Reverse Mortgage in Laguna Niguel CA

Laguna Niguel 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.

Reverse Mortgage Laguna Niguel CA

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.

 

Laguna Niguel, CA

Laguna Niguel is an affluent city located in southern Orange County, California. The name “Laguna Niguel” is derived from the Spanish word “Laguna” which means lagoon, and the word “Nigueli” which was the name of a JuaneƱo Indian village that was once located on Aliso Creek. The population was 62,979 at the 2010 census, up from 61,891 at the 2000 census. The city was primarily built after 1980 as an unincorporated master planned community located in the San Joaquin Hills near Laguna Beach. Laguna Niguel contains a large range of housing, from condominiums to large mansions above the ocean. It borders Laguna Beach, Dana Point, San Juan Capistrano, Mission Viejo, Laguna Hills, and Aliso Viejo. Laguna Niguel is located on the Rancho Niguel Mexican land grant of Juan Avila. He retained ownership until 1865, when a severe drought killed off most of his cattle. Lewis Moulton, owner of the Moulton Company, bought the area of modern-day Laguna Niguel in 1895, along with significant other portions of the surrounding area from farmers that were hard pressed to earn a living due to a local drought in the area. In 1959, the Laguna Niguel Corporation, started by Cabot, Cabot & Forbes from Boston, made Laguna Niguel one of the first master planned communities in California. Victor Gruen and Associates, a Vienna architect, developed a community plan for 7,100 acres (29 km2). The Avco Community Developer in 1969 continued the plan, which by then held 6,500 residents.

Nearby Cities:

Reverse Mortgage Laguna Woods, Reverse Mortgage Laguna Niguel

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.

Learn More About California Reverse Mortgages

These are just some of the basics. If you would like to learn more about reverse mortgage requirements and if a reverse mortgage is right for you, we invite you to contact us today.

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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.