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El Cajon Reverse Mortgage Specialist

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Is A Reverse Mortgage Best For You?

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Looking for a El Cajon Reverse Mortgage Specialist?
Before taking out a reverse mortgage, it’s important to understand all aspects of the loan product and whether it’s appropriate for your circumstances.
Are You House-rich, Cash-poor?
Even with the recent challenges in the real estate market, some who have held on to a home for many years still find themselves with substantial equity, yet may feel house-rich and cash-poor. Those over the age of 62 often find balancing the costs of home maintenance, medical expenses and funding hobbies and vacations challenging.
You Can Convert Home Equity Into Cash
One option in tackling such financial hurdles is by taking out a reverse mortgage. A reverse mortgage is a vehicle that allows you to convert your home equity into dollars. Reverse mortgage money can fund home upgrades, pay for in-home assistance or medical care, pay bills or just ease the anxiety associated with tight monthly budgets.
Reverse Mortgage Sizes Vary
The size of a reverse mortgage depends on individual financial circumstance. Usually the older the borrowers are and the more their property is worth, the larger the loan can be. Payouts can be made in a variety of ways, including as a lump sum or as monthly income.

Frequently Asked Questions in El Cajon

  • What is a Government Insured HECM program (reverse mortgage)
    • HECM stands for Home Equity Conversion Mortgage.  It is a federally insured and guaranteed program.  The HECM is a safe way for you to access the equity in your home without ever making a mortgage payment.
  • How is this Program “safe” for Senior (62 or older) Homeowners?  
    • No matter what happens in the economy, how much money you receive, or how long you live in your home you will never be required to make a mortgage payment.  In addition, no matter what happens to your lender or your home’s value you have a guaranteed access to your money.
  • What happens if, in the future, the Loan exceeds the Value of the Home?
    • Your reverse Mortgage will continue – thanks to the federal insurance.  The line of credit will still be available and monthly disbursements you may have set up, will still be sent to you.
  • How are Reverse Mortgages different today?
    • Today’s reverse mortgages are highly regulated by State and Federal laws to mae them safe and to protect you.  Among others, the following regulations apply:
      1. You retain title of the home.
      2. No equity share is allowed, meaning the lender does not slowly take over your home.
      3. Fees and costs are federally regulated.
  • How does a Reverse Mortgage compare to a Conventional Mortgage?
    • In a conventional forward mortgage, you make monthly payments to the bank eventually paying off the mortgage over time.  With a reverse mortgage you receive cash from your lender, as lump sum upfront, as monthly installments or as a line of credit that grows over time.  As long as you live in your home you never have to pay off a single dollar of the loan.
  • When does a reverse Mortgage become due and what happens then?
    • when you no longer live in your home or when you pass away, the reverse mortgage becomes due.  You or your heirs have two options:
      1. Pay off the reverse mortgage including the accrued interest and retain ownership.
      2. Give up ownership of the home and receive the difference between the net sales proceeds and the loan balance.  You will NOT be liable for any shortfall if the sales proceeds do not cover the loan.

 

Please call me for ANY follow up questions or concerns.

rgbrn

Rod Graves  619-587-9765

Professionally serving  San Diego County, Temecula & Murrieta

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