Is a Reverse Mortgage Right for You?

Tips from top, Orange County lender can guide you in the right direction

Is a Reverse Mortgage Right for You and Your Situation?

Is a reverse mortgage right for you

You’ve probably seen the commercials on television and the Internet stating how a reverse mortgage can save your home and provide money for you during your retirements. Well, before you move forward, it’s essential to find out if a reverse mortgage is right for your particular situation.

With this in mind, here is some helpful information about reverse mortgages:

  • What is a reverse mortgage, anyway?

Per the National Reverse Mortgage Lenders Association, “a reverse mortgage is a loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their homes into cash.”

Instead of making payments to a lender, you make payments to the borrower, and there are no monthly interest or principal payments. You maintain ownership of your home, but you need to live it and stay current with all of your property taxes, insurance and appropriate HOA dues. This way, you don’t need to pay back the loan until you sell or vacate the home. 

  • Is a reverse mortgage right for you?

When getting a reverse mortgage, there can be a lot of fine print, rules and regulations to follow for your particular situation. That’s why it’s important to work with an experienced expert who can guide you through the process.

Your reverse mortgage loan originator will look at your unique needs, and give you the facts and information you need to know and what to expect. This way, you’ll be prepared to move forward or pass on a reverse mortgage.

  • What should you be aware of with a reverse mortgage?

If you decide to get a reverse mortgage, you need to work with your loan originator and ask questions. For example, how will you receive your payments? If you get an adjustable interest rate, you may have equal monthly payments over a specific term, unscheduled installments, a combination of all of these, or a modified payment plan depending on your situation. With a fixed interest rate on your reverse mortgage, you receive a single disbursement lump sum at mortgage closing.

Reverse Mortgages Provide Many Benefits!

Touting the safe, financial security of their FHA reverse mortgage program, The U.S. Department of Housing and Urban Development indicates that, “many seniors use it to supplement Social Security, meet unexpected medical expenses, make home improvements and more.”

However, this may or may not be the right choice for you. Find an experienced and licensed reverse mortgage originator to help answer your questions. Then, you can move towards your own, financial security goals with more confidence.

Do you want to discover if a reverse mortgage is right for you?

As an experienced, local Orange County mortgage specialist, you can contact me directly here, and I’ll be happy to help!

 

What Your Huntington Beach Mortgage Lender is Not Telling You

 

What Your Huntington Beach Mortgage Lender is Not Telling You

Seacliff Mortgage provides reverse mortgagesWhat do you really know about your mortgage lender? It may be time to conduct some research.

Why?

While getting a good rate is essential, there are some hidden secrets you may want to know about…

3 Secrets Your Huntington Beach Mortgage Lender May Be Keeping From You

1. Did your lender pass the big tests?

Did you know that many loan originators with larger companies don’t need to actually take and pass the real estate exam or the NMLS? This is a difficult test so many do not take the time or effort to prepare, study and pass this test.

This can be an issue is you need to work with someone with extensive knowledge and experience. How much does your mortgage lender really know about the business and what is their experience level? If they haven’t passed these important tests, how dedicated are they to their careers and helping their clients succeed?

2. Do just the big companies have the necessary networks for success?

A good mortgage lender will have an extensive, financial network to work with so that you get the best rates available for your situation. But it’s not just about going with a large firm.

A small, independent broker can be just as competitive as the conventional, VA, FHA, and large companies out there. Plus, they can move fast and often get better results!

3. Are you really getting the personal care you deserve?

Many of the large companies tout credibility and competitive rates. But you really need a broker who is looking out for your individual needs and goals. If you go with a large broker, are they offering the same rates and deals to all of their customers?

Get the individual attention you deserve. Not only will you save money, but you’ll have a team member on board who is looking out for your specific interests.

Succeed with Confidence.

At SeaCliff Mortgage, you can relax knowing that we’ve passed all of the difficult real estate exams necessary, have an extensive background of knowledge and a large network to get you the most competitive rates possible. Plus, we communicate with you all the way from start to finish so you stay informed and updated throughout your entire loan process.

With this in mind, conduct research on your current, mortgage lender. What secrets are they hiding from you?

For more information, please contact us here.