Reverse Mortgage

Today, there are more homeownership options for retired individuals and couples than ever before. A Reverse Mortgage (also know as a Home Equity Conversion Mortgage) might be the solution to meet your needs.

Call today to speak to a
Reverse Mortgage Specialist

(714) 421-4321

Make the Most of Retirement!
If you are at least 62 years old and have low or no outstanding mortgage debt, our Reverse Mortgage programs allow you to borrow against the equity you've built in your home without your repaying the debt for as long as you live there. That's the "reverse" part of this kind of mortgage loan. With a Reverse Mortgage, instead of making monthly payments, you can opt to receive them!

Reverse Mortgage vs. Traditional Refinance Loans
Traditional refinance loans mean that the homeowner borrows a large amount of money and makes monthly payments. As payments are made, the loan balance gets smaller and the equity grows.

With a Reverse Mortgage, the homeowner borrows small amounts - monthly or at other intervals through a line of credit. Over the course of time, the loan balance gets larger, and equity gets smaller. Payment is required only once, at the end of the loan, which in most cases is when the homeowner dies, sells or no longer uses the home as a primary residence.

Flexible Access to Extra Income
Reverse Mortgages allow borrowers to obtain loan proceeds:

in a lump sum to cover large expenses
in monthly installments to supplement income
as a line of credit to draw on as necessary

With a Reverse Mortgage, there is even a choice for an immediate cash advance in addition to monthly allotments. And borrowers can change funds-distribution plans as many times as they wish.

Stay in Your Home with Peace of Mind
With a Reverse Mortgage, there are no income, employment or credit qualifying restrictions.

Maximum loan amount is based on age, where borrower lives and the value of the home. The amount owed can never exceed property value, so a Reverse Mortgage can never cause you to lose your home.

The funds received during loan term, plus any accrued interest, become due when borrower sells or no longer uses the home as a primary residence.

Call today to speak to a
Reverse Mortgage Specialist

(714) 421-4321

Reverse Mortgage Eligibility

All homeowners must be age 62 or older and occupy the property as their principal residence
The home must be owned free and clear or only a small remaining balance exists. (The reverse mortgage may be used to pay off the balance on an existing loan)
The property must be a single-family or up to a four-unit dwelling
Condominiums and Townhomes are eligible

How much can be borrowed?

The age of the youngest homeowner
The market value of the home
The current interest rate

Reverse Mortgage Payment Plan Options

Term:

Provides fixed cash advances for a set period of time.

Tenure:
Provides fixed cash advances for as long as the homeowners occupy the property as their principal residence.

Line of Credit
Establishes a credit line which the borrower draws upon as he or she wishes.

Combination:
A Reverse Mortgage combination of the above options.