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Alexander Pfleger
Real Estate Broker
P: 858.483.4687
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Reverse Mortgages offer great benefits for the right homeowner.

Do you know of a friend or family member who is 62 and older and is house rich with equity, but living on a modest income or social security, barely able to pay their bills and live the lifestyle they desire?  San Diego is an expensive city to live in and I find this is sometimes the case. There is a lot of life left past 62! A HECM mortgage (Home Equity Conversion Mortgage) is a federally insured mortgage designed and built with protections to protect the home-owner. Many changes have taken place over the years to increase these protections. Here are some summary high-lights.

Must be 62 years or older. Mortgage payout is based on age.

Flexible payouts to include a lump sum fixed rate. Monthly payment to borrower (annuity) or Line of Credit options to allow for safety net for emergencies. Line of credit increases as value increases. Social Security not affected. 

Easy qualifying based on ability to pay property taxes, insurance, current monthly obligations and maintenance of home. This loan pays off your current mortgage with NO MORTGAGE PAYMENT for the entire time you own the home thus qualifying much easier. Never owe more than your home is worth! Live in the home for the rest of your life!

Proprietary Non FHA program for those who qualify for up to 4 million loan amount that also includes debt consolidation.

Purchase a home using a Reverse Mortgage! Instead of paying all cash when downsizing or buying that primary residence beach cottage, why not put down 50 or 60 percent and never have another mortgage payment while using the other money to invest or enjoy the remaining 38 to 40 years of your life? Remember that over those years the value of your home is increasing as well! Call Alexander to discuss at 619-339-7334, fill out the contact form below, or email [email protected].

 

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Office: 858-483-4687 | Cell: 619-339-7334 | Email: [email protected] | CA BRE #01043581 | NMLS# 373603

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