WHY ARE YOU LOOKING FOR REVERSE MORTGAGE INFORMATION
You may be 62 or older, but a Reverse Mortgage may NOT be a good choice for you IF :

  1. You are not a home owner, nor plan to be ( with some equity in your home).
  2. You own your home but do not want to keep it, nor trade down to a smaller place.
  3. You have plenty of money to live comfortably for the rest of your life and need no help.
  4. You will never have a problem paying your medical expenses, mortgage, etc.
  5. You can count on your kids to help pay your living expenses for the rest of your life.
  6. You do not want to do something special for yourselves, nor your family while you are able.

If these are not your objections then please call or email me to talk about your particular needs:
Phone: 831-801-0646 – email: info@rebucks-llc.com  website:  RebucksReverse.com

I am a senior citizen also, and a Certified Reverse Mortgage Advisor.  I am licensed as John Stephen Mitchell, by the California Bureau of Real Estate # 00892713, and the NMLS # 293761. I am affiliated with my brokerage company, C2 Financial Corporation, NMLS# 01821025

REASONS WHY YOU MIGHT WANT TO LOOK INTO GETTING A REVERSE MORTGAGE

  1. A financial assessment is now required to show you are able to pay the taxes and insurance on your  home,  although  you do not have a mortgage payment, so no surprises jump up at you.

  2. You will never have to repay the principle and interest for as long as you live in your home.

  3. You can sell your home and pay off the loan, as it is still your home.

  4. You can live in your own home very reasonably  for the rest of your lives

  5. Your heirs will have one year to pay off the loan balance, by selling or some other means. (they will then have the remaining equity ( House Value – Mortgage balance = Equity )

You should have many more questions to ask before making such a great decision, and that is what I think you should do.  Please let me be one of the experts from whom you can get your answers. Call me at:     831-801-0646  

Although our offices are located in Hollister and Carmel, we also help seniors with their reverse mortgage needs in Monterey, Santa Cruz, Santa Clara, and throughout California.
 

How is the loan amount determined?
 
The amount of the loan is based on:
  • The age of the youngest borrower
  • The appraised amount of the property
  • No income or credit is required. 
 
What are my reverse mortgage options?
 
HECM -- The Home Equity Conversion Mortgage (HECM) is the only reverse mortgage that is insured by the Federal Housing Administration (FHA). The FHA guarantees that HECM lenders meet their obligations, governs how much HECM lenders may loan to qualified borrowers, and limiting loan costs. Because this is a government insured program, loan counseling is required, by an approved HUD counselor.
 
HECM offers 4 draw options:
 
  1. Monthly income for a fixed term, or life
  2. Line of credit
  3. Lump sum
  4. Any combination of the above 3