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

Is A Reverse Mortgage Right for You?

Is A Reverse Mortgage Right For You

Imagine the bank depositing monthly checks into your account instead of you writing a mortgage check. That is one way a reverse mortgage can work.
Traditional mortgages involve people paying down the interest and principal on a home loan. The goal is generally to pay off the property and enjoy retirement without that monthly installment. A home that has been paid off means that those previously allotted finances can be used to relax and enjoy your retirement to the fullest. That is a  best-case scenario! read more

What is a Reverse Mortgage?

What Is A Reverse MortgageIn 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. If you are 62  or older and you want money to pay off your mortgage, supplement your income, or pay for healthcare expenses, for example, you may consider a reverse mortgage. This loan allows you to convert some of the equity in your home without having to sell your home.

The reverse mortgage is not for everyone! You need enough equity built up in your home as well as qualifying with a financial assessment of income and credit to ensure that you can pay property taxes, homeowners’ insurance, and other applicable property charges. read more

Tired of Waiting for Summer? DIY Projects That Will Keep You Busy Until the Weather Warms Up

Do you find yourself staring out the window, longing for an early sunrise, hot days and late evenings? With spring just around the corner, it might feel like summer is a lifetime away. However, the good news is that you can be productive around the home while you wait for summer to arrive. Let's take a quick look at three easy do-it-yourself projects that will keep you busy until the summer sun is shining.

How A Reverse Mortgage Can Help with the Cost of Long-Term Care

How A Reverse Mortgage Can Help With Long-Term Care

One of the major benefits of a reverse mortgage is that it can be used to cover the costs associated with long-term care. Over the next few decades, the number of older adults in the United States is projected to double and triple. For this reason, long-term care is projected to become a major expense. For many, it is already a burden.

How Can A Reverse Mortgage Pay for the cost of Long-Term Care?
Most seniors want to age in place, stay living in their home. Yet long-term care is one of the largest, unexpected expenses encountered by older adults.  Often, coinsurance associated with a health insurance policy, combined with the lifetime caps on many policies, can shift significant medical costs to the individual. This leaves many individuals looking for another source of cash flow. Many are on a fixed income and there are not a lot of options.
This is where a reverse mortgage might be an appropriate option. If a home is free and clear, a reverse mortgage might provide seniors with a much-needed cash infusion to cover the costs associated with long-term care. If there is a mortgage on the house it must be paid off with the reverse mortgage ( a refinance) before additional funds are available. A small payoff will result in greater cash flow to the borrower with a reverse mortgage. read more

3 Home Renovation Lessons That You Won’t Want to Learn the Hard (or Expensive!) Way

Most people make a number of home upgrades when the time comes to put their home on the market, whether they're minor fix-ups or significant improvements that come with a high cost. If you're wondering how to plan for your renovations, here are three things to ponder before getting started.

Considering A Reverse Mortgage? Understand These Important Points First

Considering a Reverse Mortgage Loan? Here's What You Need to Know

There are many homeowners on a fixed income once they reach a certain age, however, their expenses are not always fixed costs. Sometimes, there is a large medical expense or the need for a new car or a home repair. In the event that someone needs cash flow, and they are 62 or older one option is called a reverse mortgage.

Those who have equity built up in their home can draw upon this to help with unexpected expenses.  Let’s consider the pros and cons of a reverse mortgage.

The Pros of a Reverse Mortgage
Taking out a reverse mortgage does have several benefits that everyone should know. First, there are no required monthly principal and interest payments although one can make a payment if they so choose.  The available cash flow is not considered income so it is not taxable ( consult with your tax advisor) You remain on the title to your home either as an individual or in Trust.
Next, the borrower can never owe more than the value of the home when the property is sold. This is the non-recourse feature.  If there is equity left in the home when the loan is due and payable it belongs to the borrower or the estate. Finally, the borrower will never have to leave their home with a reverse mortgage if they occupy it as their primary residence, the property taxes, homeowners’ insurance, and other property-related charges are paid and current.

The Cons of a Reverse Mortgage
Not everyone who owns a home will qualify for a reverse mortgage. They need to have enough equity built up in the home before a loan can be executed. Once in place, this is a negatively amortizing loan. Over time the home value will appreciate as the market allows. The loan balance also grows larger over time because the principal and interest payments are deferred. Payment is deferred to a later date when the last borrower no longer occupies the home, then the loan becomes due and payable most often by the sale of the home.
Thinking about the pros and cons carefully can help someone decide if a reverse mortgage is right for them. A reverse mortgage can be an excellent way to take advantage of the equity that is currently locked up in your home. read more

Going Green(er): 3 Common Waste Items You Had No Idea You Can Recycle

It has never been more popular to live a "green" lifestyle and develop sustainable living practices that will help out the planet. While you may be used to recycling cardboard boxes and giving away your old hand-me-down clothes, there are probably a few household items you didn't even know you could recycle! If you're wondering what to do with some of your old, used items, here are a few things that may be ready for re-use.

Are You Applying for a Reverse Mortgage? Here Are a Few Considerations.

Are You Applying for a Reverse Mortgage? Here Are 3 Considerations You'll Need to Make

If you’re a homeowner who is looking to tap into the home equity that you’ve spent years building, you may be interested in a reverse mortgage also called the HECM ( home equity conversion mortgage.) While these unique financial tools aren’t for everyone, if you qualify for a reverse mortgage you’ll find that this might be the perfect financial solution that allows you to pay off your existing mortgage if you have one or create a line of credit for future use or both! read more

Understanding Due and Payable Timelines

This article was written by Chris Clow on Jan 24th, 2021.

Here is the source for the article: https://reversemortgagedaily.com/2021/01/24/why-clarity-is-key-for-reverse-mortgage-post-death-issues/?utm_source=Reverse+Mortgage+Daily

Death is always a disruptive occurrence, and in the realm of financial planning, it can be a critical point at which surviving heirs need to make some key decisions regarding the fate of a decedent’s estate and assets. For someone who had a reverse mortgage on his or her home at the time of death, the actions of heirs can be very consequential in the financial futures of their own family, as well as the strength of the Home Equity Conversion Mortgage (HECM) program in some cases, which is one of the reasons why clarity and understanding by the reverse mortgage industry surrounding post-death issues is so vital. read more

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