Reverse Mortgage Information


Buying a Retirement Home with FHA Reverse Mortgage

I am so excited to have a couple of deals in escrow right now where the buyers are financing their home purchase with an FHA HECM Reverse Mortgage!  It's a relatively new product (2009) and not every agent, broker or buyer is aware of it.

In one instance, a young 70 year old is  putting down $130K on a $318K property in a gated 55+ golf community!  He still works and plans on making payments to his Adjustable Rate Reverse Mortgage and build up a line of credit.  That way he will still be able to take advantage of the tax write off for interest payments.  When he wants to, he can stop making payments knowing that the money he pre-paid is available to him to withdraw again!  I think his plan is very smart.

Southern California Realtors, if you would like some information about how the Reverse 4 Purchase can help you to help your senior home buyers.... just let me know! I'd love to sit down with you and brainstorm.





By Deborah Nance


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 7 commentsDeborah Nance • June 15 2010 11:16PM


I have a sad story where one of my asset managers would not accept an offer using this new product.  The lender sent me information and we need to beat the band wagon about this product.  It is the future for Seniors.  And not enough people know about this!!

Posted by Melanie Ross, Benicia CA & Vallejo CA Real Estate, 707-319-2828 (Coldwell Banker Solano Pacific) almost 9 years ago

Hi Debra,

What a great option for seniors, good to learn about this program. We need to connect sometime soon!

Posted by Lynda Eisenmann, Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co (Preferred Home Brokers) almost 9 years ago

Hi Melanie,  Luckily the asset manager is pretty savvy.  The lender I work for has a great letter (just out) that we can use to assist in positioning the offer.  The property must be identified, the offer written, the funds verified, the buyer's counseled....       Oh boy - the hoops we help our clients jump through!

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

Lynda - Yes we do!   :-)

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

Thanks for the heads up, sounds like an excellent program!

Posted by Dan Edward Phillips, Realtor and Broker/Owner (Dan Edward Phillips) almost 9 years ago

This is a great piece of information. I am going to have to track down a good loan rep in my area to assist with this. Thanks

Posted by Roseanne Campagna, Kent/DesMoines/Blk Diamond/Renton/Maple Valley, WA (John L. Scott RE Maple Valley, WA ) almost 9 years ago

Hi Roseanne,

I know an AWESOME reverse mortgage person in Washington.  Actually a couple of them.  Email me and I'll send you their contact info.  Thanks!  Deb

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

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