Easy Ways to Protect Your Home This Fall

It’s still sweltering for most of us, but cooler temps will be here before you know it. So much can go wrong with a house during the winter, but just a little babying will go a long way to make sure your home stays in tip-top shape all the way through spring (and beyond, with any luck). These are all quick, easy things any homeowner can do right now to prevent a disaster.Read More


Do you think you have to sell your home to fund retirement?

All too often, homeowners 62 and older are faced with the difficult reality that most of their cash reserves are held up in the equity of their home. Selling the property at market value, especially if the home is in good condition and has increased in value since it was purchased, is one way to free up the equity in the home, but it is not the only way. Accessing the equity with Reverse Mortgage Loans is an increasingly popular way for homeowners to stay in their home throughout retirement, retaining ownership and title.

It starts with a free estimate by a CSMC Loan Officer, where you will discover how much cash you can get out of your home.

When you select your CSMC Loan Officer for a Reverse Mortgage Loan Consultation, he or she will:

  • Explain a reverse mortgage to you
  • Explain the various reverse mortgage product qualifications and options
  • Explain the costs
  • Help you determine if you can afford a reverse mortgage and meet your financial obligations, such as paying your taxes and insurance

You earned your homeownership. You have the right to the equity that has built in your home. At CSMC, we build your Reverse Mortgage Loan around you: your needs, your goals, and the home you love.

“So, what’s my first step?”

Get started in the process by meeting with a CSMC Loan Officer. You can select a Loan Officer here, or simply request a loan consultation with this form.

Step 2 – Attend our Free Community Education Session on Reverse Mortgage Loans

After you’ve contacted us for a free consultation, 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. View details and RSVP here or copy and paste this link into your browser: https://csmcmortgage.com/rm/

 

The City of Simi Valley is not sponsoring or endorsing this program or any goods or services offered.
Equal Housing Lender © 2018 Customer Service Mortgage Corporation dba CSMC Mortgage, 4353 Park Terrace Drive, #100, Westlake Village, CA 91361, 805-212-7710. NMLS ID #1570216. (www.nmlsconsumeraccess.org), DRE #02021660. These materials are not from HUD or FHA and were not approved by HUD or a government agency. Consult a tax advisor on the usage of loan proceeds and tax implications. A reverse mortgage loan increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). A set-aside account can be set up to pay taxes and insurance and may be required in some cases. The home must be occupied as the primary residence. The loan 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. Contact CSMC Mortgage for more information.


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:

5 most common myths about reverse mortgage loans.

5 most common myths about reverse mortgage loans.

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. View details and RSVP here or copy and paste this link into your browser: https://csmcmortgage.com/rm/

 

 

The City of Simi Valley is not sponsoring or endorsing this program or any goods or services offered.
Equal Housing Lender © 2018 Customer Service Mortgage Corporation dba CSMC Mortgage, 4353 Park Terrace Drive, #100, Westlake Village, CA 91361, 805-212-7710. NMLS ID #1570216. (www.nmlsconsumeraccess.org), DRE #02021660. These materials are not from HUD or FHA and were not approved by HUD or a government agency. Consult a tax advisor on the usage of loan proceeds and tax implications. A reverse mortgage loan increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). A set-aside account can be set up to pay taxes and insurance and may be required in some cases. The home must be occupied as the primary residence. The loan 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. Contact CSMC Mortgage for more information.


How 1 hour in a free class can yield thousands back into your bank account

Are you a homeowner 62 years or older who is looking for ways to bring in extra cash each month? A reverse mortgage loan on your home may be the right choice for you. The proceeds from reverse mortgage loans can be used for anything. Many people receiving payments from their reverse mortgage loan use the funds to supplement retirement income, cover daily living expenses, repair or modify their home (i.e., widening halls or installing a ramp), pay for health care, pay off existing debts, cover property taxes, or prevent foreclosure.

On Thursday, August 2nd, we’ll be providing a free Community Education Session on Reverse Mortgage Loans, Retirement Planning and Family Trusts. 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. View details and RSVP here or copy and paste this link into your browser: https://csmcmortgage.com/rm/.

What is a reverse mortgage?

As defined by the National Reverse Mortgage Lenders Association, “A reverse mortgage is a loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their homes into cash.”

In other words, a reverse mortgage is like a reversed payment system. Instead of the borrower making monthly payments to the lender, the lender makes monthly payments to the borrower. With a reverse mortgage, borrowers 62 years or older who own their homes outright or nearly so can stay in their homes and maintain or improve their standard of living without paying a monthly mortgage payment. This allows homeowners to benefit from the equity in their home while still living in the home and continuing to own title to the property.

To obtain a reverse mortgage, you must meet certain criteria which will be shared in detail at our upcoming Community Education Session on August 2nd.

Are you, or is someone you know and care about, at least 62 years of age and a homeowner?

If so, we recommend that you RSVP for this free seminar now.

In addition to learning how you may be able to take advantage of a Reverse Mortgage Loan, our certified panel of professionals will share details with you on Retirement Planning and Family Trusts. At CSMC Mortgage, we believe that the more information we provide you with, the more you can increase your quality of life and financial standing.  One hour of your time on Thursday night. August 2nd, can result in thousands of dollars back to you each month!

Attendants will also receive a free gift, the book, “Purposeful Retirement – How to bring happiness and meaning to your retirement” by Hyrum W. Smith!

Please visit https://csmcmortgage.com/rm for details.

 

 

The City of Simi Valley is not sponsoring or endorsing this program or any goods or services offered.
Equal Housing Lender © 2018 Customer Service Mortgage Corporation dba CSMC Mortgage, 4353 Park Terrace Drive, #100, Westlake Village, CA 91361, 805-212-7710. NMLS ID #1570216. (www.nmlsconsumeraccess.org), DRE #02021660. These materials are not from HUD or FHA and were not approved by HUD or a government agency. Consult a tax advisor on the usage of loan proceeds and tax implications. A reverse mortgage loan increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). A set-aside account can be set up to pay taxes and insurance and may be required in some cases. The home must be occupied as the primary residence. The loan 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. Contact CSMC Mortgage for more information.


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Sometimes people are confused about the differences between FHA and conventional loans. In some cases, an FHA loan can help you buy a home sooner than you’d be able to buy with a conventional loan. Paperwork and processing times for both loan types are roughly the same, so it just comes down to what you qualify for and what makes the most financial sense for you. Let’s break down both loans.Read More


Everything You Need to Know About Capital Gains Taxes and Selling Your Home

There are few things in life as murky as tax law. There’s a lot of misinformation floating around about how you’re taxed on the profit (capital gains in IRS-speak) you make when you sell your home. Plus, this topic made news recently because of proposed changes to the law, causing more confusion (none of the proposals passed, by the way.) Here’s what you need to know about taxes and selling your home.Read More