San Clemente 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.
San Clemente, CA
San Clemente is a city in Orange County, California. The population was 63,522 at the 2010 census. Located On the California Coast, midway between Los Angeles and San Diego at the southern tip of the county, it is known for its ocean, hill, and mountain views, a pleasant climate and its Spanish Colonial style architecture. San Clemente’s city slogan is “Spanish Village by the Sea”. The official City flower is the Bougainvillea and the official City tree is the Coral tree. Prior to the arrival of the Spanish, the area was inhabited by what came to be known as the Juaneño Indians. Long admired by explorers and passing settlers, it remained virtually uninhabited until 1776, when Mission San Juan Capistrano was established by Father Junipero Serra and led both Indian and Spanish settlers to set up villages nearby. After the founding of Mission San Juan Capistrano, the local natives were conscripted to work for the mission. Property rights to the land exchanged hands several times, but few ventured to build on it until 1925, when former Mayor of Seattle, Ole Hanson, with the financial help of a syndicate headed by Hamilton Cotton, purchased and designed a 2,000-acre (8.1 km2) community. Hanson believed that the area’s pleasant climate, beautiful beaches and fertile soil would serve as a haven to Californians who were tired of “the big city”. He named the city after San Clemente Island, which in turn was named by the explorer Vizcaino in 1602 after Saint Clement, whose feast day occurs on November 23, the day of Vizcaino’s arrival on the island. San Clemente, city, Orange county, southern California, U.S. It lies along the Pacific Ocean, midway between San Diego and Los Angeles. Founded in 1925 by Ole Hanson as a planned real-estate development called “Spanish Village by the Sea,” the site was named for offshore San Clemente Island, which was named by the Spanish explorer Sebastián Vizcaíno to honour St. Clement. Chiefly residential, the city gained national prominence in 1969 when U.S. President Richard M. Nixon purchased property there for use as a summer White House. Casa Romantica (1928), Hanson’s bluff-top home, is a popular local attraction and cultural centre.
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.
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Loans made or arranged pursuant to Real Estate Corporation License Endorsement #01814249, California Bureau of Real Estate. NMLS #1109984
These materials are not from HUD or FHA and were not approved by HUD or a government agency.