Robert Slater
Robert Slater - Mortgage Loan Specialist
Looking for Reverse Mortgage Help?
I've been helping clients and associates finance Real Estate for the last 38 years. I'm all about options and knowledge. I provide clients with the knowledge it takes to make the right decision when financing Real Estate.
"Boomers" After thoroughly researching Reverse Mortgages, I think its the best product on the market. Ask me why!
The HECM (Home Equity Conversion Mortgage) is also known as a Reverse Mortgage and is a "Senior Only" home loan program that allows qualified homeowners, age 62 and older, the ability to access the equity in their home, ending the need for monthly principal and interest payments, and providing a source of monthly income. Borrowers must maintain property taxes, insurance and keep up the home. And "YOU" not the bank maintain ownership of your home as long as the HUD requirements are met.
Written in HB Coastal Living Magazine
Robert Slater Home Loans: Changing Lives
By Kelli M. Larson
Robert Slater, aka “Reverse Robert” has a passion for helping people. Having worked in the finance industry for 47 years, the longtime Huntington Beach resident could absolutely retire now in the city he loves so much. However, he explains, “I hate to see any senior go another day without the ability to live life comfortably. So many are living in million dollar homes but can hardly afford groceries.”
To that end, he sells the kind of mortgages that help those over the age of 62 access the equity in their homes, even if they are no longer employed, and put the funds to use in a smarter way. When he’s done working with a client, he insists, “their lives are changed for the better.”
The Seniors’ Solution
What Robert sells exclusively is a home equity conversion mortgage (HECM), which is also known as a reverse mortgage. This home loan program allows qualified seniors the ability to access the equity in their homes, ending the need for monthly principal and interest payments and providing a source of monthly income. Borrowers must maintain property taxes and insurance, and keep up the home.
In the past, people feared that obtaining a reverse mortgage meant handing over ownership of their property to the bank. However, Robert is quick to qualify that as a misconception. “With a HECM, you -- not the bank -- maintain ownership of your home,” he explains, “as long as the HUD requirements are met.” To give people peace of mind about the decision to obtain a HECM, there are even government protections in place. A third party is required to confirm a senior’s understanding of the unique loan program and provide a verification certificate before the loan can be put through.
The Conundrum
So why not just access your home equity via a regular loan from the bank? Robert says that banks qualify people for loans based on their debt-to-income ratio. Most seniors can’t qualify for a home equity loan because they are retired and living on a fixed income. Fortunately, selling your beloved family residence long before you were ready is not the only solution to getting some much-needed cash.
“I sit down with the adult children of seniors and ask, ‘Do you care about your parents and want them to stay in this home?’” Robert offers. Having them live on fixed withdrawals from their 401k retirement plan is not the only solution. “I suggest letting their 401k grow. With a reverse mortgage, they can remain in their home and use the equity from it to live on instead.”
What else can seniors do with the home equity accessed via a HECM? They can vacation, comfortably pay for their expensive medications, or perhaps afford some long-term care insurance and take the eventual burden of physical care off their loved ones!
Robert puts on seminars, but also provides one-on-one education to clients and their families, allowing them to benefit from his knowledge of how money works. Also a licensed realtor, he has a great understanding of the housing market. “Once people talk to me, they realize I know what I’m talking about,” he maintains. “If you’re willing to listen, I can help you grow your money and live better.”
Having already raised two daughters himself, Robert stays active on a daily basis in other ways. He can be found at Huntington Dog Beach every morning with his canine companion, Riley. Then it’s off to swim at his gym, see clients, and go for a bike ride along the coastal path. His favorite part of working with HB residents is getting to run into them while out and about. They are always grateful for the education and honesty that he provided and happy to be living their best lives.