Rossmoor 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.
Rossmoor is an affluent planned census-designated place located in Orange County, California. As of the 2010 census, the CDP had a total population of 10,244, down from 10,298 at the 2000 census. The gated Leisure World retirement community in the city of Seal Beach is to the south of Rossmoor, Los Alamitos is to the east and north, and Long Beach is to the west (on the other side of the San Gabriel River, the 605 freeway and the border with Los Angeles County). The community of Rossmoor has two shopping centers within its boundaries, but only one-the Rossmoor Village Square-is now within the political boundaries of the Rossmoor Community Services District. A larger shopping center, the Rossmoor Business Center, now remodeled and called the Shops at Rossmoor-was annexed, despite many protests, by the city of Seal Beach in 1962. The Rossmoor community was developed from 1955 through 1961 by Ross W. Cortese, who had earlier developed the architecturally-significant Lakewood Rancho Estates in Long Beach (1953) and the Frematic Homes (1954) in Anaheim, just north and west of Disneyland. Originally created as a nudist colony, this quickly changed when Cortese’s original partners in securing the first large parcels of land that would become Rossmoor included California governor Goodwin Knight and Judge Alfred Gittelson, who had also partnered with him in the Lakewood Rancho Estates and the Frematic homes. (It was Gittelson who later agreed to annex his Rossmoor Shopping Center property to Seal Beach in the 1960s.) After Rossmoor, Cortese would construct the first of his very successful Leisure World gated retirement community in that part of Seal Beach which is immediately south of Rossmoor. The Rossmoor community is easy to recognize because of its red brick “signature wall” that borders the entire unincorporated community. It is a signature of the Rossmoor community that differentiates it from neighboring cities Los Alamitos and Seal Beach. There are 3,430 single family homes and 1 condominium complex within Rossmoor.
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.