Welcome To Our San Francisco Bay Area Reverse Mortgage Resource Center

A Reverse Mortgage can offer you so many wonderful benefits, but it's vital that you understand exactly how it works. You must understand the pros and cons to be sure this loan is right for you and matches your current needs.

You'll find the education you need right here so you can make an informed decision. However, if you have any other questions or any concerns at all, please contact us and we will make sure you completely understand everything you need to know. We are here to help you. Please don't hesitate to call or email us.

Benefits of Reverse Mortgages

  • No monthly mortgage payments
  • Continue the standard of living that you are accustomed to
  • Financial independence
  • Live in your home

San Francisco Bay Area Home Owners Basic Eligibility Requirements

  • Must own property in the US and occupy it as a primary residence
  • Must be 62 years old or older
  • Property must meet federal appraisal standards

Here are a few ways you can use the proceeds from your San Francisco Bay Area Reverse Mortgage:

  • Invest in long-term care insurance so you will be secure for life
  • Buy an investment home
  • Pay off bothersome debt
  • Use for estate planning
  • Add to or use for an investment portfolio
  • Receive a monthly payment
  • Establish a line of credit to use when needed
  • Purchase a recreational vehicle
  • Take a vacation
  • Basically, whatever your needs may be.

With any of the options above, you can set it up so that you never have to make another mortgage payment as long as you live in the home.

Please... read over all the information we have provided for you on this website.

And, if you have any questions at all, call us at 800-306-1990 or email us. We will get back to quickly.

If you are ready to get started, you can fill out our Quick No-Obligation Quote Form Here

Reverse Mortgages 101

Maybe you’ve heard of a reverse mortgage. Maybe you’ve even done some research on them. Or maybe you’re scratching your head wondering what on Earth I’m talking about.

A reverse mortgage is a loan that is available only to senior citizens age 62 or older who own their homes. It is similar to a home equity loan in that it allows the homeowner to borrow against the equity in his home. The difference is in the way it is repaid. A home equity loan requires the borrower to make monthly payments or risk losing his home. A reverse mortgage, on the other hand, requires no repayment until the borrower moves out permanently, sells the home, or dies.

The house is usually sold to repay the reverse mortgage. If you get a reverse mortgage and then sell your home, the mortgage must be paid off. You keep the rest of the money from the sale. If you pass away while still living in the home, the house is sold and any funds remaining after paying off the reverse mortgage are distributed to your estate.

There are several ways that you can receive the proceeds of a reverse mortgage. They can be distributed in a lump sum, in monthly payments, or as a line of credit. You can even combine two of the methods of distribution to suit your needs. This flexibility is a key advantage of reverse mortgages.

The major requirements are:

  • The borrower and any co-borrowers must be 62 years of age or older. If anyone whose name is on the title to the home is under 62, that person’s name must be removed.
  • You must have sufficient equity in your home. If you have an existing mortgage, it must be paid off. This can be done with the proceeds of the reverse mortgage, but it will reduce the amount of funds available to you.
  • The housing must qualify. It must be owner-occupied, and have four or fewer units. Some manufactured housing and most cooperative housing does not qualify, but most other houses and condominiums do.

There is no limit to the ways you can use the funds from your reverse mortgage. They can be used to make repairs to your home, pay health care costs, or help cover monthly expenses. You could use them to buy a car or even go on vacation. The flexible payment options facilitate the use of the funds in any way you wish.

Reverse mortgages are worth considering if you are a senior citizen who needs money for any reason. They allow you to use the equity in your home to get the cash you need, all without adding the burden of another monthly payment.

If you would like more information about the reverse mortgage process and how it can help you live out your retirement without the stress of financial burdens please call us at 800-306-1990 or send an email.

We will be happy to provide a complete complimentary analysis of the amount of money you could expect to receive from the best available products. If you are ready to get started, you can fill out our Quick No-Obligation Quote Form Here

Reverse Mortgage FAQs

Reverse mortgages in San Francisco Bay Area are a type of mortgage that senior citizens can use to borrow against the equity in their homes. Here are some frequently asked questions about reverse mortgages and their benefits.

Q. How does a reverse mortgage work?

Only certain % of equity is available as maximum loan amount. This is subject to FHA loan limit guidelines.

Q. What can a reverse mortgage be used for?

Common uses for reverse mortgage proceeds include home repairs, property taxes, a new car, and supplementary income. But there is no limit to what you can get a reverse mortgage for.

Q. Who is eligible for a reverse mortgage?

In general, a senior meets the eligibility requirements if:

The youngest homeowner is 62 years or older.

The home is the primary residence.

The home has sufficient equity.

Q. What if I haven’t yet paid off my first mortgage?

If you have not paid off your traditional mortgage, you must pay it off before you can get a reverse mortgage. The reverse mortgage proceeds can be used to do so if there is sufficient equity, and if you have more equity than is needed to pay it off you can receive the difference.

Q. How is a reverse mortgage paid out?

You can receive your funds in a lump sum, as monthly payments for a specified time or the rest of your life, or as a line of credit. Some programs offer the option to combine two of these options. This flexibility is one of the greatest benefits of the reverse mortgage.

Q. Does my home have to meet any special requirements to qualify for a reverse mortgage?

Most owner-occupied dwellings qualify. Houses, condominiums, one to four unit dwellings, and some manufactured housing qualify. Most mobile homes and cooperative housing, however, do not qualify.

Most lenders require a home to be inspected before lending through a reverse mortgage. If any structural problems are found, they must be repaired. In most cases, the proceeds from the reverse mortgage can be used to accomplish this.

These are the answers to some of the most basic and commonly asked questions about reverse mortgages.

If you would like more information about the reverse mortgage process and how it can help you live out your retirement without the stress of financial burdens please call us at 800-306-1990 or send an email.

We will be happy to provide a complete complimentary analysis of the amount of money you could expect to receive from the best available products.

If you are ready to get started, you can fill out our Quick No-Obligation Quote Form Here

Eligibility Requirements

Home equity loans are often used by homeowners to consolidate debts. They put all of your debts into one convenient monthly payment with lower interest. But did you know that if you are a senior citizen, you can get a loan on your home that does not require monthly payments?

This type of loan is called a reverse mortgage. It allows seniors to leverage the equity in their homes to pay off other debts, make home repairs, pay property taxes or health care costs, or do anything else with it they wish. No payment is due until the homeowner moves out, sells the home, or passes away.

Approval for a reverse mortgage loan in San Francisco Bay Area is a fairly simple process, however, there are a few basic prerequisites:

You must be at least 62 years of age. If there is more than one name on the title to the home, all parties must be 62 or older. If one of the co-owners is under the age of 62, that person’s name must be removed from the title before a reverse mortgage can be obtained.

The home must be your primary residence. You cannot get a reverse mortgage on rental property or any other home you do not live in. This is because the balance of the loan is due once you no longer live in the home. Also, you must have enough equity in your home.

The home in question must qualify. Most single-family homes and condominiums, one to four unit owner-occupied residences, and manufactured homes (built after June 1976) qualify. But some mobile homes and most cooperative housing do not.

**Starting April 27, 2015, lenders will start conducting financial assessments of every reverse mortgage borrower to ensure he or she has the financial capacity to continue paying mandatory obligations, such as property taxes and homeowner's insurance, as stipulated in the Loan Agreement. Lenders will analyze all income sources -- including pensions, Social Security, IRAs and 401(k) plans -- as well as the person's credit history. They will look at how much money is left over after paying typical living expenses.

Once you have received a reverse mortgage, there are certain conditions that must be met to keep it. If these requirements are not met, you may be found in default and have to pay back the loan. They include, but are not limited to, the following:

You must pay your property taxes.

Your home must be properly maintained. Necessary repairs must be made to ensure that the home retains its value.

Just as with a traditional mortgage, you must keep your home insured. Homeowners insurance must be obtained to protect the lender’s interest in the home.

If you declare bankruptcy, you could be found in default.

You cannot abandon or donate your home to any person or organization.

If the home is condemned, you will likely have to pay back the loan.

Many contracts prohibit the owner from adding any new owners to the title of the home.

Most senior citizens age 62 or older who own their homes qualify for a reverse mortgage. As long as the home you wish to obtain a reverse mortgage on is your main residence and meets a few requirements, you can use it to get the money you need without incurring additional monthly payments. A mortgage originator can help you find the best reverse mortgage for your situation and get your finances where you want them to be.

If you would like more information about the reverse mortgage process and how it can help you live out your retirement without the stress of financial burdens please call us at 800-306-1990 or send an email.

We will be happy to provide a complete complimentary analysis of the amount of money you could expect to receive from the best available products.

If you are ready to get started, you can fill out our Quick No-Obligation Quote Form Here

Thank You For Completing The Quote Request Form!

Someone from our office will be contacting you soon with details about your Reverse Mortgage Quote.

In the meantime, please review the Reverse Mortgage process below and of course, if you have any questions at all, please give us a call anytime at 800-306-1990.


The Reverse Mortgage Process

Just as a traditional mortgage has certain steps you must go through before you get the money to buy your home, the reverse mortgage has steps you must go through in order to borrow against your home equity. The application process for a reverse mortgage generally takes about 30-45 days from start to finish and has seven major steps. The longest part of the reverse mortgage process is the learning process that leads up to the application. Homeowners typically research reverse mortgages using resources such as this site for several months. Next they request information from a local reverse mortgage specialist. The homeowner may invest one to two months meeting with the specialist in person and reviewing the good faith estimate and other loan documents. Here is an overview of what is involved in obtaining a reverse mortgage.

Step 1. The Learning Process

Before trying to get a reverse mortgage, it is important to learn as much as possible about them.

Step 2. Initial Application

The application legally authorizes the lender to begin the application process but the lender cannot incur any costs on your behalf until Step 3 (counseling) is completed. The application is not binding and can be canceled at any point during the process.

Step 3. Counseling

Depending on the type of reverse mortgage you are considering, the government may require you to receive counseling before going further. If so, the counseling must be done by a HUD-approved counseling agency. The counselor will go over the features and requirements of a reverse mortgage, answer any questions you may have, and discuss alternatives to a reverse mortgage with you.

Step 4. Application and Appraisal

After counseling, you are ready to begin the formal application process. You will fill out the necessary forms and pay for an appraisal of your home. At this point you will need to bring in identification, the deed to your home, information about any existing mortgages, and other items needed to process your loan.

Step 5. Inspection

Most lenders will require an inspection to ensure that the home does not have structural damage or problems that could cause said damage. If reparable problems are found, you must have them fixed.

Step 6. Processing

At this point, title work and lien payoffs are taken care of. The final paperwork is drawn up in preparation for the next and final step.

Step 7. Closing

Once all final approvals are made, you are ready to close. The lender schedules a time for you to complete the final paperwork. Closing costs are usually financed into the loan, so you probably won’t owe anything at this time. Once all papers are signed and everything is in order, you receive your lump sum, access to your line of credit, or a schedule of monthly payments.

The steps involved in obtaining a reverse mortgage are similar to those involved in getting a regular mortgage. But the results are much different. Instead of incurring a new monthly payment, you get money to help you alleviate other financial burdens or make needed purchases or repairs.

Other Sources

Use Your Home to Stay at Home

The official reverse mortgage consumer booklet approved by the U.S. Department of Housing & Urban Development

Download

If you are ready to get started, you can fill out our Quick No-Obligation Quote Form Here

Contact Us

Ask Your Question Here





Siegel Lending Team at Gold Star Mortgage Financial Group
Ron Siegel
120 Vantis, Suite 300
Aliso Viejo, California  92656

Ron Siegel is licensed under CalBRE # 01869452 | NMLS #217037 at Gold Star Financial Mortgage Group NMLS #3446

Email: Ron@RonSiegelRadio.com
Phone: 800-306-1990




Gold Star Mortgage Financial Group does Business in Accordance With Federal Fair Lending Laws.
Gold Star Mortgage Financial Group is not acting on behalf of or at the direction of HUD/FHA or the Federal Government.
Gold Star Mortgage Financial Group is approved to participate in FHA programs but the products and services performed by Gold Star Mortgage Financial Group are not coming directly from HUD or FHA.