Huntington Beach 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.
Huntington Beach, CA
Huntington Beach is a seaside city in Orange County in Southern California. According to the 2010 census, the city population was 189,992; making it the largest beach city in Orange County in terms of population. It is bordered by the Pacific Ocean on the southwest, by Seal Beach on the northwest, by Costa Mesa on the east, by Newport Beach on the southeast, by Westminster on the north, and by Fountain Valley on the northeast. It is known for its long 8.5-mile (13.7 km) beach, mild climate, and excellent surfing. The waves are a unique natural effect caused by edge-diffraction of ocean swells by the island of Catalina, and waves from distant hurricanes. The area was originally occupied by the Tongva people. European settlement can be traced to a Spanish soldier, Manuel Nieto, who in 1784 received a Spanish land grant of 300,000 acres (1,200 km2), Rancho Los Nietos, as a reward for his military service and to encourage settlement in Alta California. Nieto’s western area was reduced in 1790 because of a dispute with the Mission San Gabriel, but he retained thousands of acres stretching from the hills north of Whittier, Fullerton and Brea, south to the Pacific Ocean, and from today’s Los Angeles River on the west, to the Santa Ana River on the east. Huntington Beach, city, Orange county, southwestern California, U.S. Situated south of Los Angeles, it lies along the Pacific Coast Highway. Originally the territory of Gabrielino (Tongva) Indians, the city was formed from parts of Rancho Las Bolsas and Rancho Los Alamitos. It was first called Shell Beach and after its subdivision (1901) was known as Pacific City. To encourage its promotion as a seaside resort, it was renamed Huntington Beach for the railroad magnate Henry E. Huntington. The discovery of oil (1920) beneath the town site spurred the residential growth of the city and provided a basis for the city’s industrial development; after 1930 offshore tideland oil production began, but the oil industry has since undergone a substantial decline. Tourism, service industries, and technology assumed an increasing role in the city’s changing economy. Major economic assets include Boeing’s space centre and a large steam generating plant. Huntington Pier (originally built in 1914) is a popular tourist attraction. The city has been known for decades as Surf City, and Huntington State Beach is still a favourite venue for surfing. The Bolsa Chica Ecological Reserve preserves a coastal salt marsh that is home to several hundred bird species and millions of migrating birds. The city contains a community college established in 1966. Inc. 1909. Pop. (2000) 189,594; (2010) 189,992.
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.