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Stanislaus County / Modesto Reverse Mortgage

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Thank your for visiting my website. For 24 + years in the Real Estate field, I am proud to bringing the reverse mortgage to your attention. The reverse mortgage is a powerful method of securing funding in our retirement years. Backed by the federal government, its safeguards make it a secure transaction on which we can depend.

The reverse mortgage is available to senior homeowners age 62 and over, having sufficient equity in their homes. This form of financing is called a “reverse” because usually when we take out a mortgage, we make monthly payments (forward) and eventually the mortgage is paid off.

With the reverse mortgage, we never have to make a mortgage payment. Instead, the monthly payment is added to our outstanding mortgage balance. We are guaranteed that we can keep the reverse mortgage on our homes for as long as our home is our primary residence. Once we are out of our homes permanently -- we are not coming back -- then the family has 12 months to retrieve the home. If the family fails to act during that 12 month period, the bank will sell the home. Any money from the sale that is not needed to pay off the loan will go to the heirs you designate to receive the money.

We never lose title to our homes when we do a reverse mortgage. We can still sell our homes if we wish. We can even keep our living trusts. However, the bank will need to review the trust to ensure you left yourself the right to borrow on your home.

The types of properties that can be borrowed against are owner-occupied properties. This includes single-family homes, 1-4 units, co-ops, condos, and manufactured homes on permanent foundations on your private land. We can now also purchase a home with the reverse mortgage. I can give you complete details on how this loan works and help you with the paperwork.

The process is simple and easy and usually takes about 30 days to complete. We take your application, and then you must have counseling by a HUD-approved counseling agency. We schedule the appraisal and then put the package together for submission to the bank. Any existing mortgage will be paid off from the loan proceeds as well as any other liens against the property. Everything can be done from home. While you should consult your tax advisor, I can tell you this money received is income tax free and will not need to be added to your tax return.

The choices made available to you to help with management of your funds are extraordinary. The bank offers you a line of credit that will continue to grow throughout your lifetime. You may elect to take a lump sum payout of all or part of your money, a monthly income for life, or a combination of both.

Call and let me help you with your reverse mortgage. Having an experience team behind me with knowledge, understanding and compassionate is looking forward to helping you, quickly and efficiently secure the funding you need.

Our “Golden Years” are supposed to be spent enjoying ourselves and doing the things we never got to do when we were younger. Living our dreams! Use this time to enjoy yourself and find peace. We’ve spent a lifetime building up the equity in our homes. Why not use it?  Now is the time for us to take care of ourselves. We’ve already spent a lifetime taking care of others.

We specialize in Reverse Mortgages for seniors. A reverse mortgage enables Stanislaus County / Modesto senior homeowners to sustain their retirement while living in the home and community they love. Contact us for reverse mortgage information and our no obligation reverse mortgage informational package. We provide reverse mortgages for seniors throughout Stanislaus County , California and surrounding area. All Reverse Mortgage Company, Stanislaus County CA.  

checkmark We often offer much Lower Rates & Fees than your local Credit Union or Bank which may amount to thousands of dollars of retained equity through the life of your Reverse Mortgage
checkmark Our Senior Stanislaus County Specialists are some of the most dedicated and talented professionals within our industry assuring you a truly no-hassle & timely close (Typical closing time: 2 Weeks)
checkmark We offer all available government insured reverse mortgage programs including low fixed rates, enhanced lending limits and home purchase options.

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About: Stanislaus / Modesto

The county seat of Stanislaus County is Modesto and it is tucked neatly in Central California between Stockton and Fresno.  Stanislaus County grew as a commutable and relatively affordable alternative to the high cost of the San Francisco Bay and surrounding areas.  Stanislaus County has an area of 1515 square miles and is bordered by Santa Clara County, San Joaquin County, Calaveras County, Tuolumne County, Merced County, Mariposa County and Alameda County.  The area’s main economy is agriculture and it is also rich is Early California Lore.

Stanislaus / Modesto Reverse Mortgage Limits

According to Stanislaus County Data, the median 2007 home value in Stanislaus County was $411,994 for detached single family homes.  This makes the area ideal for the new HUD Lending Limits nationwide of $417,000.  This is especially true for Stanislaus and surrounding county seniors interested in the HUD Home Equity Conversion Mortgage (HECM or “Heck-um”), otherwise known at the government reverse mortgage.  With their median house/condo value of $358,500, many seniors have seen a definite benefit from the recent legislation which raised the loan limits to a nationwide level of $417,000.  Many senior homeowners have seen their retirement funds shrink drastically over the last 15 months.  A top congressional budget analyst estimates that pension plans have lost as much as $2 Trillion during this same time.  This change in lending limits could not have come at a better time for some Stanislaus area seniors who may now be forced to find other ways to augment their incomes. 

And speaking of selling, HUD has announced that effective January 1, 2009, reverse mortgages can now be used for purchase transactions.  Stanislaus, Modesto, Fresno and all surrounding senior residents who wish to relocate for any reason can now utilize the reverse mortgage program to purchase a home with no monthly payments as well.  This includes seniors age 62 and over who are not currently homeowners.

A reverse mortgage uses actuarial tables much the same as insurance products and borrowers receive more money the older they are.  Therefore, a 62 year old borrower just meeting the age requirement will receive much less cash than a 78 year old borrower with the same $412,000 or 358,500  home.  When borrowers do not take all their funds at the beginning of the loan and choose to use the line of credit option, the line of credit grows annually on the unused portion as the borrower would be eligible for a higher loan amount at the increased age.  Some borrowers have asked whether or not they should wait for a few years to apply until they are older to take advantage of higher principal limits for older borrowers.  Only you and your trusted financial advisors know your situation but there are other factors which go into the determination of how much money you will receive on a reverse mortgage which also include interest rates and property values.  If your property value declines, you may be eligible for less money.  If the interest rates rise from their current near-historic low levels, then you may also be eligible for less money.  And in some instances with the purchases, you have to wonder how long the current prices will remain as low as they are right now. 

The other factor that changes on which we have already seen several changes this year alone is the margin.  The margin is added to the index to determine the final rate you pay and margins have risen this year as uncertainty has grown in the mortgage secondary market.  When the margin rises, your ultimate rate increases and you may receive less money if the margin and the index both rise at the same time.  With the purchase program coming out, HUD uses the appraised value to determine proceeds to the borrower.  Senior Stanislaus County borrowers who are able to find homes which appraise for more than the sales price will be required to put even less money down on purchases under the HUD program!

The only constant is your age…you do know how old you are and you do know when your next birthday is.  No one can predict the future with interest rates or property values.  If the values rise considerably, you can refinance a reverse mortgage and the HUD insurance does not need to be paid a second time…you would just pay the difference, if any, from your old premium amount to the new premium based on any increase in the principal lending limit in your area.  The Senior Specialists at All Reverse Mortgage Company are committed to helping you with answering all your questions and if the reverse mortgage is right for you, closing your loan quickly and easily.  If it’s time for you to put your equity in reverse so that you can keep your life moving forward, then we’re here to help!

Modesto Reverse Mortgage Facts

City Homeowners Age 62+ Reverse Mortgages Closed Last 12 Months Purchase Reverse Mortgages Closed Last 12 Months Lenders in Modesto (est) Avg. Home Value
Modesto 17,897 64 22 16 $248,700

 

Stanislaus / Modesto Links:
City of Modesto | Stanislaus County Seniors
Stanislaus County / Modesto Reverse Mortgage
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