Cerritos Reverse Mortgage Question - What’s the Loan To Value on a Reverse Mortgage?
Savvy Senior Uses Reverse Mortgage
My spouse is not 62 years old yet - can I get a reverse mortgage?
If they already have a reverse mortgage, they should not “deed” someone else onto title with them (like one of the kids). Technically it can be done - but it could be considered a default action on the reverse mortgage causing the loan to become due and payable. 
If your parents have a reverse mortgage ask them if they are both on the loan. If not you need to have a plan because once the last remaining “borrower” passes away, the loan will become due and payable, will the younger spouse have the funds to repay the loan? Perhaps they have a plan already in place, maybe she has a large life insurance policy on the old guy. That would be great.1. Instead of taking out a reverse - sell the home and move to a more affordable apartment. The market was much better then and they could have gotten a lot more on their home.
2. If the children wanted to keep the home in the family, perhaps they could have purchased it from the parents and then rented it back to them.
3. Take the reverse in both spouses names since the younger spouse was over 62 and when the loan proceeds were not sufficient to payoff the existing mortgage - the family members could have gifted the shortage amount to the senior couple. This way either spouse could have remained in the home without the loan becoming due and payable at the death of the other.
Be smart about the decision to get a Los Feliz reverse mortgage.
It's important to evaluate whether staying in your home is a viable option, even with a reverse mortgage - there are costs to home-ownership that the borrower must continue bear, even after the reverse mortgage closes.
What are these amounts annually? Figure that out and divide by twelve, then set up a special account that you deposit into every month so when these bills come due you have the money to pay them.
Typical Example in Los Feliz
$8,316.00 divided by 12 = $693.00 Monthly Budget for the "obligations" on a reverse mortgage in this scenario. Granted, this may be very doable for you, especially if you are eliminating a current mortgage, but remember to include it in your budget post closing on your reverse.
If you cannot comfortably afford these costs even with the help of a reverse mortgage you may just be postponing the inevitable.
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Knowledgeable, friendly, direct & compassionate; with 10,000 loan closings under my belt, 6 years in the RM space, & based in Corona I can absolutely help you or your clients with reverse mortgages
My mother is one of the main reasons I got into the business of Reverse Mortgages here in Southern California. Six plus years ago she and my dad were having troubles meeting their monthly obligations. Living on a fixed income in a home that they had paid cash for sounded like the perfect retirement, but the beautiful lake front home they bought had some construction defects and was in need of repair. Mom's dream home was turning into a money pit and they had racked up some debts that were deeply biting into their income. Not too much money left at the end of the month. These golden years were turning out to be not so golden, as they say. As the eldest daughter and with lots of escrow and lending background, mom turned to me to find out about a Reverse Mortgage. Together we walked through the process and today, 6 years later I have to say, Mom's golden years are just that. She is having a ball, with very few financial worries. The money they save monthly by not having debt payments, goes into a travel fund that they enjoy thoroughly. They also have a healthy line of credit set aside for emergencies.
Mom's biggest concern was leaving a home to us kids that was free and clear, but you know what? We didn't want it. Can you imagine splitting up the proceeds between us all? Besides, there's always one or two heirs that seem to think they deserve special compensation and I love all my siblings too much to want to see us go through that kind of emotional turmoil. Better for me to know how much my parents enjoyed their retirement, especially after all the work raising a big family. All of the kids are happy that mom got her Reverse Mortgage.
I grew up in Southern California and have lived all of my adult life in the Inland Empire. I currently reside in Corona, California. I have been married 30 years to my husband, David. We have 4 children, two still at home - a 9 year old son and a 14 year old daughter. (Thanks for the sympathy!)
I am also the eldest of 7 siblings and take special pride in that role. My mother is a great inspiration to me and lives nearby in Temecula, California. She has a great life and I want to be just like her when I grow up!
If you have read this far, thank you. I hope that you can tell I am sincerely interested in doing the right thing for all my clients and will do the same for you and your clients.
I believe that Attitude is Everything and Charles Swindoll's quote hangs prominently in my office. (If you would like a copy of it just email me and I will send it to you in a Word file!) His famous lines help me to stay centered and focused day to day as a mother, wife, sister, friend and advisor.
Based in Corona, I specialize in Reverse Mortgages for senior homeowners and home buyers in Southern California. A Reverse Mortgage can be used as a financial tool to help structure your retirement to be all you dreamed. I specialize in working with your financial professional or other trusted advisor to assist you in developing a well protected stream of retirement income. Reverse mortgages are no longer just for the house rich and cash poor.
Fixed or Adjustable, Reverse Mortgages can now be used to purchase your home with no minimum credit score qualifications and only minor income qualifications. And of course, no required principal or interest payments on a reverse mortgage!
My clients have used a Reverse Mortgage in Southern California for a variety of important reasons:
For years I was an escrow officer and loan closing specialist, owning my own successful signing agency. During that time I began to close reverse mortgages in Southern California for some of my accounts and my mother began looking into getting her own reverse mortgage in Southern California. Needless to say, after learning all about them I became passionate about this remarkable tool for senior homeowners to access their home's equity to enjoy their lives. So much so, I was going to start another business specializing in just reverse mortgages. Luckily for me a dear friend suggested I give Liberty Reverse Mortgage a call. I did and started my reverse career with them, soon moving into a sales management position where I was fortunate enough to be able to train many reverse mortgage consultants, who in turn assisted countless seniors acheive peace of mind about their financial future.
Testimonials: "I think the best compliment someone can give to another professional is whether they would refer their own mother to them. I can sincerely say that I would have complete confidence in Debbie handling my own mother's reverse mortgage needs - and, I am in the same business!" P.W.
Currently I am a Reverse Mortgage Specialist and I enjoy helping homeowners that can benefit by turning some of their homes equity into much needed cash flow if it fits their financial goals.
I would be happy to provide you with a Reverse Mortgage Quote or you can email me with any questions at debbi.nance@gmail.com
This is my personal blog and the postings on this site does not necessarily reflect the opinions and policies of MetLife Bank, N.A or MetLife. It is my mission to provide you with information about reverse mortgages to assist in your education on this product.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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