Member:
Executives Association of San Diego
Licensed by the CA Dept of Real Estate #01090117
Reverse Mortgage
House rich, cash poor and at least 62 years old?
You may be a candidate for a reverse mortgage. Reverse mortgages are designed to supplement retirement income with tax free cash. For seniors with equity in their home, a Reverse Mortgage may provide tax free cash to cover basic expenses, improve quality of life, vacations, gifts, college funding for grandchildren, home repairs, cash for any reason. You will never have to make a payments on the Reverse Mortgage as long as you and/or your spouse are living in the home.
Reverse Mortgages have had a terrible reputation. Lenders were originating loans with an "Equity Share" provision. During that time Old Mission Mortgage, Inc. refused to handle these products. These Reverse Mortgages were terribly unfair to the borrowers and their heirs.
Today, the Reverse Mortgages we originate are regulated by the Federal Department of Housing and Urban Development (Dept of HUD). We are proud to offer Reverse Mortgages regulated and insured by the FHA. There are no "Equity Share" provisions in any of the Reverse Mortgages we originate.
The Process:
The first step in the process is to contact us to get a idea of the cash available to you. Cash available depends on the value of your home and the age of the youngest spouse. That cash is reduced by the FHA requirement to pay off your existing mortgage and repairs necessary to bring your property up to minimum FHA standards. The costs of repairs is usually included in the reverse mortgage.
If you are interested in a reverse mortgage please call and make an appointment for a consultation. As part of the process FHA requires that we refer you to an independent reverse mortgage counselor to receive additional information about reverse mortgages.
The Benefits:
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Use a reverse mortgage to pay off your existing mortgage and never make another mortgage payment until you move out of your home.
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Set up a line of credit to supplement your retirement income.
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Take a lump sum to pay off all your debt and have cash to improve the quality of your life.
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Take the fixed payment option of receiving a check as long as you remain in your home to supplement your retirement income.
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Set up a line of credit to help pay for in-home care at some time in the future.
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Set up a combination of Lump Sum, Monthly Payment and Line of Credit.
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All cash received from the Reverse Mortgage is Tax Free.
Qualifications:
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No Income required
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No credit score required
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Discharged bankruptcy OK.
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You must be on title to your home.
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Both spouses on title must be 62 years old or older.
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The home must be safe and habitable. If not, the FHA will require that the home be brought up to standard. If repairs are necessary you can use the proceeds from the reverse mortgage.
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The equity in your home is your property and we can help you access that equity to improve the quality of your life.
Please call John 858 495-1889
More information on reverse mortgages is available at the AARP website