reverseloansventura

April 3, 2020 Reverse Mortgages No Comments

Covid-19 and Seniors at Risk

It has been a while since I have written anything in my blog, because like everyone else, my life was turned upside down with the pandemic and it’s destructive swath across the world, taking lives, ruining economies, creating fear, anxiety, and uncertainty.

Anyone who had a 401-K, some sort of a retirement plan or at the least, a savings account have seen them dashed, drained away and depleted within days and the Stock Market will continue to reel in uncertainty for most likely, a very long time.

Eventually, we will get through this terrible time, but if you are a senior, you may not have the ability to wait it out until the markets recover and are very worried about running out of money. I am here to say, that this is the one time a senior has an advantage over younger people because they have an option that younger people don’t have.

If a senior age 62 or older, lives in their home (even if they have a mortgage on it), they could apply for a reverse loan. However, too many are afraid of them because they think the Lender will end up owning their home (false), they have to still make payments (false), there is “fine print” to trick them (false) and they are “too good to be true”. (False again.)

The FHA HECM is the most regulated mortgage in the lending industry, to protect seniors from financial abuse.
Anyone who wants to apply for a reverse loan must complete telephone counseling with a HUD-approved Counseling Agency.
There are no mortgage payments, however, the borrower must continue to pay property taxes, Homeowner insurance and keep their home in good repair.
There are no restrictions on how the borrower uses their funds, except they are discouraged from buying annuities or other investment products.
They can remain in their home for their entire lives and leave it to their estate.

The reverse loan industry is seeing an increase in loan applications at this time because obviously money from a reverse loan will give them the safety and security they need and take away the fear and anxiety about running out of money.

The loan is safe, well-regulated and an ideal solution for all senior home-owners to consider right now. From the time the HUD Counseling is completed, the loan processing time takes about 45 days, however, it might begin to take longer with the increase in applications.

Although I am located in California, anyone who reads this may contact me if you have questions. I can point you in the right direction for a reverse loan consultant in your state.

Don’t hesitate. If you have a home or Condo and you are old enough, you have this opportunity for financial security. Look into a reverse mortgage. Now.

December 1, 2018 Jumbo Reverse Loans No Comments

Money From Jumbo Reverse Loans

California obviously has the most expensive properties in the country and a very high rate of citizens who are seniors but are carrying mortgages on their homes which are preventing them from retiring due to mortgage debt.

Many working seniors would like to retire but they can’t because of the ongoing mortgage payments and sometimes they find themselves withdrawing funds from their retirement investments to make the payment each month.

And depending on how many years are left on the mortgage, many are concerned about running out of money to make the payments and the other monthly obligations.

The average home value in California generally exceeds the HUD Lending Limit that is currently at $679,650 and if a homeowner has a home with a great deal more equity than the FHA HECM would allow them to withdraw, then a Jumbo reverse loan would be an additional option for consideration.

See what my clients are saying!

There are many new Jumbo loan programs to choose from that are superior to the FHA HECM in many aspects and are considerably less expensive in regards to fees. Here are some highlights and are subject to change in the future.

Maximum loan amounts to 4 MM
Fixed rates or a LOC
2^nd T.D’s for those who would like access to their equity but currently have a 1^st T.D. in place with a favorable interest rate they wish to keep, preserving more of their equity. This option can also be used as a 1^st T.D.
Origination fees vary by the loan choice but are “none” to either 6K or 8K maximum.
No Mortgage Insurance Premiums.
Non-Recourse Loan. The borrower continues to own their home. No equity sharing or pre-payment penalties. The property will go to the heirs of the borrowers when they (the borrowers) have passed away.
Can be used to purchase a home. “Right-Sizing/Down Sizing”.
No payments are required other than the borrower must continue to pay property taxes, Homeowners Insurance, and HOA fees and keep the property well maintained.
No loan terms.
Borrowers must be at least age 60 or 62. It depends upon the loan choice to determine the minimum age.