Are you considering a reverse mortgage?

If so, you probably have many questions or concerns, such as:

  • Is a reverse mortgage right for me?

  • What are the benefits of a reverse mortgage?

  • What are the types of reverse mortgage payouts?

That’s where we come in! Let our experts help answer your questions about the reverse mortgage process.

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Why Glendora Reverse Mortgage?

Ready to Enjoy Living Your Life? Stay in your own home and keep ownership without ever having to make another monthly mortgage payment. Let our qualified professionals help you decide if a reverse mortgage is right for you.

Is a Reverse Mortgage Right For You?

  1. Do you have a strong desire or commitment to stay in your own home?
  2. Do you want to enjoy your lifestyle and your senior years more?
  3. Do you need or want more savings for major or unexpected expenses?
  4. Do you have a regular need to supplement your income and find your home is your biggest asset?
  5. Do you want to live worry-free, with the peace of mind that your financial needs are managed?

If these statements sound like you, then you might be just the right candidate for a reverse mortgage.

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Benefits of a Reverse Mortgage

  1. A reverse mortgage can give you more financial freedom and help you utilize that to improve your quality of life.
  2. You won’t have to make any payments until the loan ends.
  3. You are allowed to stay in your own home and keep your title.
  4. Proceeds from reverse mortgages are tax-free and not considered income.

Do You Qualify For A Reverse Mortgage?

  1.  Are you at least 62 years of age?
  2. Do you own your property outright, or is the mortgage small enough to be paid off in the reverse mortgage process?
  3. Do you occupy the property as your primary residence?
  4. Are you delinquent on any Federal debt?
  5. Is your home considered a single family home that meets FHA requirements?

If you answered “Yes” to all these questions, then you may be able to qualify for a HECM Reverse Mortgage.

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What Is A Reverse Mortgage?

A Home Equity Conversion Mortgage (HECM), the most common type of reverse mortgage, is a special type of home loan for homeowners who are 62 and older. HECM is Federal Housing Administration’s (FHA) reverse mortgage program which enables you to withdraw some of the equity in your home. You choose how you want to withdraw your funds, whether in a fixed monthly amount or a line of credit or a combination of both.

Types of Mortgage Payouts

  1. Lump Sum Payment
  2. Line of Credit
  3. Fixed Monthly Payments
  4. Combination of These Options

No matter what you chose, you will not have to make any payments on the mortgage, as long as you are living in the home. When the reverse mortgage comes due, you can sell home to pay off the loan or pay off the loan and keep your home.

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What Should You Consider?

Your home has more than a monetary value. It may be more important to your heirs than you realize. Be sure to talk the decision over with your family first.

Reverse mortgages are a specialty loan product and might not be as common or well known by your average loan officer. Be sure you speak with a Reverse Mortgage specialist who can help you navigate the waters safely.

Meet Bryce Padilla

Your Reverse Mortgage Specialist

Bryce Padilla has spent his career becoming a mortgage expert. With over a decade of mortgage and real estate experience, he has accumulated a wealth of knowledge that allows him to provide quality advice to clients with varying financial situations. Bryce started his career in the mortgage industry after graduating from Cal Poly Pomona’s Finance, Real Estate, & Law program. Prior to starting his own team, Bryce had worked for multiple industry top producers gaining valuable experience working on complex loan structures including Reverse Mortgages. This experience allows him to think outside the box to find custom solutions for his clients financing needs.

When Bryce isn’t working on mortgages you can find him enjoying California’s beautiful outdoors. He is an avid snowboarder, surfer, and has recently developed a mild obsession with golf.

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Contact Us For A Free Consultation Today!

Our representatives will be ready to assist with any questions you may have.