Use A Reverse Mortgage To Stay In Your Home For The Rest Of Your Life
Stop Worrying About Losing Your Home, Use A Reverse Mortgage
“I Built My Home, Raised My Family, and I Wanted to Die There.”
A 79-Year-Old Grand-Father Kicked Out of His Home of 45 Years by Bank Foreclosure
The New York Times published a story on a man named Roy Johnson. At 79, he could no longer keep up with his $1,000 a month mortgage payments. With no way out, he had to abandon his home of 45 years where he raised his family and has a lifetime of memories.
Now, he’s forced to move into his daughter’s basement. He laments about not having enough storage for all his things and the pear tree that he used to make preserves. Tragically, he’s not alone…
Older Americans Are the Highest Group for Foreclosures
A recent study by the AARP disclosed that:
- 1.5 million older Americans lost their homes from 2007 to 2011
- About 3.5 million loans (16%) held by people age 50 or older were underwater
- 600,000 were in foreclosure
- Another 625,000 were 90 or more days delinquent
- A large percentage of these groups are people over age 75
Is This Happening to You or Someone You Know?
In just a moment, I’m going to share with you the solution to this growing problem.
But, it’s not getting any better. Lack of pensions, fewer companies offering retirement benefits, and rising costs have left millions of seniors without their homes and their dignity.
Which brings me to a recent run-in I had with a loan originator who proudly told me that, “I just refinanced an 80-year-old man.”
…And this 80-year-old man had a free and clear house with no mortgage payments!
I couldn’t believe it. I asked why he made this loan and the loan originator said,” We’re paying off all his debt with an affordable 30-year mortgage,” as if this was an incredible deal.
At 80, there’s little chance this man will see an increase in his income if he even has one. There’s an enormous chance that he will get behind on his mortgage and lose his home. It’s a trap.
I Don’t Want You to Fall Into the Mortgage Trap!
…especially if you are a homeowner over 62.
Hi, I’m John Lawrence, CEO of Premier Capital Mortgage (PCM). I’m also a licensed broker and member of the National Reverse Mortgage Lenders Association. I have over 20 years of experience handling reverse mortgages and other loans.
What that lender did was make a big commission on an elderly gentleman who had no business signing up for a new 30-year mortgage. There was a much better solution to that gentleman’s problem. It’s called a reverse mortgage or Home Equity Conversion Mortgage (HECM). But lenders don’t want you to know because it’s not in their best interest.
How Does a Reverse Mortgage Work?
Here’s how the Federal Trade Commission sums up a reverse mortgage…
“If you get a reverse mortgage of any kind, you get a loan in which you borrow against the equity in your home. You keep the title to your home. Instead of paying monthly mortgage payments, though, you get an advance on part of your home’s equity.
The money you get usually is not taxable, and it generally won’t affect your Social Security or Medicare benefits. When the last surviving borrower dies, sells the home, or no longer lives in the home as a principal residence, the loan has to be repaid. In certain situations, a non-borrowing spouse may be able to remain in the home.”
However, every homeowner’s situation is different. That’s why you need to call me for a no-obligation, free consultation to see if an HECM loan is right for you.
What the Banks, Government, and Mortgage Companies Won’t Tell You
If you are 62 or older, own your home or have it nearly paid off, then a reverse mortgage can be the right choice to save your home. If you qualify, then you are only responsible for the taxes, utilities, and regular maintenance. There are no more mortgage payments and…
Because the money comes from the home’s equity, it’s usually tax-free and will not reduce your Social Security or Medicare benefits. The loan is not repaid until you or your spouse sell the home, moves out, or dies.
You Can Stay In Your Home For the Rest of Your Life!
With a regular mortgage, you’re on the hook to pay the mortgage payment every month or risk losing your home. If you are over 61, do you want another 30-years of mortgage payments?
4 Ways A Reverse Mortgage Can Save Your Home
The Federal Housing Administration (FHA) backs reverse mortgage loans or HECMs. Unlike a conventional mortgage where you can literally sign your life away, with a reverse mortgage, you must get counseling before you sign anything. It’s the law. So you know everything upfront, and there are no surprises.
Consider these advantages of an HECM over a traditional mortgage:
- HECM lets you live with dignity in your home for as long as you want.
- You have no more monthly mortgage payment.
- You continue to own your home, subject to a lien by the lender, just as with the original mortgage.
At PCM Loans, we have multiple reverse mortgage options. Our rates and fees may be lower than you expect.
Get All the Facts Before It’s Too Late!
Of course, this is a financial instrument. You need to get all the facts before you take out any mortgage. That’s what I do best. I’m a reverse mortgage specialist, and I can help you find out if this is right for you.
Don’t Get Pushed Out of Your Home!
To learn more about reverse mortgages in California, go to the source and call me, John Lawrence at (951)789-2252. Or just click the button below and leave a message 24 hours a day, 7 days a week and I’ll get back to you.
I promise you will get all your questions answered and there is no obligation.
I look forward to serving you,
CEO & Licensed Broker – BRE #01864769 and NMLS # 366413
P.S. – If you own a home and you are 62 or older, find out if a reverse mortgage is right for your situation. Call today to make an informed decision. You’ll get complete information on how to keep your home. Call (951)789-2252 or click below.