“Joanne” was at a point in her life when her income was not keeping up with her bills and she realized that she needed to make a change in order to cover her high medical costs. A friend of hers had done a reverse mortgage with me and had nice things to say about how well she was taken care of during the process and how happy she was with the money she was able to access out of her home. So Joanne decided to take a chance. She found out that the reverse mortgage allows her to stay in her home without having to make any mortgage payments and gives her an option of a monthly check, a large lump sum, or to leave the money in a Line of Credit that is growing by over 6%. She thought her home was worth around $260,000 and she owed a little under $100,000. In Joanne’s neighborhood, there are currently more buyers than sellers. The buyers have been making offers over the asking price to compete for the home they want. This trend is happening all over Southern California as builders have not kept up with the increase in housing demand. Joanne’s appraiser was aware of this market trend and her home value came in at $297,000! Joanne was able to get $20,000 more from her reverse mortgage than she originally planned for.
Many people don’t realize that once you have a reverse mortgage, it is possible to redo that reverse mortgage later when your home value goes up and get more cash. A nice bonus to redoing a reverse mortgage is that the largest fee to do one is pro-rated and re-applied when you redo it; meaning you could get one at a lower cost and get more money. Even if you don’t need the money now, it can be left in an FHA guaranteed Line of credit that grows each year based on how much is left in it. I have another client in Riverside, CA that has actually redone her reverse 4 times because her home value has continued to rise over the years. This last time she used the money to redo her front yard and driveway so it would be easier to get from her car to her home. The previous time, she remodeled her kitchen. What would you want to do with the extra money you could get from your home? To find out, I just need to know your current mortgage balance, your age, and your address to see how much more money you can get out now that your home value has risen. Give me a call today and we can discuss if this product can help you accomplish your goals!
Robert Snow Krepps, NMLS #255191, at HighTechLending Inc today to discuss how a reverse mortgage may be able to help you (877) 567 – 7476 or rkrepps@hightechlending.com .
HighTechLending Inc, NMLS # 7147, is an Equal Housing Lender. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act.
