San Juan Capistrano 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 Juan Capistrano, CA
San Juan Capistrano, city, Orange county, southern California, U.S. Located near the Pacific coast, it lies halfway between San Diego and Los Angeles. The seventh in the California chain of 21 Franciscan missions, Mission San Juan Capistrano was founded in 1776 by Father Junípero Serra and named for the Neapolitan crusader Saint John of Capistrano. The mission was constructed 1797-1806 and was badly damaged in 1812 by an earthquake that wrecked its cruciform church and killed 29 people. The church remains a crumbled ruin with arches, quadrangle, and garden; there has, however, been some restoration of the mission buildings, including the adobe Serra Chapel (still in use). Settlement grew up around the mission, which has gained fame through its swallows, which reputedly fly off on St. John’s Day (October 23) and return “miraculously” to their mission nests on St. Joseph’s Day (March 19). Their departure and return are celebrated by fiestas. The city is populated in part by descendants of early Spanish, Mexican, and Indian settlers; it experienced significant residential development during the last decades of the 20th century. Cleveland National Forest is east of the city, and many fine beaches are nearby. Inc. 1961. Pop. (2000) 33,826; (2010) 34,593. San Juan Capistrano is a city in southern Orange County, California, located approximately 23 miles (37 km) southeast of Downtown Santa Ana. The current OMB metropolitan designation for San Juan Capistrano and the Orange County Area is “Santa Ana-Anaheim-Irvine, CA.” The population was 34,593 at the 2010 census, up from 33,826 at the 2000 census. The city was created around Mission San Juan Capistrano, and many of the homes and strip malls resemble the Spanish architecture that compose the building. It is home to the widest variety of homes in Orange County, including those built prior to 1900 in its central district (some being adobes from the 18th century), a number of 10 million-dollar homes in the gated communities of the hills, and working ranches in its foothills. San Juan Capistrano is probably best known for the annual migration of the cliff swallows that reputedly migrate each year from Argentina to the Mission San Juan Capistrano. The 2010 United States Census reported that San Juan Capistrano had a population of 34,593. The population density was 2,419.9 people per square mile (934.3/km²). The racial makeup of San Juan Capistrano was 26,664 (77.1%) White, 193 (0.6%) African American, 286 (0.8%) Native American, 975 (2.8%) Asian, 33 (0.1%) Pacific Islander, 5,234 (15.1%) from other races, and 1,208 (3.5%) from two or more races. Hispanic or Latino of any race were 13,388 persons (38.7%).
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.