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Reverse Mortgage Blog

What Is A Reverse Mortgage

December 27, 2022

 

A reverse mortgage is a unique way for seniors who are looking to generate additional cash flow – beyond their 401K and Social Security payments – to help fund their retirement. It helps relieve the anxiety that seniors may feel about outliving their money by allowing them to tap into the equity in what is likely their most valuable asset – their home. With a reverse mortgage, monthly mortgage and interest payments are not required, and can be replaced by a lump sum payout, a monthly payout, a line of credit or some combination… all while retaining ownership.

This additional, non-taxable cash flow can be used for home renovations, funding a grandchild’s education, or taking a long-delayed dream vacation. What makes a reverse mortgage different from any other loan secured by a home is the way it is repaid. A reverse mortgage is repaid when the last borrower leaves the home, the home is sold, or it is refinanced.

To qualify, the borrower must be 62 (55 in some instances), live in the home as a primary residence, keep up with loan obligations of maintaining the home, and pay their property taxes and insurance. To find out more about how a reverse mortgage can help you achieve a more secure financial future, call us today.

Owen Coyle profile picture
Owen Coyle
I’m Owen Coyle, an 87 year young “Seasoned Citizen” living in Escondido California. As of April 1, 2023 I’ll be starting my 23rd year as a Reverse Mortgage Specialist. I have no desire to retire, so as long as my health remains good, I’m planning on helping senior homeowners obtain Reverse Mortgages at least until I’m 90, and hopefully a few years beyond. I absolutely have a passion for working with senior homeowners, improving their “Quality of Life” and giving them “Peace of Mind” by setting up Reverse Mortgages for them. A Reverse Mortgage is not for every senior, but when “It Fits”, it can absolutely change their life for the better. When I meet with seniors, I always suggest that they include as many of their children as possible in our meetings. I always want to have the entire family “On The Same Page” and understand how the Reverse Mortgage will benefit their parents based on their particular situation and needs. Most Reverse Mortgage companies do business by using the telephone, email or US Mail and use a notary to take care of the Reverse Mortgage “Application and Closing Documents”. I do business “The Old Fashion Way”. I go to the seniors’ home and sit down with them at their kitchen table and talk with them “Face to Face”. I make sure that I answer all their questions and that the entire family understands how the Reverse Mortgage works. I’m very concerned about how much “Misinformation” and “Misconceptions” about Reverse Mortgages there are out on the street, so I’m on a mission to get “The Truth” out to as many seniors as I can as I talk to them individually and through my Reverse Mortgage workshops and seminars. Please call or email me (760-334-6155, owen.coyle@gmail.com) with the information that I need and I will prepare a "No Obligation Benefits Analysis" for you. This information will be used to create a computer printout that will show the approximate amount of money that will be available for you and the various payment options that will be available to you.
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I’m Owen Coyle, an 87 year young “Seasoned Citizen” living in Escondido California. As of April 1, 2023 I’ll be starting my 23rd year as a Reverse Mortgage Specialist. I have no desire to ret...
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