Reverse Mortgage

What is a Reverse Mortgage?

A reverse mortgage loan is designed to offer seniors maximum financial flexibility, and to put their home equity to work for them.  Many companies offer a reverse mortgage, but at MasonMac, we have experienced LOs who go through extensive training to ensure that when you get a Reverse Mortgage with Mason-McDuffie, you're working with a true expert.  For many seniors, a reverse mortgage is a wonderful way to increase cash flow by accessing the equity available and built over the years in their home.

 

While a reverse mortgage is a great loan option for many, not everyone qualifies, and there are often many questions that an applicant has.  For that reason, we stress reaching out with one of our reverse mortgage certified loan officers.

Reverse Mortagage FAQ's

Can someone under the age 62 qualify?

To qualify for a reverse mortgage, an applicant must be 62 years of age or older.  However, a non-borrowing spouse may be under 62 years of age.

 

What do I need to qualify?

While qualifying for a reverse mortgage isn't a tedious process when working with a Mason-McDuffie Reverse Mortgage Expert, there is a financial assessment to ensure a borrower can meet obligations on their home such as insurance premiums and real estate taxes.

 

Does the bank own my home?

This is a common misconception about reverse mortgages. Reverse Mortgage borrowers are the owners of their home.  The reverse mortgage loan is secured against a borrower's home the same way a normal mortgage would be, but as long as a borrower complies with loan terms, the home is theirs.

 

Does a Reverse Mortgage Affect Retirement Benefits?

Benefits like social security and pension are not affected by a reverse mortgage since the proceeds from a reverse mortgage are considered loan proceeds and not income.  Often, a reverse mortgage can even be used to delay drawing on social security, which could help boost lifetime retirement income.

 

 

Questions about a reverse mortgage?  Ask an expert to get some fast answers about a reverse mortgage or anything else mortgage related by clicking here.

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Mason-McDuffie Mortgage

12647 Alcosta Boulevard
Suite 300
San Ramon CA. 94583

Phone: 925-242-4400
Fax: 866-743-0260
Toll-Free: 877-275-6662
info@masonmac.com

Licensing

Licensed by The Department of Financial Protection and Innovation
under the California Residential Mortgage Lending Act. NMLS# 1141
NMLS Consumer Access Site

Not  a  commitment  to  lend. Rates  and  terms  subject  to  change  without  notice. Licensed by The Department of Financial Protection and Innovation under  the  California  Residential  Mortgage Act  No. 4130968; AL  #22653; AR  #32700; Colorado regulated by the Division of Real Estate; DE #019623; FL #MLD819; Georgia Residential Mortgage Licensee #20924; ID #MBL-5861; Kansas Licensed Mortgage Company #MC.0025601; KY: #MC701698; MD: #16927; Mississippi Licensed Mortgage Company Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the NJ Department of Banking and Insurance; NC: L-152867; NV: #3681; OK: #ML012358; Licensed by the Oregon Division of Financial Regulation #ML-3808; PA: #37008; TN: #112513; Licensed by the Virginia State Corporation Commission #MC-5579, WV: #ML-31523/MB31759, WY: #3964. NMLS #1141. www.nmlsconsumeraccess.org

CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.

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