San Rafael Reverse Mortgage Broker

House Rich and Cash Poor is no way to enjoy retirement 

A reverse mortgage may be just the remedy for you

Problem:

• You constantly have more month than money

Solution:

• I Can Provide You with a Reverse Mortgage to Eliminate Your Financial Stress Immediately

Result:

• Joe and Diane had a $4,000 per month mortgage payment and medical bills that were barely being covered by their pension and Social Security income, leaving little money for life’s essentials. Now, thanks to a reverse mortgage that I provided for them, they have no housing payment, the medical bills are easily paid with the reverse mortgage annuity stream, and they have money in the bank—they could not be happier since their financial makeover…

Whether seeking money to finance a home improvement, pay off a current mortgage, supplement their retirement income, or pay for healthcare expenses, many older Americans are turning to “reverse” mortgages. They allow older homeowners to convert part of the equity in their homes into cash without having to sell their homes or take on additional monthly bills.

In a “regular” mortgage, you make monthly payments to the lender. But in a “reverse” mortgage, you receive money from the lender and generally don’t have to pay it back for as long as you live in your home. Instead, the loan must be repaid when you die, sell your home, or no longer live there as your principal residence. Reverse mortgages can help homeowners stay in their homes and still meet their financial obligations.

To qualify for most reverse mortgages, you must be at least 62 and live in your home. The proceeds of a reverse mortgage (without other features, like an annuity) are generally tax-free, and many reverse mortgages have no income restrictions.

Loan Features

Reverse mortgage loan advances are not taxable and generally do not affect Social Security or Medicare benefits. You retain the title to your home and do not have to make monthly repayments. The loan must be repaid when the last surviving borrower dies, sells the home, or no longer lives in the home as a principal residence. In the HECM program, a borrower can live in a nursing home or other medical facility for up to 12 months before the loan becomes due and payable.