Move Forward With Reverse
As a homeowner, you worked hard for many years for your house. In the process, you built a lot of equity that you can now access to enjoy your retirement and have financial peace of mind. You can payoff your existing mortgage and increase your monthly cashflow, supplement your retirement income, take a well deserved vacation and more! It’s time to make your house work for you with a Reverse Mortgage.
Castulo Romero
Reverse Mortgage Division Manager
NMLS# 582981, DRE# 02096574
Get the Most Out of Your Reverse Mortgage
I can help you understand how a reverse mortgage works and give you the pros and cons to make an informed decision about whether or not this type of loan is right for you.
learn
What is a Reverse Mortgage?
Reverse Mortgages are loans that were designed for senior citizens to help them make the most out of their retirement years. There are two types of reverse mortgages today: The Federally insured reverse mortgage also known as the Home Equity Conversion Mortgage or HECM and Proprietary Reverse Mortgages that can be used by anyone over the age of 55. A HECM loan is for those people over the age of 62 who own a house that is either free and clear or have a small mortgage balance on it. The way it works, a homeowner can convert some of their home equity into tax free cash that can be used to supplement their income, make home repairs, travel and much more. With a reverse mortgage, the homeowner has several payment options to chose from such as a lump sum distribution, monthly payments payable to the homeowner, a growing line of credit or a combination of all these options. What makes the reverse mortgage unique is that the homeowner retains title to the home and makes no monthly mortgage payments for as long as they live in the house or until they sell it or move away. The only payments that the homeowners is required to make are the property taxes, homeowners insurance and HOA dues if applicable.
Proprietary Reverse Mortgage loans are loans that serve a specific segment of the senior population such as those who are over the age of 55, own properties over 1.5 million dollars or who want to take a reverse mortgage behind a low interest rate first mortgage. We will explain these loans in more detail later on.
Retire on your own terms
What Can You Do With a Reverse Mortgage?
With a reverse mortgage, you can use the funds for anything you can think of. Many people use the money to travel, make home improvements, pay off bills and debt, or just to free up some extra cash.
Asset Strategy
In-Home Care
Social Security
Home Purchase
Home Repair
Roth Conversion
Mortgage Payoff
Gift
Growing Line of Credit
How Do Reverse Mortgage Work?
Unlike traditional mortgages where the borrower is obligated to make mortgage payments to the lender, a Reverse Mortgage provides the borrower with 4 options:
1. The borrower can receive payments from the lender based on their desired payment schedule
2. The borrower can select to not make monthly mortgage payments (must still continue to pay property taxes, HOI, HOA dues)
3. The borrower can continue to make payments in the amount and frequency that aligns their financial preferences
4. Combination of the above 3
When the homeowner passes on, sells the home, or moves, the loan will need to be repaid. This is usually done by using the proceeds from the home sale to repay the loan. If your heirs do not wish to sell your home, they can choose to refinance or simply pay off the mortgage without selling.
HECMs, which are backed by the FHA, are considered non-recourse loans. This means that in the event the loan value exceeds the value of the home, the lender cannot collect more than the value of the home. FHA insurance will take care of the remaining amount.
Benefits of Home Equity Conversion Mortgages (HECMs)
Home Equity Conversion Mortgages, or HECMs, are the most common type of Reverse Mortgage. HECMs are insured by the Federal Housing Agency (FHA) and can provide additional financial security while allowing senior homeowners to stay in their home.
1. No monthly mortgage payments required¹
2. Continue to live in and own the home
3. Home must be the principal residence
4. Non-recourse loan protection
5. Your home must meet minimum property standards set forth by HUD
6. Required independent, government-approved housing counseling
7. HECMs are only available to homeowners who are 62+
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Castulo Romero
Reverse Mortgage Area Manager
Meet Castulo
I work hard to find the right solutions for my clients.
I started my Reverse Mortgage career by helping a dear friend of mine obtain a Reverse Mortgage 18 years ago. Once I saw how it helped her improve her life and the financial stability the Reverse Mortgage gave her, I decided to specialize in Reverse Mortgages only. After 18 years of helping seniors achieve financial independence and improve their quality of life, I continue to work hard for my clients by making sure I find the right solutions for them while providing excellent customer service.
Our Reverse Mortgage Loan Programs
Home Equity Conversion Mortgage (HECM)
A Home Equity Conversion Mortgage (HECM), is the only federally insured reverse mortgage for homeowners 62 and older. This loan allows you to convert part of your home equity into cash.
Jumbo Reverse Mortgage
This is a great solution for seniors who own high-value homes and want to access more equity than a HECM.
Reverse Mortage For 55+
Among the suite of products we offer, we have reverse mortgages for people over the age of 55. We’ll be happy to discuss all options available to you.
Reverse Mortage For Purchase
Among the suite of products we offer, we have reverse mortgages for people over the age of 55. We’ll be happy to discuss all options available to you.
You Can Now Retire Comfortably On Your Own Terms
Let us help you discover what is possible with a reverse mortgage today.
Testimonials
What People are Saying
Reverse Mortgage Learning Center
Reverse mortgages can be complex loans. We strive to educate and empower you to make sound decisions for yourself and your family through our learning center.
Reverse Mortgage Process
It’s Easy to Get Started!
1
Get In Touch
Give Castulo a call or schedule a free consultation.
2
Qualification & Application
Once you meet the qualifications, you can start the application process.
3
Processing & Funding
Once the application goes through processing, you’ll receive the funds.
