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Reverse Mortgages in Orange County

What if there were a way that you could live more comfortably during retirement? What if you could increase cash flow without going back to work?

With a reverse mortgage, it is possible.

FREE Reverse Mortgage Qualifier!FREE Reverse Mortgage Qualifier!

What is a Reverse Mortgage?

A reverse mortgage allows you to refinance your mortgage and never have to make a payment again for as long as you live. If you do not currently have a mortgage, or have enough equity in your home, you are able to take cash out. You can receive a lump sum at closing, get a line of credit, or receive a monthly term payment.

The more equity you have in your home, the more money you can potentially qualify for through a reverse mortgage.

While a reverse mortgage is a loan, it does not come due until a maturity event occurs. An example would be when the final borrower on the loan passes away.

Reveres mortgage are considered “non-recourse” loans meaning you can never owe more than the home is worth. When the maturity even occurs, the home is sold and any remaining equity goes to the home owner’s estate. If more money is owed than the home is worth the deficit is written off (it is insured and paid for by the Federal Housing Administration) and NOT held against any other assets in the estate. If a family member wants to purchase the home they can do so for 95% of the current home value, as indicated by a current appraisal.

Why Get a Reverse Mortgage in Orange County?

Here are a couple of reasons to consider applying for a reverse mortgage now:

Stay in your home and never have to make a payment again.

You get to use the reverse mortgage to finance any purchases you wish and the cash out proceeds are typically tax free, but be sure to consult your CPA or tax adviser.

While there are no restrictions at all on how you spend or save the money you receive, here are a few ideas for what you can do once you have more cash in your budget from a reverse mortgage:

Keep the money in the bank or put it into investments.
Pay for enhancements to your home (for example, you could install solar panels, which would save you even more money over time).
Make home repairs.
Pay for education for your grandchildren.
Go on a vacation.
Put money down on the purchase of a second home.
Fund a startup or another project of your own.

You probably already know exactly how you would use the money from a reverse mortgage based on your own needs and goals. Once your application is approved, there will be nothing holding you back.

OC Reverse Mortgage Qualification Guidelines

How do you know if your application for a reverse mortgage is likely to be approved? Following are the basic guidelines for qualification:

You must be age 62 or higher.
The home that you wish to take the equity from through the reverse mortgage must be your primary residence. Second homes and investment properties do not qualify.
You need to have at least 40% equity in your home to take out a reverse mortgage.
You must be current with property tax, homeowners insurance, and any required HOA payments.
Your income, credit score, tax history and other financial details also may have an impact on whether or not your reverse mortgage application is approved.

Apply Today for a Reverse Mortgage in Orange County

It’s time to stop imagining what you could do with more money in your monthly budget, and actually make it happen. To apply now for a reverse mortgage, please call (949) 202-5332. Soon, you could finally be living your retirement dreams to their fullest in the financial comfort and security that you deserve.

Reverse Mortgage Qualifier!Reverse Mortgage Qualifier!