Call us to find out how to leverage home equity for a better retirement.
I pride myself in helping people get the most money out of their homes without ever having to make a loan payment* or sell their home.
With the rising costs of living and inflation, the Reverse Mortgage is a powerful solution that enables homeowners to
live in their homes for the rest of their lives.
Quickly find out how this unique loan could work for you with no obligation. Give me a call today at (949) 288-4402. I look forward to speaking with you.
*The borrower is still responsible for paying property taxes, insurance, and for home maintenance.
A reverse mortgage allows you to get the most money out of your home's equity without ever having to make a payment* or sell.
*The borrower is still responsible for paying property taxes, insurance, and for home maintenance.
What is a reverse mortgage?
A reverse mortgage works the exact opposite as a regular does. Instead of you making payments every month, over say a 30-year period, and paying your house down to $0.
With a reverse mortgage, there are no monthly payments ever required.You retain title to the home and since you are still the owner, you must continue to pay your property taxes and insurance.
A reverse mortgage is a way to unlock the equity in your home without ever having to make a payment and without having to sell.
How would someone get out of a reverse mortgage?
A Reverse Mortgage is a loan, and just like all other loans, you can pay them back at any time. Reverse mortgages do not have any pre-payment penalties. If you no longer have a need for a reverse mortgage you are not obligated to remain in one for the rest of your life.
All you have to do is simply pay back whatever money you borrowed by selling the home or refinancing. If you don't have enough equity in your home to sell or your credit is not sufficient to qualify for a refinance, you can stay in the reverse mortgage without having to make payments regardless of the home's value, your credit score, or your income.
On average, how much money does someone get from a reverse mortgage?
The amount that you can receive on a reverse mortgage is determined by four key factors. Your age or age of your spouse/co-borrower, the appraised value of your home, county lending limits, and current interest rates. The older that you are, the higher percentage of your home's equity that you are able to access.
The maximum that you can receive with a reverse mortgage is 75% and the average reverse mortgage applicant receives between 50%-75% of the appraised value of their home.
The amount that you can receive on a reverse mortgage can exceed 75% of the appraised value of your home if you take the funds slowly over time. That is because the reverse mortgage is the only loan that increases your access to the equity as time goes on even if the value of the home is declining.
Who can qualify for a reverse mortgage?
In order to qualify for a reverse mortgage, you must be at least 60 years of age and own a home. If you do not own a home, you can use a reverse mortgage to purchase a home if you are over 60 years old so long as you have between 25%-60% as a down payment amount.
In addition, the banks will check your credit and income to determine if you have enough cash coming in on a monthly or annual basis to be able to afford to pay your property taxes and insurance.
If you don't pass the financial test the lender will pay your taxes and insurance for you when they come due for your life expectancy.
How much equity do I need to get a reverse mortgage?
There is no equity requirement for you to be able to get a reverse mortgage. There are retirees that have even had negative equity in their homes that have gotten reverse mortgages and eliminated their monthly mortgage payments for the rest of their lives.
If you are focused on increasing your monthly cash flow and have been told that you need at least 50% equity in your home to qualify, then whoever told you that is either very confused or doesn't know what they are doing.
If you are 60 years or older and own a home, you qualify for a reverse mortgage irregardless of how much equity you have in your home.
Can I pay off my reverse mortgage early? If so, how do I do that?
Reverse mortgages are available for almost all residential property types. The most common type of home is a single-family residence and is the most common home type that reverse mortgages are completed for. If for some reason you don't have a single-family residence do not be discouraged.
Eligible properties for a reverse mortgage loan include condos, condominiums, PUDs, Townhomes, Rowhomes, modular homes, manufactured homes, mobile homes on permanent foundations, 2 unit properties, 3 unit properties, 4 unit properties, attached or detached homes, mixed-use homes, log homes, new construction homes, leased land homes, etc.
If you are unsure if your property is eligible please contact us and we can help you with that.
What happens to my reverse mortgage when I die?
When you pass away with a reverse mortgage on your home and there is no surviving spouse or co-borrower, the reverse mortgage would come due upon the death of the last surviving borrower.
Now because there are no monthly payments required on a reverse mortgage the loan must be paid back in full. Immediate payment in full of the reverse mortgage loan would cause problems for most heirs, therefore, the program allows your heirs 6 months to repay the debt and they can also get two 90-day extensions that will extend the time up to a total of one year from the date of your death for the heirs to repay the loan.
What most heirs do is sell the home and pay back the money that you borrowed and pocket the difference. If your heirs would like to keep the home, they can simply refinance your reverse mortgage loan into a new loan in their name.
In the event that the value of the house has dropped and the balance on the reverse mortgage is higher than what the home is worth, your heirs can keep the house and only have to pay back 95% of the value of the home or they can deed the house over to the bank and walk away.
The testimonials, statements and opinions presented on our website are applicable to the individuals depicted. The testimonials are voluntarily provided and are not paid, nor were they provided with free products, services or any benefits in exchange for said statements.
Michael Zwerling exceeded all my expectations!!. I give him 110% approval rating. He called, text or emailed me consistanly throughout the process to make sure I was comfortable with the reverse mortgage. I highly recommend Michael to any one looking for a reverse mortgage. He is especially respectful and understanding of how to work with seniors. He would go out of his way to return all my phone calls and answer all my questions. I am truly blessed to have Michael as my representative.
Michael is a hard working, professional with a heart for people. He actually cares about his clients & fights for everything he can get for them. I felt confident with him from the beginning and he didn't let me down. He also has a good sense of humor that helped when I felt stressed. Thank you Michael for everything you did to help me. I would recommend him highly.
Michael was very efficient, through, took time to explain each document to me, ensured I understood the process, & how long it would take to complete. I believe he really cares about his clients, and not just wanting to close a deal to get commission. He's good at what he does, and I'll gladly refer friends and relatives to him if they need a Reverse Mortgage.
Michael is efficient -always available-quick to follow up on all problems And questions -coordinated and interfaced with my lawyers to solve and avoid potential problems -always there when I needed help!
I found Michael to be knowledgeable & consistent in his explanations of the reverse mortgage information! Michael kept me informed of each and every step of reaching my goal! His professionalism was above and beyond expectation.
I have purchased several homes over the last 35 years and I must say this was the best experience I have ever received. Mike sets the bar for extrodinary service. He went above and beyond in every phase of the process.
When I think and rate customer service, I think was it “customized” for me. In the case of my reverse mortgage and the process, the experience was all about me. Michael Zwerling and team were nothing but professional from beginning to end. They ensured that every step of this important event at this time in my life was fully understood first and then each successive step was handled with further explaintion as necessary, all done with patience and always at my convenience. A job well done!
Thank you Michael! It was grest having you as my agent. You were very helpful and took care of all the necesssry details required for me to get my new mortgage.
Michael talked to us everyday to keep us updated on the loan process. He was on top of any glitch that needed attention. We always knew what and why we had to something. He made us feel like family and that we were important to him and the company. I will miss talking to him and will recommend him to anyone that is interested in a reverse mortgage. Five Star Gentleman!!
Michael was a great communicator. At all times I knew where I stood in the process. Everything he promised came to pass. I would definitely recommend him to anyone needing his services.
Michael is truly one of the best out there. He cares about every aspect of your personal situation and strives to help you make the right decision throughout your transaction . So easy and knowledgeable to work with and his communication skills and professionalism could not be better. I interviewed three lenders before choosing Michael and there was no doubt in my mind that he was the right lender for me. So Happy!
Our experience with Michael was excellent. He is a honest, keeps you well informed every step of the way and makes doing business worry free. I will highly recommend him to anyone. My family is very happy with our experience.
Michael was always friendly and professional, followed up all my calls and questions and was as helpful a I might want. Really great to deal with him
Michael was extremely helpful. He made me comfortable, answered all my questions and seemed genuinely intrested in my concerns. I would refer anyone to him and would feel comfortable knowing he would take good care of them.
Michael was the best to work with. He always took my calls and kept me up to date with the loan. Everything went like clockwork. I would highly recommend him.
Michael Zwerling was on hand every step of the way, guiding us and answering questions. He was honest and direct with us and patient. /Even when he was under the weather, Michael showed up strong to meet our expectations and keep his word.
All the extra input by Micheal was worth the wait for both myself and Brother to aid us both in the Estate of Mother, after a couple heart pounding spots experience was very very rewarding to both of us.
Michael was always in touch letting me know what & where we were in the process, plus saved me money at the end by catching a mistake on the final documents. Would highly recommend Michael to friends and Family.
Michael was easy to reach. If I got his voice mail, he called me right back. He called me regularly to keep me updated. He was able to reassure me that I was making the right decision. He was kind. Talk to me as a real person, not like he was reading a script or selling insurance. Michael made the whole experience comfortable. Thank you again Michael.
Great communication, Michael followed through with everything he said he would do. Kept me up to date during the entire loan process. Very attentive to all aspects of the process.
The whole loan process went very smooth, and when one issue did come up, Michael was there to help get it resolved and he also helped to get us a great rate and has the knowledge and patience to explain how a reverse mortgage works.
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Mutual of Omaha Mortgage, Inc., NMLS ID 1025894. 3131 Camino Del Rio N 1100, San Diego, CA 92108.
Licensed by The Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act, License 4131356
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Charges such as an origination fee, mortgage insurance premiums, closing costs and/or servicing fees may be assessed and will be added to the loan balance. As long as you comply with the terms of the loan, you retain title until you sell or transfer the property, and, therefore, you are responsible for paying property taxes, insurance and maintenance. Failing to pay these amounts may cause the loan to become immediately due and/or subject the property to a tax lien, other encumbrance or foreclosure. The loan balance grows over time, and interest is added to that balance. Interest on a reverse mortgage is not deductible from your income tax until you repay all or part of the interest on the loan. Although the loan is non-recourse, at the maturity of the loan, the lender will have a claim against your property and you or your heirs may need to sell the property in order to repay the loan, or use other assets to repay the loan in order to retain the property.
These materials are not from HUD or FHA and the document was not approved by HUD, FHA or any Government Agency. For licensing information, go to: www.nmlsconsumeraccess.org
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