Reverse Mortgage Lender

Miguel A. Vazquez

Loan Officer

NMLS #401212

(562) 382-8124
Reverse Mortgage Plus (Home Central Financial), NMLS#: 401212

Why Miguel A. Vazquez of Reverse Mortgage Plus?

You can trust that you are in good hands when you choose to work with Miguel A. Vazquez and the Reverse Mortgage Plus team. Our combined experience, dedication, excellent customer service, and knowledge will allow us to find you the perfect Reverse Mortgage option that best fits all your personal needs and goals. This makes us the perfect choice for you and anyone looking to understand every aspect of a Reverse Mortgage.

Our team works for YOU and offers a variety of customizable Reverse Mortgage options and services to meet your specific needs! We are proud to be able to help our customers with all their needs, whether they are looking to use a reverse mortgage to purchase a home or refinance their existing mortgage a reverse Mortage.

Contact Miguel A. Vazquez at (562) 881-9811 to set up your FREE Reverse mortgage consultation today!

 

 

What is a reverse mortgage?

 

A Reverse Mortgage is a type of home loan for older homeowners that requires no monthly mortgage payments. Borrowers are still responsible for property taxes and homeowner’s insurance.

Reverse mortgages allow elders to access the home equity they have built up in their homes now and defer payment of the loan until they die, sell, or move out of the home. 

A reverse mortgage purchase allows seniors age 62 or older to buy a new home with HECM loan proceeds. The primary benefit to the senior is that the transaction only involves one set of closing costs versus buying a home and obtaining a reverse mortgage thereafter, which would incur two complete sets of closing costs.

Created by the Housing and Economic Recovery Act of 2008, this program became live on January 1, 2009. Qualified seniors must conform to all HECM requirements, all of the basic rules apply in addition to some new rules and regulations.

 

 

How would someone get out of a reverse mortgage?

 

You can refinance out of a reverse mortgage and you can sell the house and get out the reverse mortgage. You can also pay off the reverse mortgage balance to get out of a reverse mortgage.

 

 

On average, how much money does someone get from a reverse mortgage?

 

The amount of money of one who is able to get out of a reverse mortgage depends on the amount of equity they have in their home, property, and their age. The amount of money they can pull out from a reverse mortgage can range from nothing to as high as 700,000; For a gumbo reverse mortgage, the amount of money they can pull out is 2,000,000.

 

 

Who can qualify for a reverse mortgage?

 

The basic requirements to qualify for a reverse mortgage loan include: the youngest borrower on title must be at least 62 years old, live in the home as their primary residence, and have sufficient home equity. Borrowers must also meet financial eligibility criteria as established by HUD.

 

 

How much equity do I need to get a reverse mortgage?

 

The amount you can access from your home equity is based on a Federal Housing Administration (FHA) calculation that considers among others, the following factors:

  • Age of the youngest homeowner: Age 61+
  • The current value of the property:  Any value is okay as long as it has 50%-60% equity
  • The balance on existing mortgage loans;  Balance on your existing mortgage should be about 40%-50%

 

 

Can I pay off my reverse mortgage early? If so, how do I do that?

 

Reverse mortgage includes single-family residences, up 1 to 4 unit homes, condos, townhomes.

 

 

 

What happens to my reverse mortgage when I die?

 

As long as one of the borrowers on the loan note (or original non-borrowing spouse) lives in the home, continues to pay the taxes and insurance, and maintains the home in good condition, you will not need to repay the loan.

Once the last surviving borrower passes away (and any non-borrowing spouse), the home is sold or the obligations of the loan are not met, the loan must be repaid.

The heirs can refinance to a regular mortgage and can pay off the reverse mortgage balance or the heirs can sell the property and pay off the reverse mortgage balance.

 

 

Who remains the owner of my home?

 

You remain the owner of the home during the reverse mortgage term.  The reverse mortgage lender is NOT the owner of the property.  Anytime during the reverse mortgage loan term, if you decide that you wish to sell your home & pay the reverse mortgage balance back, you can do so.  There are no prepayment penalties. 

 


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