Citizens Reverse Mortgage

Can you qualify for a reverse mortgage if a spouse is under 62 in Newport Beach CA?

I've got a story that people chuckle about. And back in the old days, not too long ago, by the way, if we had somebody that was 62 years old and a spouse that wasn't, generally that spouse would come off the title. But if something happened to the older spouse, generally his income or social security is gone as well. She's receiving generally the greater of the two Social Security. So she wouldn't be able to have enough money to refinance. So she would sell the house. Now she's on the street. That's all changed. Now it's called a nonborrowing spouse. And here's the story. One evening, I get home late, my wife made dinner and I didn't call her and I get home and she says, you didn't call I made dinner. I said, Oh, honey, I'm sorry, that I had a client come in at 530. And thank God, Frank, my assistant stayed late to help with the kids. My wife says, help with the kids, you deal with seniors. I said, Well, here's the story. Ollie's 71 and his wife, 38, had four boys under five years old. True story, God bless them. So they have a home, and they wanted a reverse mortgage. And because of the nonborrowing spouse issue, we were able to make the loan. And when Ali does pass, his wife and the boys will be able to live in the house for the rest of their life without making a mortgage payment. Now, before we close the loan, the underwriter wanted to see the wedding certificate and marriage certificate. So I thought she might have been a mail-order bride. And I was right. Because she was from Lebanon. All Lee paid a dowry to her father of 5000 American dollars, two ounces of gold, and two goats. So they can't make a story like that. Up. And it's just the fun stuff that you see in real life. You know, I had another husband and wife. She was the one that called me the house was in foreclosure. And we were able to stop the foreclosure on the house. So she didn't lose the house. And the backstory is her husband, Earl had a great job for years working for Rolls Royce. And they make engines and the company makes all kinds of stuff. We had a great job. But he lost his job. when things were bad and own 910 right in there and couldn't get a job. I think he went through a heart attack might have had a stroke, then, you know, then he getting a little bit of disability. Anyway, when she called me, I was able to stop the foreclosure, but he was in the hospital, and they couldn't figure out what was wrong with Aurora. So we were able to put the loan together. And she says, Well if we're gonna sign the docs, can you send the notary to the hospital because that's where he is. And I said, Sure, so Friday night, the notary meets them at the hospital. Earl's able to sign the paperwork. So, Saturday she goes to the hospital Earl's getting a little bit better. Sunday, she doesn't go because she said I went to church, I didn't visit her on Monday, and she gets the call. And he had some kind of blood infection is all they can figure out. But she gets the call. And then she calls me and says, I gotta tell you about Earl and I was thinking, Oh, heaven. You know, I thought she was gonna tell me the worst. But the nurse called her and said, Earl, has miraculously gotten better. And we think we're going to send them home this week. So I can only imagine the stress of losing the house, going through the health problems, almost losing the house, and we found out that the house was safe. All of a sudden he started getting better. And if I said stress kills, I think it does. But next thing you know grows out of the hospital house is saved and everybody's good.

Can you qualify for a reverse mortgage if a spouse is under 62 in Newport Beach CA? I've got a story that people chuckle about. And back in the old days, not too long ago, by the way, if we had somebody that was 62 years old and a spouse tha...

Can you refinance a reverse mortgage in California?

So I'll explain I'm currently in the midst of refinancing a current reverse mortgage. And I did her loan three years ago. Now, in that period of three years rates have gone down. And the mortgage insurance on the loan has gone down as well. It used to be 1.25 annually, and now it's 0.5 zeros. So that's 75 basis points right there that are that the loan is being reduced. Plus, I'm taking her from a 5.5 interest rate down to a 299 interest rate. So this is saving her and it's not a big loan. It's a small loan, but it's still saving her 20 $400 a year in deferred interest that is no longer being deferred. So well it is being deferred, but it's reduced by 20 $400 a year. So it makes a big difference, you know, over a five-year or even a 10-year period, that adds up.

Can you refinance a reverse mortgage in California So I'll explain I'm currently in the midst of refinancing a current reverse mortgage. And I did her loan three years ago. Now, in that period of three years ...

Can you save on the interest being paid on a reverse mortgage in Orange County, CA?

Another loan that I have, I wrote in 17 2017, husband and wife, and that's a big loan that's saving them about $850 a month in interest. And what did that change 50 it turns out that that's $10,200 a year in interest reduced on the deferred interest that's happening with their loan. So it's common for me to take people out of a current reverse mortgage, with the low-interest rates, put them into the new low rates, and the new mortgage insurance and save the money, I can't help everybody. But for the ones that I can, it makes a big impact on the equity that they have in their home. So a husband and wife, he's disabled, she's working but just retired. Now they have two loans on the house, they have a first mortgage at I think it's 5.4% and a second mortgage of 6.7%. Now, they've gone through a bankruptcy, and it's five years into a chapter 13 payback, which means it gives you five years to pay it back. So they just closed that out. But because of the bankruptcy, they haven't been able to refinance with the bank. So with our particular program, their credit is back on track, because they paid that bankruptcy off on time. So they're back on track. And we're going to going to be able to eliminate or pay off the first mortgage, the second mortgage, and get them into an interest rate below 3%. And the key thing with this is, that it's a reverse mortgage. But if you want to make your payments, you can. And if you make your interest payments, there's no interest to be deferred. So for right now, they want to make those payments at any time, they can make their own decision to stop making a payment, or stop making a payment one month and make it the next month. So the flexibility that this loan has is enormous for anybody that's retired because let's face it, things pop up all the time emergencies pop up, whether it be a health emergency, it could be a car issue. It could be something as simple as a water heater blowing out of the house and not having the money to repair it or replace it. So those are the kinds of real-life emergencies that I see all the time. So the fact it gives people the flexibility to make their own decisions on what they want to do, which is nice because that takes away the stress from people's lives. It can save on the interest being paid on a reverse mortgage.

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How does a home equity conversion mortgage compare to a conventional mortgage in California?

They're governed by FHA Federal Housing Administration. So there were bad things about the reverse mortgage in years past high-interest rates, and fees upfront. Those were bad since FHA has come along to monitor what's going on. Number one, whether you're black, white, yellow, or green. Number two, whether you're in New York, Florida, or California, nothing has changed. Everybody gets the same program. And once I educate my clients about the program, they have to go through over-the-phone counseling with an FHA-approved counselor, so that the counselor is sure that our clients know exactly what they're doing and what they're getting into.

How does a home equity conversion mortgage compare to a conventional mortgage in California? They're governed by FHA Federal Housing Administration. So there were bad things about the reverse mortgage in years past high interest rates, fees upfront. ...