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Dan Casagrande
Santa Cruz, Scotts Valley, San Jose, Los Gatos, Aptos, Monterey, Carmel, Salinas, Morgan Hill
Santa Cruz, Scotts Valley, San Jose, Los Gatos, Aptos, Monterey, Carmel, Salinas, Morgan Hill

Reverse Mortgages Available in Santa Cruz & San Jose, Ca

Also Serving Monterey and Campbell

Reverse Mortgages for the San Jose CA, Area
If you are in need of more accessible income, then a Home Equity Conversion Mortgage (HECM) could be used with your Santa Cruz, Monterey Campbell, or San Jose, CA house. A popular alternative to reverse mortgages, equity conversion loans allow seniors to borrow money against the value of their houses. Here at Retirement Funding Solutions, we help seniors appraise their homes so they can secure Federal Housing Administration (FHA) insured loans. These federally regulated plans have lower interest rates and do not require payments until you leave the house. FHA regulations also make sure that you will never owe more than the value of the loan itself. 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.

WHY USE A Reverse mortgage?

There are several advantages to having a federally regulated agreement as opposed to a privately funded mortgage.We offer a variety of payment plans, and in any case you can count on the loan to be repaid by the sale of your home. We can also customize your arrangements for the loan to make it easier on you. We can help formulate lump sum payments or monthly installments based on your preferences. We can also assist in finding options with minimal interest and work within your line of credit. Retirement planning has never been less stressful.
One of the most overlooked yet beneficial features of the HECM is the line of credit. Unlike traditional home equity lines of credit which can be closed or reduced, this special credit line is secured and cannot be reduced if home values decrease or if interest rates increase. Many homeowners, like yourself, have set up the line of credit for use by the surviving spouse to offset loss of income and much more. With the HECM line of credit, you are only charged interest and insurance on the funds that you use in your HECM loan. Your financial planner may consider strategic withdrawls with outlined strategies where retiress may choose to use part of their credit rather than take income from investment accounts whose value may be declining in a given year. The HECM line of credit is available when you need it. 
You may qualify if:
•    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.

learn more about reverse mortgages today IN THE Santa cruz & san jose, CA area

We can ensure you a plan that meets your financial needs. Our expertise with federal and state regulations mean that you can apply for an HECM in Santa Cruz, Monterey, San Jose or Campbell with the confidence that your finances will be secure. You don’t need to keep struggling with monthly bills when solutions are available. Please call us at 831-423-2900.

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    Retirement Funding Solutions
    1414 Soquel Ave
    Santa Cruz, CA 95062
    Phone: 831-423-2900
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    Business Hours

    Open 7 Days a Week