About Us

Hello, I am Shannon Shannon. My husband, Rory Shannon, and I, are the owners of SaddleRock Reverse Mortgage. With over 53 combined years of mortgage experience, we bring our seasoned knowledge, customer service, and commitment to assist our customers in deciding if a reverse mortgage is right for them and then helping them through each step of the process. Reverse mortgages are all we do. Our business is entirely focused on reverse mortgages.

Educating our customers is the cornerstone for how we operate. We have been helping seniors with reverse mortgages since 2001. I have managed reverse mortgage teams for large financial institutions such as Wells Fargo and MetLife. Having our own company allows us to focus more on the customer than the stockholder delivering best in class service.

Reverse mortgages are an extremely unique product requiring a high level of knowledge and experience. Upon closing a reverse mortgage, our work is still not done. We are always available for our customers with any questions they may have after closing their loan.

Why SaddleRock Reverse Mortgage?

Serving our customers…before, during, and after the close of your reverse mortgage.

At SaddleRock, we have one underlying principle: do what is best for the customer. As a privately-owned company, we are not driven by shareholders or investors to make a profit at any cost.  We believe that always doing what is best for our senior customers will provide plenty of profit for us. Over 90% of our business is referral based.

With over 53 combined years of mortgage experience, we bring our seasoned knowledge, customer service, and commitment to assist our customers in deciding if a reverse mortgage is right for them and then helping them through each step of the process. Reverse mortgages are all we do. Our business is entirely focused on reverse mortgages only.

Educating our customers is the cornerstone for how we operate. We have been helping seniors with reverse mortgages since 2001. Shannon has managed reverse mortgage teams for large financial institutions such as Wells Fargo and MetLife. Having our own company allows us to focus more on the customer than the stockholder and deliver best in class service.

Reverse mortgages are an extremely unique product requiring a high level of knowledge and experience. Upon closing a reverse mortgage, our work is still not done. We are always available for our customers with any questions they may have after closing their loan.

How it Works?

The Reverse Mortgage Process Explained

Education

We begin the process by educating…not selling.

We personally meet with you, and any family members you choose, to assess your individual needs and financial situation. This includes reviewing your income, assets, and expenses; talking with you about your particular plans and concerns, and estimating how much money you may qualify for.

We thoroughly explain the eligibility factors, benefits, features, options, costs, and borrower obligations associated with reverse mortgage products.

We answer all your questions and help you determine if a reverse mortgage is the right solution for you— and if so, which type best fits your needs and goals. We then prepare you for your reverse mortgage counseling session if you choose to move forward.

Independent Counseling

To ensure that you understand all aspects of a reverse mortgage, you are required to have a counseling session with an independent counselor who is approved by the U.S. Department of Housing and Urban Development (HUD).

The borrower is given a list of counselors in the preliminary Reverse Mortgage package that is given to them when the loan consultant meets them for the first time. The borrower then can choose any counselor on the list and they then call and make an appointment for the counseling. It usually takes about 60 to 90 minutes and can be done in-person or over the phone.

After completion of the counseling session, the borrower will be sent the certificates proving that they attended and passed the counseling session. Once those certificates are received, the loan consultant can take the application, but the appraisal cannot be ordered until a 7-day “cooling off” period has occurred.

Application

If you decide to proceed with the loan, we will help you complete the application and collect your documentation.  We will meet with you at your home or a place convenient for you.

Some of the required documents include: your signed counseling certificate, photo identification, verification of Social Security number, recent property tax bill, proof of homeowner’s insurance, and existing mortgage bill (if applicable). In addition to these, we will obtain income and asset information as required for the process. We will let you know exactly which documents you’ll need to provide.

Our face-to-face application process will allow you to ask all the questions you might have.  In addition, if you wish to have family members present, we welcome you to do so. Once the application is complete, we submit the application for processing and approval.

Processing and Approval

We will submit the paperwork and process your application. Processing of your loan is completing a file for submission to an underwriter for approval. This is a combination of compiling the information and documentation you have provided us as well as ordering outside documentation.

  • A home appraisal, which determines the exact value of your home, will be ordered.
  • We will open escrow and title.
  • We will also order title work and existing mortgage payoff amounts.
  • We will compile asset, income, and credit information.
  • An underwriter will then review the application for approval.

Once approved, the loan will move to closing where loan documents are ordered for signing.

Closing

When the final loan documents are ready for your signature, we’ll contact you to schedule your loan closing, which can take place at your home or a place convenient for you. With SaddleRock Reverse Mortgage, your loan consultant will attend the closing with a notary to sign the final documents and answer any questions that you might still have at closing.

After the loan documents are signed, refinance reverse mortgages require a 3-day rescission period; however, if it is a purchase reverse mortgage there is no rescission period.

After the Close of Your Reverse Mortgage

After your loan closes, you will receive a monthly statement from the servicer that shows the current loan balance, current line of credit balance (if any), and the monthly fees that accrue.  It is important to keep this statement in a place where you or your heir can refer to it, if needed.

In addition, if you or your family members have questions after closing, you can still call SaddleRock Reverse Mortgage, and we always are there to help answer questions. Our “after the close” service is where we shine.

Testimonials

How our range of services adapt to your needs

Shannon, this has been a very difficult time for me. I just want to thank you so very much for all your help, support, and concern. You taking so much interest in this project has been godsent. God Bless you….
Betty

Customer

Shannon, this has been a very difficult time for me. I just want to thank you so very much for all your help, support, and concern. You taking so much interest in this project has been godsent. God Bless you….
I had attended an informational session in 2014 with Shannon presenting and never thought I would consider a reverse.  Then, 18 months later, when my wife and I decided to move out of the area into a higher housing cost area, I remembered Shannon’s presentation and the ability to purchase a home using a reverse mortgage.  I called her, asked my questions, and initiated the process to purchase our new home using a reverse mortgage.  Our experience was incredible, and Shannon walked us through the entire process, assisting us in meeting our closing date.
Rick

Customer

I had attended an informational session in 2014 with Shannon presenting and never thought I would consider a reverse.  Then, 18 months later, when my wife and I decided to move out of the area into a higher housing cost area, I remembered Shannon’s presentation and the ability to purchase a home using a reverse mortgage.  I called her, asked my questions, and initiated the process to purchase our new home using a reverse mortgage.  Our experience was incredible, and Shannon walked us through the entire process, assisting us in meeting our closing date.
After selling my condo in LA and weighing options for moving forward in a way that would secure these final years of my life (which I fully expect to last at least another 20+ years), I realized that it would be wisest for me to find a way to purchase a home that left me owing no mortgage.  While exploring those options, I heard about a reverse mortgage loan.  It sounded too good to be true, so I explored it thoroughly for almost a year in an effort to discover where the punch line was hidden.  To my surprise, my research only solidified that, for me, this was an option I needed to seriously pursue.  It brought together my desire to preserve my retirement income, a need to think about home loans differently, and also the need to reconsider the real ramifications of not having family that I "should" leave my home to when I passed.
Pat

Customer

After selling my condo in LA and weighing options for moving forward in a way that would secure these final years of my life (which I fully expect to last at least another 20+ years), I realized that it would be wisest for me to find a way to purchase a home that left me owing no mortgage.  While exploring those options, I heard about a reverse mortgage loan.  It sounded too good to be true, so I explored it thoroughly for almost a year in an effort to discover where the punch line was hidden.  To my surprise, my research only solidified that, for me, this was an option I needed to seriously pursue.  It brought together my desire to preserve my retirement income, a need to think about home loans differently, and also the need to reconsider the real ramifications of not having family that I "should" leave my home to when I passed.
As a real estate agent that works with a large number of Active Adults in 55+ communities, there are many times when our clients need the assistance of a Reverse Mortgage. Whenever that happens, I immediately call Shannon at SaddleRock Reverse Mortgage. As a specialist in Reverse Mortgages, they not only know all the technical details better than anyone else, but more importantly, they know how to treat clients and provide them with the best service. If you’re considering a Reverse Mortgage, trust me, you want to use SaddleRock!
Caleb O’Hara

Realtor

As a real estate agent that works with a large number of Active Adults in 55+ communities, there are many times when our clients need the assistance of a Reverse Mortgage. Whenever that happens, I immediately call Shannon at SaddleRock Reverse Mortgage. As a specialist in Reverse Mortgages, they not only know all the technical details better than anyone else, but more importantly, they know how to treat clients and provide them with the best service. If you’re considering a Reverse Mortgage, trust me, you want to use SaddleRock!
Shannon has always met and exceeded my expectations every time we work together. She always makes what would normally be a stressful situation, a pleasant one. She is always professional, informative, and kind. I consider her a teacher of her knowledge, and she really seems to care about her clients by putting their needs first!
Shaun Railsback

Notary/Certified Loan Signer

Shannon has always met and exceeded my expectations every time we work together. She always makes what would normally be a stressful situation, a pleasant one. She is always professional, informative, and kind. I consider her a teacher of her knowledge, and she really seems to care about her clients by putting their needs first!
I have been working with Shannon for over 10 years.  She is personable, knowledgeable, and patient with me and my clients.  Shannon considers what is best for my clients and is responsive to requests from me for review.  She has gone above and beyond to help clients overcome any challenges or obstacles in getting their reverse mortgage.  I know I can rely on Shannon to take care of the clients I refer to her. Not only does Shannon provide great service, but she also makes sure the client is guided with the appropriate product suiting their individual situation.  I can only say 5 out of 5 stars, and if there were 6 available, she would get 6!
Bill G.

Financial Advisor

I have been working with Shannon for over 10 years.  She is personable, knowledgeable, and patient with me and my clients.  Shannon considers what is best for my clients and is responsive to requests from me for review.  She has gone above and beyond to help clients overcome any challenges or obstacles in getting their reverse mortgage.  I know I can rely on Shannon to take care of the clients I refer to her. Not only does Shannon provide great service, but she also makes sure the client is guided with the appropriate product suiting their individual situation.  I can only say 5 out of 5 stars, and if there were 6 available, she would get 6!