Costa Mesa 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.
Costa Mesa, CA
Costa Mesa is a city in Orange County, California. The population was 109,960 at the 2010 census. Since its incorporation in 1953, the city has grown from a semi-rural farming community of 16,840 to a primarily suburban and “edge” city with an economy based on retail, commerce, and light manufacturing. Members of the Gabrieleño/Tongva and Juaneño/Luiseño nations long inhabited the area. After the 1769 expedition of Gaspar de Portolà, a Spanish expedition led by Father Junípero Serra named the area Vallejo de Santa Ana (Valley of Saint Anne). On November 1, 1776, Mission San Juan Capistrano became the area’s first permanent European settlement in Alta California, New Spain. In 1801, the Spanish Empire granted 62,500 acres (253 km2) to Jose Antonio Yorba, which he named Rancho San Antonio. Yorba’s great rancho included the lands where the communities of Olive, Orange, Villa Park, Santa Ana, Tustin, Costa Mesa and Newport Beach stand today. Costa Mesa, city, Orange county, southern California, U.S. The city lies on a coastal plateau overlooking the Pacific Ocean, at the mouth of the Santa Ana River, 37 miles (60 km) southeast of Los Angeles. With Newport Beach it forms Orange county’s “Harbor Area.” The area was originally inhabited by Shoshone Indians, who formed a village named Lukup along the Santa Ana River (called Wanawna by the Shoshone). With the coming of the Spanish, the land was divided. The city site, once part of Rancho Santiago de Santa Ana and the Irvine Ranch, became the hot-springs resort of Fairview. In 1889, however, flooding damaged the railroad connection to the city, and thereafter farming became the chief industry. Principal crops included apples, strawberries, sweet potatoes, and tomatoes. Laid out in 1906 as the town of Harper, it was renamed Costa Mesa (Spanish: “Coastal Tableland”) in 1920 for its location. Oil drilling soon supplemented the economy, and the construction of expressways in the 1950s stimulated residential growth. Light industries were developed, and the city is now an industrial and commercial centre for Orange county. Costa Mesa hosts the annual Orange County Fair. The city is the seat of Orange Coast (community) College (1948) and Vanguard University of Southern California (founded as Southern California College in 1920 at Pasadena; relocated 1950). The Estancia (1818), a station of Mission San Juan Capistrano, has been restored as a historical monument. The Segerstrom Center for the Arts (formerly called Orange County Performing Arts Center) opened in 1986. Inc. city, 1953. Pop. (2000) 108,724; (2010) 109,960.
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.