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Is a Reverse Mortgage Loan Right for You?

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A Reverse Mortgage is a financial tool, available exclusively for homeowners age 62 and older, to convert a portion of your home equity into cash.  Instead of making loan payments, the lender pays you. You make no repayment of the loan until you no longer live in the home.

You ALWAYS retain title to your home (as long as you comply with loan terms such as paying property taxes and insurance).

You can receive tax-free loan proceeds in several ways.

You can use your loan proceeds any way you choose.

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Worried about Mom and Dad?

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You watch them closely when you visit.  And if you live far away, you listen to every word when you are together on the phone.

You know they do not see as well as the use to, hear as well as they used to,  and maybe are even a bit wobbly on their feet.  And they get things confused. You do too, but this is much less predictable. 

You worry if they are taking their medications on schedule.  And you’ve noticed that the mail is piling up with overdue notices.

But they LOVE their home.  And it was your home, too.

And are you are wondering if there is way to make it possible for them to stay in their home for as long as they choose?  There is.

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Looking for a solution for your client?

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Are you a financial advisor, tax consultant, estate attorney, minister, home care provider, neighbor, or just a caring friend?

Are you looking for a way to help them stay in their home as long as possible and not endure the disruption and emotional upheaval of a move?

Have you tapped their most accessible assets and are now looking for other resources?

Or have you reviewed their overall financial status and realized that they could buy long term care or other insurances if they simply had a way to access the equity in their home?

You are wondering if there is a way to make it possible for them to stay in their home for as long as they choose. There is.

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Reverse Mortgages Only

Catchy name, huh?  But it speaks volumes about what we do. Because Reverse Mortgages loans are all that we do, we are OUTSTANDING in product knowledge and customer care.

We serve all of California (our home base is the San Francisco Bay area).  

We represent multiple lenders -- We do the shopping for you and can recommend the best loan for your family needs.

We understand all the loan products and options and the nuances between them.

We are problem solvers – do you have a difficult situation?  We’ve probably encountered it before.

We make house calls;  We know you may not travel well or be comfortable driving.   We want you to be comfortable and would be happy to visit you in your home if preferable to you.

We have a reputation for uncompromising integrity.  We earn your trust because we are focused only on the best interest of your family.

Reverse Mortgage News

CONDOMINIUM RULES ARE CHANGING SO THAT MORE FHA LOANS MAY BE GRANTED

Government-insured Reverser Mortgage loans, known as Home Equity Conversion Mortgages,  may be obtained on condominium homes provided the condominium (via its association) is FHA approved. On July 29,  2016 President Barack Obama signed into law HR 3700, the Housing Opportunity Through Modernization Act of 2016.  

 

HR 3700 liberalizes condominium project lending eligibility guidelines.  The  current requirement of 50 percent of the units being owner-occupied will be decreased to 35%, unless the HUD secretary acts within 90 days to decrease the current requirement.

 
The current maximum of 25 percent of "non-residential" space in mixed-use projects may be exceeded if an exception is granted, and the law requires the HUD secretary to create standards for exceptions and train staff accordingly.
 
HUD must simplify and ease the processing of renewal applications once a project is initially approved, and the HUD secretary is to consider lengthening the term of project approvals.
 
Associations still cannot have more than 15 percent of the members more than 60 days delinquent in assessments. At least 10 percent of the association budget must be placed into a reserve account. The association cannot be involved in a construction defect lawsuit, and must have fidelity insurance in place.
 
The project lending guidelines do not apply to detached condominiums, in which residences are not attached to any other residences. Those homes can be evaluated for lending on a unit-by-unit basis.
 
The association's (and the board's) basic responsibilities are to maintain and preserve common areas and comply with the law and governing documents.

 

Is a Reverse Mortgage loan right for YOU???

My Perspective.... by Susan Tsai

Welcome to “My Perspective”, where you’ll find real stories (and fictional names) about borrower(s) who have asked “Is a Reverse Mortgage right for ME?”

A Reverse Mortgage is a powerful financial tool.   But it is not right for everyone and not everyone will qualify. To determine if a Reverse Mortgage is a good solution, it takes a deep dive into the why’s and how’s each family’s unique situation.

In this column, we’ll take a look at folks for whom a Reverse Mortgage loan can be a great solution AND those for whom it is not.

 


Meet Carl and Betts …

Carl and Betts, husband and wife, have shared a lifetime of memories together – and the majority of those years are right here in this very same house they call home. They desperately want to age in their home, but Carl’s recent hip replacement and other health conditions have taken its toll on his mobility. By his side is Betts, frail but uncompromising in wanting to give him the best of care.

They love their home, which sits on a hill with rickety stone steps that lead to the front door – definitely a safety concern. Before retirement, Carl owned a landscaping business, but now has limited income and is in need of money to pay for home renovations. Some of these renovations are from many years of deferred maintenance, and some are to retrofit parts of the house to make it more handicap-accessible. Both at age 80, Carl and Betts are looking to make changes in order to live more comfortably in their home. And definitely, staying in their home is what they want to do.

Carl and Betts do not have any biological children of their own, but they are blessed with a goddaughter, Dorothy, whom they trust to handle their personal and financial affairs. It was Dorothy who sought out Judy to ask if a Reverse Mortgage was right for her godparents. A Reverse Mortgage would allow Carl and Betts to pay off their existing mortgage, pay off their credit card debt and make those necessary repairs that will allow them to live more safely in their home.  

Together with Carl, Betts and Dorothy, we worked through the application process – which was part education and part discovery.

A Reverse Mortgage loan was the right solution. It made sense for Carl and Betts to use the equity in their home in order to make their life more comfortable – physically and financially. They can continue to age in their home using the money for repairs and in make it “safe”, They also have peace of mind knowing that their cash flow is eased (they received a monthly draw that covers their living expenses). And, they have even started to build a little nest egg for the future.

What's new in our neighborhood?

They called  me EINSTEIN at the shelter!  But now I'm known as Zacibel  aka zacizacizaciROOOOOO!  And an auntie calls me Zacaroni, too!  (can you imagine?) Mom is a passionate lover of furry things.  There are 5 furry ones at home - another one kinda' like me.  And there are some other ones that chase their tails and keep us awake purring all night long. ALL of us are adopted from rescue organizations.

Mom understands the power of a wagging tail, early morning nuzzle or even a wet sloppy kiss.  She has a great sense of humor about finding muddy footprints in the most unusual place.

SOOOOO she is making an offer to all borrowers who choose to adopt a furry friend from any non-profit organization.   She will contribute $250 directly to the shelter or organization in support of, or partial payment towards, the adoption of a new WOOF or MEOW!

 

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