WHY REVERSE?

You have probably heard me discussing Reverse Mortgages before. One of the reasons is that a lot of people who reach the age of 55+ are in special need of money, and oftentimes the only source they have is the accumulated equity in their prime residences like single family homes, or 1-4 units, or condominiums.

The reasons for getting reverse mortgage can vary. I have recently helped a client who inherited the house from her deceased brother and decided to move there. There was an existing mortgage and she had limited Social Security income. There was a lot of work on our side, but at the end she received a reverse mortgage without monthly payments.

During our staff meeting last week, we talked with Pete Kulis who works for Mutual of Omaha, the lender who specializes in HECM (Home Equity Conversion Mortgage) offered through FHA. I encourage you to follow this link to watch an eight-minute piece of Pete’s presentation he called “Reverse Simplified”.

With any questions on the subject, please call me at (415) 225-7920. Or send me an email at mannykagan@comcast.net.

I promise to help!

Manny Kagan,
President,
Pacific Bay Financial Corporation

NMLS #205637
DRE #00824602