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Pacific Home Lending          
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Reverse Mortgages

California

At Pacific Home we understand a senior’s point of view

Significant research shows that for seniors to live independently in their own home is of paramount importance. Seniors move less frequently from their current housing than any other age group. They typically own their own dwelling (80% of seniors do) and most occupy comfortable quarters in familiar neighborhoods and communities. They are generally psychologically attached to their homes, which symbolize their having “made it”.

We realize that considering a reverse mortgage is a different way of thinking. Using a home mortgage as a part of a financial plan is usually not a consideration for most senior homeowners. In just the past few years, reverse mortgages have taken several giant steps forward. There is a new generation of these loans designed to serve a wider range of senior needs. Because reverse mortgages offer such unique benefits, it is important for you to get a solid grasp on how they work. Misunderstanding can often lead to mistakes. And no one can afford to make a mistake with their home equity. There is too much at stake. That is why you need to do your homework before putting your home equity at risk. A reverse mortgage is a special type of mortgage that allows a senior homeowner 62 or older to convert their home equity into tax-free cash. No repayment of your reverse mortgage is required until your home is no longer your principal residence (i.e. at your death or until you sell the property, convey title, or do not occupy the property for 12 months consecutively. It is important to note one important fact. A reverse mortgage is a mortgage loan on your property.  You still own your home.  You still hold title to it.  As your home increases in value, your estate continues to grow. A reverse mortgage works the opposite of a regular mortgage. A conventional mortgage, for example, generally requires monthly principal and interest payments and, over time (usually 15 to 30 years) the mortgage is paid off. A reverse mortgages on the other hand has no payments of principal or interest and over time will accumulate the interest due which adds to the principal owed on the loan. Even though your loan balance is increasing, you cannot be forced to sell or vacate your home as long as you continue to occupy your property as your principal residence, even if the reverse mortgage loan balance exceeds the value of your hom We at Pacific Home Reverse Mortgage Center saw a need for understandable educational material for our senior population. Before you make a decision you need to know how a reverse mortgage really works. We have a new publication that will answer your questions on Reverse Mortgages. For your own copy click on the following connection.

Send me a copy of your Reverse Mortgage Book.

 

To find out if you qualify for a reverse mortgage click “Do I Qualify”.