It's a Financial Tool that allows you to Access a portion of the equity in your Home with no obligation to repay for as long as you live and occupy the home as your primary residence.
You are obligated to keep the home insured, pay the Property Taxes, assessments & maintain the property in average condition.
You may sell at any time, Equity in the property always belongs to you or your heirs. A Reverse Mortgage Loan has many of the same provisions as any other mortgage loan with the exception of Periodic payments of Principal and Interest. The is also no set term on a Reverse Mortgage Loan. It is good for as long as you live with the caveat that it must be your "Principal Residence".
If you're 62 years of age or older you meet the qualifiations to apply. At 62 you will be eligible for around 52% of your homes appraised value. As you get older the % of value you're eligible for increases incrementally.
Thank you so much for all you did to get this done for me. It was one nightmare that just went on since my Husband passed away in 2014. Thanks to you and your staff my life will settle down now. Barb H. San Diego, Ca.
We are able to offer Zero Closing Cost Reverse Mortgages in some cases. If you're paying off an existing Mortgage or taking a cash disbursement you will be able to take advantage of a Lender Closing cost credit for up to 100% of the costs. In some instances that could be as much as a $17,500.00 savings.
After 29 years in Northern San Diego County we"re now on Barnett Ave in Point Loma. I sold my Office Building in Escondido and moved downtown around 2 years ago. Peggy and I are still living on our Boat on Harbor Island. We moved their temporarily when we sold the house in Escondido in 1995. 22 years later we're still living on the Boat, time flies when you're having fun. The commutes a lot shorter too.
1. How much can I get??
That's a Factor of your Age and the Value of your home. At 62 you'll get about 52% of appraised value up to a Maximum Home value of $636.150.00.
At age 90 it increases to 75% of the appraisal with a maxiimum value of $636,150.00.
2. Do I have to qualify for a Reverse Mortgage Loan??
Yes, you do although it's not like qualifying for a regular Purchase or Refinance. There are no payments on a Reverse but you do need to demonstrate the wherewithall to pay the Taxes, Insurance and upkeep on the property plus any other debts you may have.
3. What happens if the balance owed on a Reverse Mortgage Loan exceeds the value of the property??
Nothing, you still are obligated to pay the taxes, Insurance and upkeep on the property. You are guaranteed the right to live in your home for life no matter how long that is. Your Estate has no obligation to cover any shortgage that might occur if the proceeds of sale do not cover the balance due on the Reverse Mortgage Loan. Any other assets you have will pass directly to your heirs.
Give customers a reason to do business with you.