mission is to help homeowners 60+ achieve financial security and peace of mind.
We do this by offering equity-based retirement solutions, such as Home Equity Conversion Mortgages and a wide array of proprietary and jumbo reverse mortgage options.
Our goal is to help you leverage housing wealth with a reverse mortgage, so you can
We help our clients to comfortably age in place, either staying in the home they love or using a reverse mortgage loan to purchase a home more suitable for their long-term needs.
With more than 65 combined years of reverse mortgage experience, we possess the knowledge and expertise to close loans quickly and efficiently.
We’ll always take the time to answer your questions, discuss your goals and review your finances to determine whether a reverse mortgage is a proper fit.
If we feel this may not be the best option, we will tell you so.
Our team will always give straight talk and offer real solutions.
It would be a privilege to help you create an exceptional retirement lifestyle.
Contact us to learn more.
As always, Expect More With Sless™
Fifteen-year customer relations and hospitality management veteran, Justin Zornman is the group’s first remote hire.
Based out of Kalamazoo, MI, he is responsible for helping clients to navigate the loan process. He also assists loan originators and aids the processing team to expedite loan closings.
A University of New Orleans graduate, Justin is currently completing his studies to pass the mortgage originators exam, get licensed and, one day, open a Michigan branch for the group.
“I am honored to ease the way for homeowners, 60+ to secure a better retirement,” Justin says. “I look forward to ultimately establishing The Steven J. Sless Group of PRMI as the market leader in Michigan.”
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