Galen Call Reverse Mortgage Specialist Monterey California

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Galen Call March 24, 2014

A Kinder, Gentler Reverse Mortgage ~ WSJ Sunday March 22

“Tighter Regulations Should Make Them Safer” is what this Wall Street Journal article says on March 22.  Your knowledgeable  accountant, attorney, financial advisor and your certified reverse mortgage professional CRMP can help educate you on the facts and  help you better understand if this is the correct option for your unique situation. The article goes on to state:

The rules for securing a reverse mortgage are getting tougher. And most financial advisers say that’s a good thing.

In a reverse mortgage, homeowners borrow against the equity in their house. They can take the money in a lump sum, monthly payments, or as a line of credit to be tapped when needed. Reverse mortgages are generally made by specialist lenders, and the most common loans are backed by the Federal Housing Administration’s Home Equity Conversion Mortgage program, widely known as HECM loans. Borrowers must be 62 years or older to qualify.

Used wisely, reverse mortgages enable older adults to tap the value of their homes without having to uproot themselves and sell. But experts warn retirees to tread carefully with these complicated loans. Used improperly, a reverse mortgage can leave a retiree broke and without a roof over his head.

Mistake No. 1 is approaching reverse mortgages like any other loan. “But there’s no question that taking out a reverse mortgage is vastly more complicated than taking out a home-equity line or a mortgage to buy a house,” says  Bernard Krooks, a partner of Littman Krooks LLP in New York who specializes in elder law.

This rest of this article can also be accessed if you copy and paste the entire address below into your web browser.

http://online.wsj.com/news/article_email/SB10001424052702304756104579449803195213332-lMyQjAxMTA0MDIwNDEyNDQyWj

Filed Under: Reverse Mortgage HECM

About Galen Call

Galen Call is a Certified Reverse Mortgage Professional (CRMP) in Monterey, California. She manages the Reverse Mortgage Division at TreeHouse Mortgage Group, a Division of American Pacific Mortgage Corporation (CALDRE #01215943 | NMLS# 1850). Galen can be reached at 831-645-1164 or by email.

Galen has been originating reverse mortgage loans since 2006 and active in the mortgage lending industry since 2003. She helps clients aged 62 and older with Home Equity Conversion Mortgages (HECM) and proprietary jumbo reverse mortgage loans. Galen brings a proactive and collaborative approach to reverse mortgage lending.

GALEN CALL
Manager, Reverse Mortgage Division
American Pacific Mortgage Corporation
dba TreeHouse Mortgage Group
Call Today: 831-645-1164
Fax: 831-643-1161
Galen@TreeHouseMortgage.com
NMLS #226129 | DRE #00908338
APMC DRE #01215943 | APMC NMLS #1850

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