Reverse Mortgage Loans Reverse Mortgage Loans As homeowners reach retirement age they sometimes find that living on a fixed income isn’t always sufficient to manage unexpected expenses or rising inflation. If you are a homeowner whose funds are stretched thin or you have an extraordinary event such as a chronic illness, a Reverse Mortgage can be an effective solution to reduce stress, keep you in your home and help meet expenses. A Reverse Mortgage, also called a Home Equity Conversion Mortgage (HECM) allows homeowners aged 62 or older to supplement their income by converting their home equity into cash. Through a reverse mortgage, homeowners retain the title to their home but borrow against equity. The money obtained through a lender usually comes in the form of monthly payments, a lump sum or as a line of credit, whichever you prefer. This money is generally tax-free to you. As long as you live in the home the reverse mortgage loan does not need to be paid back. However, the loan will come due when the last borrower passes away or no longer lives in the property. Other events that can cause the loan to become due are; a failure to pay property taxes or homeowner’s insurance for the home or you no longer use the home as your primary residence.When the last surviving borrower dies, sells the home or moves out of the home, the loan will become due. Your heirs will have the option of buying the home, refinancing the mortgage to a conventional mortgage or selling the home. If you are thinking about whether a Reverse Mortgage may be a good option for you, reach out to the mortgage professionals at Integrated Lending. With over 20 years of experience helping California Homeowners the ILG team will help guide you to make the best financial decision for your unique needs. A. AlbaWhittier, CA Read More "Nick has been an absolute joy to work with. His INTEGRITY and HONESTY along with his diligence has made me a happy customer. He follows through on his promises and really CARES about the customer. Excellent customer service. Thank you Nick!" T. FlavinRiverside, CA Read More "Being an Escrow Officer, I come across many loan officers and I have to say Nick was TOP NOTCH from the beginning of escrow until the end. He constantly updated everyone and made sure all parties involved knew exactly what was happening. His WORK ETHIC and CONSTANT COMMUNICATION was OUTSTANDING and appreciated, especially by an Escrow Officer like myself!" SeapatGarden Grove, CA Read More "Anthony is very helpful in EXPLAINING EVERY STEP in the mortgage loan process. This is the 2nd time I have worked with Anthony. He is a PLEASURE TO WORK WITH and I highly recommend him," SandraHayward, CA Read More "Anthony was able to help me refinance my home even though I'm on a limited income. He was PROMPT and FRIENDLY, and I couldn't imagine the process could have gone any easier. I would not hesitate to work with him again!" Previous Next Call Us Today! 1-714-696-6773 Disclosure: (1) If you qualify and your loan is approved, a HECM Reverse Mortgage must pay off your existing mortgage(s). With a HECM Reverse Mortgage, no monthly mortgage payment is required. Borrowers are responsible for paying property taxes and homeowner’s insurance (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must also occupy home as primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan becomes due and payable when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, or defaults on taxes and insurance payments, or does not comply with loan terms. Call 714-696-6773 to learn more. A Reverse Mortgage increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). These materials are not from HUD or FHA and were not approved by HUD or a government agency. (2)Social Security benefits estimator available at www.ssa.gov/estimator.