They went through the mortgage modification process to reduce their monthly home payments and during that process one of the professionals they ran across asked them if they had ever heard of reverse mortgages. They had not. To make a long story short, they were referred to me and after meeting with them and their adult children (their kids are old enough for a reverse mortgage), they applied for, were approved and signed their reverse mortgage closing documents.
I received a call from their grown daughter who was in tears because the financial relief provided by the reverse mortgage has changed their lives! No more monthly house payment, $6500 in cash to pay off a vehicle & do some home improvements AND a line of credit of over $70,000 to use for emergencies, pay the property taxes and provide peace of mind. The family is happy, everyone feels secure and I feel so lucky to have been given the opportunity to help another family. Don't you just love happy endings?
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.