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5 Reality checks you need to read about reverse mortgage loans

Are you considering a Reverse Mortgage Loan to gain extra cash every month? Reverse Mortgage Loans are popular options for homeowners 62 and older looking for opportunities to supplement their retirement income. To qualify, you must own your home, be 62 or older, and have enough equity in your home. Most residences qualify. CSMC Mortgage shares free classes on Reverse Mortgage Loans for residents of Ventura County and Los Angeles County. You can RSVP for the next one, on August 2, 2018, here.

As with any program, product or service, it’s common for myths to circulate about Reverse Mortgage Loans that simply are not true.

Let’s debunk the 5 most popular myths right now:

Fiction: With a reverse mortgage, you are selling your house to the bank.

Fact: Borrowers never give up the title or ownership of their home.

Fiction: Reverse mortgages are costly and have high fees.

Fact: Interest rates are comparable to conventional FHA rates, and fees vary by lender.

Fiction: When the loan balance grows bigger than the home value, the borrower is on the hook for the difference.

Fact: A reverse mortgage is a non-recourse loan and a borrower/estate will never owe the lender more than the current value of the home.

Fiction: You must own your home free and clear to qualify for a reverse mortgage.

Fact: Most borrowers use loan proceeds to pay off an existing mortgage.

Fiction: Reverse mortgages are a loan of last resort.

Fact: Most borrowers use a reverse mortgage line of credit as a safety net to draw on in case of emergencies.

Ready to get more info on reverse mortgage loans?

Come to our free Community Education Session on Reverse Mortgage Loans, Retirement Planning and Family Trusts on Thursday, August 2nd. This seminar will begin at 5:00 PM and will be held at the Simi Valley Public Library. Homeowners aged 62+ and their family are encouraged to attend.

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- Michael G.

“This review is about Mark and Darci Richardson from CSMC Mortage in Simi Valley. This team is the BEST! For the past 12 years our home was "underwater" due to the "crash" in 2007, and unable to do anything with the mortgage except pay it. These two kept on top of things and finally the house qualified to REFI. We just completed everything and it closed last week... and they saved us over $900 a month!! That's a huge savings for a couple of senior citizens! We are SO happy now and finally can breathe. Thanks to Mark and Darci and CSMC Mortgage for following through, jumping through all the hoops necessary and helping us out! I can't recommend them more... they are the BEST!!!”

- Shari S.

“Faye helped me purchase my first home last year. She was very professional and worked very quickly to help me procure financing. She made herself available around my schedule and took the time to explain my options for financing to help me get the lowest rate possible. Would highly recommend her to anyone looking for someone that is professional, highly knowledgeable, polite, and responsive.”

- James Z.

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“I had the best experience with CSMC Mortgage. Buying a home is very stressful with all of the paperwork that has to be filled out. Faye was amazing! I have given several people her contact info, who are scared to take the step to homeownership. She took ALL of the stress away for me. I honestly, didn’t have to do much. She accommodated my crazy work schedule and help me get things done in a timely manner. She made me feel so comfortable and at ease. There were no surprises when it was time to sign and pay. I highly recommend her to anyone in need of her services and guidance. I can’t thank her enough.”

- Lisa M.

“David Honda and his team rocked!! They had great technology that took so much of the pain of home buying away. They were attentive to our specific needs and were on top of our loan process! David was always available, even when he was in Hawaii, and super responsive! Thanks David, Melissa and the team for an easy and great home buying experience.”

- Raymond F.