Please reach out to start a conversation with our team. We are here to guide you through any questions you may have about our Dignified Reverse Mortgages.
With a Dignified Reverse mortgage:
You can purchase a new home, whether it is downsizing or rightsizing, or moving closer to family.
An existing mortgage can be paid off to eliminate monthly mortgage payments.
Proceeds are paid directly to the homeowner tax-free and do not affect Social Security benefits.
Co-borrowers can include spouses, friends, siblings, or additional family members living in your household aged 62 years or older.
A Jumbo Reverse Mortgage is available for homes that have a high property value. Qualifications are available up to a $4 million loan, with low closing costs! This can be a powerful tool when it comes to financial planning, liquidity, or retirement strategies.
1 Baxter Way, Suite 120
Westlake Village, CA 91362
Phone: (888) 225-7985
Social Security benefits will not be impacted; however other benefits such as Medicaid or supplemental security income (SSI), or other government assistance, may be impacted.
When a reverse loan becomes due and payable, the outstanding loan and interest will need to be repaid, either through a refinance or sale of the property. The lender charges an origination fee, mortgage insurance premium, closing costs and servicing fees (added to the balance of the loan). The balance of the loan grows over time and the lender charges interest on the balance. Interest is not tax-deductible until the loan is partially or fully repaid.
Borrowers are responsible for paying property taxes, homeowner's insurance, maintenance, and related taxes (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must occupy the home as their primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable (and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms.