Reverse mortgages are not for everyone. However, in the right situation, they can be a great retirement tool. Our job is to understand your individual needs and concerns, and to help you determine if a reverse mortgage might be suitable in your particular circumstances.
Please take the time to browse through this website to learn more about Home Equity Conversion Mortgages (HECMs), the FHA insured reverse mortgage program for homeowners 62 and older, HECMs for purchasing a new home, and our other proprietary reverse mortgage products for homeowners 60 and older.My clients are located throughout Southern California.
Feel free to give me a call at 951-805-0063 so that I can answer your questions and, if appropriate, we can set up a FREE in-home consultation. This information 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. These materials are not from HUD or FHA and were not approved by HUD or a government agency.
Please take the time to browse through this website to learn more about Home Equity Conversion Mortgages (HECMs), the FHA insured reverse mortgage program for homeowners 62 and older, HECMs for purchasing a new home, and our other proprietary reverse mortgage products for homeowners 60 and older.My clients are located throughout Southern California.
Feel free to give me a call at 951-805-0063 so that I can answer your questions and, if appropriate, we can set up a FREE in-home consultation. This information 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. These materials are not from HUD or FHA and were not approved by HUD or a government agency.
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Over 1 million US homeowners age 62 and over have already taken advantage of Home Equity Conversion Mortgages (HECMs), also known as government-insured reverse mortgage loans, to enjoy a more secure and comfortable retirement.
Imagine living in your home without a traditional monthly mortgage payment, or instead, enjoying monthly loan proceeds from the years you've invested in your home.
After you get a reverse mortgage on your primary residence, repayment is deferred until the home is sold, the last borrower passes away or permanently leaves the home.
Imagine living in your home without a traditional monthly mortgage payment, or instead, enjoying monthly loan proceeds from the years you've invested in your home.
After you get a reverse mortgage on your primary residence, repayment is deferred until the home is sold, the last borrower passes away or permanently leaves the home.
A reverse mortgage allows you to draw from the value in your home without having to sell it.
You live in a home that you've watched increase in value for years.
You find it difficult keeping up with bills and healthcare expenses.
You're faced with a dilemma: sell the house-your home, which really doesn't have a price tag-or continue to live in it and watch your financial burden increase.
Now imagine this dilemma resolved.
A "reversal" of a conventional mortgage where you would pay monthly principal and interest payments, a reverse mortgage is a loan that may allow you to receive monthly payments.
You live in a home that you've watched increase in value for years.
You find it difficult keeping up with bills and healthcare expenses.
You're faced with a dilemma: sell the house-your home, which really doesn't have a price tag-or continue to live in it and watch your financial burden increase.
Now imagine this dilemma resolved.
A "reversal" of a conventional mortgage where you would pay monthly principal and interest payments, a reverse mortgage is a loan that may allow you to receive monthly payments.
There are many misconceptions about reverse mortgages, so it is important to know the facts.
A reverse mortgage, or HECM (Home Equity Conversion Mortgage) is a federally insured loan that allows you to tap into the equity you have built up in your home.
A borrower may designate an heir of their choosing.
The heir(s) will inherit the home after the last surviving borrower passes away and may then choose to keep (by paying off the amount of reverse mortgage balance) or sell the home.
Should they choose to sell, any remaining equity after paying off the loan (minus interest and/or fees) would be theirs.
A reverse mortgage, or HECM (Home Equity Conversion Mortgage) is a federally insured loan that allows you to tap into the equity you have built up in your home.
A borrower may designate an heir of their choosing.
The heir(s) will inherit the home after the last surviving borrower passes away and may then choose to keep (by paying off the amount of reverse mortgage balance) or sell the home.
Should they choose to sell, any remaining equity after paying off the loan (minus interest and/or fees) would be theirs.
HECM (pronounced HEKUM) is the commonly used acronym for a Home Equity Conversion Mortgage, a reverse mortgage created by and regulated by the U.S. Department of Housing and Urban Development.
A HECM is not a government loan.
It is a loan issued by a mortgage lender, but insured by the Federal Housing Administration, which is part of HUD.
FHA collects a Mortgage Insurance Premium (MIP) at closing that equals two (2) percent of the home's appraised value or FHA lending limit ($679,650), whichever number is less.
A HECM is not a government loan.
It is a loan issued by a mortgage lender, but insured by the Federal Housing Administration, which is part of HUD.
FHA collects a Mortgage Insurance Premium (MIP) at closing that equals two (2) percent of the home's appraised value or FHA lending limit ($679,650), whichever number is less.
Proprietary reverse mortgages are privately insured by the mortgage companies that offer them.
They are not subject to all the same regulations as HECMs, but as a standard best practice, most companies that offer proprietary reverse mortgages emulate the same consumer protections that are found in the HECM program, including mandatory counseling.
These loans are sometimes to referred to as "jumbo" reverse mortgages because the borrowers may be eligible for more proceeds than they would be with an FHA-insured HECM.
They are not subject to all the same regulations as HECMs, but as a standard best practice, most companies that offer proprietary reverse mortgages emulate the same consumer protections that are found in the HECM program, including mandatory counseling.
These loans are sometimes to referred to as "jumbo" reverse mortgages because the borrowers may be eligible for more proceeds than they would be with an FHA-insured HECM.
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