Is a reverse mortgage considered a loan of last resort? There is still the belief out there that in order to get a California reverse mortgage, a homeowner must be suffering a hardship.
This is false. Reverse mortgages are done by people over the age of 55, who have ample equity in their home and use the funds for a variety of purposes.
Using the reverse mortgage to extinguish the existing first mortgage that is on the property is a common use. Once the reverse mortgage is established, no monthly mortgage payments are required to pay it back, but you can make a payment in any amount, as often as you desire too. The interest that goes unpaid each month gets tacked on to the back of the loan and gets paid once the home sells or the loan gets refinanced. These people are not necessarily in a hardship, they just want monthly cashflow and increase their quality of life.
Other homeowners have used the reverse mortgage to buy investment property, do home improvements, payoff consumer debt, buy vehicles and travel, pay for college tuition for kids or grandkids, and anything else you can think of.
The reverse mortgage is not a bail out loan either. If your home is in foreclosure more than likely a reverse mortgage cannot be funded.
I made a video that goes into more detail about what’s needed to qualify for a reverse mortgage, click this URL https://youtu.be/IQ3qj2OStY8
Here’s a reverse mortgage pros and cons video to further get reverse mortgage education https://youtu.be/C_MZCVK4p4c
I originate the California reverse mortgage only, and was born, raised and still reside in Southern California.
Feel free to call, email, text or fill out the brief questionnaire below with your scenario and I will get back to you ASAP.
Kind regards,
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This information is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice. These materials are not from HUD or FHA and were not approved by HUD or a government agency.
* There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower(s) must continue to pay for property taxes and insurance and maintain the property to meet HUD standards or risk default.. Credit is subject to age, minimum income guidelines, credit history, and property qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.
Kevin Walton
NMLS #245923
Phone: (805) 276-1942
C2 Reverse Mortgage Corporation
12230 El Camino, Suite 100, San Diego, CA 92130
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Kevin Walton, Residential Mortgage Loan Originator, NMLS #245923 // C2 Financial Corporation NMLS #135622
Kevin Walton, Residential Mortgage Loan Originator, DRE #, 01453270//C2 Financial Corporation DRE#, 01821025
Corporate: 858-312-4900 // www.c2financialcorp.com/
[email protected]
Kevin’s cell: 805-276-1942
This licensee is performing acts for which a real estate license is required. C2 Financial Corporation is licensed by the California Bureau of Real Estate, Broker # 01821025: NMLS # 135622. Loan approval is not guaranteed and is subject to lender review of information. Loan is only approved when lender has issued approval in writing. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. C2 Financial Corporation is an Equal Opportunity Mortgage Broker/Lender. The services referred to herein are not available to persons located outside the state of California. As a broker, C2 Financial Corporation is NOT approved by the FHA or HUD, but C2 Financial Corporation is allowed to originate FHA loans based on their relationships with FHA approved lenders.
© Kevin Walton
This licensee is performing acts for which a real estate license is required. C2 Financial Corporation is licensed by the California Bureau of Real Estate, Broker # 01821025: NMLS # 135622. Loan approval is not guaranteed and is subject to lender review of information. Loan is only approved when lender has issued approval in writing. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. C2 Financial Corporation is an Equal Opportunity Mortgage Broker/Lender. The services referred to herein are not available to persons located outside the state of California. As a broker, C2 Financial Corporation is NOT approved by the FHA or HUD, but C2 Financial Corporation is allowed to originate FHA loans based on their relationships with FHA approved lenders.
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