Huntington Beach Reverse Mortgage Question - My Parents Have a Reverse Mortgage ...? - 10/11/11 10:31 PM
I had two phone calls today from family members of reverse mortgaged senior homeowners.  One found me through my blog here and the other from a mutual business acquaintance. These two calls have me writing today about some things that borrowers and their families should know.FirstI know you don’t tell your parents everything and guess what?  They don’t tell you everything either.  But I think it ‘s a good idea for someone that the senior knows and trusts to understand the reason the senior has taken the reverse mortgage and what happens when the loan comes due.  The house belongs to … (2 comments)

Can You Afford A Reverse Mortgage in Los Feliz? - 10/06/11 02:15 PM
Be smart about the decision to get a Los Feliz reverse mortgage.
It's important to evaluate whether staying in your home is a viable option, even with a reverse mortgage - there are costs to home-ownership that the borrower must continue bear, even after the reverse mortgage closes.
Property Taxes Home Insurance Maintenance Homeowners Association Dues when applicable. What are these amounts annually? Figure that out and divide by twelve, then set up a special account that you deposit into every month so when these bills come due you have the money to pay them.
Typical Example in Los Feliz
$3,566,00 … (0 comments)

Hollywood Hills Reverse Mortgages Questions Answered - 10/05/11 11:27 PM
Answers To The Most Common Questions About Hollywood Reverse Mortgages.
FHA's Reverse Mortgage Program, the Home Equity Conversion Mortgage (aka HECM’s) really are a safe, secure loan. In the course of my business I often run across some common misconceptions.  I’d like to take this opportunity to educate the reader about some of the most common questions about this loan. How Much Can I Borrow? Loan amounts are determined by three factors: 1.)Age of the youngest borrower (the older you are the more you can borrow). 2.)Current interest rates. 3.)Home value (the higher the home value, the more you can … (1 comments)

Brea Reverse Mortgage Question - Do We Qualify For a Reverse Mortgage? - 10/05/11 10:35 PM
What are the qualifications for a Brea Reverse Mortgage? 

   If you are homeowners and are over the age of 62, you just might.  Some things to know in order to determine whether or not you are eligible.  First - do you have enough equity? The amount of money you can borrower on a reverse depends upon 3 things.   Age of Youngest Borrower. Expected Rate Lesser of the Home Value or FHA Lending Limit. (Currently at $625,500.00 through December 31, 2011) It is not the normal 80% of home value, more like 50 to 70 percent.  The reverse mortgage loan proceeds … (0 comments)

Orange County Reverse Mortgage Question - How much does a reverse mortgage cost? - 10/05/11 08:59 PM
I'm thinking about a reverse mortgage on my home here in Orange County, CA.  Can you tell me how much it will cost? First let me recommend that you do some comparison shopping. I'm not saying the cheapest will always be your best choice, but think twice about going with the most expensive for sure. Don't be afraid to shop and ask for your estimates in writing. Don't let anyone pressure you either. I suggest you have a trusted family member or financial advisor with you when meeting with a reverse mortgage consultant, myself included. More brains on a situation come … (1 comments)

SSI and Reverse Mortgages - 10/03/11 11:04 PM
A reverse mortgage does not have to affect a client/clients on Supplemental Security Income benefits.  Here’s what the Social Security Administration has to say about it on their website. “If you enter into a valid loan agreement, the value of the cash or item you receive is not income and does not reduce your SSI benefit. However, any funds that you borrow which you do not spend in that month will count toward your SSIresource limit of $2,000 for an individual (or $3,000 for a couple) the next month.”
In my opinion, and from casual conversations with personell at Social Security … (0 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

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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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