Riverside - Did you see the Fox News Segment on Reverse Mortgages? - 01/29/11 01:03 AM
Folks in Riverside may have seen this Fox News segment on Reverse Mortgages. Watch the latest video at video.foxnews.com  
It's worth listening to... Apparently, Fox got it wrong the first go around - good for them to correct their report.
Here is a link to the organization that they refer to at the end of the segment.  The National Reverse Mortgage Lenders Association.
If you want reliable information about reverse mortgages, NRMLA is a great place to start!
 
 
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Riverside Reverse Mortgage Question? Why is HUD taking over my loan? - 01/27/11 07:36 PM
Riverside Reverse Mortgage Question?  Why is HUD taking over my reverse mortgage?
Over time, the loan balance on a reverse mortgage increases.  This is due to accrued interest and may also be due to line of credit withdrawals, or payments (loan advances) made to the borrower.  A part of the security built into the product for the benefit of the lender is that when the principal balance of the loan reaches 98% of the maximum claim amount.  The lender can assign* the loan servicing to HUD.  This does not change any of the benefits to the borrower.  If they are receiving … (1 comments)

Corona Reverse Mortgage Question - Who Gets My Home When I Die? - 01/26/11 05:04 PM
Corona Reverse Mortgage Question - Who Gets My Home When I Die?Your heirs do!  Contrary to the very common myth, the bank does not own your home - you do. A reverse mortgage is just a loan against the home like any other mortgage.  The major difference is that usually on a reverse mortgage the payoff amount is higher than what you originally borrowed because of accrued interest.*    The loan becomes immediately due and payable upon the death of the last remaining borrower, but the lender cannot start foreclosure proceedings (based upon said death) until 6 months from the date of … (0 comments)

Question for a Financial or Estate Planner - Would a Reverse Mortgage Have Been a Better Choice? - 01/18/11 11:35 PM
I heard a story last week from a friend of mine who just flew home from vacation. She had a great conversation with her seat mate on the plane and shared with me this story.

The fellow sitting next to her talked about how his 93 year old mother had recently sold an investment property in order to liquidate money to fund home health care. She told her son she wanted to always be at home.  She was fairly well off and owned both her home and the investment property free and clear. When she sold the investment property she … (1 comments)

The Perfect Retirement Loan? - 01/11/11 01:31 PM

 
 
I find one of the most intriguing aspects of the reverse mortgage loan is the line of credit option and it’s growth feature. If a homeowner has a HECM Adjustable Rate Loan, either Standard or Saver, and they choose the line of credit option there are some cool features that could come in very handy as the homeowner ages, one of which is the “growth rate”. 
 
 
So, What is this “Growth Rate”? Depending on the type of reverse mortgage you received, you may experience “loan growth” on your reverse mortgage. This “growth” is simply an increase … (2 comments)

Yoga - My New Year Resolution - 01/11/11 12:51 AM
One of my resolutions was to get into better shape and work on flexibility and balance so, I chose Yoga.
Took my 4th Yoga class tonite at "Just Yoga" in Corona, and it kicked by butt!  My legs are trashed.  It was most excellent.  I brought my son with me cause he wanted to try it.  I told him he'd have to pay attention, be calm, quiet and respectful.  He was all of those things!
One problem, though - we forgot to tell hubby and daughter we were going and I left my cell phone at home. Luckily they didn't panic … (1 comments)

Riverside - Reverse Mortgage Fine Print - Some things you might want to know. - 01/07/11 07:32 PM
 
Everyone knows the basics by now - “Senior homeowners and home-buyers over the age of 62 may qualify for a government insured reverse mortgage.  Call now for our free video.”  But what are the nuances and how are they helpful or hurtful?  I’d like to point out some of the fine print that you will find in FHA Reverse Mortgage documents, guidelines and other things that might trip someone up.  I consider myself very knowledgeable on the product and I won't cover it all here.  If you need to know more, dig deeper. There is tons of information out there … (3 comments)

 
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Deborah Nance, Southern California Reverse Mortgage Specialist

Deborah Nance

Corona, CA

More about me…

Orange County, Corona, Riverside, Los Angeles

Address: NMLS#202003, Southern California, CA, 92883

Office Phone: (951) 283-2983

Cell Phone: (951) 283-2983

Email Me

What You Want To Know & Need To Know About Reverse Mortgages - “The postings, statements and opinions on this site are my own and do not necessarily represent the opinions and positions of my employer, and/or it's affiliates."


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