Reverse Mortgage Information

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Riverside Reverse Mortgage Client Story

 

HummingbirdI love my job!

I’m so excited to be helping a vibrant senior homeowner to complete her reverse mortgage.
She has lived in her single story home since the early 80’s when she moved here to retire away from the often fogged in California coast.  Her budget was tight but doable as she had taken advantage of deferring her property taxes.  That particular option was taken away from her recently due to the budget problems the state is having.  So, this year, she has to figure out some way to make her house payments and come up with about $200 extra a month to pay those taxes.

She thought about asking her kids for help, but they are also struggling in this economy.  She had some other options as well:
  • Sell and rent an apartment. She doesn’t want that.
  • Sell and move in with one of the kids. No way, she says!
  • She did try to refinance to lower her mortgage, but does not have the income to qualify for a traditional loan.
  • Get a roommate - Rent out a room or two and benefit from the income and the company.  Nope, she says - I like living here alone!
Her solution - a HECM Saver Reverse Mortgage.  With the lowest upfront fees for a reverse mortgage, the HECM Saver will not only allow her to payoff her current mortgage (freeing up plenty of money to pay for taxes) the HECM Saver will establish a small line of credit that she can draw from in case of an emergency.  Her plan though is to continue to make small mortgage payments on the reverse and build up her line of credit for the day when she may need to pay someone to come in and help her with daily living activities.  I know I'm biased, but I think she making a great choice!

It goes without saying that her children were involved in her decision making process and support it 100%!

 

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By Deborah Nance

NMLS#202003

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 3 commentsDeborah Nance • April 03 2011 10:15PM

Comments

Deb....kudos to you!  It sure makes for an awesome success story doesn't it?  I love Reverses!  Again....kudos!

Posted by Larry Bettag, Regional Vice-President (Larry Bettag - Cherry Creek Mortgage) almost 7 years ago

Thanks Larry.  I do too, it really is a "feel good" thing to help a senior homeowner acheive their goal to stay in their home.  ma

Posted by Deborah Nance, Southern California , Reverse Mortgage Specialist (Orange County, Corona, Riverside, Los Angeles) almost 7 years ago

Thanks Ashley, it really is a win win. 

Posted by Deborah Nance, Southern California , Reverse Mortgage Specialist (Orange County, Corona, Riverside, Los Angeles) almost 7 years ago

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