For many aspiring homeowners, the idea of purchasing a first home can feel overwhelming—especially when navigating loan options. Among the most helpful tools available is the First-Time Home Buyer loan, which differs from traditional FHA (Federal Housing Administration) and conventional loans in key ways. Understanding these differences can save you money and smooth your path to homeownership.
What Makes a First-Time Home Buyer Loan Unique?
A First-Time Home Buyer (FTHB) loan isn’t a specific type of mortgage but rather a category of programs—offered by state or federal governments, housing authorities, or lenders—that are specifically designed to support people buying a home for the first time. You may qualify even if you haven’t owned a home in the past 3 years.
These programs often combine benefits like:
• Lower down payments (sometimes as little as 0%–3%)
• Reduced interest rates
• Help with closing costs
• Down payment assistance grants or forgivable loans
• More flexible credit score requirements
These advantages are designed to address the most common challenges first-time buyers face: saving for a down payment and qualifying with limited credit history.

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“We don’t want to wait until we’re gone to make a difference in their lives,” Harold explained. “We want to see the joy it brings now.”

Like many retirees, Harold and Linda had most of their wealth tied up in their home. Their charming three-bedroom house in New Port Richey was owned free and clear — no mortgage, no liens, no payments. It had appreciated significantly over the years, and the equity represented their biggest asset. But they weren’t interested in selling, downsizing, or taking on new monthly payments.

That’s when they reached out to Debbie Cooley Mortgage to explore an option they’d heard about but never fully considered: a reverse mortgage.

A Reverse Mortgage That Gives — Not Takes

Reverse mortgages, officially known as Home Equity Conversion Mortgages (HECMs), are designed for homeowners 62 and older who want to convert part of their home equity into tax-free cash, without selling the home or taking on monthly mortgage payments. Instead, the loan is repaid when the homeowner moves out of the home or passes away.

“We were amazed to learn we could access this equity without taking on a new financial burden,” Linda said. “We’d always thought reverse mortgages were only for people in trouble, but that’s not true at all.”

In fact, Harold and Linda learned they could tap into over $200,000 of their home’s value and still stay comfortably in their house. Working with Debbie Cooley, they tailored the reverse mortgage to their needs, drawing just enough to give each grandchild a generous $25,000 gift.

Spreading Joy Across the Country

Their five grandchildren, ranging in age from 17 to 30, live all over the country — from Seattle to Miami. Each received a heartfelt note and a certified check just in time for Christmas.

For some, the gift helped pay off student loans. Others used it toward buying their first home, investing in a new business, or building a nest egg. “It’s a gift that will ripple through generations,” said one grandchild.

But perhaps the most touching part? Harold and Linda were there to witness it all.

“Knowing we could help now—not later-made — made all the difference,” Harold said. “We’re giving them a hand up, not a handout. And we did it without draining our retirement savings or changing our lifestyle.”

Creating a Legacy with Confidence

Debbie Cooley, who guided the Thompsons through the reverse mortgage process, sees stories like this more often than people realize.

“Reverse mortgages are not a last resort — they’re a smart financial planning tool,” Cooley explained. “They allow older homeowners to unlock the value of their homes and use that wealth in meaningful, personal ways. For the Thompsons, it was about giving joy and security to the next generation — and doing so while still living comfortably in the home they love.”

The Bottom Line

Harold and Linda’s story is a beautiful reminder that legacy isn’t just about what you leave behind — it’s also about what you give now. With a reverse mortgage, homeowners can access the equity in their homes to improve their retirement, or help the people they care most about.

If you’re curious about how a reverse mortgage might help you create a “living legacy” of your own, reach out to Debbie Cooley Mortgage for personalized guidance.

The post A Living Legacy: How One New Port Richey Couple Used a Reverse Mortgage to Gift Their Grandchildren $25,000 each for Christmas. first appeared on Debbie Cooley Mortgage.

What Is a Reverse Mortgage?
A reverse mortgage is a loan available to homeowners aged 62 or older, allowing them to convert a portion of their home equity into tax-free cash, without having to sell the home, give up ownership, or take on a new monthly mortgage payment. The loan is repaid when the borrower sells the home, moves out, or passes away.

The Financial Planning Opportunity
If you’re advising clients who are concerned about their parents’ ability to:

Afford in-home care or medical expenses

Make home modifications for aging in place

Cover general monthly living expenses in retirement

Delay tapping into their own retirement savings to support mom or dad

…then introducing the concept of a reverse mortgage can be a game-changer.

A Real-Life Scenario
Imagine this: your 45-year-old client is helping her 78-year-old mother with monthly expenses, worried about assisted living costs, and contemplating dipping into her own 401(k). Meanwhile, her mother owns her home outright but is on a fixed income. A reverse mortgage could provide her mother with a monthly payout or line of credit, giving your client breathing room and preserving her retirement strategy.

Busting the Myths
Many people hesitate when they hear the words “reverse mortgage,” but much of the hesitation stems from outdated information. Today’s reverse mortgage—specifically the FHA-insured Home Equity Conversion Mortgage (HECM)—offers protections for both borrower and heirs. The home remains in the borrower’s name, and heirs have options when the loan becomes due, including paying off the balance or selling the home.

Why Financial Planners Should Care
Including reverse mortgages in your toolbox doesn’t mean you’re pushing debt—it means you’re offering a strategic solution tailored to a client’s entire family picture. It’s about preserving intergenerational wealth, easing caregiver burnout, and creating cash flow where it didn’t seem possible.

How to Start the Conversation
When reviewing your client’s financial responsibilities, ask:

Are you helping your parents financially?

Is their home paid off or mostly paid off?

Have you considered ways to make their home work for them?

If the answer is yes, it may be time to connect with a trusted reverse mortgage specialist who can help you and your clients explore the option in detail.

If you’d like to learn more about how reverse mortgages can fit into your clients’ holistic financial plans, I’m happy to be a resource. Together, we can help the next generation of retirees live with dignity, security, and independence—while protecting the future of their adult children, too.

Debbie Cooley Guy
Reverse Mortgage Specialist
debbie@debbiecooleymortgage.com
727-688-2851
NMLS #210817

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1. Property Tax Savings: The Homestead Exemption can lead to significant savings on property taxes. The exemption allows for a reduction in the assessed value of the homestead, resulting in lower property tax bills.
2. Protection from Creditor Claims: Florida’s Homestead Law provides protection from certain creditor claims, making it a valuable tool for safeguarding your home in times of financial difficulty. This protection extends to the homeowner’s spouse and heirs, offering peace of mind and security.
3. Portability: For those looking to upgrade or downsize their homes, the Homestead Exemption in Florida allows for portability. This means that homeowners can transfer their accrued Save Our Homes benefit to a new homestead, limiting the increase in property taxes on the new property.

The post Understanding the Homestead Exemption in Florida first appeared on Debbie Cooley Mortgage.

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The Reverse Mortgage Solution to Home Healthcare

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Your Path to Financial Freedom that Includes Home Healthcare

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• Move closer to family and loved ones
• Buy on the beach, the golf course, or wherever your dreams take you
• Downsize to reduce cleaning and maintenance needs
• Increase buying power for a home previously out of reach
• Eliminate your monthly mortgage payments
• Improve cash flow and preserve savings
• Heirs not personally responsible for the loan balance

The post REVERSE MORTGAGE USED FOR DREAM HOME PURCHASE first appeared on Debbie Cooley Mortgage.

Safer Than Ever 

• Government-insured. In 1987 the Federal Housing Authority (FHA) passed legislation to insure home equity conversion (HECM) mortgages. This legislation also made reverse mortgages non-recourse.
• Increased transparency. Later legislation required lenders to reveal the total annual costs of a reverse mortgage loan.
• Borrower education. Since 1998, all reverse mortgage borrowers have been required to participate in third-party counseling to ensure they understand reverse mortgage obligations.
• Lender awareness. Lenders must conduct a financial assessment before offering a reverse mortgage to determine if a homeowner can keep up with home maintenance costs, property taxes, and home association dues.
• Limited available equity. Before 2013, borrowers were allowed to take 100% of their proceeds at closing. Current legislation mandates that borrowers can take out only 60% of available funds during the first year.

Client Needs Are Changing 

4 Ways Financial Advisors Are Using Reverse Mortgages for Their Clients 

Fund a Roth-IRA Conversion 

Hedge Against Future Risks 

Preserve Current Investment Portfolio 

Allow Retirees to Age in Place  

The Reverse Mortgage Recommendation Catch-22 

The post WHY MORE FINANCIAL ADVISORS ARE RECOMMENDING REVERSE MORTGAGES first appeared on Debbie Cooley Mortgage.

• Eligible full-time workforce, employed by a Florida-based employer can receive lower than market interest rates on an FHA, VA, RD, Fannie Mae, or Freddie Mac first mortgage, reduced upfront fees, no origination points or discount points, and down payment and closing cost assistance.
• Borrowers can receive up to 5% of the first mortgage loan amount (maximum of $35,000) in down payment and closing cost assistance.
• Down payment and closing cost assistance are available in the form of a 0%, non-amortizing, 30-year deferred second mortgage. This second mortgage becomes due and payable, in full, upon sale of the property, refinancing of the first mortgage, transfer of the deed, or if the homeowner no longer occupies the property as his/her primary residence. The Florida Hometown Heroes loan is not forgivable. Call Debbie @ Innovative Mortgage DBA Debbie Cooley Mortgage.

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