Banning Reverse Mortgage - 10 Most Popular Reasons

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Mortgage and Lending with Orange County, Corona, Riverside, Los Angeles NMLS#203003

 

Banning, California  10 Most Popular Reasons for Obtaining a Reverse Mortgage. (At least in my experience!)

  1. Eliminate Monthly Mortgage Payment
  2. Replace Investment Income Lost Due to Market Performance
  3. Supplement Inadequate Retirement Income - It is amazing how many senior  homeowners are trying to make ends meet on less than $1300 a month!
  4. Repair and complete Deferred Maintenance on an Older Home.
  5. Help Out Family
  6. Set Up Credit Line For Future or Immediate Replacement of Lost Income Due to the Death of Spouse.
  7. Payoff Other Debts (Credit Cards, Automobile Payments)
  8. Set Up Credit Line to Fund In Home Health Care.
  9. Fund A Large Purchase -  Vacation Home, Investment Property, Motor Home, Car
  10. Fund A Home Remodel or Aging In Place Retrofit
BONUS REASON - One of the newest reasons to get a Reverse Mortgage in Banning:

  1.   Buy A New Home with No House Payments!

Reverse Mortgages in Banning or anywhere are a financial tool designed to address cash flow.  This tool can be used for all sorts of reasons, some good and some poor.  Be sure to discuss your plans with a knowledgeable financial advisor well versed in the reverse mortgage product, who understands your goals and financial situation.  For information about impartial 3rd party reverse mortgage counseling please link to HUD's HECM Counseling Page 

 

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By Deborah Nance

NMLS#202003

Your Local Southern California Reverse Mortgage Professional

How Much Do You Qualify For?

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Equal Housing Lender

iReverse Home Loans, LLC, NMLS#810502 originates reverse mortgages in Alabama, Alaska, Arizona (MB-0919584), California, Colorado, Connecticut, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Oregon (ML-5378), Pennsylvania, South Dakota, Tennessee, Texas, Utah, Vermont (1164-MB), Virginia, Washington and Wisconsin. 

Important Information: Reverse Mortgages are neither "endorsed" nor "approved" by the Federal Government. The FHA (Federal Housing Administration) provides certain insurance benefits for lenders and borrowers in connection with the lender’s HECM loans; the FHA does not make or originate loans. The owner(s) retain title to the property that is the subject of the reverse mortgage until the person sells or transfers the property and is therefore responsible for paying property taxes, insurance, maintenance and related taxes. Failing to pay these amounts or failure to maintain the condition of your property may cause the reverse mortgage loan to become due immediately. A reverse mortgage is a complex loan secured by your home. Whether such mortgage makes sense for you depends on your financial situation and needs. For these reasons, we strongly recommend that you consult with a qualified independent housing counselor, family members and other trusted advisers before making this decision. This website is not from HUD or FHA and was not approved by HUD or any government agency.

Comments (3)

William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Deborah,

You missed one!

Use a reverse mortgage to purchase your retirement home!

Instead of paying cash only put 40% down and retain your liquid!

Your mothly cost will be just taxes and insurance just like you paid cash.

Bill

Nov 15, 2010 03:33 PM
Dan Edward Phillips
Dan Edward Phillips, Humboldt and Del Norte Counties, CA - Eureka, CA
Humboldt and Del Norte Counties, CA

Good Morning Deborah, great list of reasons to obtain a reverse mortgage.

Nov 15, 2010 09:23 PM
Deborah Nance
Orange County, Corona, Riverside, Los Angeles - Corona, CA
Southern California , Reverse Mortgage Specialist

Bill - You are SO right! 

Nov 18, 2010 01:47 PM