Galen Call Reverse Mortgage Specialist Monterey California

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Galen Call July 21, 2021

Let us explore three ways that a reverse mortgage can help to transform retirement

Considering A Reverse Mortgage Understand These Important Points First

It is All about Flexibility

The primary benefit that one receives with a reverse mortgage is financial flexibility. It is an excellent way to tap into the equity that has built up in your home over time without having to sell the house. After living in your home for decades, moving is often not desirable; staying in the home is the priority. Unlike a traditional home loan, the payment terms allow for the flexibility of not making monthly mortgage payments! Certainly, you can choose to pay the loan down and if you want to later sell and move, you pay back the mortgage through the sale. There is no prepayment penalty.

An Extra Source of Income

Supplemental income is one reason homeowners chose to have a reverse mortgage. Depending on the circumstances,  funds can be received as a tenure payment, which is the same monthly payment for life as long as the borrower occupies the home, pays property taxes, homeowners’ insurance, and other property charges. It’s also possible to receive term payments: a certain amount of money for a certain period of months or years. One might want a line of credit where all available funds are left in the line of credit to access as needed. Every borrower’s situation is unique, as is their financial portfolio, debt, income, and savings. Therefore, each reverse mortgage use is unique to the homeowner. Note: do not compare your loan to someone else’s loan!

The funds you receive can be used however you want. You can invest in renovations for your home, take a nice vacation, invest in the stock market, or simply leave it in your bank account. It is a helpful ‘bridge’ income source that will ensure that you have no trouble taking care of life’s many expenses.

A Contingency Fund, Just ‘In Case’

Finally, a reverse mortgage can be an excellent contingency fund. If you take this out as a line of credit, the money will be available when it are needed. Many retired individuals lack a financial ‘safety net’ ending up with unexpected health or other costs. With a reverse mortgage, you can sleep soundly knowing that emergency funds are there if needed. As you can see, taking advantage of a reverse mortgage can be the catalyst that helps take your retirement to the next level.

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

Filed Under: Reverse Mortgages Tagged With: Extra Income, Reverse Mortgage flexibility, 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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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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