Galen Call Reverse Mortgage Specialist Monterey California

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Galen Call June 30, 2021

What Will My Children Think?

What will my children or heirs think about a reverse mortgage?  Below are a few questions to consider while you evaluate your interest in a HECM loan.

Do they want to inherit the maximum equity from your home OR do they want you to enjoy the most income possible today?

Do they want you to live at the highest standard of living possible?

Do they want you to maintain your dignity and independence?

Do they want to supplement your income?

Will there be equity left for them too? It just depends… How long will you stay in this house, how long will you live? What is the home value vs loan balance? How important is it to leave this legacy?

If there are children, this conversation comes up often. Invite your children to learn what this loan is and is not and if they have questions ask them to contact your CRMP reverse mortgage professional. Too often information is miscommunicated, and everyone is confused based on another homeowner example that may not apply to you. If the child does not want you to do this loan, it begs the questions above. Many families have a similar scenario where the children have their own lives, their own homes, their own income, and only want Mom and Dad to do exactly what Mom and Dad want to do with the home they live in!

If adult children live in your home what then are the options?  For a host of reasons, adult children occupy the family home temporarily or permanently. This may continue if the parent elects to take out a reverse mortgage, until the last borrower dies, moves out, and no longer occupies the home. Other obligations of the loan  ( pay property taxes, homeowners’ insurance, and other property charges) must be met, or the loan could be due and payable.  At the point when the last borrower no longer occupies the home, the loan is due and payable, and the home is usually sold to repay the debt. If there is equity it belongs to the estate.

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

Filed Under: Reverse Mortgages Tagged With: Adult Children, Home Equity, Reverse Mortage

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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