You know the bank is going to make money on the Reverse Mortgage, right?
Welcome to iReverse Home Loans, LLC
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Welcome to my Reverse Mortgage website. My name is Deborah Nance and I am a Reverse Mortgage specialist. Let me start by saying there are many reasons to consider a Reverse Mortgage and many reasons why a Reverse Mortgage may not be right for you. I believe in no pressure conversations regarding a Reverse Mortgage. In fact, the fist time we meet I bring nothing to sign. Obviously I have passion for Reverse Mortgages. My favorite part of my job as a Reverse Mortgage Specialist is the feeling I get when we sign the final loan documents and we say, “bye, bye Wells Fargo” or “bye, bye Chase” no more house payments. Not everyone has a mortgage to pay off. In some cases I'm able to help supply cash flow to my clients. It makes a retirement that can be financially stressful a little easier to manage. A Reverse Mortgage can really help people have peace of mind and that makes me feel great. It changes their life and I’m happy to be a part of that. If you have any questions simply give me a call. I am happy to provide as much information as I can to help you make the right decision.
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How Does a Reverse Mortgage Work?
What problems can a reverse mortgage solve?
The most common problem that a reverse mortgage can solve is the problem of a house payment that is causing havoc with a homeowners budget.
Reverse Mortgage Pros and Cons
Today I'm going to talk about the Pros & Cons of a reverse mortgage...
Reverse Mortgage Interest Rates
What is the interest rate on a reverse mortgage and how does it compare to interest rates on regular mortgages?
Reverse Mortage Scams
Be a smart consumer, do your homework!
Reverse Mortgage Calculator
First of all, if you value your privacy and hate telemarketing calls be very careful about filling out forms online that promise to send you reverse mortgage calculations.
What is a Reverse Mortgage?
It sounds pretty good, maybe even too good.
Reverse Mortgage Closing Costs
How Much Does A Reverse Mortgage Cost?
Why I Love My Job
It changes their life!
I recently received a call from a couple in Hemet. They are interested in finding out how a reverse mortgage can improve their retirement. I'm excited to meet with them because they have already improved their financial situation greatly by paying off their mortgage and now own their home free and clear. They receive Social Security and a small pension but don't have much in savings and are thinking about whether or not a reverse mortgage would help them to have a more secure retirement. I certainly think so and would love to hear your comments.
In their situation they have a home worth $350,000.00 and they are both 75 years old. My proposal to them will read like this. $10,000.00 in cash at closing to beef up their savings account and then a growing line of credit in the amount of $205,555 for emergencies. They could also opt for monthly tax free cash of up to $1300.00 for as long as they live in the home.
The costs for the loan will run $9795.00 including upfront mortgage insurance, closing costs and origination fee.
If they do not touch the line of credit, in about 10 years they will have access to a line of credit that started at $205,555.00 and would likely grow available credit of over $350,000.00*. That could certainly come in very handy to pay for home health care if they need it (or any other emergency for that matter). Basically like a self funded long term care policy. Now, truth is the cost of skilled nursing care in their area averages at $78,475.00 per year according to the Genworth Long Term Care - California Riverside County website cost of care table. And the American Association for Long Term Care estimates that 44.8% of applicants in this age group are denied long term care insurance.
I think a reverse mortgage at this time would provide them with a source of emergency funds and peace of mind. What do you think?
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