Reverse Mortgage Information

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Reason for a Reverse Mortgage

Here's a customer story about one womans reason for a reverse mortgage. I met with a young senior last week, (only 65) who completed her reverse mortgage counseling and will be able to utilize the reverse mortgage to quit her part-time job, payoff her mortgage AND spend more time with her 80+ year old mother while she still has her.

Divorced, with no children, she will use the adjustable rate reverse mortgage and access a little over $2200.00 in cash to do some home repairs.   She will also payoff her existing mortgage, saving over $500 per month in cash flow, establish a line of credit of over $52,000 AND receive $500.00 per month in tax free reverse mortgage tenure payments for the rest of her life as long as she lives in the home.  This will increase her cash flow by $1,000 per month, establish a growing line of credit for any emergencies, and along with her two pensions and social security, allow her to leave her part time job, spend more time with her mother and siblings, time she may never have been able to take were it not for the reverse mortgage.

With the current pricing of zero origination fee and zero servicing fee, her costs are reduced by $6,000 up front and she is able to access about $10,000 more in her line of credit than she would have in February!

I love it when a plan comes together!!

 

California Poppies

 

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By Deborah Nance

NMLS#202003

Your Local Southern California Reverse Mortgage Professional

How Much Do You Qualify For?

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Equal Housing Lender

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.

Comment balloon 8 commentsDeborah Nance • April 26 2010 11:26PM
Reason for a Reverse Mortgage
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Here's a customer story about one womans reason for a reverse mortgage. I met with a young senior last week, (only 65) who completed her reverse mortgage counseling and will be able to utilize the reverse mortgage to quit her part-time job, payoff… more
This could be the best time to consider a Reverse Mortgage
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I've been pleased for my clients that most of the big lenders, my employer included, have reduced or eliminated the lender fees for clients in obtaining reverse mortgages. With interest rates low, now may be the best time. Skip… more
Using a Reverse Mortgage to Plan For the Future
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Hi All, Another story about a great couple using a reverse mortgage to improve their golden years. Although they were high school sweethearts, this couple has only been married just a few years. The home they live in is 30 years old and… more
How Does Reverse Mortgage Counseling Work?
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Hi All, I found this video to be very good and recommend it to seniors considering a reverse mortgage. The video clearly explains what homeowners can expect from the required reverse mortgage counseling. The video is only 4 minutes long… more