Reverse Mortgages...What's the Process?

To learn more about how to obtain a reverse mortgage, you can either call me at (650)576-8581, or contact me to my email at rjpopin@gmail.com.   When you contact me, I'll ask some questions about your house, your birthday and what you think your house might be worth and your mortgage balance.  With this information I can input the computer and out will come some proposals.  I will contact you again and we set can appointment to complete an application.  This step can be done face-to-face or we can do this over the phone or email.

If we meet face-to-face, I'll bring a portable scanner because I have to make copies of your photo ID and your Social Security card.  This is for identification purposes and proof of age.  At this time we talk about required counseling.  Regulations require you be counseled by and independent third party to discuss reverses mortgages.  I provide a list of counselors.  When that is accomplished we order an appraisal of your home.  After the appraisal is submitted, our processor perfoms all the paperwork.  I provide the completed forms and you to sign the necessary documents.  Three business days later you receive your first payment.  This whole process takes around thirty days

The fees for a reverse mortgage are about the same as  the fees for a foward mortgage .  Reverse Mortgages have a mortgage insurance that protects you in the event the bank that provided the reverse mortgage loan should fail.  If that were to happen your agreed payments would continue.

If you have any question I may be reached at (650) 576-8581 or at my email address rjpopin.@gmaIL.com

Reverse Mortgages...Some Good Information

Reverse Mortgages are  good way for homeowners to supplement their income.  Part of qualifying for a reverse mortgage is that the homeowner must be at lease 62 years of age.  The other requirement is that the homeowner has to have enough equity in their home.  (Equity is the difference between the balance of your current mortgage and the market value of your home).  If these two parts of the reverse mortgage equation are acceptable, The information is put into a computer along with some other variables such as the type of reverse mortgage loan you select. 

There are a few variables of loan types a homeowner might select.  Among the variables are a monthly payment, a lump sum payment, a line of credit or a combination of these options. 

A credit report is used only to determine if there is a cloud on the property title.  A FICO score is not used.  A bankruptsy also has no bearing on a reverse mortgage application.

Reverse Mortgage proceeds can be used in any way and  for any use the homeowners desire.  Examples might be to supplement income,  medical needs, travel, college tuition or just maybe the homowners might want to delay Social Security payments until that payment amount increases. 

Reverse mortgages do not have to be repaid until the homeowners no longer live in the home for one year.  Also, the homeowners retain legal title to the home during a reverse mortgage and never share the equity.

If I have left you with some questions about reverse mortgages, please contact me at my email address rjpopin@gmail.com.  I can also be reached at (650) 576-8581.