Finally in November of last year she realized she would not be able to make her property tax payment and so she began to look into reverse mortgages. She researched online, got quotes and estimates from a variety of lenders, watched everyone’s “free no obligation videos” . Smart woman that she is, she also involved her children in the process. The whole mastermind concept of having a team approach to solving a problem. That’s how this family operates.
Early this month she met with me and her children and we discussed the various reverse mortgage options that would work for her situation. Her children were involved and active in the consultation with lots of questions and thoughtful to understand all of the options, terms and requirements. As a team they chose the HECM SAVER Adjustable as the best reverse for Ms. B.
Next, Ms. B, and her daughter and son-in-law met with the HUD Approved HECM counselor, took and passed the HECM Counseling, and recieved their Counseling Certificate. I then met with Ms. B to pick up the certificate and complete an application for a HECM Saver Reverse Mortgage. 14 days later the appraisal had been done, the loan approved and we were sitting at the table with the notary signing her loan documents. She was able to pay the Property Taxes, access $30,000 in immediate cash AND the rest was put in a line of credit totalling over $44,000 that she can access for future needs - that is net after paying the closing costs which totalled $1300.
She and her family understand that the reverse is a mortgage on the home, and Ms. B is planning on making some payments on the new reverse loan to build up the credit line so she has even more security as she ages.
Smart woman, smart family!
By Deborah Nance
Your Local Southern California Reverse Mortgage Professional
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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.