Irvine Reverse Mortgage
It is one thing to study, listen, and try to learn as much as possible about reverse mortgage solutions, but quite another to see the process in front of you in basic terms. Here are a few examples of challenges illustrating how a reverse mortgage can be the right choice. Contact us to learn about these reverse mortgage examples as well as reverse mortgage requirements to help you decide if a reverse mortgage is right for you.
A Few Common Reverse Mortgage Solutions
Reverse Mortgage Example #1
The Challenge: John Bosworth, 72, is a widower and lives alone in his home. Like some other seniors, John is finding it difficult to keep up with all his expenses and often cannot find the funds to make regular payments. He has a pension and gets Social Security income each month, but still finds things difficult.
The Solution: John contacts a professional and completes the process for a Tax Free* Reverse Mortgage solution. He gets his money in a lump sum and uses it to pay off his current home mortgage. With the additional cash each month thanks to the elimination of his mortgage payment, he can afford his bills and living expenses.
Reverse Mortgage Example #2
The Challenge: Craig Jenkins is 82 and his wife Sylvia Jenkins is 79. Since reverse mortgage solutions are based on the youngest homeowner, Sylvia’s age is used. Since both of them take medication to maintain their health, it is sometimes difficult to come up with the money they need to enjoy the quality of life they desire.
The Solution: Craig and Sylvia obtain a Tax Free* Reverse Mortgage solution and choose the lump sum option. This reverse mortgage solution allows the homeowners to use the proceeds for medications and other important senior healthcare costs and expenses. With the help of this mortgage, they have more financial freedom and less stress.
Reverse Mortgage Example #3
The Challenge: Kathy Tobias, 63, and Rinaldi Tobias, 71, would like to travel around the United States in their RV, but they do not have the extra money in retirement. Gasoline and other travel expenses are too high.
The Solution: Kathy and Rinaldi get a Tax Free* Reverse Mortgage solution, based on Kathy’s age since she is younger. They get the extra cash flow each month to pay for gasoline and maintenance on the RV.
Reverse Mortgage Example #4
The Challenge: Gordon Penilla, 62 and Joanne Penilla, 65, have no major debts. They also have adequate income each month to live as they had planned in retirement. However, they would like to help with a grandchild’s college tuition and need additional funds for this purpose.
The Solution: Gordon and Joanne obtain a Tax Free* Reverse Mortgage line of equity. This reverse mortgage solution allows each grandparent to make a monetary gift to the grandchild. The amount each can gift is determined by current law.
Irvine (pronounced /?rva?n/ ur-vyn) is an incorporated city in Orange County, California, United States. It is a planned city, mainly developed by the Irvine Company since the 1960s. Formally incorporated on December 28, 1971, the 66 square mile (172 km2) city has a population of 212,375 as of the 2010 census. However, the California Department of Finance estimates its 2011 population to be 219,156. It has annexed in the past an undeveloped area to the north, and has also annexed the former El Toro Marine Corps Air Station, most of which is planned to be converted into the Orange County Great Park. Because of its good schools, jobs, and housing, the city was chosen in 2008 by CNNMoney.com as the fourth best place to live in the United States. In June 2010, the Federal Bureau of Investigation reported that Irvine had the lowest violent crime rate among cities in the United States with populations of more than 100,000, and in August 2008 the Census Bureau ranked Irvine as having the seventh highest median income among cities in the United States with populations of more than 65,000. Irvine is home to the University of California, Irvine (UCI), Concordia University, Irvine Valley College, the Orange County Center of the University of Southern California (USC), and the satellite campuses of Alliant International University, California State University Fullerton (CSUF), University of La Verne and Pepperdine University. Irvine, city, Orange county, southern California, U.S. Adjacent to the city of Santa Ana (northwest), Irvine lies about 40 miles (60 km) southeast of Los Angeles. Originally inhabited by Tongva (or Gabrielino) Indians, the area was explored by Gaspar de Portolá in 1769. The land that would become the modern city (and one of the largest planned cities in the United States) was composed of parts of Ranchos Santiago de Santa Ana (1801), a Spanish land grant, and San Joaquin (1837) and Lomas de Santiago (1846), both Mexican land grants. By the 1860s much of the land had been acquired by sheep ranchers Benjamin and Thomas Flint, Llewellyn Bixby, and James Irvine (for whom the city is named). By 1876 Irvine had purchased the entire tract of what became known as the Irvine Ranch. His son inherited the land and established the Irvine Company in 1894. Irvine subsequently developed into a farming community, with crops that included barley, lima beans, olives, asparagus, strawberries, and oranges. During World War II, t wo U.S. Marine facilities were built on land formerly owned by the Irvine Company. The University of California, Irvine, was established in 1965 and is now the city’s leading employer; the campus houses the Irvine Barclay Theatre, which hosts concerts and other entertainment. The city is also the seat of Concordia University (1976) and a community college (1979). Other notable attractions are an amphitheatre, which holds up to 15,000 spectators for outdoor concerts, and the Irvine Museum (1993), which features California art from the Impressionist period. Irvine Ranch Land Reserve, with some 50,000 acres (20,000 hectares) of protected land-which constitutes more than half of the historic ranch-is popular for hiking, horseback riding, and bird-watching. John Wayne Airport, immediately west of the city, serves Orange county and is among the busiest airports in the United States. Laguna Coast Wilderness Park is adjacent to the southern part of the city, and the Santa Ana Mountains are to the east. Crystal Cove S tate Park is nearby. Inc. 1971. Pop. (2000) 143,072; Santa Ana-Anaheim-Irvine Metro Division, 2,846,289; (2010) 212,375; Santa Ana-Anaheim-Irvine Metro Division, 3,010,232.
Contact Us for a Customized Reverse Mortgage Solution
For customized reverse mortgage solutions and to learn about reverse mortgage requirements, contact us today! At Citizens Lending Group, we are here to help seniors achieve their financial goals by developing some of the best reverse mortgage solutions on the market.
*Be sure to check with your accountant to verify current tax laws and reverse mortgage tax implications.
Note 1: Proceeds from a reverse mortgage solution are based on age of the youngest homeowner, current interest rates, and amount of home equity.
Note 2: Rates can be locked in for 60 days, measured from the application date to the closing. Rates adjust each week on Tuesday (except federal holidays) and are valid until the next Monday.
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Loans made or arranged pursuant to Real Estate Corporation License Endorsement #01814249, California Bureau of Real Estate (877) 373-4542. NMLS #1109984
These materials are not from HUD or FHA and were not approved by HUD or a government agency.