Galen Call Reverse Mortgage Specialist Monterey California

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Galen Call April 7, 2021

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!

But economic life has changed significantly over the past half-century and more so in recent years. The formula for economic security has been chipped away by rising health care costs, tax increases, and other complications. Working hard and paying off your family home may no longer equal financial flexibility later in life. Older adults in everyday American communities may require additional resources and the reverse mortgage has been a viable option for many.

How A Reverse Mortgage Works
The product was created to allow homeowners who are 62 and older to convert a portion of their home equity into cash flow. Rather than you pay the bank, the roles are reversed, and the lender or servicer pays you. Homeowners are required to stay up to date on property taxes, homeowners insurance, and other property charges. They must occupy the property. The loan is paid back upon a maturity event: the last borrower no longer occupies the home.

Types of Reverse Mortgages
The HECM  ( home equity conversion mortgage) is the FHA government-insured reverse mortgage which today is the most popular in the United States.  It is the only reverse mortgage insured by the federal government, and because of their involvement, lenders can offer these loans with generous financing terms. HUD regulates the program and FHA is the insurer.  It is a federally insured loan product that allows homeowners age 62 or older to access a portion of their home equity in cash, monthly payments, or a growing line of credit. In a traditional loan, funds ( payments ) move from a borrower’s bank to a lender or servicer. A reverse mortgage loan moves funds from the lender or servicer to the borrower. Thus, it moves in reverse.  Today proprietary reverse mortgage loans which are not FHA insured yet follow HUD guidelines, are available to homeowners whose home values are higher than the maximum claim levels established for the HECM.

Benefits of a Reverse Mortgage
When people discover that their pension, 401(k), and savings will not necessarily carry them through a comfortable retirement, selling the family home and downsizing emerges as one of the solutions. But reverse mortgages can offer an alternative by providing the following benefits.
Age in place: Reverse mortgages allow homeowners to stay in their home as long as they occupy the home,  pay property taxes, homeowners insurance, and other applicable property charges.
Improved cash flow.

Eliminate Mortgage: For those who still have a monthly mortgage payment, a reverse mortgage can pay off the outstanding balance.
Reverse mortgages can be an excellent tool to improve your quality of life during retirement when included in an overall financial plan.

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

Filed Under: Reverse Mortgages Tagged With: Home Mortgage Tips, Is Reverse Mortgage for you, reverse mortgage

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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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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