A Reverse Mortgage is a special loan designed for homeowners 62 years of age and older.
A reverse mortgage enables senior homeowners to convert part of their home equity into liquid funds
without having to sell their property, give up title, or get new conventional mortgage financing with monthly payments.
Unlike a regular mortgage where you make payments, a reverse mortgage makes money available to you, without payments.
One of the greatest benefits of a reverse mortgage is the fact that there are no payments due as long as you live in your home.
Reverse mortgages differ from other loans in the following ways:
- You don't need an income or high credit score to qualify for a reverse mortgage
- You can use your reverse mortgage to provide additional monthly income
- You are protected and insured against ever owing more than the value of your home
- You never give up title to your house
Why Choose The Mortgage Planners?
The Mortgage Planners offer thirty-four years of financing experience with a host of satisfied borrowers.
We understand that choosing a reverse mortgage to fulfill your financial needs is a big and sometimes complicated decision.
That is why we are dedicated to walking the client through the entire process.
We offer a free consultation to discuss if a reverse mortgage is right for you and offer free educational workshops.
We want our clients to be completely comfortable with the decision that they make and be able to enjoy the golden years of their life.
Regardless of your home value or situation, we have a reverse mortgage for you.
HECM Reverse Mortgage:
The most popular and common reverse mortgages are safe and secure because they are insured by the federal government through FHA/HUD.
Fixed HECM Reverse Mortgage:
The newest option with reverse mortgages gives you a fixed interest rate for the life of the loan. This option does not make quite as much money available and could have some impact on medi-cal benefits.
Jumbo Reverse Mortgage: The jumbo reverse mortgage makes significantly more money available on higher valued houses.
If you have a house valued over $500,000 the jumbo product will give you options that are not available on the HECM.
There are also no closing cost and low closing cost options. Not all reverse mortgage lenders have this product available.
People everywhere are improving their lives and increasing their monthly income by obtaining a reverse mortgage.
Please look at our testimonial page to see what our customers are saying.
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