Galen Call Reverse Mortgage Specialist Monterey California

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Galen Call May 19, 2021

Understanding the Reverse Mortgage and How to Use It to Pay Off a Regular Mortgage

Understanding the Reverse Mortgage and How to Use It to Pay Off a Regular Mortgage

If you happen to be close to retirement and are looking at options that will be more financially beneficial for you, here are the details for a reverse mortgage and how this product can work for you.

Reverse Mortgage details
In short, a reverse mortgage is a type of home loan secured by a primary residence, where repayment is deferred to a later date – generally when the home sells. This loan allows you to convert some of the equity in your home without having to sell your home. This type of mortgage is only available to homeowners who are 62 or older and they are not required to make monthly mortgage payments. (although making payments can be an option)

What are the minimum requirements for application?
It is very important that you receive education on what this loan is and is not! Aside from education from a certified reverse mortgage professional (CRMP) it is necessary that you receive housing counseling known as HUD counseling. This session is required prior to signing a loan application which in the state of California is 7 days after the counseling date.  The file must be documented with income, credit, and an extensive list of other important items. These documents are not unlike traditional loan requirements.

How You Can Use It
If you have a traditional mortgage the reverse mortgage will pay off the traditional loan. It is a refinance, and the reverse goes into the first position. If your total loan amount provides additional funds, you may use those funds any way you wish. You might want a monthly payment from the available proceeds or choose to leave those funds in a line of credit for future use. How else you use available funds is entirely up to you.

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 Requirements, Uses of 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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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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