We are California's "Discount Reverse Mortgage Group". With our innovative approach, we offer you the ability to compare every reverse mortgage program from all the top lenders. This enables you to pick the reverse mortgage program that works best for you all for a discounted cost.

Our Selection Advantage

Not only do we qualify all of our clients for the exclusive discounts, but we also offer the best FHA HECM reverse mortgage programs available. Normally when receiving such substantial discounts one might think the programs come with higher interest rates or margins. This is not the case at our company. This company was established to offer the best available reverse mortgage, period. Since we have access to all the top lenders programs we can truly offer you the best reverse mortgage in the industry.

Our Experts Advantage

Our advisors specialize specifically in reverse mortgage lending within California. We have a wide based knowledge of all the government insured FHA/HUD HECM reverse mortgage programs. Since our only focal point is on the reverse mortgage industry we always have the latest news, programs and benefits being offered. With the many changes that take place from month-to-month with reverse mortgages it is very important that you trust a team who can access different programs from all the top lenders.

Our Personal Guarantee Advantage

We can offer you the best reverse mortgage experience possible. We're so sure that you'll feel satisfied with our service that we cover all costs of the loan even if you decide to walk away during the process. This is our way of showing the commitment we have with each and every one of our clients throughout the entire loan process.

California Leader.

we only offers Reverse Mortgages in our native state of California. With our expertise, discounts and locality it is no wonder why we are becoming the #1 choice. Who else will work tirelessly for you all day when it is 72 and sunny? Reverse Mortgage Senior Income

When terms of a loan are clearly illegal, violating predatory lending laws that were in place when the loan was made, one of the first courses of action is to see if a lawsuit can be brought against the lending company, saving the senior’s home that way, said Bronwyn Belling, former national program coordinator for the Reverse Mortgage Education Project at the AARP Foundation.
Many loans aren’t technically illegal, but it’s obvious that they shouldn’t have been made to an older person on a fixed income. That’s when Grauer presses for a reverse-mortgage payoff.
The second hurdle is arranging the reverse mortgage itself.
Traditionally, these loans are used to give people with little or no mortgage debt a lump sum or monthly income to pay expenses while they live in their home. The older the homeowner and the higher the home equity, the more money a reverse mortgage will yield.
But when there’s a big mortgage, combined with today’s dropping home prices, the homeowner may have little or no equity. In that situation, a reverse mortgage can be difficult to get.
Why not a reverse mortgage?
Even for those who qualify, reverse mortgage loans aren’t always the best option.
• They’re very expensive because most of the loan fees are based on the full value of the home, up to a national program limit of $625,500. In conventional mortgages, fees are based on a percentage of the amount you can borrow.
• Accrued interest payments are not tax-deductible until the loan is repaid in full, usually at some point in the distant future.
• Since the loan grows larger over time, it may be difficult to leave the home debt-free to an heir.
Every homeowner who receives a federally insured Home Equity Conversion Mortgage, the most popular type of reverse mortgage, must first receive counseling from one of the government or nonprofit housing counseling agencies approved by the U.S. Department of Housing and Urban Development.

If you’re facing foreclosure, coming up with a monthly mortgage payment may seem an impossible task, especially if you’re retired with limited money coming in. The solution may be right in your own home, through the careful use of a reverse mortgage.
Unlike a regular mortgage, which requires that you repay a lender for a loan to buy a house, a reverse mortgage is a loan to you that’s secured by the value of your home. The loan is normally repaid, with interest, from the proceeds when you or your heirs sell the house.
The minimum age to qualify for a reverse mortgage is 62. But the older you are, and the greater the value of your home, the more you can borrow—which could be the key to saving your home from foreclosure.
When 66-year-old Ruby Clark of Decatur, Ga., got into financial trouble from a subprime loan, a reverse mortgage turned out to be her best rescue option.
Clark, who has lived in her three-bedroom house since 1970, remembers the evening in 2006 when her trouble started with a call from a mortgage company. “They said I could get a loan and get money back to do some of the things I had been wanting,” she said. “I was so far down in the dumps that what they said sounded really good.”
A widow with a daughter in college, Clark had been struggling to maintain her home. She agreed to borrow $121,450 in a subprime mortgage, and used some of the money for new gutters and other repairs.
But the benefits of the loan were far outweighed by the heavy monthly payments, which gobbled up most of her income. Clark fell behind on her payments, and her home was slated for foreclosure in April 2008.
Saving Clark’s home
That’s when William J. Brennan Jr., director of the Home Defense Program of the Atlanta Legal Aid Society, stepped in.
First, he persuaded the mortgage servicing company to accept a payoff of $100,192, about $40,000 less than it was owed including late fees and penalties. Then he arranged a reverse mortgage on Clark’s home, which was worth $179,500, so she could make the payoff.
Reverse mortgages can be a lifeline for older homeowners who can’t benefit from the foreclosure prevention plan announced by the Obama administration, which, along with similar plans, focuses on whittling mortgage payments to about one-third of a borrower’s gross income. Such plans don’t help seniors on small fixed incomes who couldn’t pay a monthly bill even if the interest rate were slashed, said Brenda Grauer, a housing policy adviser with the Illinois Office of the Attorney General.
But while there are likely thousands of homeowners with Clark’s problem, foreclosure rescues involving reverse mortgages can be difficult.
Arranging one poses a tricky problem for housing advocates. An advocate has to help the homeowner start the process of getting a reverse mortgage, while at the same time working to halt foreclosure action and possibly persuading the lender to accept a payoff that’s less than what’s owed.
Grauer said that often she can persuade lenders to accept less because the problem mortgage contained unscrupulous terms. “I tell them, ‘This is a loan that should never have been made in the first place.’ ”

A reverse mortgage offers a way to get at the equity in a home that might not otherwise be accessible. The chief complaint has always been that reverse mortgages come with high upfront fees. Yet for some older borrowers — you must be at least 62 to apply for one — who've run out of options, a reverse mortgage offered a lifeline that was worth the expense. Now, homeowners have a potentially less costly alternative.

FHA unveils cheaper reverse mortgage

The Federal Housing Administration has launched a new reverse mortgage called the HECM Saver. It's available effective Oct. 4, 2010. In exchange for borrowing a lower amount, the HECM Saver charges drastically lower upfront fees. HECM is short for Home Equity Conversion Mortgage, the reverse mortgage program insured by the FHA. The vast majority of reverse mortgages are HECMs.

The new HECM Saver effectively eliminates the upfront mortgage insurance premium, charging just 0.01 percent of a home's value. On a $200,000 home, that means you'll pay an upfront premium of just $20. The tradeoff with the HECM Saver is that the amount you can borrow against your equity is between 10 percent and 18 percent less, depending on your age, than the FHA's standard reverse mortgage. Borrowers are also charged mortgage insurance premiums on an ongoing basis equivalent to 1.25 percent annually of the outstanding loan balance.

Standard reverse mortgage gets makeover, too

Reverse mortgages aren't like traditional mortgages and home equity loans that require you to make regular payments until the debt is settled. Rather, a reverse mortgage gives you money from the equity in your home in the form of a loan that isn’t paid back until you move, sell or pass away. You can receive the money in a lump sum, a line of credit or periodic payments.

Since interest accrues, the amount due increases over time. If you live long enough or real estate prices decline enough, it’s possible for the loan total to exceed the value of your home. The mortgage insurance premium charged by the FHA partially covers the loan in the event the balance exceeds the value of the property. Those premiums can make a reverse mortgage a lot more expensive than a traditional mortgage or home equity loan.

Before the debut of the HECM Saver, the FHA had just one reverse mortgage, the HECM Standard. The HECM Standard still exists, though it’s been modified effective Oct. 4, 2010. The upfront mortgage insurance premium on a HECM Standard remains the same at 2 percent of a home’s value. On a $200,000 home, that’s still a steep $4,000. The FHA raised the ongoing insurance premium to 1.25 percent annually, the same rate as the HECM Saver. The rate had been 0.5 percent.

In addition, the FHA lowered the amount you can borrow with a HECM Standard by as much as 5 percent, depending on your age. Last year, the FHA reduced the limit on the HECM Standard by 10 percent.

New HECMs have drawbacks

The FHA created the HECM Saver to give homeowners a borrowing option with a lower upfront insurance premium. That’s a positive development. But in reality, the FHA has raised the ongoing insurance premiums on its reverse mortgages, even as it has reduced the amounts that can be borrowed.

"What is driving this is that the [Office of Management and Budget] determined that the FHA has been undercharging for the risk associated with the program in light of major decreases in home values," says Don Redfoot, strategic policy advisor for AARP's Public Policy Institute. "They have chosen to deal with the underfunding of the insurance by increasing the costs of the standard product and by expanding the market with a lower risk alternative, the HECM Saver."

In boom times, when house prices were on the rise, the FHA didn’t have to worry as much about loan balances exceeding home values. But in a real estate environment in which home prices are declining, and have been for the past couple of years, the risk of loan balances exceeding home values is much greater.

Las hipotecas revertidas se están haciendo muy populares en Estados Unidos. El Departamento de Vivienda y Desarrollo Urbano de EE.UU. (HUD) creó una de las primeras de estas hipotecas. La Hipoteca Revertida de HUD es un préstamo privado con seguro federal y es un plan seguro que puede brindar a los estadounidenses mayores una mayor seguridad financiera. Muchas personas de la tercera edad la utilizan para complementar el seguro social, afrontar gastos médicos inesperados, realizar mejoras en la vivienda y mucho más. Puede obtener información gratuita sobre las Hipotecas Revertidas llamando al número gratuito 1-800-209-8085. Como probablemente su casa es su mayor inversión, es una decisión muy inteligente el informarse sobre las hipotecas revertidas y decidir si alguna se adapta a sus necesidades.
A. ¿Qué es una hipoteca revertida?
Una hipoteca revertida es un tipo especial de préstamo para la vivienda que permite al propietario convertir en efectivo una parte del capital sobre el valor de la vivienda. El capital acumulado durante años de pagos hipotecarios se puede pagar al propietario de la vivienda. Pero, a diferencia de un préstamo sobre el capital de la vivienda tradicional o segunda hipoteca, no se requiere el reembolso hasta que el prestatario ya no utilice la vivienda como su residencia principal. La hipoteca revertida de HUD brinda estos beneficios y también tiene garantía federal.
B. ¿Puedo solicitar una hipoteca revertida de HUD?
Para poder solicitar una hipoteca revertida de HUD, la Administración de Vivienda Federal [Federal Housing Administration (FHA)] de HUD requiere que el prestatario sea un propietario de vivienda de 62 años de edad o mayor, que sea propietario de su vivienda libre de todo gravamen o tenga un saldo bajo pendiente de hipoteca que pueda cancelarse durante el proceso de cierre con las ganancias del préstamo revertido, y por último, que el propietario resida en la vivienda. También se requiere que el prestatario reciba información para el consumidor de parte de fuentes de asesoría aprobadas por HUD antes de obtener el préstamo. Puede comunicarse con el Centro de Información sobre Asesoría de Vivienda (Housing Counseling Clearinghouse) al 1-800-569-4287 para obtener el nombre y número telefónico de una agencia de asesoría aprobada por HUD y una lista de los prestamistas aprobados por la FHA en su zona.
C. ¿Puedo solicitar la hipoteca si no compré mi vivienda actual con un seguro hipotecario de la FHA?
Sí. Aunque la propiedad debe cumplir con las normas mínimas de propiedad de HUD, no importa si no la compró con una hipoteca asegurada por la FHA. La nueva hipoteca revertida de HUD será un nuevo préstamo hipotecario asegurado por la FHA.
D. ¿Qué tipo de viviendas son elegibles para una hipoteca revertida?
Su vivienda debe ser una vivienda unifamiliar o una propiedad de dos a cuatro unidades que sea de su propiedad y donde usted resida. Las viviendas independientes (detached), las unidades en condominio y algunas viviendas prefabricadas pueden ser aptas para hipotecas revertidas. Los condominios deben estar aprobados por la FHA. Es posible que los condominios califiquen para el programa Spot Loan.
E. ¿Cuál es la diferencia entre una hipoteca revertida y un préstamo bancario sobre el capital de la vivienda?
Con una segunda hipoteca tradicional o una línea de crédito sobre el capital de la vivienda, debe contar con una relación ingresos contra deuda suficiente para solicitar el préstamo y se requiere que efectúe pagos mensuales de la hipoteca. La hipoteca revertida es diferente debido a que le paga a usted y está disponible independientemente de sus ingresos actuales. El monto que puede solicitar depende de su edad, la tasa de interés actual, y el valor de tasación de su vivienda o los límites para hipotecas de la FHA para su área, lo que sea menor. Generalmente, cuanto más valor tenga su vivienda, más edad tenga usted y menor sea el interés, más dinero podrá solicitar. Usted no efectúa pagos, porque el préstamo no es exigible siempre que la vivienda sea su residencia principal. Como a todos los propietarios de viviendas, se le sigue exigiendo que pague los impuestos de propiedad y otros pagos convencionales como servicios públicos, pero con una Hipoteca Revertida de HUD asegurada por la FHA, no se le podrá realizar una ejecución hipotecaria ni se le podrá obligar a abandonar la vivienda por "no haber efectuado el pago de la hipoteca".
F. ¿Puede el prestamista sacarme la vivienda si vivo más allá de los términos del préstamo?
¡No! Tampoco es exigible el préstamo. No es necesario rembolsar el préstamo mientras usted o uno de los prestatarios continúe en la vivienda y tenga actualizado el pago de los impuestos y el seguro. Nunca puede deber más del valor de su vivienda.
G. A pesar de todo, ¿tendré un bien para dejarle a mis herederos?
Cuando venda la vivienda o ya no la utilice como residencia primaria, usted o el estado devolverán al prestamista el dinero en efectivo recibido de la hipoteca revertida, más intereses y otros gastos. El capital restante de la vivienda, si lo hay, le pertenece a usted o a sus herederos. Ninguno de sus otros bienes será afectado por el préstamo hipotecario revertido de HUD. Esta deuda nunca pasará al estado ni a los herederos.
H. ¿Cuánto dinero puedo obtener por mi vivienda?
El monto que puede solicitar depende de su edad, la tasa de interés del momento, los costos de otros préstamos y el valor de tasación de su vivienda o los límites para hipotecas de la FHA para su área, lo que sea menor. Generalmente, cuanto más valor tenga su vivienda, más edad tenga usted y menor sea el interés, más dinero podrá solicitar.
I. ¿Debo utilizar un servicio de planificación estatal para buscar una hipoteca revertida?
Una empresa se ha comunicado conmigo diciéndome que me dará el nombre de un prestamista por "un pequeño porcentaje" del préstamo. ¡HUD NO recomienda utilizar un servicio de planificación estatal ni ningún servicio que cobre honorarios sólo por remitir un prestatario a un prestamista! HUD brinda información sin costo y las agencias de asesoría de vivienda aprobadas por HUD son gratuitas o cobran una tarifa mínima para informar, asesorar y remitir en forma gratuita a una lista de prestamistas aprobados por HUD. Antes de aceptar pagar honorarios por una simple recomendación, llame al número gratuito 1-800-569-4287 para obtener el nombre y la ubicación de una agencia de asesoría de vivienda aprobada por HUD cerca de usted.
J. ¿Cómo recibo mis pagos?
Tiene cinco opciones:

• Ocupación - pagos mensuales iguales por el tiempo que al menos un prestatario viva y continúe ocupando la propiedad como residencia principal.
• Término - pagos mensuales iguales por un período fijo de meses seleccionados.
• Línea de crédito - pagos no programados o en cuotas, en el momento y en la cantidad elegidos por el prestatario hasta que se agote la línea de crédito.
• Ocupación modificada - combinación de línea de crédito con pagos mensuales por el tiempo que el prestatario permanezca en la vivienda.
• Término modificado - combinación de línea de crédito con pagos mensuales por un período fijo de meses seleccionados por el prestatario.

Closing Costs
Other closing costs that are commonly charged to a reverse mortgage borrower, include:

• Credit report fee. Verifies any federal tax liens, or other judgments, handed down against the borrower. Cost: Generally under $20
• Flood certification fee. Determines whether the property is located on a federally designated flood plane. Cost: Generally under $20
• Escrow, Settlement or Closing fee. Generally includes a title search and various other required closing services. Cost: $150-$450
• Document preparation fee. Fee charged to prepare the final closing documents, including the mortgage note and other recordable items. Cost: $75-$150
• Recording fee. Fee charged to record the mortgage lien with the County Recorder's Office. Cost: $50-$100
• Courier fee. Covers the cost of any overnight mailing of documents between the lender and the title company or loan investor. Cost: Generally under $50
• Title insurance. Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against any loss arising from disputes over ownership of a property. Varies by size of the loan, though in general, the larger the loan amount, the higher the cost of the title insurance.
• Pest Inspection. Determines whether the home is infested with any wood-destroying organisms, such as termites. Cost: Generally under $100
• Survey. Determines the official boundaries of the property. It's typically ordered to make sure that any adjoining property has not inadvertently encroached on the reverse mortgage borrower's property. Cost: Generally under $250