Reverse Mortgage Information

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Big Bear Reverse Mortgage Story

Big BearI’ve been spending a lot of time up on the mountain lately and have discovered that the Big Bear area is quite the popular retirement town.  Many residents have chosen to live there to enjoy the beauty, four seasons and clean air - and remain close to their children and grandchildren “down the hill”.  I think they enjoy living at a vacation destination welcoming friends and family all year long to stay for a spell and cut loose from the traffic, noise and hurry that is urban southern California.





Spanish Broom along Hwy 330
The drive up the mountain is spectacular and Hwy 330 is open again so it’s a pretty quick trip.  For an even more scenic route - take the 38 home through Barton Flats and Forest Falls...wow!  Who knew there were waterfalls in Southern California!





Senior (over 62) Homeowners in Big Bear Lake are looking into & taking advantage of the FHA (HECM)Reverse Mortgage.  Some to pay off their existing mortgage and free up cash flow, others to set up an “emergency line of credit” for the day when they may need it.  Even one client who accessed their reverse mortgage line of credit to buy a rock bottom priced vacation home in the popular desert community of Palm Springs.

I’m looking forward to many more visits up the mountain!

 

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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 4 commentsDeborah Nance • July 10 2011 01:38AM

Comments

yes I think that the senior citizens are looking at the program in all areas of the country.

Posted by Elite Home Sales Team, A Tenacious and Skilled Real Estate Team (Elite Home Sales Team OC) about 7 years ago

Reverse mortgages do serve a purpose, especially for those that have limited income and limited choices.  In some cases it's a choice between eating dog food or having a better lifestyle for their remaining years.

Posted by Doug Bullwinkel, NMLS #281609 (Envoy Mortgage) about 7 years ago

HI Deborah, I love the Big Bear are, cool place, skied there once....even stayed at a little German hotel, think it was called Eidelweiss, can't remember, is it still there.

Posted by Hrisco & Associates, -"When Experience Matters - The Agent You Need!" (Hrisco & Associates | eXp Realty, LLC.) about 7 years ago

Thanks for the comments guys... John, I don't think it is there, but there is a street in Big Bear called Eidelweiss.  I think I like it even better in the summer.  I left 100 degrees and drove up to 80 degrees - that was awesome!

 

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

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