Garret Duffy is a trusted Reverse Mortgage Specialist passionate about helping seniors leverage the equity in their homes to improve their financial security and well-being.

Garrett Duffy

Loan Officer
Reverse Mortgage Specialist
NMLS #1626638
Direct: 401.330.7317
Garrett.Duffy@SupremeLending.com

Garrett Duffy

Loan Officer
Reverse Mortgage Specialist
NMLS #1626638
Direct: 401.330.7317
Garrett.Duffy@SupremeLending.com

About ME

Let’s be honest, learning about reverse mortgages can be confusing. We fear what we don’t understand. That is where I come in! My approach to educating my clients is centered around alleviating that uncertainty through clear communication, total commitment to the needs of my clients, and above all else, empathy. I am licensed in RI, CT, and MA. I look forward to explaining how reverse mortgages work and assist you in determining if they’re the right solution for your needs.

Frequently Asked Questions

What is a Reverse Mortgage?

A reverse mortgage* is a way for seniors to turn their home’s equity into cash to meet any financial need. Unlike traditional home equity loans, a reverse mortgage does not require repayment until the home is sold, or the last borrower permanently leaves the home. Borrowers are responsible to cover taxes, insurance, HOA fees, and property maintenance, just like any other mortgage.

  • The borrower(s) continue to own the home (the bank does not own it!)
  • The borrower(s) can never owe more than the home is worth.
  • There is no prepayment penalty.
  • The reverse mortgage must be paid back when the home is no longer the borrower(s) primary residence.

Call me if you have any clients who could benefit from a reverse mortgage. 401.330.7317. *The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home according to FHA requirements. Failure to meet these requirements can trigger a loan default that may result in foreclosure.

*A reverse mortgage increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). When the loan is due and payable, some or all of the equity in the property no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. Lender charges an origination fee, closing costs and servicing fees (added to the balance of the loan). Monthly service fees are not assessed in Texas. The balance of the loan grows over time and Lender charges interest on the balance.

This material has not been reviewed, approved or issued by HUD, FHA or any government agency. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency.

What can a Reverse Mortgage be used for?

Reverse mortgage borrowers may use the proceeds however they wish. Some examples include: pay off a mortgage, pay off credit cards, pay off home equity loans, make home repairs, pay property taxes, stop foreclosure, travel, or purchase a home.

How Much Money can I take out of My Home?

That will depend on your age, the interest rates, and your home’s value. Older borrowers generally qualify for more funds.

How do I receive the Proceeds?

You can take your funds as a lump sum, a line of credit, or as monthly payments. You can also use a combination of these options.

Will I have to repay the loan?

The loan becomes due when the home is no longer the borrowers principal residence. This happens when the borrowers die, the home is sold, or the borrowers live in a nursing home for 12 months or more.

What happens if I pass away? Can I leave the home to my heirs?

After the borrowers have passed, the heirs have multiple options. They may choose to sell the home, refinance the home, pay off the home, or walk away through the use of a deed-in-lieu of foreclosure. If the heirs decide to sell or refinance, the reverse mortgage is paid off at closing and any remaining equity becomes their inheritance. If you owe more than your home is worth but sell your home for the appraised fair market value, the remaining balance will be paid by mortgage insurance.

Does the bank own my home?

No. A reverse mortgage allows homeowners to retain the title and ownership of their home for as long as they live in the home and the loan remains in good standing. Like other loans, this requires the borrower to keep up with property taxes, insurance and maintenance.

Real Life Success Stories

Paying For In-Home Healthcare

Margaret, 90 years, valued her independence and cherished her home. Although her mind was sharp, her body needed assistance. In-home healthcare was an option, but unaffordable. Seeing their mother’s dilemma, one of Margaret’s sons recommended she get in touch with me to explore the possibility of a reverse mortgage. It proved to be the perfect solution, allowing her to tap into her home’s equity to cover healthcare costs and retrofit her home for easier and safer navigation. Margaret now enjoys comfortable living at home, where her heart truly resides. If you know anyone like Margaret, please reach out to me. I would be happy to provide a no cost reverse mortgage consultation.

Eliminating Monthly Mortgage Payments

Eleanor, a senior, was overwhelmed by her finances. She had taken out a HELOC on her home to cover living costs. But as interest rates rose, her payments became unmanageable. Her local bank referred her to me, and we found the perfect solution—a reverse mortgage. It cleared her HELOC debt, provided funds for daily expenses, and eliminated monthly mortgage payments* If you know a senior like Eleanor, please reach out.

*The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home according to FHA requirements. Failure to meet these requirements can
trigger a loan default that may result in foreclosure.
Financial relief for a widow

Nancy had just lost her husband of 53 years and did not know what to do. The bills were piling up, and her monthly social security check alone wasn’t sufficient to cover her expenses. Previously, with both her and her husband’s social security checks, they managed to make ends meet. However, now that she was relying solely on one source of income, she feared having to sell her cherished home, which was the last thing she wanted. In her search for a solution, Nancy turned to her attorney, who recommended reaching out to me to explore the potential of a reverse mortgage. This turned out to be the lifeline she needed. Nancy accessed the equity in her home and set up monthly disbursements to supplement her income, helping her cover her living expenses comfortably. Thanks to the reverse mortgage, Nancy could preserve her home, meet her financial obligations, and lift the heavy burden of financial stress from her shoulders. If you are aware of anyone facing a situation like Nancy’s, please don’t hesitate to connect them with me.

When selling is not the answer

John and Ruth, both in their 80s, had cherished their home for five decades. Reliant solely on a fixed income from social security, they struggled to make ends meet. Depleting their investments had left them facing a pressing cash flow challenge. Despite these financial concerns, they were determined not to part with their beloved home. Their attorney, recognizing their predicament, referred them to me. Through a reverse mortgage, we devised a solution. John and Ruth accessed 50% of their home’s equity using a reverse mortgage line of credit, providing them with much-needed financial relief while allowing them to hold onto their cherished home. If you know any seniors like John and Ruth, please reach out and I can provide a complimentary reverse mortgage consultation.

Facilitating a divorce

William and Jane, both in their early 70’s, had decided to get a divorce. They owned a home together. Jane wished to retain the house and William wanted his share of the equity. Jane visited her bank to find out if she could obtain a loan to pay William. She learned that her fixed income from social security was not enough to qualify for a traditional bank loan. However, the branch manager recommended reaching out to me to see if a reverse mortgage might be the solution. It was, she was able to qualify for a reverse mortgage and pay William with the loan proceeds. She now has full ownership of the home, and she does not have to make monthly mortgage payments.* If you know anyone 62 or older who is going through a divorce and needs financial assistance, please let me know.

*The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home according to FHA requirements. Failure to meet these requirements can trigger a loan default that may result in foreclosure.
Avoiding foreclosure

Carol, an 80-year-old, was visibly shaken. Living on a fixed income had become a struggle. Her beloved home of 45 years, with its increasing value, had led to higher property taxes. Falling behind on payments put her at risk of losing her home to foreclosure. Her local tax collector suggested she contact me to explore a reverse mortgage. It was the lifeline she needed. With the reverse mortgage we paid her back taxes, set up an escrow for future payments, and provided funds for daily living. Best of all, the reverse mortgage relieved her of having to make monthly mortgage payments.* If you know someone like Carol, please connect them with me for a no-cost reverse mortgage consultation.

*The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home according to FHA requirements. Failure to meet these requirements can trigger a loan default that may result in foreclosure.
Purchasing a home with a reverse mortgage

Steve and Janet, both in their senior years, were distraught. They were looking to downsize from their longtime home to a more manageable single-level residence. Both relied solely on fixed incomes from social security, and although they would have a substantial down payment from the sale of their current home, they could not qualify for a traditional mortgage. Their banker suggested a reverse mortgage for purchase, which was a perfect fit. They used the sale proceeds as a down payment and secured the rest through a reverse mortgage, eliminating monthly mortgage payments.* If you know anyone in a similar situation, please let me know. I would be happy to explain how a reverse mortgage for purchase works.

 

*The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home according to FHA requirements. Failure to meet these requirements can trigger a loan default that may result in foreclosure.
Self-employed, and can't retire

Bob, a lifelong self-employed contractor, has achieved much in his career. However, as he approaches his 70s, he finds retirement elusive. Despite paying off his mortgage, putting his children through college, funding two weddings, and assisting with their home down payments, Bob and his wife Carol have minimal social security income and savings. Seeking financial guidance, Bob consulted a planner who recommended exploring a reverse mortgage with me. Despite lacking a 401k, Bob’s home held substantial equity. He was thrilled to discover that a reverse mortgage would allow him to access this equity without monthly mortgage payments.* After a lifetime of caring for his home, it was time for his home to provide for him. If you know someone like Bob who could benefit from a reverse mortgage, please reach out.

*The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home according to FHA requirements. Failure to meet these requirements can trigger a loan default that may result in foreclosure.

What our Clients Say

  • Garrett from the beginning,was very helpful! He always made us feel at ease and explained the reverse mortgage process in a way that was easy to understand. He was always... Read More Reviews

    Valerie Gingerella Avatar Valerie Gingerella
    February 23, 2024

    Garrett was beyond great to work with throughout the process! As first-time homebuyers, he took the time to help us navigate the process smoothly and ensured we had clear answers... Read More Reviews

    Mike Maieli Avatar Mike Maieli
    January 23, 2024
  • Garrett is an exceptional Loan Officer and individual who I am very lucky to work beside! Garrett is detailed, organized, knowledgeable, and committed to his clients. I wholeheartedly recommend Garrett... Read More Reviews

    Emily Kuhlberg Avatar Emily Kuhlberg
    November 23, 2023

    The ultimate professional. It's been a pleasure working with Garrett. He really understands the mortgage world and is able to offer the best possible loan solution for each individual... Read More Reviews

    eli pascon Avatar eli pascon
    November 23, 2023

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Garrett Duffy | Loan Officer - NMLS ID# 1626638 | 655 Main Street, Suite 201 | East Greenwich, RI 02818 | Phone: 401.330.7317 | Email: garrett.duffy@supremelending.com

This website is not authorized by the New York State Department of Financial Services to accept mortgage loan applications for properties located in New York. For New York applicants, please visit our New York authorized website: www.supremelendingnewyork.com. © 2024 EVERETT FINANCIAL, INC. D/B/A SUPREME LENDING NMLS ID #2129 (www.nmlsconsumeraccess.org ) 14801 Quorum Dr., #300, Dallas, TX 75254. 877-350-5225. All rights reserved. Supreme Lending is an Equal Housing Opportunity Lender. This is not an offer to enter into an agreement. Information, rates, & programs are subject to change without prior notice and may not be available in all states. All products are subject to credit & property approval. Supreme Lending is not affiliated with any government agency. For licensing information, go to: www.nmlsconsumeraccess.org . Supreme Lending is an equal opportunity employer and does not practice discrimination based on age, gender, race, religion, national origin, as well as any other rights afforded to applicants under state and federal law.

This material has not been reviewed, approved or issued by HUD, FHA or any government agency. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency.