Redlands Reverse Mortgage Information

Thank you for visiting. You must be looking for some information onReverse Mortgages. My name is Deborah Nance and I have worked exclusively as a Reverse Mortgage Specialist here in Redlands, the Pass and all over the Inland Empire. I hope you will take some time to look around the links provided and gather some practical information on this unique home loan. Then, I would love to meet with you to discuss whether or not a it is a solution for your needs. I’m a big fan of reverse mortgages BUT they are not always the best solution.

There are really just two ways to get cash from your home. You could sell and move - or you could borrow against your home. If you move there are costs (commission & settlement fees). If you borrowed against your home, you again have costs AND now have to make monthly loan payments for 10,15 or even 30 years.

There is another way of getting money from your home that does not require you to move or to make mortgage payments. It’s called a Reverse Mortgage. To be eligible you must own your home and be 62 years of age.

A Reverse Mortgage is a loan on your home that you do not have to pay back for as long as you live there. The cash you get from a reverse mortgage can be paid to you in several ways:

• Lump Sum - You receive all funds at closing.
• Line of Credit - All available funds are in a credit-line account that you can withdraw from as needed
• Tenure Payments - These are monthly payments TO YOU for as long as you live in the home.
• Combination - You can assign portions of your available funds into any or all of the above methods.

Although, there are no mortgage payments required on a reverse mortgage.  You still have obligations just as in any mortgage. They are:

• Occupy the home as your principal residence.
• Keep your home insured.
• Keep your home maintained.
• Keep your property taxes and homeowners dues current.

Thes items are important to think about as you determine whether or not a reverse mortgage is suitable for your situation.  Can you afford the taxes, insurance and up-keep?  Are you planning to remain in the home for the forseeable future? Is the home livable for you as you age?

If you would like to learn more please contact me either by clicking on the Learn More button below, or commenting on this post or even by giving me an old fashioned phone call.  My direct phone number is 951-283-2983.