Karen Pryor: Mortgage Myth Buster By Writer and Contributor NJ Jaeger
Throughout her 33-year tenure in the residential lending mortgage industry Karen Pryor has been known for her deep knowledge of tailored solutions and high-touch service. Ms. Pryor says, “As my career evolved, I found myself working increasingly with retirees and homeowners nearing or in retirement who needed multiple home equity options to supplement retirement income, protect against market downturns, reset or eliminate mortgage payments, or design a long-term aging in-place housing plan.”
A Certified Reverse Mortgage Professional with Mutual of Omaha Mortgage, Inc. Ms. Pryor explains, “My job isn’t to convince someone to do a reverse mortgage, it’s to help them understand whether it fits their overall retirement picture. Sometimes the answer is yes. Sometimes it’s absolutely no.” Ms. Pryor presents options tailored for the unique peninsula community of Palos Verdes where many homeowners built or purchased decades ago, have significant equity, and want to remain in their homes long-term. Ms. Pryor says, “Retirement income often doesn’t rise at the same pace as property taxes, insurance, and everyday living costs.”
Torrance Area Chamber of Commerce Leadership Program Visits the State Capitol
Co-Chair Karen Pryor, Chair Belma Demirovic Chinchoy, Assemblymember Al Muratsuchi, Co-Chair Lisa Robinson
Typically, the funds received with a reverse mortgage are tax free and do not affect Social Security or Medicare benefits. The major requirements to qualify for the most common reverse mortgages are:
62 years of age
Property is main residence
Mortgage substantially paid down
Stable income to fund all property taxes, insurance, repairs, HOA fees
Receive mortgage counseling by a certified professional
Lender approval
Zero outstanding federal debt including unpaid taxes.
Reverse mortgage myths are unfortunately alive and well, says Ms. Pryor, who points to a few persistent ones she hears from Palos Verdes retirees:
Myth: The bank takes your home.
Reality: Homeowners retain title and ownership if they pay property taxes, insurance, and basic maintenance.Myth: Reverse mortgages are only for people in financial trouble, a product of last resort.
Reality: Many financially secure retirees use them strategically to reduce market risk, delay Social Security, increase flexibility, and preserve investment portfolios.Myth: Your kids will be stuck with the debt.
Reality: Reverse mortgages are federally regulated and non-recourse. Heirs can keep the home, refinance it, or sell it. They are never personally liable for more than the home’s appraised value.
“Karen was knowledgeable, helpful, always available, and answered questions as often as posed, even if they were repeat questions.”
Ellen Gameral B., Beverly Hills
“This is a process with a lot of twists and hurdles. Basically, a government loan worth nearly $900,000 and Karen guided and coached me through every step allowing me to get this done long distance. Karen provided solutions for (the inevitable) pickups and kept all parties informed of where we were, the last step and the next step. I feel like I got all the advantages of personalized attention and the knowledge of a great small local shop plus the resources and strengths of a national company. I got the right product and excellent service.”
Betty L.K., Torrance & Ed Elk Grove
“Many Palos Verdes retirees are asset-rich and income-conscious, they’re not looking for gimmicks. They want thoughtful engagement and guidance from someone who understands both the numbers and the emotional side of retirement decisions. I regularly collaborate with financial advisors, estate planning attorneys, and accountants to identify when a reverse mortgage makes sense — and to show how and when it can be a powerful part of a broader financial strategy. My goal is always the same: to educate, empower, and help clients make confident, well-informed decisions,” she says.
Torrance Area Chamber Woman Of Influence Award Supervisor Janice Hahn, Award Recipient Karen Pryor
Ms. Pryor’s community involvement reinforces that long-term perspective. As a member of the Professional Advisory Council and Ambassador Group at Torrance Memorial Medical Center, and as a City of Torrance commissioner now in her sixth year, she works closely with issues affecting older adults including access to healthcare, lifestyle resources, and quality of life. “I live and work here. These aren’t abstract decisions. They affect neighbors, friends, and families in our community. That responsibility matters to me. Reverse mortgages still carry a reputation that no longer matches reality. Most of what people think they know is based on outdated rules from decades ago,” she says.
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Mayor George Chen, Social Services Commission Chair Karen Pryor, Marco Pech Torrance Memorial Hospital Stroke Coordinator
In all cases, should the borrower move to an assisted living facility, sell the home, or leave the home for more than 12 consecutive months, the reverse mortgage loan becomes due. Should beneficiaries decide to sell the home they retain all monies beyond the reverse mortgage loan balance repayment.
According to HUD, a reverse mortgage is categorized as a non-recourse loan. This means neither the borrower nor the borrower’s beneficiaries — owe more than the loan balance or the value of the property, whichever is less. This also means that lenders can’t use other assets that belong to the borrower or to the borrower’s estate to settle the loan.
Walking on the esplanade in Redondo Beach Whiskie the dog, Emily Hardesty daughter, Karen Pryor, Laci a rescue
Ms. Pryor began her successful real estate career in the escrow department of a community bank and became a licensed mortgage broker in 1992.
Website: Karen Pryor
Branch Manager | Certified Reverse Mortgage Professional
NMLS# 167985
1-310-753-1924
6430 Oak Canyon | Suite 100 | Irvine, CA 92618
NJ is a storyteller who has written in many voices for clients in health, education, entertainment, food, sport and politics. Her firm managed publicity for documentary films, book authors and the U.S. Championships. NJ received the Lynn Weaver Award from the Entertainment Professional Publicists Society for her lifelong commitment to philanthropy and community volunteerism.