Reverse Mortgages Have Come A Long Way Over The Years and Now Many Will Be Using Them as a Financial Tool
Participants Can Defer Date for Social Security to Collect More, Help Pay For Long Term Care, Downsize to Make a Purchase and More
This is the Simi Valley Real Estate Answer Man show coming to you from Sunny Southern California. This is the podcast where we talk about buying and selling real estate, we discuss investing in real estate, renting, leasing, landlord and tenant rights, as well as California Real Estate law, we discuss home improvement, going green, Is it a good Idea to put solar Solar Panels on your roof? If it has anything do with putting a roof over your head, or somebody else’s head, we talk about it and much more on this show. So, let’s get to it right now!
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I’m Barry Kessler, thanks for joining me, and I’m a Real Estate Agent licensed in the state of California and today I will be talking with Mark Richardson with CSMC Mortgage in Thousand Oaks California about reverse mortgages, and about the creative ways they are being used not only as a tool to help preserve someone’s home when they can no longer afford to make payments, but as a financial tool as well. It can be very interesting as you will find out.
So, let’s go right now to Mark Richardson, and learn about Reverse Mortgages.
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What is a reverse Mortgage?
A reverse mortgage allows a Homeowner to convert equity to cash without generating a payment.
Safeguards Against Fraud
In 2015, rules changed where you can’t lose your house
Applicants have to go through an education process prior to filling out an app
Who is Eligible for a Reverse Mortgage?
- Over age 62 with equity in the home
You Can Choose to use a Reverse Mortgage as a Financial Tool
- Tax Free Cash
- Maintain Home Ownership
- Pay for Long Term Care
- Defer SSI Payments
- Downsize to Make a Purchase
- Preserve the Nest Egg
- Increases Your Monthly Income.
- Reverse Purchase on a Replacement Home
Be Sure to Involve your financial planner and tax people as well as your children before choosing to go with a reverse mortgage.
Primary residence have to live there 6 months out of the year. Can’t rent it out.
Not personally libel for a bad decision from the bank, nor your heirs.
All right, I have Marks information, contact info in the show-notes for this episode of the Simi Valley Real Estate Answerman Show.
You know, I also have had experience with a reverse mortgages with my parents. My mom and dad were able to travel and see the world while being able to live in their home after retirement. Both had limited savings for retirement so when my dad stopped working at age 75, and with the equity they had in their home, they were able to get a reverse mortgage, and when my mom passed away, and my dad needed to go into assisted living, we were able to sell his home, and take what equity he had left, which was about 100,000, and is currently using those funds to supplement his pension income, making it possible for him to make ends meet without having to burden his children.
So you see, he got the advantage of the reverse mortgage, and the proceeds from the sale of the house in the end.
Okay, that is it for this episode of the Simi Valley Real Estate Answer Man show. Thanks to Mark Richardson for all that great information, and thank you for listening the whole way through. Stay tuned for and download all my other podcasts. In the meantime, just visit my website at barrykessler.com, or SouthernCaliforniaRealEstateAsnswerMan.com and see my blogs, listen to my podcasts and watch my YouTube videos.
Remember, I am a real live Real Estate Agent, I work with my wife Debra, also Top Producers with our brokerage. When you work with us, you get two agents for the price of one. If you are looking to buy or sell a home in Southern California, especially in the San Fernando Valley, Simi Valley Moorpark, Thousand Oaks and Agoura, The Kessler Team is here to represent and serve you with top notch service, and all of the finest tools in the Real Estate industry, plus tools of our own that no others can match. And for more information on Simi Valley, and the San Fernando Valley and the surrounding areas, catch my podcast, Simi Valley Life. A personal look into the area in southern California I call home. That’s www.simivalleylife.com, and listen to it wherever you listen to your podcasts.
Barry & Debra Kessler
Mark Richardson of CMC Mortgage on Reverse Mortgages
About Mark Richardson of CSMC Mortgage
3200 E Los Angeles Ave #23, Simi Valley, CA 93065
- Phone: 805-304-5626
BRE 01173987 | NMLS 238158