Reverse Mortgage Information

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Another Reverse Mortgage for Purchase closes in Corona.

 

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Another Reverse Mortgage for Purchase closing today here in Corona! 

My senior borrowers purchased an approved short sale home and closed within 45 days.  Now, granted, they looked for awhile and made offers on several homes before this one popped.  But, I am thrilled to see how sellers and bank owned REO's are becoming more educated and receptive about this method of financing for homeowners over 62 years old.

The transaction went very smoothly with good communication between all parties (isn't that really the key?) If you have any questions about how it works check out Reverse for Purchase.

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By Deborah Nance

NMLS#202003

Your Local Southern California Reverse Mortgage Professional

How Much Do You Qualify For?

Click the Learn More Button below to email me a question.

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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 5 commentsDeborah Nance • August 11 2010 10:59AM
Another Reverse Mortgage for Purchase closes in Corona.
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Another Reverse Mortgage for Purchase closing today here in Corona! My senior borrowers purchased an approved short sale home and closed within 45 days. Now, granted, they looked for awhile and made offers on several… more
Reverse Mortgage Calculator
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An online reverse mortgage calculator can help you to determine how much of your home's equity you can access for a reverse mortgage. In general, at the current rates & fees you can ballpark that the funds available (after costs) will run… more
Reverse Mortgage Q & A
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This set of Reverse Mortgage Q & A is educational and helpful as you research the HECM product. Let me know what you think! What Is a Reverse Mortgage? A Reverse Mortgage allows a senior homeowner to convert a portion of the equity… more