A reverse mortgage is a special loan program available to seniors 60 and older and have significant equity in their home. When borrowing against the value of the home you can receive a lump sum, a stream of monthly payments, a flexible line of credit (that grows over time), or a combination of the three.

A reverse mortgage allows homeowners over 60 to convert their home equity into cash income with no monthly payments.

Additionally, you can use a Reverse Mortgage to purchase a home.

To qualify for a reverse mortgage, you will need to abide what I call the three agreements:

-You agree to continue to live in the property as your primary residence.

-You agree to continue to maintain the property in good condition

-You agree to make sure that your taxes and insurance are paid and always current.

Note: You can keep the reverse mortgage loan as long as you don’t have both borrowers living in a nursing home or assisted living facility for more than one year.

Available cash out funds are dependent on a great number of factors, too detailed for exploration here. To find out how much you would qualify for, please call us at 408-260-5900.

We are Reverse Mortgage experts and realize that one solution does not fit all. Once we have gotten to know you, about your life situation and what you are trying to achieve, we can create multiple reverse options for you to choose from.

We try to really understand the needs of our Seniors, because a reverse mortgage can have profound effects on your standard of living and can be a useful tool in your overall retirement plan

Two important components of the Reverse Mortgage process are the Homeowner Counseling appointment and the Appraisal inspection.

In general, the timing of booking and completing the homeowner counseling appointment, (which can be done in person or online in the privacy of your home), and the Appraisal Inspection are the two things that will determine how long it takes you to close your loan.

If you can complete the Homeowner Counseling in the beginning before we submit your loan, the Reverse Mortgage process can take as little as 30 days.

To get a reverse mortgage you will need the following:

Certificate of completion of your Homeowner Counseling

Name and phone number of your homeowner’s insurance agent

Sign an authorization for us to obtain your credit report and allow us to send you documents electronically

Your tax returns for the last two years

Income documentation such as Social Security and/ or Pension Income award letters, verification of receipt of interest and dividend income if any, the previous year’s W-2s, 1099s or current paystubs if you are employed, and documentation of receipt of any other income from any source.