Call Dan Casagrande Today to Discuss Your REverse mortgage Options
Borrower must occupy home as primary residence and is responsible for payment of property taxes, homeowner’s insurance, the costs of home maintenance and any HOA fees.
The amount of funds available are based on a number of factors including the product you select. The proceeds available are calculated based on the youngest homeowner's age, current interest rates and the lesser of the appraised value of your home, sales price of FHA Maximum Lending Limit. Currently the FHA Maximum Lending Limit is $625,500.
If you currently have a mortgage on your home, the proceeds from the Reverse Mortgage is used to eliminate your current mortgage, in many cases homeowner's obtain a Reverse Mortgage for this reason alone.
A Reverse Mortgage doesn't typically impact your Social Security or Medicare benefits, but benefits do vary state by state, be sure to consult a benefits professional.
The Reverse Mortgage becomes due and payable when the last remaining homeowner sells the property, permanently vacates the home or passes away.
Yes. With a Reverse Mortgage Purchase Loan, qualified homeowner's use their loan proceeds to purchase the home. Typically for downsizing or relocating to an active adult community or moving closer to their families.
• Copy of Driver’s License or photo ID
• Copy of Social Security or Medicare card
• Proof of current year’s Property Tax payments
• Copies of last two year’s Federal Tax Returns
• Copies of last two year’s W-2’s and last 30 days pay stub, if currently employed
• 1099 Statement for Social Security & Pension income received
• Copy of Homeowners Insurance Declaration page
• Copy of checking, savings, and investment account statements
• Copy of both sides of current Mortgage Statement (if applicable)
• Copy of Living Trust, Original POAs, Guardianship and Death Certificates (if applicable)
• Copy of HUD 1/Settlement Statement for current mortgage.
(If unavailable, sign Borrower Non-HECM Loan Certification form)
Other documents may be needed as part of the loan process.
Your loan officer will advise you of any other documentation needed.
*Any information gathered is held in the strictest confidence and is only used for the purposes of determining your eligibility for HECM loan.
Santa Cruz, CA 95062