Reverse Mortgage Vista

Vista Reverse Mortgages

   

As a trusted and leading local reverse mortgage company, we are proud to serve the reverse mortgage needs of both Vista, CA and the entire state of California. Our primary focus is to help provide quality education and personalized reverse mortgage solutions. As a local reverse mortgage firm in San Diego County, we offer a wealth of expertise and offer in-home appointments and face-to-face meetings with clients and families. If you seek a genuine specialist in reverse mortgages, John Correll has over 25 years of mortgage experience and holds the distinguished CRMP (Certified Reverse Mortgage Professional) designation.

  

Navigating Home Equity Solutions in Vista, CA Through Reverse Mortgages

   

In recent years, Vista, California has experienced a substantial increase in property values, creating the potential for homeowners to use some of that equity in retirement. If you've been a homeowner in any part of California for the past few years or decade, it's quite likely that you've accumulated a valuable asset in the form of home equity. As inflation impacts many aspects of life, it can create an extra challenge for those in retirement.  Today, more and more older homeowners are turning to reverse mortgages as a means to access a portion of the wealth tied up in their Vista, CA properties.

  

Are you looking for an experienced specialist in reverse mortgage strategies? We invite you to connect with John Correll who is local here in San Diego County. Unlike many of the larger lenders located out of state or far away, we are local, which makes starting a meaningful conversation easy. John Correll, a seasoned veteran with over 25 years of experience in the mortgage industry, has devoted his career exclusively to reverse mortgages and has been successful assisting other clients in Vista, CA. We encourage you to reach out for a phone consultation or even schedule an in-home meeting at your convenience.  (619) 294-9820  or (888) 603-1550.

   

Offering Personalized Reverse Mortgage Services in Vista, CA, San Diego County and all of California

Best way to explore what a reverse might do is request a personalized quote.

John Correll, CRMP

Certified Reverse Mortgage Professional

Over 25 years mortgage experience.

Call or text today to get started:  (619) 294-9820 

From San Diego to entire state of California: Your Premier Local Source for Reverse Mortgages

Open the Door to Financial Freedom with a Reverse Mortgage in Vista and California

    

Whether you own a home in Vista, California, or anywhere else in the state, if you're thinking about ways to improve your retirement finances, a reverse mortgage could be a good option to consider. It has been specifically designed for older homeowners, and today's reverse mortgages have appealing choices for homes with higher values in California, which can allow many to take advantage of the recent real estate value increase over the past decade.  To find out if you qualify and what a reverse mortgage might look like - simply give us a call and start the conversation.   (619) 294-9820 | (888) 603-1550

  

 7 Common Questions About a California Reverse Mortgage

  

What is a reverse mortgage?

  

A reverse mortgage is a loan that can allow some homeowners aged 62 or older to convert a portion of their home equity into cash while retaining homeownership.  (some loan choices offer min age 55)

  

How much money can I receive from a reverse mortgage?

    

If you qualify, the amount you can receive depends on factors like your age, home value, and current interest rates. Generally, the older you are and the more your home is worth, the more you can borrow.

   

What are the eligibility requirements for a reverse mortgage?

  

To be eligible, the borrower must be at least 62 years old (age 55 on some products), own the home outright or have substantial equity, live in the home as primary residence and pass some financial assessment requirements.  (not a complete list)

   

Do I need good credit to qualify for a reverse mortgage?

  

Not necessarily. The underwriting on reverse mortgages uses common sense underwriting approach.  The loan underwriter will conduct something called "financial assessment" to review credit history and income.  In cases where there is a financial assessment "fail", there are options to still qualify.  The borrower could prove "extenuating circumstances" if something happened beyond the borrowers control or by establishing a set-aside account so the reverse mortgage is safer and setup to pay future and ongoing property charges on behalf of the borrower like property taxes and homeowners insurance.  

   

What happens when I move out of the home?

   

When the last borrower moves out of the home permanently (e.g., due to selling, moving to a long-term care facility, or passing away), the reverse mortgage becomes due and payable. The loan is typically repaid from the proceeds of sale of the home by the borrower or heirs - or there are other options like refinancing the reverse mortgage loan amount or using other assets to satisfy the loan balance.  Loan servicing will map out all the options to the heirs or estate so they can make the best decision for themselves.

   

Are reverse mortgage proceeds taxable?

   

Reverse mortgage proceeds are typically not considered taxable income, they are considered loan proceeds and not a source of taxable income.   (not tax advice - borrower should consult their tax advisor) LINK TO IRS WEBSITE RULES ON REVERSE MORTGAGES

   

What are the fees associated with a reverse mortgage?

   

The costs and fees may include origination fees, mortgage insurance premiums, closing costs, and servicing fees. Fees can vary by product type and lender.  Its best to get more than one quote.   HELPFUL TIP:  closing costs can often times be substantially lower with the proprietary jumbo reverse mortgages because they do not have MIP (mortgage insurance premium fees).  Comparing them side-by-side can be prudent.  We can provide a quote on both products.