Questions and Answers

Frequently Asked Questions

Who Backs this Program?
What Will My Heirs Say?
How Safe is the Reverse Mortgage?
How Much can I Receive?
Why Are More Seniors Doing Reverse Mortgages?
What are My Options with the Money?
How do I Make My Proceeds Work Best for Me?
How do I Get Started?

Who Backs this Program?
FHA fully insures the loan and guarantees that no debt ever passes to your heirs. HUD participates in regulating the program and the industry to protect our seniors. All seniors must complete a HUD counseling session.
Congress passed legislation making Reverse Mortgages a permanent program.

What Will My Heirs Say?
It depends on if they want to enjoy the most income possible or if they want to inherit your home free and clear. Most children want their parents to live at the highest standard of living possible. They want their parents to be independent. When the parents do ultimately pass away the children are happy to get what ever is left over.
What do you think your children want? 

How Safe is the Reverse Mortgage?
• Guaranteed by the U.S. Department of Housing (HUD)!
• You cannot outlive the loan!
• You cannot be made to make any mortgage payments, as long as you live in your home and abide by the conditions of HUD guidelines!
• New guidelines further protect seniors from getting into a situations where they are unable to maintain property tax, homeowners insurance and HOA payments.

How Much can I Receive?
• Request a quote from us to see how much you will receive
• Borrowers Age is a factor
• Amount of home equity and value contribute

Why Are More Seniors Doing Reverse Mortgages?
• They are living longer and outliving their incomes
• They want increased buying power
• They have increasingly higher medical/prescription costs
• They do not want to be a financial burden on their children, allowing them to maintain dignity and independence
• They want to protect themselves from lost income once their spouse has passed away
• They can afford at-home healthcare and avoid a nursing home
• They want to buy a new car or motor-home
• They want to repair/beautify their homes
• They want to pay off current Mortgage Loans
• They want to provide for their grandchildren’s education
• They want to travel and enjoy life
• They are forced to because of lost assets in the stock market
NOTE: Because of their lost assets, Approx. 1,300,000 Seniors have had to return to workforce full time.

What are My Options with the Money?
• You can leave the money with the lender and just take monthly payments to supplement your income
• You can leave the money with the lender and take funds when you need them like a Home Equity Line of Credit
• You can take the full amount of cash and control where it is invested and when and how it is used; which is what we all want to do, control our money!

Our Recommendation

Take the lump sum and control it

• You can have an income for life
• You can leave an estate for your heirs
• You can avoid Medi-Cal/Medicaid spend down

How do I Make My Proceeds Work Best for Me?
• Funds can be placed into an annuity
• This annuity is fully guaranteed and is one of the few vehicles that HUD recognizes as safe for seniors
• No Risk/Higher returns than bank CD’s
• Easy access for unforeseen emergencies
• You can take interest only or interest and principal
• You can create an income you cannot out live
• It avoids probate and protects funds from creditors
• Any balance left passes to your heirs

How do I Get Started?
• Complete our Free Quote Request
• Set a follow-up appointment within 48–72 hours so we can get you a quote from the lender showing how much money you qualify for
• If you want to proceed from there, fill out the application with the loan officer and have the following documents available
___ Driver’s License/Picture ID
___ Social Security Card or Medicare Card
___ Birth Certificate
___ Homeowner’s Declaration Page
___ Current Tax Statement
___ Current Mortgage Statement (if applicable)
___ Living Trust (if applicable)