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.