Courtland helps seniors in San Diego with reverse mortgages. A reverse mortgage is a type of loan for seniors that are 62 years of age or older. A reverse mortgage is a type of loan that allows you to pull equity out of your home without having the obligation to make a monthly mortgage payment.
Don't get me wrong the interest rate is still higher than traditional programs, but the interest rate does have a cap, so it can't go past a certain point. Also, if something happens to you and/or your spouse because you and/or your spouse can no longer live in your home or you pass away your heirs have the ability to pay off the loan either by refinancing (if they qualify) or paying off the loan with the proceeds from the house sale.
Just a side note on this, when you pass away your heirs will receive a stepped up basis on the purchase price of the home thereby eliminating many of the tax burdens associated with selling your home while you are still living.
I understand that most of us want to leave a legacy to our heirs and may shun the thought of doing a reverse mortgage for just that reason. When in fact, it may just be the best financial move you could make depending on your situation.
A Reverse Mortgage or (HECM) Home Equity Conversion Mortgage isn't right for everyone and every situation. But, who may a reverse mortgage be right for?
All of these options are in the form of an adjustable rate mortgage except the lump sum option which can be a fixed rate.
*Remember* You only accrue interest on the money you have taken out:
not what’s available.
The loan is not due until everyone on the title of the house has not lived in the house for six consecutive months (Twelve months if gone for medical reasons) or died. It is standard for the lenders to give the borrowers or heirs six months to repay the loan or sell the house before starting foreclosure proceedings. However, in some special circumstances your loan may become due while you are still in the house.
These circumstances can include:
ALL HECM LOANS ARE NON-RECOURSE LOANS - Meaning that if you owe more on your home than it's worth when you and/or your spouse move to a long-term care facility or pass away the only recourse the lender has is to ask for the current value of your home. Obviously if you owe less than the house is worth your heirs can sell the house or refinance (if they qualify) and pay off the loan and either keep the house or take the remainder of the proceeds from the house sale with a step up in basis.
For more information about the Home Equity Conversion Mortgages for Seniors Click Here to Contact Us or Call 858-337-6317
We've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 1692428
www.nmlsconsumeraccess.org
VanLeeuwen, Pye & Associates, Inc. NMLS #23742 CAL DRE#010865 Courtland Young CAL DRE#01468400 NMLS#1682428
4627 Antioch Place
San Diego, CA. 92115
Phone: (858) 337-6317
Court@courtlandYoung.com
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Courtland Young Mortgage Loan Originator strives to ensure that its services are accessible to people with disabilities. Courtland Young Mortgage Loan Originator has invested a significant amount of resources to help ensure that its website is made easier to use and more accessible for people with disabilities, with the strong belief that every person has the right to live with dignity, equality, comfort and independence.
Courtland Young Mortgage Loan Originator makes available the UserWay Website Accessibility Widget that is powered by a dedicated accessibility server. The software allows sandiegorealestateandmortgage.com to improve its compliance with the Web Content Accessibility Guidelines (WCAG 2.1).
Courtland Young Mortgage Loan Originator accessibility menu can be enabled by clicking the accessibility menu icon that appears on the corner on the page. After triggering the accessibility menu, please wait a moment for the accessibility menu to load in its entirety.
Courtland Young Mortgage Loan Originator continues its efforts to constantly improve the accessibility of its site and services in the belief that it is our collective moral obligation to allow seamless, accessible and unhindered use also for those of us with disabilities.
Despite our efforts to make all pages and content on Courtland Young Mortgage Loan Originator website fully accessible, some content may not have yet been fully adapted to the strictest accessibility standards. This may be a result of not having found or identified the most appropriate technological solution.
If you are experiencing difficulty with any content on Courtland Young Mortgage Loan Originator website or require assistance with any part of our site, please contact us during normal business hours as detailed below and we will be happy to assist.
If you wish to report an accessibility issue, have any questions or need assistance, please contact us by sending an email to: court@CourtlandSellsSanDiego.com
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