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Click the button below and enter your email address to get your free complete guide to understanding Reverse Mortgages. If you are 62 or older and looking to eliminate your current mortgage payments, generate some additional income or access cash then you should learn if they are right for you.
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Eliminate your payments

Do you own your home but are still making mortgage payments? Many clients love their home but the thought of continuing to make payments is stressful and especially dificult on a tight budget.

Great news: You can live in your home payment free

Stay in Your Home and Improve Your Immediate Finances: The key to a Reverse Mortgage is that it enables you to live in your home for as long as you want with absolutely no monthly mortgage payments and – in many cases – you can also get access to money to use for any purpose.

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Reverse Mortgage Toolkit

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Savings per MONTH

*Estimates were generated from the San Diego Market

Provide Monthly Income

Having consistent dependable income is a necessity if you plan on fully enjoying your golden years. Social Security is helpful along with any retirement funds but often times having an additional monthly income can reduce or even remove any stress you have keeping up with the rising cost of living.

Leverage the value you have earned in your home to provide the life you deserve

Home values have skyrocketed in California but until recently there were few options to directly access your increased equity. With a reverse mortgage you can get a monthly income from the value you have built, oftentimes tax free, while continue to live in and own your home. This could be the option you were looking for.

Got Questions?Get answers with your free
Reverse Mortgage Toolkit

Recent Review:

Read Rob R.'s review of The Mortgage Planners - West Coast Mortgage on Yelp

Income available per MONTH by value and age

Click the above labels to see payouts based on varying values

*Estimates were generated from the San Diego Market

Access Your Cash

How you use the funds from a Reverse Mortgage is up to you. Use it to take that trip you have been putting off, get that new car or finish that dream home renovation. Or take a more practical approach and pay off existing debt, complete needed repairs, get a hearing aid, purchase life insurance or long term care insurance, pay for your children’s college education – anything goes.

As a Reverse Mortgage is a loan, the money from it is typically tax-free, whether you receive it as fixed income or in a lump sum.

Depending on the type of loan you choose, you can receive the Reverse Mortgage loan money in the form of a lump sum, annuity, credit line or some combination of the above.

Got Questions?Get answers with your free
Reverse Mortgage Toolkit

Recent Review:

Read Jesse C.'s review of The Mortgage Planners - West Coast Mortgage on Yelp

Lump sum available by age

Click the above labels to see payouts based on varying value

*Estimates were generated from the San Diego Market

Additional Resources

Will we continue to own our home?

Yes, you will own your home just as you do now. The bank does not take ownership. The owner retains title with a reverse mortgage.

How do I qualify for a Reverse Mortgage?

To become eligible for a reverse mortgage, you must be at least 62 years old and own your home. You must have enough equity in the house to pay off outstanding mortgage balances. Your home is also required to be occupied by you as your principal residence.

How much money can I get?

The amount of money that a lender will loan depends upon how old you are at the time of closing, how much your house is worth, the total amount of liens, and interest rates. The type of reverse mortgage product and the payment options can also affect the amount of money you will receive.

How do I receive my money?

There are several different options to choose from. You can take the money in a lump sum, set up a line of credit, monthly payment, or a combination of all three.

What costs are associated with a reverse mortgage?

The costs of a “forward” loan are very similar to a reverse loan. For example, there is an origination fee, an MIP (mortgage insurance premium) is paid HUD on the HECM loans, an appraisal fee, a flood certification fee, title and escrow fees, and other standard closing costs.In many cases you may be able to qualify for a low cost or no cost option. Ask your reverse mortgage specialist about this.

Is it required that I receive counseling before getting a reverse mortgage?

Yes. Counseling is required to protect seniors from receiving incorrect information about reverse mortgages. The lender must be in receipt of the counseling certificate before they can close the loan. To locate a reverse mortgage counselor near you, contact your loan officer or your local HUD office.

Do I get taxed on the money I receive from my reverse mortgage?

The equity in your home is considered your money and not additional income. All the funds from a reverse mortgage are tax free.

What can I use the money for?  

Anything you wish. Common uses of loan proceeds are:
Extra monthly income | Pay off debt and or taxes | Healthcare | Home repair or realeling | Travel | New car | Help family with education or to purchase a home

I’ve always planned to leave the house to the kids. Won’t you be taking my house?

No, your home will always remain your home, you may leave it to whomever you choose. When you pass away, your heirs will have several options for paying off the loan, including selling your home or refinancing the debt, among others. After the debt is repaid, the remaining equity goes to your heirs.

What are my responsibilities as a home owner with a reverse mortgage?

Homeowners with a reverse mortgage have responsibilities similar to those associated with a conventional mortgage. They are expected to pay property taxes, keep current property insurance and maintain the home.

What about a home in a ‘living trust’?

Yes, a homeowner who has put the home in a living trust can usually take advantage of a Reverse Mortgage. Trusts must be approved by the Title company and some trusts may need minor amendments.

What if I have an existing mortgage?

We can still do a reverse mortgage providing there is enough loan proceeds to pay off your existing mortgage. A reverse mortgage must be in first lien position. This will eliminate any mortgage payments you had.

Does a Reverse Mortgage affect Social Security, Medicare, or pension benefits?

No, these benefits are not affected.

Will my spouse continue to receive the same amount of benefits if I die?

Yes, as long as you are joint borrowers, and your spouse continues to live in the home.

Will I have any up front closing costs in getting my loan?

There will be standard mortgage processing costs, a mortgage insurance premium for the Federally Insured FHA/HUD Home Equity Conversion Mortgage program and a loan origination fee. All fees can be financed as part of the loan, meaning no out of pocket expenses to you.

NO PAYMENTS: No repayment is made until the home is sold or the owner permanently moves out or passes away.

Elimintate Current Mortgage Payments: A reverse mortgage can payoff your current mortgage and eliminate your mortgage payments.

Benefits Not Affected: Social Security Benefits and Medicare are not affected by a Reverse Mortgage.

Flexibility: The Reverse Mortgage is a tremendously flexible product that can be utilized in a variety of ways for a variety of different types of borrowers. Households who have a financial need can tailor the product to de stress their finances. Households with adequate resources might consider the product as a financial planning tool.

Stay in Your Home and Improve Your Immediate Finances: The key to a Reverse Mortgage is that it enables you to live in your home for as long as you want with absolutely no monthly mortgage payments and – in many cases – you can also get access to money to use for any purpose.

Low Risk of Default: Unlike a home equity loan, with a Reverse Home Mortgage your home can not be taken from you for reasons of non-payment – there are no payments on the loan until you permanently leave the home. However, you must continue to pay for upkeep and taxes and insurance on your home. (Furthermore, you may be subject to foreclosure if you live somewhere other than the home longer than allowed by the loan agreement.) The Reverse Mortgage Lenders have no claim on your income or other assets.

No Downside: With a Reverse Mortgage you will never owe more than your home’s value at the time the loan is repaid, even if the Reverse Mortgage lenders have paid you more money than the value of the home. This is a particularly useful advantage if you secure a Reverse Mortgage and then home price declines.

Tax Free: As a Reverse Mortgage is a loan, the money from it is typically tax-free, whether you receive it as fixed income or in a lump sum.

No Restrictions: How you use the funds from a Reverse Mortgage is up to you – go traveling, pay off existing debt, home renovations or repairs, get a hearing aid, purchase life insurance or long term care insurance, pay for your children’s college education, or simply leave it sitting for a rainy day – anything goes.

Flexible Payment Options: Depending on the type of loan you choose, you can receive the Reverse Mortgage loan money in the form of a lump sum, annuity, credit line or some combination of the above.

Home Ownership: With a Reverse Mortgage, you retain home ownership and the ability to live in your home. As such you are still required to keep up insurance, property taxes and maintenance for your home.

Guaranteed Place to Live: You can live in your home for as long as you want when you secure a Reverse Mortgage.

Federally Insured: The Home Equity Conversion Mortgages (HECM) is the most widely available Reverse Mortgage. It is managed by the Department of Housing and Urban Affairs and is federally insured. This is important since even if your Reverse Mortgage lender defaults, you’ll still receive your payments.

Can Preserve Your Wealth: Depending on your circumstances, there are a variety of ways that a Reverse Mortgage can help you preserve your wealth.

Preserve and Increase the Value of Your Home Equity: If you take your loan amount as a Home Equity Line of Credit, then this Reverse Mortgage Line of Credit grows annually. This locks in your current home value, and your reverse mortgage line of credit over time might be larger than future real estate values if the market goes down.

Higher Fees: The upfront fees (closing and insurance costs and origination fees) for a Reverse Mortgage are considered by many to be somewhat high – marginally higher than the costs charged for refinancing for example. However, the fees are financed by the Reverse Mortgage itself so nothing is paid out of pocket. Furthermore, recent changes to the HECM Reverse Mortgage reduced some of the fees. There are also options for low or no cost reverse mortgages depending on the scenario.

Accumulating Interest: There are no monthly payments on a Reverse Mortgage. As such, the loan amount – the amount you will eventually have to pay back – grows larger over time. Every month, the amount of interest you will eventually owe increases – it accumulates. However, the amount you owe on the loan will never exceed the value of the home when the loan becomes due.

Not Enough Cash Can Be Tapped: If you have a lot of home equity, you might be frustrated that a Reverse Mortgage only enables you to use some of it. The HECM loan limit is currently set at $726,350. However, your actual loan amount is determined by a calculation that uses the appraised value of your home, the amount of money you owe on the home, your age and current interest rates.

It Seems Complicated: A Reverse Mortgage is a mortgage in reverse – that can be hard to get your head around. With a traditional mortgage you borrow money up front and pay the loan down over time. A Reverse Mortgage is the opposite – you accumulate the loan over time and pay it all back when you and your spouse (if applicable) are no longer living in the home. Any equity remaining at that time belongs to you or your heirs.

Beyond Advantages and Disadvantages, Reverse Mortgages Are Not for Everyone

Beware if You are Eligible for Low-Income Assistance: If you are currently or will be eligible to receive low-income assistance from the Federal or State government (like Medicaid), you will want to be careful that proceeds from a Reverse Mortgage does not disqualify you from that assistance. (NOTE: Social Security and Medicare are not impacted by a Reverse Mortgage.)

Reconsider if You Are Planning to Move in the Near Term: Since a Reverse Home Mortgage loan is due if your home is no longer your primary residence and the up front closing costs are typically higher than other loans, it is not a good tool for those than plan to move soon to another residence.

Evaluate if You are Willing to Reduce Your Heirs Inheritance: Many people dismiss a Reverse Mortgage as a retirement option because they want to be sure their home goes to their heirs. And it is true, a Reverse Mortgage decreases your home equity – affecting your estate. However, you can still leave your home to your heirs and they will have the option of keeping the home and refinancing or paying off the mortgage or selling the home if the home is worth more than the amount owed on it..

Meet our team

John Doe

Shanne Sleder

Mortgage Advisor

A lifelong resident of the San Diego metropolitan area, and a second-generation mortgage banker, Shanne prides himself on providing financing that fits with the client’s overall short and long-term financial objectives, and delivering outstanding customer service. After earning his B.S. degree in Molecular Biology from the University of California, San Diego, Revelle College in 2001, Shanne opted to apply his skills in critical analysis to the financial world, rather than to the world of science. He has enjoyed assisting clients for over 16 years. Shanne saw the opportunity to help people by working with them to develop mortgage plans that would work well with their overall financial plans and goals. Shanne specializes in making the loan process easy to understand and fully transparent. His process not only starts with an in depth consultation, but he makes sure your mortgage needs are taken care of well into the future. Shanne works with many first time home buyers, move up clients, and seniors.

Nix Maxwell

Laura Martinez

Senior Processor

Laura has been Shanne's personal loan processor since 2004. They have devel-oped a great working relationship which helps loans get processed in a smooth and efficient manner. Laura is an integral part of the Ready to Move Pre-Approval and the Ease of Mind Lending Process. She will review and prepare your file for underwriting, makeing sure we have all the items we need so your approval has as few conditions as possible. Laura is fluent in Spanish and enjoys the unique perspective gained from under-standing different cultures. Laura has a substantial professional history of manag-ing banks and credit unions in San Diego, where she developed her exceptional customer service skills. Laura enjoys spending time with her husband and family. She is very active in her neighborhood and volunteers at local community events. During her spare time, she enjoys crafts, scuba diving, hiking and traveling.

Nix Maxwell

Kailey Moffatt

Loan Officer Assistant

Kailey’s role is to help guide you through the beginning stages of your loan, assist-ing with your initial consultation and application, gathering documentation, and providing consistent communication and follow up. She will assist to help make this a stress free process so you can focus on your dreams of homeownership. After escrow closes, Kailey will make sure our service continues and we are managing your mortgage with our More Than a Mortgage Program. Kailey has a true passion for the Real Estate Industry which grew out of her previous job with Irvine Company where she served as a Leasing Consultant for 2 years. Kailey is a rare San Diego native. She attended San Pasqual High School and Palomar College, has been married since 2015 and enjoys outdoor activities such as hiking, surfing and snowboarding.

Our Company

The RWM Difference
Why choose Us?

Locally Owned And Operated

RWM Home Loans consistently funds nearly $500,000,000 in residential home loans throughout California per year, and has closed over 10,0000 mortgage transactions. Roughly 80% of these loans are underwritten and funded in San Diego through RWM’s team of professionals, while the remaining loans are brokered to other sources giving borrowers the most competitive edge and competitive rates.

Why choose Us?

Personal Mortgage Consultant

In today’s fast-paced world where people often feel like just another number, RWM’s more personal approach is working. Loan officers and support staff have embraced this personalized approach so we can work as a team to guarantee you will always have access to one of our service representatives for all of your needs. By listening to clients’ mortgage needs, RWM loan officers are able to ensure every experience is a success.

Why choose Us?

Our Competitive Advantage

RWM Home Loans is a local San Diego community mortgage bank that was founded in 1994 by experienced professionals who have been in the California real estate market and mortgage industry for more than two decades. Often referred to as San Diego’s top mortgage company, customer service is the main focus.

Contact

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