Reverse Mortgages Available in Santa Cruz & San Jose, Ca
Also Serving Monterey and Campbell
WHY USE A Reverse mortgage?
• At least one borrower must be 62 years of age or older
• Borrowers 62 or older with a spouse under the age of 62 may still qualify with a Non-Borrowing Spouse provision
• Own your house or condominium as your current primary residence
• Home value allows for payment of existing mortgage and closing costs
• Meet minimum credit history guidelines
25 Ways to Use a reverse mortgage
1. Pay off your mortgage to eliminate your monthly mortgage payment*.
2. Remodel your home to accommodate aging in place.
3. Maintain a line of credit (that grows) for health emergencies and surprises.
4. Cover monthly expenses and hold on to other assets while their value continues to grow.
5. Cover monthly expenses and avoid selling assets at depressed values.
6. Pay for health insurance during early retirement years until Medicare eligible at 65.
7. Pay your Medicare Part B and Part D costs.
8. Combine life tenure payments with Social Security and income generated by assets to replace your salary and continue a monthly routine of paying bills from new income.
9. Pay for your children’s or grandchildren’s college or professional education.
10. Maintain a "standby" cash reserve to get you through the ups and downs of investment markets and provide more flexibility.
11. Combine proceeds with the sale of your current home to buy a new home without a mortgage and monthly mortgage payments.
12. Pay for long-term health care needs.
13. Fill the gap in a retirement plan caused by lower than expected returns on your assets.
14. Pay for short-term in-home care or physical therapy following an accident or medical episode.
15. Pay for a retirement plan, estate plan or a will.
16. Convert a room or basement to a living facility for an aging parent, relative or caregiver.
17. Set up transportation arrangements for when you are no longer comfortable driving.
18. Create a set aside to pay real estate taxes and property insurance.
19. Delay collecting Social Security benefitt until payments are maximized.
20. Consolidate credit card debt.
21. Cover monthly expenses between jobs without utilizing other saved assets.
22. Cover expenses and avoid capital gains tax consequences of selling o other assets.
23. Purchase health-related technology that enables you to live at home alone.
24. Help your adult children through family emergencies.
25. HAVE FUN! Buy a new car, take a dream vacation and enjoy your retirement.
* Your loan will become due if you no longer live in your home, fail to pay property taxes or homeowners insurance premiums, or do not keep your home in good repair.