Orange County Reverse Mortgage Facts and FAQ's Question: My home is not paid off, can I get a reverse mortgage?
Many times the answer is YES! It depends upon how much you still owe on your home and the difference between your mortgage balance and your homes value. A reverse mortgage will What is the Loan To Value on a Reverse? of your homes value to you. Usually between 50% and 66% of your homes appraised value. For example. If your home is worth $100,000 a reverse mortgage may only lend you $55,000, and after closing costs you must be able to payoff your existing mortgage with that $55,000. Some clients have even brought Short To Close Option (wait or bring in $) when the reverse mortgage could not loan quite enough to payoff their old loan. They told me it was worth it to get rid of their house payment. Most of the homeowners I work with DO have a mortgage to payoff and they can't wait to kiss their mortgage payment good-bye forever! (Remember, even with a reverse mortgage the homeowners are responsible to pay property taxes, keep the home insured AND the home must remain their principal residence.)
Based upon your homes value, the ages of the homeowners and the current interest rates we can figure out if a reverse mortgage would loan enough for you to say goodbye to your mortgage payment. Send me an email, or give me a call or go to my website and get a quote.
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.