What is a Reverse Mortgage?

It sounds too good to be true and yet we are tempted when actor Robert Wagner tells us it is safe.  But I always think I doubt if Robert Wagner will ever need a Reverse Mortgage.

I invited Shirley Snyder of The Mortgage House in San Luis Obispo to talk to my team of agents about Reverse Mortgage.

Shirley said the loan limits have increased and are now under the FHA guidelines.   Single family homes and some condos and manufactured homes are eligible for loans. For manufactured homes the have to be on a foundation and cannot be in a co-op park or where you own a share of the park.

As our parents age and we age we wonder, what and where is the best place to live?  For many seniors, couples they do not want to live with their adult children or move into an assisted living home.  They find that having in-home care for basic needs, house cleaning, maybe some cooking, shopping and driving them to doctor’s appointments give them independence and safety they prefer.

With the change in our economy and nest-eggs disappearing in the stock market many seniors can use a Reverse Mortgage to supplement their social security and pensions to meet their monthly expenses and help to give them a better quality of life.

Each borrower or couple is assessed based on age and the value of their home.  Monthly payments are made to the borrower including a lump sum if that is what they choose. 

Monthly payments are made to the borrower as long as they remain in the home and nothing is owed by the Estate.  The heirs can sell it without any obligation to the bank.

Seniors living in homes that have become unsafe or are too large can sell their primary residence to downsize into another home with a Reverse Mortgage.  That’s correct you can purchase a home with a Reverse Mortgage.

For more information and details into this program, contact Shirley Snyder at The Mortgage House, 805-489-4573.  Please let her know you read about her on my Blog, ‘slo Digest’.

“If this is your kind of town…let me show you the neighborhood.”®   Live the ‘slo life’ in San Luis Obispo County.  Shirley Hulin is a full-time REALTOR® and manager for Century 21 Hometown Realty she works with a team of professionals who are ready to help you with all of your Real Estate needs in San Luis Obispo and Northern Santa Barbara Counties.  Contact Shirley at ShirleyHulin@gmail.com www.ShirleyHulin.com    

 Rentals or Property Management: Rent@c21Home.com     To receive information on Short Sales, REO’s or Foreclosures: Foreclosures@c21Home.com

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