A reverse mortgage can be an effective tool for giving seniors additional cash to live on using the equity in their home. However, it is not a decision to be taken lightly. It's important to work with an experienced originator who can help you assess your unique situation to determine if a reverse mortgage is right for you.
This material is not provided by, nor was it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA). It is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice.
This material is not provided by, nor was it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA). It is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice.
Services
Reverse Mortgage West (RMWest) is a California Department of Real Estate licensed broker authorized to originate single family mortgages in California. RMWest's focus is serving senior clients' retirement and life-stage needs through the Reverse Mortgage product. Our team of select, seasoned Reverse Mortgage Loan Officers is committed to serving seniors.
A Home Equity Conversion Mortgage (HECM) is the formal name of the federally-administered loan that many commonly refer to as the 'reverse mortgage' loan. The Home Equity Conversion Mortgage is administered by H.U.D. (The Department of Housing & Urban Development) and may help qualified homeowners 62 and older enhance their cash flow during retirement.
Do I have the financial resources to help my parents with their medical and living expenses?. What are my parents' wishes as to staying home if medical care is needed for an extended time? Will Mom and Dad use up my inheritance? While tapping into their home's value, your parents' home may appreciate in value, which could allow for some equity to be left at the end of the loan, but not always.
A reverse mortgage loan is not for everyone. We can provide detailed loan scenarios to you (with your client's permission) to help reach a decision that is aligned with the interest of all parties. We are upfront with all our clients about the advantages and disadvantages of a reverse mortgage. Proceeds received from a reverse mortgage typically do not affect Social Security or Medicare.
Many ask, "is a reverse mortgage a good idea?" While there can be speculation, our hope is that you become fully informed of this unique mortgage loan and make the appropriate decision for you and your family given your unique situation. It can be scary making a major decision about one of your biggest investments, the place that means the most to you.
Reviews (1)
Rita Cripe
Nov 26, 2018
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My husband and I decided that we wanted to investigate the possibility of acquiring a Reverse Mortgage for our home. We called Owen Coyle, who lives in our village and is listed in our Newsletter here. He responded immediately and determined from the information that we provided, that it would not be beneficial at that time. He suggested that we wait 6 months while he kept an eye on the market in our area. We had followed his suggestion to get a pre-appraisal on our home which confirmed that the timing was not yet right for us.
A few months later, Owen called us with good news about the possibility
A few months later, Owen called us with good news about the possibility
