A Reverse Mortgage could make all the difference for you!
Explore the benefits of a reverse mortgage and enjoy financial peace of mind
A reverse mortgage is one of the most misunderstood mortgages in the marketplace today. The truth is a reverse mortgage can bring significant financial benefits for suitable borrowers helping them enjoy the retirement they deserve.
Let's determine if a reverse mortgage is the right loan for you!
Find out in just a few easy steps if a reverse mortgage is right for you
Common Myths & Facts:
MYTH: You immediately sign over ownership to your home.
FACT: You retain title to your home. You are responsible to meet the loan requirements such as paying property taxes, insurance, maintaining the home, etc.
MYTH: Your children won't be left with any of the home equity.
FACT: While the amount of equity typically decreases over time with a reverse mortgage, it doesn't mean there will be no equity left when the last borrower dies.
MYTH: Your children will be responsible for repaying the loan when you die
FACT: Depending on how long you have the reverse mortgage and prevailing interest rates there may be equity left in the home. If the loan amount ever exceeds the home’s value when the last borrower leaves the property the children or heirs are not responsible for the balance.
MYTH: You are not allowed to sell your home if you have a reverse mortgage
FACT: You can sell your home if you wish and - just like any other mortgage loan - you must pay off the reverse mortgage at closing. There are also no prepayment penalties* if you choose to pay off your loan early.
MYTH: A reverse mortgage requires that you make monthly mortgage payments.
FACT: While you can choose to make mortgage payments, they are not required. The borrower is still responsible to maintain the property, pay property taxes, homeowners insurance, flood insurance, and homeowners association dues (if applicable).
MYTH: You are not allowed to sell your home if you have a reverse mortgage.
FACT: You can sell your home if you wish and - just like any other mortgage loan - you must pay off the reverse mortgage at closing. There are also no prepayment penalties if you choose to pay off your loan early or make loan payments.
Common Myths & Facts:
MYTH: You immediately sign over ownership to your home.
FACT: Just like a traditional mortgage you retain title to your home. Like any mortgage you are responsible to meet the loan requirements such as paying property taxes, insurance, maintaining the home, etc.
MYTH: Your children won't be left with any of the home equity.
FACT: While the amount of equity typically decreases over time with a reverse mortgage, it doesn't mean there will be no equity left when the last borrower dies.
MYTH: Your children will be responsible for repaying the loan when you die
FACT: Depending on how long you have the reverse mortgage and prevailing interest rates there may be equity left in the home. If the loan amount ever exceeds the home’s value when the last borrower leaves the property the children or heirs are not responsible for the balance.
MYTH: You are not allowed to sell your home if you have a reverse mortgage
FACT: You can sell your home if you wish and - just like any other mortgage loan - you must pay off the reverse mortgage at closing. There are also no prepayment penalties if you choose to pay off your loan early.
MYTH: A reverse mortgage requires that you make monthly mortgage payments.
FACT: While you can choose to make mortgage payments, they are not required. The borrower is still responsible to maintain the property, pay property taxes, homeowners insurance, flood insurance, and homeowners association dues (if applicable).
MYTH: You are not allowed to sell your home if you have a reverse mortgage.
FACT: You can sell your home if you wish and - just like any other mortgage loan - you must pay off the reverse mortgage at closing. There are also no prepayment penalties* if you choose to pay off your loan early or make loan payments.
ABOUT US
I’m Owen Coyle and I've been setting up Reverse Mortgages for over 24 years. I do business “The Old Fashion Way”. I go to the seniors’ home and sit down with them at their kitchen table and talk with them “Face to Face”. I make sure that I answer all their questions and that the entire family understands how the Reverse Mortgage works.
CONTACT US
(760) 334-6155
20 Truman St Suite 205
Irvine, CA 92620
Serving all of San Diego County
LICENSING INFO
NMLS #279015 | DRE #01253295
Reverse Mortgage West:
NMLS #274336 | DRE #01837820
This material is not provided by, nor was it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA). It 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.
*For the FHA-insured Home Equity Conversion Mortgage (HECM) reverse mortgage
**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.