March 30, 2017

What the HECK?? HECM? California Bay Area Reverse Mortgages

Did you know that the home equity conversion mortgage that is federally insured can help you purchase a home with no monthly payments, or refinance your current home with no monthly payments, if you are 62 and older.

Many Seniors are taking advantage of this program here in the California Bay Area.

This is a federally insured government program.

We work on the wholesale level with the industries leaders for reverse mortgages like Liberty Home Equity Solutions.

HECM – HOME EQUITY CONVERSION MORTGAGE (REVERSE MORTGAGE)

A HECM is an FHA insured loan for senior homeowners who are 62 or older, and live in their home. The Lender allows seniors to utilize part of the equity in their home, but are not required to make payments on the loan!

HECM for Purchase – Now seniors can use a HECM to make a home purchase in California!

There are modest income, credit, tax & insurance payment history requirements, and once funded, there is no repayment required as long as borrower lives in the home, pays property taxes, and maintains hazard insurance! (Taxes and insurance must be paid on the assessed value)

Money from a HECM can be used any way that the homeowners choose and is non-taxable. YOU

NEVER owe more than the value of your home!!

Wondering how you can “age in place” with a limited income?

A Home Equity Conversion Mortgage (HECM) might be the answer for you. Designed to help senior homeowners to tap into equity accrued in their home, potentially providing a valuable tool for seniors 62 and older who prefer to age in place.

Remain in your Diablo Valley Home HECM

Ownership does not change
No mortgage payments (Taxes and Insurance must be paid)
Supplement your income
Pay off your existing mortgage
Pay for home renovations to meet your changing needs
Wondering if you can “age in place” in a new home?

A Home Equity Conversion Mortgage for Purchase can be your answer. Designed to help senior homeowners purchase a home more accommodating to their changing needs

Purchase a new home with HECM in California

Avoid home renovations of your current home
More buying power (requiring 50% down to buy 100% of home)
No Mortgage payments (Taxes and Insurance must be paid)
Free up other equity
Etc…..

A HECM or HECM for Purchase also known as a Reverse Mortgage is an FHA insured loan for senior homeowners who are 62 or older, and live in their home. As the name implies, it is the “reverse” of a typical mortgage.

The Lender allows seniors to utilize part of the equity in their home, but are not required to make payments on the loan! There are modest income, credit and tax & insurance payment history requirements, and once funded, there is no repayment required as long as borrower lives in the home, pays property taxes, and maintains hazard insurance!

Money from a Reverse Mortgage can be used any way that the homeowners choose and is non-taxable. YOU NEVER owe more than the value of your home!!

Making the Equity in A Home Work For The Homeowner

A Reverse Mortgage allows a senior homeowner to access some of their equity and put it to use.

The proceeds from a Reverse Mortgage could be put into income producing investments that could create cash flow from some of the equity in the home! Giving you options and the ability to stay in your home or purchase a new home.

Taxes on the assessed value and insurance still have to be paid after doing a HECM, however, a portion of the equity can now be accessed. Plus, although not guaranteed, the value of the home should increase over time as well.

Doing a Reverse Mortgage does not change the title to the home.

Seniors still own their home and still make all the decisions concerning the disposition of that home. Seniors have the same rights as a homeowner as they always did.

If you want to age in place but feel you can’t afford to, we can help you learn more about reverse mortgages.

We work closely with preferred lenders who can help you determine your eligibility and assess the amount available based on the home value and age of the homeowner/borrower.

You can count on us to help guide you through the process and the special considerations, making the transaction less stressful and more successful when you are looking for a reverse mortgage in the California East Bay Area.

YOU HAVE QUESTIONS? GET ANSWERS HERE

About Jason Wheeler - Real Estate & Lending

Jason Wheeler got started with in the Real Estate & Mortgage Lending business in 2003. Since then Jason has become a top producer for one of the largest, most well respected Real Estate and Mortgage Brokers in the industry, producing quality loans in California, and helping countless families with their home purchases and sale. For fun... Jason loves being outdoors and writing important tips on his blog (what you are reading now) and hangs with his wife kids and dog. IF YOU LIKE THIS CONTENT GO VIP HERE

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