Reverse Mortgages

Mortgage and Lending with Vandyk Mortgage Company

A reverse mortgage is a powerful method of securing funding in our retirement years. Backed by the federal government, its safeguards make it a secure transaction on which we can depend.

The reverse mortgage is available to senior homeowners in Groveland Ca and anywhere in California that are at the age of 62 and over, having sufficient equity in their homes. This form of financing is called a "reverse" because usually when we take out a mortgage, we make monthly payments (forward) and eventually the mortgage is paid off.

With the reverse mortgage, we never have to make a mortgage payment. Instead, the monthly payment is added to our outstanding mortgage balance. We are guaranteed that we can keep the reverse mortgage on our homes for as long as our home is our primary residence. Once we are out of our homes permanently - we are not coming back - then the family has 12 months to retrieve the home. If the family fails to act during that 12 month period, the bank will sell the home. Any money from the sale that is not needed to pay off the loan will go to the heirs you designate to receive the money.

We never lose title to our homes when we do a reverse mortgage. We can still sell our homes if we wish. We can even keep our living trusts. However, the bank will need to review the trust to ensure you left yourself the right to borrow on your home.

The types of properties that can be borrowed against are owner-occupied properties. This includes single-family homes, 1-4 units, co-ops, condos, and manufactured homes on permanent foundations on your private land. We can now also purchase a home with the reverse mortgage. I can give you complete details on how this loan works and help you with the paperwork.

The process is simple and easy and usually takes about 30 days to complete. An Application is required then you must have counseling by a HUD-approved counseling agency. Then there is an appraisal and then your package is put together for submission to the bank. Any existing mortgage will be paid off from the loan proceeds as well as any other liens against the property. A representative may be able to help you over the phone or simply make an appointment a home appointment. While you should consult your tax advisor, I can tell you this money received is income tax free and will not need to be added to your tax return.

The choices made available to you to help with management of your funds are extraordinary. The bank offers you a line of credit that will continue to grow throughout your lifetime. You may elect to take a lump sum payout of all or part of your money, a monthly income for life, or a combination of both.

Having an experience Specialist and a  team behind them who have knowledge, understanding and compassionate are looking forward to help you, quickly and efficiently in order to secure the funding you need.

Our "Golden Years" are supposed to be spent enjoying ourselves and doing the things we never got to do when we were younger. Living our dreams! Use this time to enjoy yourself and find peace. We've spent a lifetime building up the equity in our homes. Why not use it? Now is the time for us to take care of ourselves. We've already spent a lifetime taking care of others.

Comments (2)

Connie Lou Barnett
Real Living/Home Realty - Owensboro, KY

Are you seeing a lot of seniors taking advantage of this program? I don't know of anyone in our area that has used the reverse mortgage. I have mixed feeling about this program.

Mar 11, 2009 02:08 PM
Vandyk Mortgage Company - Groveland, CA

Oh yeah, there is lots of interest in this product. Seniors love them... and I love doing them.

Mar 30, 2009 02:16 PM