I am so excited for Mr. and Mrs. G who just closed on their reverse mortgage saving their Huntington Beach home from foreclosure and updating it with a needed new roof. They purchased their home 27 years ago and only had 3 years left to pay on their (1985 rates) mortgage. Enter health issues and the recession. As a small business owner the recession impacted their business revenue greatly. On top of that some serious, though temporary, health issues really put them behind the eight ball. Unable to make their mortgage payment the current lender began foreclosure proceedings. Also unable to afford repairs, the roof leaked causing damage to the home.
House rich and cash poor they have turned to a HECM Reverse Mortgage to get them back on their feet and secure their retirement. The new reverse mortgage will easily payoff their current balance of $40K AND repair the roof and drywall $20K AND set them up with a line of credit of about $240K (remember - that line of credit will grow over time!). So - no more house payments, new roof, new ceiling & paint. Emergency funds in a line of credit - another HECM saves the day. Congratulations Mr. and Mrs. G!
By Deborah Nance
Your Local Southern California Reverse Mortgage Professional
Click the Learn More Button below to email me a question.
iReverse Home Loans, LLC, NMLS#810502 originates reverse mortgages in Alabama, Alaska, Arizona (MB-0919584), California, Colorado, Connecticut, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Oregon (ML-5378), Pennsylvania, South Dakota, Tennessee, Texas, Utah, Vermont (1164-MB), Virginia, Washington and Wisconsin.
Important Information: Reverse Mortgages are neither "endorsed" nor "approved" by the Federal Government. The FHA (Federal Housing Administration) provides certain insurance benefits for lenders and borrowers in connection with the lender’s HECM loans; the FHA does not make or originate loans. The owner(s) retain title to the property that is the subject of the reverse mortgage until the person sells or transfers the property and is therefore responsible for paying property taxes, insurance, maintenance and related taxes. Failing to pay these amounts or failure to maintain the condition of your property may cause the reverse mortgage loan to become due immediately. A reverse mortgage is a complex loan secured by your home. Whether such mortgage makes sense for you depends on your financial situation and needs. For these reasons, we strongly recommend that you consult with a qualified independent housing counselor, family members and other trusted advisers before making this decision. This website is not from HUD or FHA and was not approved by HUD or any government agency.