Reverse Mortgage Information

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Banning Reverse Mortgage Story - Couple Buys With A Reverse Mortgage

Corner of Sun Lakes Blvd and Highland Springs

I love my job!  One of my  favorite Realtors®, Kevin Enriquez and I just closed escrow, and on time, for a great couple who bought a Sun Lakes Country Club home right on the golf course.  They love the location of Banning with it’s altitude, afternoon breezes and mild version of the four seasons.   They seriously considered  paying all cash for their new home, but chose instead to finance the purchase with a reverse mortgage.  They put just about 42% of the purchase price in cash into the home which covered the down payment and the closing costs.  The rest of the purchase price was financed with a reverse mortgage on the new house.  Since there are zero mortgage payments on a reverse mortgage their monthly housing expense is now the same as if they had paid cash!  Of course they still have to pay property taxes, homeowners dues and keep their home insured and maintained just as any homeowner needs to do.


The lending limit for Reverse For Purchase is $625,500 at this time and if you are considering downsizing to that perfect home to retire in I would encourage to take a look at a Reverse For Purchase.  

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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 2 commentsDeborah Nance • September 27 2012 05:24PM

Comments

You must work with a clever lender. I would not have thought to buy a home with a reverse mortgage. It's a smart tax benefit also?

Posted by Monique Keith, Ahwatukeenulls Favorite Realtor, Buyers Agent with over 5 years ago

Thanks Monique!  I am that clever lender! In fact I only originate reverse mortgages both for refinance and for purchase.  They becoming more well known but are still a small minority of purchase financing.  I'm not sure of the tax benefits if any, but I know that by not having to pay all cash for the home and still not having a mortgage payment clients can invest the rest of their funds into their retirement accounts. I always advise my clients to check with a tax professional regarding any write-offs on mortgages.

Posted by Deborah Nance, Southern California , Reverse Mortgage Specialist (Orange County, Corona, Riverside, Los Angeles) over 5 years ago

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