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Reverse Mortgage
 
 
 
 

What is a reverse mortgage?

A financial tool that enables senior homeowners to harvest the equity they have grown in their homes, turning that equity into needed cash today without selling the home.

  • All homeowners must be aged 62 or older
  • No income or credit requirements
  • No mortgage payments
  • Receive tax-free* loan proceeds via several options
  • Retain ownership/title
  • Loan due when you sell the home or permanently move out
  • Non-recourse loan - Amount owed will not exceed home value

Why consider a reverse mortgage?

  • Access additional retirement funds
  • Pay for health care costs
  • Pay for in-home care
  • Pay off high-cost credit card debts
  • Pay off existing mortgage and eliminate payments
  • Replace taxable IRA withdrawals
  • Pay for a grandchild's education
  • Home improvement or modification
  • Purchase a home
  • Improve quality of life

Find out about new reverse mortgage loan products that fit higher valued San Diego homes. Contact us for a free, no-obligation consultation on your reverse mortgage options.

Learn More

*Consult your tax advisor
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News
 
NRMLA Responds to NBC News Segment

The National Reverse Mortgage Lenders Association submitted a letter to NBC Nightly News with Brian Williams after the network aired a segment on reverse mortgages January 9 that contained several inaccuracies and caused concern among our members and the seniors we serve. Much of the adverse coverage centered on a single borrower  who purchased a "deferred" annuity after the reverse mortgage closed. Unfortunately, in the report, the annuity purchase was incorrectly characterized and positioned as part of the reverse mortgage transaction. Another inaccuracy related to a statement that the bank could take the borrower's home if she outlived her equity. This is misleading and incorrect. A reverse mortgage borrower retains title to their home and can live there as long as they wish, regardless of the balance of equity.
 
Reverse Mortgages: The Choices Expand
Wall Street Journal: Nov. 13, 2007
 
Seniors tap home equity with reverse mortgages
The Post and Courier (Charleston, SC) - Nov. 4, 2007
 
 
 
       

A division of Hurst Financial Corporation, FHA Approved Lender, California Dept. of Corporations, California Finance Lender License #603E148

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