Reverse Mortgage Information

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Reverse Mortgage - Aging In Place Planning

Hi all,  

Just wanted to tell you a quick story about a client I met with today that we will be helping with a reverse mortgage very soon. She was referred to me by a friend of mine.  

  • She is 83 years old and lives alone.  She is active, healthy and vibrant!
  • Her home is worth $400,000. 
  • She has a small mortgage for $36,000 with a $367 monthly payment.
  • Her social security is $600 per month.

With her reverse mortgage she is planning on:  

  • The reverse mortgage will payoff her existing loan, saving her $367 per month in payments!
  • She will take $20,000 cash to upgrade her master bath and install a safe, walk in tub & shower system!
  • She will leave $135,000 in a line of credit to have for emergencies and in home care should something happen in the future. (Smart woman!)
  • She will receive $500 per month tenure payment from us to her for the rest of her life as long as she lives in the home.  

Now she will be able to age in place, with an increase in income, a safer home, and money to pay for care when she may need it.  

Now you know why I love my job!  It is so heartwarming to be able to help a senior be safe and secure in their home.

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By Deborah Nance

NMLS#202003

Your Local Southern California Reverse Mortgage Professional

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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 1 commentDeborah Nance • March 08 2010 07:45PM

Comments

Hi Deborah,

God bless your 83-year old and good for her. It sounds like the reverse will give here a greater quality of life and fewer financial worries.

Posted by Lynda Eisenmann, Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co (Preferred Home Brokers) about 8 years ago

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