Reverse Mortgage Information


Reverse Mortgage: Helping Young Families, Newlyweds & First Time Homebuyers.

Working exclusively with senior homeowners is such a rewarding and varied experience!

I took a reverse mortgage loan application from a young senior couple (only in their 70's) who are raising their 9 year old grandchild.   Parenting a 3rd grader on a fixed income of just Social Security isn't easy!  But they wouldn't have it any other way.  "It keeps us young!"

 Today, another "unexpected" expense!  The car broke down and had to be taken to the mechanic.  They told me that just knowing their reverse mortgage is in process, made dealing with the car repairs easy.   They are so excited to have the "breathing room" that this FHA loan will provide.   They are looking forward to the flexibility it will provide them as they raise another child.   I swear they look younger!

From Untitled Album

My newlywed clients (70 something), married just 3 years, closed their reverse mortgage yesterday.  They have put on a new 30 year roof, paid off a mortgage that had a balloon payment coming due in a couple of years (they were losing sleep over that one!)   What are their big plans?   The financial relief of no balloon, combined with monthly reverse payments coming in for the rest of their lives (as long as they live in the home) mean they can afford to travel twice a year on trips they only talked about.

Mr. and Mrs. W immigrated to the United States many years ago and raised their family.  Their children are successful, hardworking and all own their own homes.  After putting all the kids through school, helping with grandkids and saving, saving, saving.  They are now ready to buy their first home.  With a reverse mortgage for purchase of $270,000 and their savings of $180,000.00 as a down payment, they are purchasing their first home right here in Riverside County.  No monthly mortgage payments and bye bye tiny apartment.

Another fun, fulfilling week in the reverse mortgage business! 




By Deborah Nance


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 5 commentsDeborah Nance • May 21 2010 12:28AM


I'm glad to see the reverse mortgage working for the right reasons.

Ralph Gorgoglione

Los Angeles Real Estate

Posted by Ralph Gorgoglione, Hawaii and California Real Estate (310) 497-9407 (Maui Life Homes / Metro Life Homes) over 9 years ago

The problem, if I understand it correctly, is that should the resident be placed in Nursing home, or ALF, the have to either return the money or dispose of the home

Posted by Jon Zolsky, your Daytona Condo Agent (FunCoast Realty 386-405-4408) over 9 years ago

Very informative and insightful. Thanks

Posted by Billi Evans (Murney Associates) over 9 years ago

Thanks for the comments!  To clarify:  If the last remaining borrower is out of the home for more than 12 months due to medical reasons, that would cause the loan to accelerate (become due and payable).   FHA Reverse Mortgages also are due and payable should the last remaining borrower pass away or sell the home.   The estate has 6 months from the date of death, and could possibly get an additional 6 months in extensions before the lender forecloses.  I have worked with children of deceased reverse mortgage borrowers and all have been grateful and happy the reverse helped their parents to age in place.  They are also glad that paying off the loan is not a fire drill, and there is adequate time to grieve, then decide whether to sell the home and keep the change, or refinance/payoff the loan and keep the home.   

Posted by Deborah Nance, Southern California , Reverse Mortgage Specialist (Orange County, Corona, Riverside, Los Angeles) over 9 years ago


Thanks. these are the details that I did not know about, and they quite important for people who are making the important decision

Posted by Jon Zolsky, your Daytona Condo Agent (FunCoast Realty 386-405-4408) over 9 years ago

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