I had the privilege of being on the Word on Wealth radio show on KPRZ (K Praise) with my father, Jerry Sleder, on Monday to discuss San Diego Reverse Mortgages. I have posted the audio below for those who were not able to listen or did not know we were going to be one. The interview has been broken up into 4 segments.
In the first segment we discuss who in San Diego could benefit from a Reverse Mortgage and how they are different from standard mortgages. We also discuss what the requirements are of a reverse mortgage, what a counseling certificate is and why it is needed, and the benefits of working with a local San Diego Mortgage Broker who specializes in reverse mortgages versus some one who may be in another state.
The second segment covers topics such as, why are we hearing so much more about reverse mortgages recently, does the lender take over title to the property (No, they do not), how the reverse mortgage is eventually paid off, and what is expected of the homeowner who has a reverse mortgage. We also discuss the recent dicontuance of the standard fixed rate reverse mortgage in San Diego.
In the third segment we discuss what the fees are like on reverse mortgages, the fact that you can get a reverse mortgage to pay off your current loan or if the home is paid off, how they can affect estate plaanning and the inheritance for the heirs, and if there are any current credit or income qualifications.
In the final segment we cover potential upcoming changes to the reverse mortgage program like credit score requirements and impound accounts for taxes and insurance. We also discuss what can be done with the funds from the reverse mortgage, what interest rates to expect, and if there is an impact to taxes.
If you would like to get a quote on a reverse mortgage from a San Diego Mortgage Broker, or would like to call to discuss your particular scenario, please call 858-519-3935. I would be happy to answer any questions you may have.