Galen Elise Call, CRMP. Certified Reverse Mortgage Professional Monterey California

Understanding the Reverse Mortgage and How to Use It to Pay Off a Regular Mortgage

Understanding the Reverse Mortgage and How to Use It to Pay Off a Regular Mortgage

If you happen to be close to retirement and are looking at options that will be more financially beneficial for you, here are the details for a reverse mortgage and how this product can work for you.

Reverse Mortgage details
In short, a reverse mortgage is a type of home loan secured by a primary residence, where repayment is deferred to a later date – generally when the home sells. This loan allows you to convert some of the equity in your home without having to sell your home. This type of mortgage is only available to homeowners who are 62 or older and they are not required to make monthly mortgage payments. (although making payments can be an option) read more

4 Misconceptions About Reverse Mortgages — and Why You May Decide You Want One

4 Misconceptions About Reverse Mortgages -- and Why You May Decide You Want One

With so many mortgage products available on the market, it can be hard to know which ones will serve you best as a homeowner. It can be confusing! Is a reverse mortgage the best option?

You Must Own Your Home
You have to be on title to your home as a borrower and you can have a mortgage too.  It is to your advantage to be free and clear of a loan balance, however, if you have one, it helps that it is small enough to be paid off. The reverse mortgage loan is placed in the first position as a refinance. If there is a mortgage already on the house, the reverse mortgage pays it off. The result is no monthly payments! read more

Mortgage Tips: Answers to 4 Common Questions About Reverse Mortgages

Mortgage Tips: Answers to 4 Common Questions About Reverse Mortgages

There are many mortgage products on the market that work for all different kinds of homebuyers, but many people have not heard about reverse mortgages and how they can benefit their situation. If you are curious about this type of mortgage and want to know more, here are some questions that will get you on the road to understanding the ins-and-outs of this product.

What’s A Reverse Mortgage?
In short, a reverse mortgage is a type of home loan secured by a primary residence, where repayment is deferred to a later date – generally when the home sells. This loan allows you to convert some of the equity in your home without having to sell your home. read more

62 or Older? 3 Reasons Why a Reverse Mortgage Might Be the Perfect Financial Solution for You

62 or Older? 3 Reasons Why a Reverse Mortgage Might Be the Perfect Financial Solution for You

Are you and your spouse starting to move into your retirement years? If so, you already know that you are going to need a solid financial plan in the event your cash flow is challenged. If you have invested in your retirement, you might be all set. However, what if your house makes up most of your net worth?

Reason #1: This Is Your Last Home
To qualify for a reverse mortgage, you must be on title to your home and occupy it as your primary residence. If there is a mortgage balance it will have to be paid off through the refinance of a reverse mortgage. A reverse mortgage is a loan, secured by your home, it converts a portion of the equity, and repayment is deferred to a later date. It is a refinance.  If staying in this house is your long-term plan, then a reverse mortgage might be a good fit. read more

HELOC vs. Reverse Mortgage – What’s the Difference?

Equity Loan and HELOC vs. Reverse Mortgage - What's the Difference?

Are monthly payments required?
Reverse Mortgage: No monthly payments are required for the life of the loan.                                                                                                                                                    Home Equity Line of Credit ( HELOC): Yes, usually interest only, for an initial drawdown period, then payments increase to amortize the loan balance.

Do I have to pay upfront costs?
The adjustable-rate reverse mortgage closing costs include a premium for FHA insurance, costs are similar to conventional loans and may vary depending on individual program facts.  The HELOC, also an adjustable-rate loan, is not FHA insured so no premiums are required. Upfront costs vary by lender but generally feature low or no costs depending on lender promotions and borrower circumstances. read more

Upgrading Your Home? 5 Great Reasons to Make the Switch to Hardwood Floors

Are you tired of scouring the internet, trying to find the secret recipe for whatever will take stains out of your carpet? And the irritating annual steam cleaning ritual where your whole home is soaking wet for a couple of days? Ugh. If your old carpet has you down, it might be time for a change. In today's blog post we'll share five great reasons why you'll want to make the switch from carpet to hardwood floors.

Completely False Myths About Reverse Mortgages That Need to Be Debunked

3 Completely False Myths About Reverse Mortgages That Need to Be Debunked

Are you a senior or retired individual older than 62 who is looking to supplement your retirement income? If so, you may have heard about a unique financial product known as a reverse mortgage. In today’s blog post we will explore three myths about reverse mortgages and share why they need to be debunked.

Myth #1: This is not safe  for the Borrower
It is very safe! the Housing Counseling Program of the Housing and Urban Development Act began in 1968. Reverse mortgage loan counseling has been evolving since 1998 and continues to play a significant role in borrower protections. It is a consumer protection law designed to have a meeting between the housing counselor and the borrower, including as needed their family members, POA or Conservator, to review the borrower’s goals, needs, features of the HECM, responsibilities of the borrower, estimated costs, alternatives to a reverse mortgage and more. It is mandated that the borrower receive HUD counseling prior to signing a loan application with a lender. read more

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California zip codes served: 93940, 93901, 93905, 93908, 93921, 93933, 93943, 93950, 93953, 93955, and 93962

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