Reverse Mortgages
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Is a Reverse Mortgage Right for You?
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     Reverse Mortgage Defined:
A Reverse mortgage is a lien on your home that allows a senior (62 or older) not to have to pay back the money taken from the equity in their home until which time they move out of the home, or pass away, or fail to comply with loan terms.  A senior may pay off an existing mortgage on their home with a Reverse and enjoy no monthly house payments ever again. The most common reverse mortgage offered today is the Home Equity Conversion Mortgage or HECM for short and is Insured by the Federal Housing Administration (FHA).  There are 3 basic types of Reverse Mortgage offered today and they are:

  1. HECM Fixed: Fixed monthly payments to seniors with no cash-out.
  2. HECM Line of Credit: The most popular of the 3 in that this option allows a senior to take out the money from their equity when they need it.  If they don't use the money they are paid interest on it so it can grow.  
  3. HECM for Purchasing a Home:  This option is for a senior who may have a large down payment to use when purchasing a home but may not want to put the entire amount they have into a home.  They use what they want then the mortgage simply sits until one of the events happens that require the loan amount to be repaid.
 These are all government-insured mortgages that will not have to be paid back until a move-out situation or death.  The home is part of your estate so any existing equity will be your heir's.   No Taxes will owed as you are borrowing from your equity.

The benefits of a Reverse Mortgage are:
  1.   No Monthly Housing payments.
  2.   Take Cash for home improvement no obligation to re-pay.
  3.   Non-taxable money as it is your equity.
  4.   Take Cash and have reserve money or beat inflation.
  5.   Take cash and have a monthly payment
  6.   Buy a home and put down enough and never have a monthly payment.
  7.  No Income qualifying other than proving you can make the Tax and Insurance yearly bills.
  8. No Credit score requirement.
  9. Supplement your Retirement Income to beat inflation.
  10. Have a line of credit available at all times in case of an emergency.
  11. Be able to pay medical expenses that medicare will not.
  12. Be able to pass home on to your heirs.  

          Concerns that Seniors have:

  1. Will my/our children have equity when we/me are gone?:  These mortgages are designed not to use all the equity in the home from the onset of the loan.  You could use up all the equity by living a really long time and not moving out.  There is a calculation used to determine the maximum loan to value based on your age so there will be equity left in the home over time.
  2.  Will I/We ever have to pay back this mortgage?:  No not as long as you continue to live in the home and stay compliant with the loan terms.  If the home passes to your heirs then they will have to get another loan to pay this one off if they wish to keep the home and lenders will allow for this to happen.  The heirs will also have the right to sell the home as well.  
  3. How fast does my equity deteriorate?:  Since the loan is based on your age you will only be allowed a certain amount of your equity at the onset of the loan based on your age, the older you are the more money you are allocated, and less the younger you are.  In other words, your equity would deteriorate at the same rate mortgage payments accumulate over time, however, appreciation over time might increase more than your cumulation of payments.  If the market goes down, that is the lender's risk, not yours, you will have this loan even if the house loses value.  
  4. Does the Interest Rate matter?:  It does as the lower the rates are the less accumulated interest there will be and the more that you will be able to borrow.
  5. When I die will my kids get the house or does it go to the lender?  Your heirs will have the responsibility of selling the house or paying off the reverse mortgage if they wish to keep the home.  The mortgage becomes due and payable upon death or upon moving out of the property, but lenders will allow the heirs time to sell or pay off the loan if they wish to keep the home.  
  6. Can I Outlive the Reverse Mortgage?  The loan will remain with no monthly payments until you move out one way or another, or fail to comply with loan terms.  You could take the loan out at 62 and live to be 110 and you would never have to make a payment.
  7. How do I apply for a Reverse Mortgage? Simply call us or complete the form below and we can walk you through the process.   Just have your property tax bill ready, your current mortgage statement (if any) your Housing Counseling Certificate, and The Declaration page of your insurance.  You have to have an approved Housing Counseling Certificate in order for us to start the process by clicking the link you can find approved Counselors in California.  We cannot recommend a counseling company or steer you into a reverse mortgage in any way.  Once you have decided a Reverse Mortgage is for you, we would love the opportunity to arrange it for you.   

Disclaimer: This material is not from HUD or FHA and has not been approved by HUD or a government agency.

Additional Resources

Click on resources to be taken to the page:
  1. HUD Approved Counseling Agencies:  All Reverse mortgages require seniors to have outside independent counseling before they can apply for a reverse mortgage.
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