Reverse Mortgage Company Serving Irvine CA
Based in Southern California and catering to the reverse mortgage needs of Irvine, CA residents, we are a dedicated Reverse Mortgage Company. Our focus on HECM and Jumbo Reverse Mortgage loans sets us apart as a reliable source of information and education regarding reverse mortgages in retirement. With John Correll, a Certified Reverse Mortgage Professional (CRMP) boasting over 25 years of experience in mortgage lending, you can rest assured that our expertise is at your service..
Empowering Irvine California Homeowners with Reverse Mortgage Loans
Highlights to Consider With a Reverse Mortgage in Irvine and California
10 straightforward potential benefits of reverse mortgages
- No Monthly Payments: Borrowers typically don't have to make monthly mortgage payments, which can ease financial burden. (note to keep loan in good standing at least one borrower must live in the home and continue to pay ongoing property taxes, homeowners insurance bills and other home expenses like maintenance.)
- Loan Proceeds - Tax-Free Money: The money paid out from a reverse mortgage is considered loan proceeds and not taxable income.
- Stay in Current Home: Borrower lives in the home and title remains in their name during life of the reverse mortgage.
- Heirs' Choices: After a maturity event such as death of last borrower, heirs can decide to pay off the loan and keep the home or sell the home to repay the loan and any remaining equity belongs to them. Loan servicing will map out complete list of options.
- Extra Money for Retirement: Funds can be used for any purpose including retirement expenses.
- Choose How to Get the Money: Borrower can decide how they want to receive the money – all at once, in monthly payments, as a line of credit, or a mix of these options.
- Protection from Owning More Than Home's Worth: A reverse mortgage is a non-recourse loan. Neither the borrower nor the heirs are personally liable for the debt - the home secures the loan. This means there is protection for the borrower and estate from owing more than the home is worth. The lender can't take anything beyond the home's value at the time of maturity repayment.
- Flexibility in Using the Money: Borrower can use the funds for anything they choose, whether it's to cover living expenses, travel, medical bills, or home improvements.
- Generally No Impact on Social Security or Medicare: The money received from a reverse mortgage typically does not affect standard eligibility for standard Social Security or Medicare benefits. NOTE: some needs based programs such as MediCal or disability might have asset limitations or other requirements so it is advised borrower should contact an advisor or program administrator to know the rules for a "needs based" program.
- Peace of Mind During Retirement: Reverse mortgages can provide financial stability and peace of mind, allowing the borrower to enjoy retirement with less worry about money.
NOTE: Not all borrowers will qualify for a reverse mortgage. To determine eligibility give us a call or request a quote.
(888) 603-1550
Southern California Reverse Mortgage Company Serving Irvine and California
Considering a Reverse Mortgage in Irvine?
Request Your Personalized Proposal Quote and Info Kit
John Correll, CRMP is a Certified Reverse Mortgage Professional in California
25+ Years Mortgage Lending Experience
Request Your Proposal Quote & Info Kit online or call us at (888) 603-1550 for faster service
Unlock Orange County Home Equity with a Reverse Mortgage in Irvine
Irvine, California homeowners have experienced a substantial surge in property values in recent years. If you are an older homeowners in California and owned your home for an extended period, it's likely you've accrued considerable home equity. With rising inflation impacting various aspects of our lives, many older homeowners are now exploring the option of reverse mortgages to access some of their Irvine home's wealth.
If you would like to speak with someone who specializes in reverse mortgage strategies, we encourage you to reach out to John Correll, a seasoned mortgage professional with over 25 years of industry experience. John has devoted his career to specializing in reverse mortgages and has a proven track record of serving the Long Beach and California communities.
Reverse Mortgage Company Serving Irvine and California
Reverse Mortgages Are the Only Types of Loans We Do
We Pride Ourselves in Being Specialists
Reverse Mortgage Loan Types Available in Irvine California
For those aged 55 and older, we extend a range of reverse mortgage loan choices across the entire state of California, including Irvine.
The loan options mentioned are available both in Irvine and throughout the state of California.
Qualifications to Get a Reverse Mortgage in Irvine and California
Unfortunately not everyone can qualify for a reverse mortgage. Here is a simple basic list of some of the major requirements to get approved for a reverse mortgage. (not a full list)
- Age requirement of 62 or older (55 for some loan types)
- Homeownership with substantial equity
- Must reside in the home as primary residence (owner occupied)
- Undergo a financial assessment (underwriting will determine borrowers ability to meet their financial obligation including housing expenses)
- Home type must meet eligibility criteria (single family homes, 2-4 units if occupied by owner, some condos and manufactured homes)
- Mandatory counseling session
- Home must meet property condition standards
- Stay current on property taxes and homeowner's insurance
- Loan amount subject to specific limits
- Existing mortgage, if any, must be paid off using the reverse mortgage funds. (current mortgage is refinanced into the new reverse mortgage)
How do I know if I qualify for a reverse mortgage?
The best place to start is to give us a call or request a detailed and personalized proposal quote online. As licensed loan originators in the state of California, we can help review qualifications and eligibility requirements and what to expect if you decide to apply for a reverse mortgage. Give us a call at (888) 603-1550.
Facts About Irvine California Including Real Estate Prices and the Role of Reverse Mortgages
Irvine, California, located in Orange County, is a beautiful city with excellent schools and nice weather. The population of Irvine is around 313,000 per most recent US Census data. It's a pleasant place to live, offering parks, restaurants, and many entertainment and employment options. The city is also home to a local university, making it a great spot for students. In summary, Irvine is a fantastic Southern California city.
Four attractions to visit in Irvine
- Irvine Spectrum Center: A huge outdoor shopping and entertainment hub with shops, restaurants, and a Ferris wheel.
- Irvine Regional Park: A picturesque park with a lake, picnic areas, and a zoo in the nearby city of Orange.
- UCI Campus: A modern and unique university campus with art and computer science schools.
- Great Park: A big park with a balloon ride, carousel, and walking trails.
Irvine Real Estate Market and Reverse Mortgage Opportunity Created by Surging Home Prices
Home prices in Irvine and Orange County have "surged" in recent years. The extremely strong real estate market has pushed up home equity for many homeowners who today have more options than ever. If you're an older homeowner in Irvine and want to access some of your home's value without having to sell or move, a reverse mortgage could be a good option. These special loans are designed for older homeowners and, if you qualify, they let you use some of your home's value while still living there. You can use the money for things like bills or making your retirement better.
John Correll from Accurate Reverse Mortgage can help you with this. If you want to know more about how a reverse mortgage can work for you or what your choices are, just give us a call at (888) 603-1550. John Correll and his team are ready to provide you with the information you need to make a good decision.
Reverse Mortgage Company Serving Irvine, CA
More Resources on Reverse Mortgages For Homeowners in Irvine
Guidebook - Use Your Home to Stay at Home
Los Angeles County Resource Guide on Reverse Mortgages for Consumers
HUD Guidebook Reverse Mortgages
State of California Department Real Estate Guide For Consumers on Reverse Mortgages
Self-Evaluation Checklist - NRMLA
National Reverse Mortgage Lenders Association Guide to Reverse Mortgages
FAQ - Reverse Mortgage Questions
How old do you need to be for a reverse mortgage in Irvine and California?
To be a borrower for an HECM reverse mortgage, at least one borrower must be at least 62 years old. To consider a jumbo or 'proprietary' reverse mortgage, the borrower's minimum age requirement is 55 or older..
What are the home types that qualify for a reverse mortgage in Irvine, CA?
The borrower(s) must use the home as their main residence, which means it must be the place they live. Eligible home types include Single Family Homes, 2-4 Unit Properties where the borrower resides, many Planned Unit Developments (PUDs), certain condominiums, and some manufactured homes meeting specific criteria. The home will have an appraisal completed and must meet lender condition requirements to be acceptable collateral.
How long does it take to get a reverse mortgage?
Generally speaking it takes 30-60 days to get a reverse mortgage in California. There are a few steps which we can guide you through. Steps include: proposal/research, counseling, application, appraisal, underwriting, loan approval, closing and funding.
What are loan size limits on reverse mortgages in Irvine, CA?
HECM Lending Limit in Irvine, CA
At the moment, the present lending limit in California for an HECM stands at $1,149,825. Here's how it operates: eligible borrowers can access a portion of this lending limit, determined by factors such as their home's current value, the youngest borrower's age, the prevailing interest rate, and the specific type of reverse mortgage they choose.
Jumbo Reverse Mortgage Lending Limit in Irvine, CA
Today, the highest loan amount available for a Jumbo or "Proprietary" Reverse Mortgage is $4 million. This option can potentially provide a substantially larger loan amount compared to what an HECM offers, especially for clients with higher-valued homes. NOTE: there are expectations up to a $6 million loan amount depending on current market conditions.
Get the Facts About Reverse Mortgages from Our Expert Team Serving Irvine, Orange County and California
(888) 603-1550
Are You Considering a Reverse Mortgage in Irvine? Here's Why to Choose Us
Choosing the Right Reverse Mortgage Lender or Broker in California
This article reviews some of the key factors in selecting a reverse mortgage lender or broker in California. This guide simplifies the process, explaining what to consider when choosing a company to work with on a reverse mortgage from the loan officer, lender vs broker and what to look out for and avoid. Written from the prospective of a CRMP which stands for Certified Reverse Mortgage Professional.
Inflation in California and the Role of Reverse Mortgages
This article will explore ways a Reverse Mortgage in California may help combat the rising costs associated with inflation. Presented by John Correll, CRMP certified reverse mortgage professional in California.
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