Irvine Reverse Mortgage Attorney
Reverse mortgages are beneficial for seniors facing a variety of financial situations. Whether you are in foreclosure or simply in need of additional money during your retirement years, a reverse mortgage can immediately pay off your current mortgage, eliminate your monthly mortgage payment, and provide you with a cash disbursement or even a secure monthly income.
The team at Lawyers Realty Group offers an unmatched level of expertise and protection for homeowners. Our singular goal is to ensure the best financial outcomes for our clients. In an industry known for fraud and shady practices, our clients can have peace of mind knowing that all legalities are being followed and their best interests are always being served.
For help with obtaining a reverse mortgage anywhere in California, contact our office today.
What Is A Reverse Mortgage?
A reverse mortgage is only available to seniors (either over 55 or over 62 depending on the program). This mortgage is just like any other home loan except that you have the ability to skip any or all payments and simply allow the interest to accrue. You retain ownership of your home, and you can sell it any time you want. You simply have to pay off the balance of the reverse mortgage, just like any other home loan in that situation.
Because a reverse mortgage is primarily based upon the equity in your home, it is very easy to qualify for this type of home loan. There are very minimal income requirements (so long as you can pay your property taxes and insurance) and you do not need any minimum credit score. You can even qualify for a reverse mortgage if you are in default or foreclosure on a current home loan. Qualifying is extremely simple!
Pay off Debts And Prior Mortgages Even If In Default!
A reverse mortgage allows a homeowner to pay off other debts and mortgages even if they are in default or foreclosure. The homeowner is no longer required to make monthly payments and can live securely in their homes without fear of foreclosure and eviction. A reverse mortgage can also provide a lump sum payment or a secure monthly income for homeowners to ensure their financial security.
Work With An Attorney/Realtor.
Our team has extensive legal and real estate experience to help guide you through the reverse mortgage process. First and foremost, we can help you decide if it is indeed the right option for you. Afterward, we can handle both the legal and real estate aspects of your reverse mortgage, making the process easy and headache-free for you.
Benefits of a Reverse Mortgage
Paying off Debt
Collecting the hard-earned equity on your home today can help free you from debt. You can use this money to pay off your existing mortgage, credit cards, car loans, or any other debt you’ve acquired.
Staying in Your Home Indefinitely
You won’t be required to make mortgage payments while you live in the home. If you choose to stay, a reverse mortgage can keep you in the same house for the rest of your life.
Having Extra Money On-Hand
You can use your current equity however you choose. Maybe you want to put it into a savings account, allowing it to accrue interest. Perhaps you’d rather use this cash to finally go on that dream vacation. A reverse mortgage offers you a kind of financial freedom you may not have had otherwise.
Using Your Equity as a Secure Line of Credit
Perhaps you want to avoid future interest payments, even if you plan to stay in the home. If you want, you can put your equity into a secure line of credit instead. This way, you will pay interest only on the money you withdraw. This credit line is also permanent; it cannot be terminated by the lender like other home equity lines of credit.
Preserving Retirement Portfolio
Typically, people live off their retirement investments while contributing to their home equity. By cashing out your equity now, you can live off that money instead. This allows your retirement portfolio to continue growing, increasing its worth for later use.
Qualifying With Minimal Effort
In most cases, there are no income minimums or credit score requirements. If you have equity in the home, you will likely be able to receive a reverse mortgage. Often, there are no out-of-pocket costs, either.
Gaining Peace of Mind
These days, age does not automatically bring an end to money woes. Withdrawing your home’s equity can give you more financial breathing room and greater peace of mind.
If you have questions about applying for a reverse mortgage in Irvine, call (949) 264-0966 today for a FREE, no-pressure consultation. We can help you sort through all of your options and achieve your retirement goals.