Galen Call Reverse Mortgage Specialist Monterey California

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Galen Call April 28, 2021

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.

Note: You can sell your home when you have a reverse mortgage. You simply must pay the outstanding reverse mortgage balance typically through the sale of the house. If you want to buy a second or investment home, you will need to financially qualify to carry both homes while always occupying your primary residence.

Reason #2:  Leaving a legacy is not your primary motive.
You may or may not have children. You have done your financial planning and have analyzed your needs, you want to stay in this house long term, and this fact is more important to you than leaving it, debt-free, to your children.

Reason #3: You can afford property taxes, homeowners insurance, other property charges and maintenance.
Finally, don’t forget that with a reverse mortgage, you are still responsible for property taxes, homeowners insurance, other applicable property charges such as HOA dues and maintenance costs. Falling behind on these items can cause your reverse mortgage loan to become due and payable. If you can afford these costs long-term then the reverse mortgage can be a viable option.

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 Benefits, Reverse Mortgage Pros

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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