A reverse mortgage can be an effective tool for giving seniors additional cash to live on using the equity in their home. However, it is not a decision to be taken lightly. It's important to work with an experienced originator who can help you assess your unique situation to determine if a reverse mortgage is right for you. This material is not provided by, nor was it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA).
It is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice. The borrower(s) must continue to pay for property taxes and insurance and maintain the property to meet HUD standards or risk default. Credit is subject to age, minimum income guidelines, credit history, and property qualifications.
Program rates, fees, terms and conditions are not available in all states and subject to change. Loans made or arranged pursuant to Real Estate Corporation License Endorsement #01837820, California Department of Real Estate (877-373-4542).
It is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice. The borrower(s) must continue to pay for property taxes and insurance and maintain the property to meet HUD standards or risk default. Credit is subject to age, minimum income guidelines, credit history, and property qualifications.
Program rates, fees, terms and conditions are not available in all states and subject to change. Loans made or arranged pursuant to Real Estate Corporation License Endorsement #01837820, California Department of Real Estate (877-373-4542).
Services
Reverse Mortgage West (RMWest) is a California Department of Real Estate licensed broker authorized to originate single family mortgages in California.
RMWest's focus is serving senior clients' retirement and life-stage needs through the Reverse Mortgage product.
Our team of select, seasoned Reverse Mortgage Loan Officers is committed to serving seniors.
Our veteran Reverse Mortgage Loan Officers are senior specialists well-versed in considering the the total financial/life stage needs of the senior customer.
RMWest's focus is serving senior clients' retirement and life-stage needs through the Reverse Mortgage product.
Our team of select, seasoned Reverse Mortgage Loan Officers is committed to serving seniors.
Our veteran Reverse Mortgage Loan Officers are senior specialists well-versed in considering the the total financial/life stage needs of the senior customer.
A Home Equity Conversion Mortgage (HECM) is the formal name of the federally-administered loan that many commonly refer to as the 'reverse mortgage' loan.
The Home Equity Conversion Mortgage is administered by H.U.D. (The Department of Housing & Urban Development) and may help qualified homeowners 62 and older enhance their cash flow during retirement.
There may also be private jumbo reverse mortgages' available in your area for higher-valued properties (usually over $700,000 in value) which are not insured by FHA.
The Home Equity Conversion Mortgage is administered by H.U.D. (The Department of Housing & Urban Development) and may help qualified homeowners 62 and older enhance their cash flow during retirement.
There may also be private jumbo reverse mortgages' available in your area for higher-valued properties (usually over $700,000 in value) which are not insured by FHA.
Do I have the financial resources to help my parents with their medical and living expenses?.
What are my parents' wishes as to staying home if medical care is needed for an extended time?
Will Mom and Dad use up my inheritance?
While tapping into their home's value, your parents' home may appreciate in value, which could allow for some equity to be left at the end of the loan, but not always.
It is possible for your parents to use up their home's remaining equity.
Keep in mind that they could be able to live more comfortably without having to depend upon family members to support them.
What are my parents' wishes as to staying home if medical care is needed for an extended time?
Will Mom and Dad use up my inheritance?
While tapping into their home's value, your parents' home may appreciate in value, which could allow for some equity to be left at the end of the loan, but not always.
It is possible for your parents to use up their home's remaining equity.
Keep in mind that they could be able to live more comfortably without having to depend upon family members to support them.
A reverse mortgage loan is not for everyone.
We can provide detailed loan scenarios to you (with your client's permission) to help reach a decision that is aligned with the interest of all parties.
We are upfront with all our clients about the advantages and disadvantages of a reverse mortgage.
Proceeds received from a reverse mortgage typically do not affect Social Security or Medicare.
Provides access to a portion of their home's value without the requirement of monthly mortgage payments.
Borrowers must continue to meet ongoing property obligations such as homeowner's insurance and property tax payments.
We can provide detailed loan scenarios to you (with your client's permission) to help reach a decision that is aligned with the interest of all parties.
We are upfront with all our clients about the advantages and disadvantages of a reverse mortgage.
Proceeds received from a reverse mortgage typically do not affect Social Security or Medicare.
Provides access to a portion of their home's value without the requirement of monthly mortgage payments.
Borrowers must continue to meet ongoing property obligations such as homeowner's insurance and property tax payments.
Many ask, "is a reverse mortgage a good idea?"
While there can be speculation, our hope is that you become fully informed of this unique mortgage loan and make the appropriate decision for you and your family given your unique situation.
It can be scary making a major decision about one of your biggest investments, the place that means the most to you.
Deciding whether a reverse mortgage loan is right for you often requires education and expert advice.
We hope the following information is beneficial as you explore whether a reverse mortgage is right for you.
While there can be speculation, our hope is that you become fully informed of this unique mortgage loan and make the appropriate decision for you and your family given your unique situation.
It can be scary making a major decision about one of your biggest investments, the place that means the most to you.
Deciding whether a reverse mortgage loan is right for you often requires education and expert advice.
We hope the following information is beneficial as you explore whether a reverse mortgage is right for you.
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