Buena Park 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.
Buena Park, CA
Buena Park is a city in northwestern Orange County, California. As of Census 2010 the population was 80,530. The city is adjacent to the city of Anaheim and is 12 miles (20 km) northwest of downtown Santa Ana. The Current OMB metropolitan designation for Buena Park and the Orange County Area is “Santa Ana-Anaheim-Irvine, CA”. Buena Park, dubbed as the Center of the Southland, is home to several tourist attractions, most notably Knott’s Berry Farm and the Los Coyotes Country Club. Original Spanish explorers settled on the enormous ranchos by land grants made by the King of Spain. Manuel Nieto of the Portola Expeditions received such a grant in 1783, which was divided by his heirs into five separate ranchos in 1834. One of them, 46,806-acre (189.42 km2) Rancho Los Coyotes, included the current site of the City of Buena Park where the rancho’s adobe headquarters was on what is now Los Coyotes Country Club’s golf course. The area was transferred from Spanish authority to Mexican rule in 1822 and ceded to the United States in 1848 at the end of the Mexican-American War. California was granted statehood in 1850. Americanization further expanded in the area after completion of the transcontinental railroad in 1869 and its connection to Los Angeles in 1875. By then, Abel Stearns had acquired Rancho Los Coyotes in consideration for loans made to Pio and Andrés Pico. In 1885, James A. Whitaker purchased 690 acres (2.8 km2) of this land from Stearns and in 1887 he founded the City of Buena Park in conjunction with the railway development of what we now know as Orange County. The city was incorporated in 1953. An agricultural center when founded (particularly dairy, wine and citrus products) the city is now primarily a residential suburb and commercial hub. Buena Park, city, Orange county, southern California, U.S. The site known as Buena Plaza was originally part of the Rancho Los Coyotes. The city was laid out and named Buena Park in 1887 by James A. Whitaker, a Chicago grocer who, intending to build a cattle ranch, bought nearly 700 acres (280 hectares) there in the 1850s. Served by depots of the Santa Fe and Southern Pacific railroads, the city developed as a dairy centre, later becoming a residential community connected by freeway to Los Angeles 20 miles (30 km) to the northwest. Buena Park is a popular tourist destination, home to Knott’s Berry Farm, an expansive amusement centre, and the Movieland Wax Museum. Food processing and the aircraft industry supplement Buena Park’s economy. Inc. 1953. Pop. (2000) 78,282; (2010) 80,530.
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.
Copyright Citizens Lending Group - 3455 East La Palma Avenue #103, Anaheim, CA 92806 - Reverse Mortgages in California
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.