Villa Park 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.
Villa Park, CA
Villa Park is a city in northern Orange County, California, near and surrounded by the City of Orange, and close to Anaheim Hills, that incorporated in 1962. As of the 2010 Census, the city had a population of 5,812, down from 5,999 at the 2000 census, achieving the status of the smallest city in Orange County by population (La Palma is Orange County’s smallest city in area). Villa Park includes about 2,000 homes and the land is nearly 99% built out. The city is largely zoned for single-family residences and are located on larger lots that average about 20,000 square feet (1,900 m2) or 1/2 acre in size. Within the City Limits there is one small shopping center that includes a Ralph’s “Fresh Fare” grocery store, three banks, a pharmacy with a postal substation, and a variety of stores and offices. City Hall, including a community room, and a branch of the Orange County Public Library are located adjacent to the City’s only shopping Center. Also nearby are some professional offices, and three restaurants, including Rockwell’s Cafe & Bakery. There are a total of four public schools with the City, including Serrano and Villa Park Elementary Schools, Cerro Villa Middle School, and Villa Park High School. All four schools are operated by the Orange Unified School District, which also happens to be the largest employer within the City. Perhaps ironically, there are no public parks within the entire City Limits. Many homes have pools or tennis courts, or both. Unlike the urban areas of Orange County which are situated west of the City, Villa Park has winding streets and it is known for having a rural feel with few sidewalks and limited street lights. Throughout the City are many many trees and flowers located in planted medians and parkways that contribute to a rural, green-belt like ambiance. Surrounded by the City of Orange, Villa Park appears as an enclave or “perforation” within the city of Orange. This is due largely to the fact that Villa Park’s early unwillingness to annex land beyond Santiago Creek, to annex the lands east of a Southern California Edison Power Line Easement that sat between the City of Villa Park and Anaheim Hills, eventually being annexed by the City of Orange.
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.