Galen Call Reverse Mortgage Specialist Monterey California

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Galen Call May 12, 2021

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!

Few Conditions Apply
Guidelines change all the time. We can always count on change and many conditions apply to this loan.  In 2015 financial assessment became the law of the land with reverse mortgages. This means you not only must be 62 years or older, but you must also have enough equity in your home and qualify with enough income and acceptable credit demonstrating you can pay property taxes, homeowners insurance, and other applicable property charges.

Home Ownership Is Relinquished
Not true! You always retain ownership of your home. You remain on title as an individual or in Trust.

Expensive Loan Fees
Closing costs are very similar to a traditional loan including title and escrow fees, bank fees, origination, and appraisal. The reverse mortgage named HECM ( home equity conversion mortgage) also includes an upfront mortgage insurance premium which is financed along with the mentioned closing costs.

 

To learn more about reverse mortgages, contact your local certified Reverse Mortgage Professional  (CRMP) for guidance and expertise.

Filed Under: Reverse Mortgages Tagged With: reverse mortgage, Reverse Mortgage Conditions, Reverse Mortgage Costs

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

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Copyright © 2021 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.

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