Galen Call Reverse Mortgage Specialist Monterey California

SMARTblog Social Media Marketing Automation

  • Home
  • Just The Facts Please
    • Reverse Mortgage Facts
    • One Step at a Time
    • Adult Children
    • Trusted Advisors
    • Government Guarantee
    • History of Reverse Mortgages
    • Due and Payable Timeline
  • Request a Quote
  • Realtors
  • Blog
  • About Me
  • Contact Me

Trusted Advisors

Special Information for Advisors: Attorneys, Tax and Financial Advisors, Fiduciaries

A note to Trusted Advisors
A reverse mortgage is not for everyone. My goal is to collaborate with trusted  advisors to help determine if a reverse mortgage meets the needs of your client. I can accomplish this by providing detailed loan scenarios for you (with your client’s permission) and personal consultation  to help reach a decision that is in the best interest of our mutual client. I believe in honest and ethical communication with all clients and their advisors regarding the advantages and disadvantages of a reverse mortgage. Please contact me at your earliest convenience.

Advantages
Reverse mortgages provide many advantages for the senior borrower.  This loan has tremendous versatility as a retirement funding tool and I have another 25 ways to use the HECM. Please contact me for that list. Here is a short list of just a few: 

  • Proceeds received from a reverse mortgage do not affect Social Security or Medicare
  • Frees up an illiquid asset (home equity)
  • Can allow senior to purchase a new home with no mortgage payment
  • Can provide source of income to cover monthly expenses  while borrower allows their investments to recover and remain under management
  • Maintain a line of credit (that grows) for health emergencies and surprises
  • Pays off existing mortgage, in many cases freeing up thousands in monthly payments or preventing foreclosure. No more mortgage payments.
  • Allows the senior to maintain their independence while living in their own home
  • Provides money for in-home health care or medical expenses
Disadvantages
  • Spends part of the equity that would be passed on to the estate or children
  • Increasing loan balance, decreased equity over time
  • May affect eligibility for needs-based programs such as Medicaid
  • For those itemizing tax deductions, a reverse mortgage can eliminate the deduction for home interest if no interest is paid out of pocket. However if the homeowner pays the upfront fees and the accruing interest, the homeowner deduction may be available to them in the year the interest is paid
  • Closing costs and insurance can be expensive depending on the program the borrower chooses. The upront FHA mortgage  insurance premium(UMIP) might be the most expensive item. However this is not in all cases ; these fees have been adjusted. This means ideally, the borrowers should plan on living in the home for several years to reduce overall costs
The Ideal Client
While there is no stereotypical reverse mortgage client, there are common characteristics you can look for in a prospective reverse mortgage holder. This loan is no longer the loan of last resort. It is gaining the interest of vast array of seniors 62 and older in large part due to the Great Recession. Some ideas below:

  • Cash poor, house rich
  • Wants to improve lifestyle and has no concern about spending equity that would go to estate. 
  • Has taxable income they wish to postpone, while accessing from reverse mortgage proceeds not subject to personal income taxation
  • Understands that their home is a retirement asset in which they live and wishes to leverage their home to improve current lifestyle. Open to financial planning options using  home equity.
  • Wants to purchase a new primary residence and does not quaify for a traditional mortgage. Or this same client can save retirement funds undermanagement and use a reverse mortgage to purchase a primary residence.
Galen Call Reverse Mortgage Specialist

Connect With Me!

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Have a Question?

  • This field is for validation purposes and should be left unchanged.

Recent Articles

  • Understanding Due and Payable Timelines
  • The Change from Libor to CMT effective March 1, 2021
  • Forbes: Consider Reverse Mortgages After Coronavirus Crash
  • How to Use Home Equity to Fund Your Retirement
  • Accessibility Statement
  • Privacy Policy
  • NMLS Consumer Access
Licensed by the Department of Corporations under the California Residential Mortgage Lending Act

Copyright © 2020 American Pacific Mortgage Corporation. For informational purposes only. No guarantee of accuracy is expressed or implied. Programs shown may not include all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions may apply. Equal Housing Opportunity
Equal Housing Opportunity”

Our Location


288 Pearl Street
Monterey, CA 93940
Branch NMLS# 150751

Return to top of page

Copyright © 2021 Galen Call Reverse Mortgage Specialist Monterey California. All rights reserved.   Log In