~~~What is a reverse mortgage~~~

A reverse mortgage is a loan against your home that you do not have to pay back for as long as you live in the home.  It can help turn the appraised market value of your home into cash without having to make monthly mortgage payments; and can help you better manage you financial future.  Rather than making a monthly mortgage payment,  you actually receive funds from the lender based on the loan terms that you select.  Perhaps best of all, a reverse mortgage allows you to still own your home throughout the entire term of the loan.  

No monthly mortgage payments

No income qualifications

Loan proceeds may be tax-free

The loan is not due until the last homeowner sell or permanently leaves the home.

Neither you nor your heirs will owe more than your home's appraised market value at the maturity of the loan

You decide how you would like to receive the money - lump sum, line of credit, monthly payments or a combination of any of these.  

Regardless of the reverse mortgage program you choose,  counseling by a Department of Housing and Urban Development (HUD)- approved counselor or a American Association of Retired Persons (AARP)- approved counselor is required.  The counselor is there to help make sure you are fully aware of your options and that you understand the reverse mortgage program and the loan process itself.  With your consent,  a representative of your lender may arrange for a HUD-approved counselor to contact you. or they may provide you with a list of approved counseling agencies in your area.  In addition to counseling,  you are encouraged to also seek advice  from your family, legal and financial advisors.

~~Appraisal~~
Upon completion and submission of your application, the lender will schedule an appraisal to determine the current market value of your home and whether or not any repairs will be needed in order to meet loan underwriting guidelines. 

~~Underwriting~~
Underwriters will then review the loan file and appraisal in accordance with the applicable FHA  or lender loan policy.  Upon completion, a representative of your lender will notify you of the lender's decision and inform you of any conditions that must be met prior to loan closing.

~~Loan Closing~~
If Approved,  you will then decide how you want to receive your cash from the loan proceeds.  The final step will be signing the documents at loan closing.  Disbursement of payment from your reverse mortgage loan may begin within just days after closing.

Give me a call today for information regarding reverse mortgages.

Anita Dismuke (559) 760-3884 Real Estate Sales