Even today with all the commercials on television about reverse mortgages featuring famous actors, politicians and entertainers, I am amazed that there are older Americans here in Southern California who do not know about reverse mortgages!
I received a client referral Friday from a notary who met with a couple to notarize loan modification documents with a large bank. (Note- my opinion - the bank modification department should be required to tell homeowners over 62 about the possibility of obtaining a reverse mortgage) The elder homeowners were going to get monthly payments reduced by less than $200, and confided to the notary that they were extremely stressed about even being able to make the new lower mortgage payment. The notary recognized that they were both quite elderly and likely to qualify for a reverse mortgage as they only owed $150,000 on a home in Los Angeles. The notary explained a little bit about Reverse Mortgages to them and asked them if he could have me give them a call to see if I could help. They agreed and I contacted them.
In their late eighties (extremely active, alert & healthy) they qualify for a reverse mortgage that will enable them to eliminate their monthly payment, remain in their home and have sufficient funds for taxes, maintenance, insurance, and a decent sized line of credit for emergencies.
When I contacted the couple’s daughter to review the loan program with her, she began to cry with relief, seeing that her parents would no longer have to worry about making a house payment. She had been feeling so helpless as she was unable to assist them financially herself due to her own economic worries caused by this recession.
The homeowners and their children had no idea that there was such a program as reverse mortgages. Finding out that it was an FHA Insured loan program helped them to feel even more secure about it.
It is my mission to inform every American over the age of 62 about the facts of reverse mortgages. Though you may never need to use one, like CPR, life vests & spare tires ....everyone should know about them and how the work.
Spread the word.
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.