62 OR OLDER? YOUR HOME EQUITY MAY BE ABLE TO DO MORE FOR YOU.

Explore how a Reverse Mortgage may help you access your home equity while continuing to live in your home.*

30+ Years of Mortgage Experience
Experienced Underwriter Review

SEE IF A REVERSE MORTGAGE IS RIGHT FOR YOU

Reverse Mortgage

Reverse Mortgage - No Required Monthly Mortgage Payments
 

• Turn a Portion of Your Home Equity Into Financial Flexibility
• For California Homeowners Age 62 and Older

 
If you're 62 or older and have built equity in your home, a Reverse Mortgage may provide a way to access a portion of that equity without having to sell your home or make required monthly mortgage payments, as long as you continue to meet the terms of the loan.
 
At MGB Financial Services, Inc, we can provide a FREE, no-obligation Reverse Mortgage review to help you understand whether this type of financing may be appropriate for you.

CLICK HERE TO FIND OUT IF YOU MAY QUALIFY FOR REVERSE MORTGAGE
Absolutely No Cost or Obligation to Find Out About Your Options
 
What Is a Reverse Mortgage?

• A Reverse Mortgage allows eligible older homeowners to convert a portion of their home equity into loan proceeds while continuing to own and live in their home.

 
The most common federally insured Reverse Mortgage is the Home Equity Conversion Mortgage (HECM), which is insured by the Federal Housing Administration (FHA).
Unlike a traditional mortgage, an eligible borrower generally does not make required monthly mortgage payments.
 
Instead, the loan balance generally becomes due when a repayment event occurs, such as when the last eligible borrower sells the property, permanently moves out, or passes away, subject to the terms of the loan.
 
Who May Qualify?
For an FHA-insured HECM Reverse Mortgage, borrowers generally must:

• Be 62 years of age or older
• Own an eligible property
• Occupy the property as their principal residence
• Have sufficient home equity
• Complete required HUD-approved Reverse Mortgage counseling
• Meet applicable FHA financial assessment and program requirements
• Continue to meet ongoing property obligations

Your Age + Your Home Equity Could Provide New Financial Options

• The amount potentially available depends on several factors, including the age of the youngest borrower or eligible non-borrowing spouse, applicable interest rates, and the property's value subject to program limits.

 
No Required Monthly Mortgage Payments

• One of the primary features of a Reverse Mortgage is that eligible borrowers are generally not required to make monthly mortgage payments while the loan remains in good standing.
• However, a Reverse Mortgage is not free housing.

The homeowner must continue to:
✓ Pay property taxes
✓ Maintain required homeowners insurance
✓ Maintain the property
✓ Pay applicable HOA dues and other required property charges
✓ Occupy the property as a principal residence as required by the program
Failure to meet the loan requirements can cause the loan to become due and payable.
 
How Can You Receive Reverse Mortgage Proceeds?

• Depending on the Reverse Mortgage program selected and applicable requirements, proceeds may potentially be structured in different ways, including:
• Lump Sum
• Receive eligible proceeds at closing, subject to program limitations.
• Monthly Payments

Receive scheduled payments according to the selected payment plan.

• Line of Credit

Establish an available line of credit and access eligible funds when needed.

• Combination

Depending on the program, a combination of available payment options may be possible.
We can explain the available choices and help you understand how each option works.
 
How Can Reverse Mortgage Funds Be Used?
Subject to the applicable loan terms, homeowners may use available proceeds for a variety of purposes.
For example:

• Supplement retirement income
• Pay everyday living expenses
• Pay medical or healthcare expenses
• Make home improvements or repairs
• Establish additional financial reserves
• Pay off an existing eligible mortgage or other debts
• Help manage unexpected expenses
• Improve monthly cash flow

The appropriate use of home equity depends on your individual financial circumstances.
 
Can a Reverse Mortgage Pay Off My Existing Mortgage?
Potentially, Yes.

• If you currently have a mortgage on your home, Reverse Mortgage proceeds may be used to pay off eligible existing liens as part of the transaction.
• Whether sufficient proceeds are available depends on your home value, existing mortgage balance, age, interest rates and applicable program requirements.

CALL US FOR A FREE REVIEW OF YOUR CURRENT MORTGAGE AND HOME EQUITY
 
Do I Still Own My Home?
Yes.

• With a Reverse Mortgage, you retain title to your home, subject to the mortgage lien—just as with a traditional mortgage.
• You can generally continue living in your home as long as you meet the loan requirements, including maintaining it as your principal residence and keeping required property charges current.

 
What Happens to the Home Later?

• A Reverse Mortgage does not mean that the lender automatically becomes the owner of your home.
• When the loan becomes due and payable, the borrower or heirs may have options depending on the circumstances and applicable program requirements, which can include repaying the loan and retaining the property or selling the property and using the proceeds to satisfy the loan balance.
• Any remaining equity after satisfying the Reverse Mortgage and applicable selling expenses generally belongs to the homeowner or estate.

 
Reverse Mortgage for Purchase

• Did you know a Reverse Mortgage may also potentially be used to purchase a new principal residence?
• For eligible borrowers age 62 or older, a HECM for Purchase can combine a Reverse Mortgage with funds from the buyer to purchase another qualifying home.
• This may be worth exploring if you're considering:

Downsizing • Relocating • Moving Closer to Family • Purchasing a Retirement Home

• Ask us whether a Reverse Mortgage for Purchase may fit your situation.

 
How Much Could You Potentially Receive?
Every homeowner's situation is different.
We can perform a preliminary review based on information such as:

• Your Age
• Estimated Home Value
• Current Mortgage Balance
• Property Type
• Applicable Interest Rates
• Financial and Program Qualifications
• There is no obligation to proceed simply because you request information.

 

• FREE Reverse Mortgage Review
• Find Out Whether a Reverse Mortgage May Work for You

 
Three Easy Ways to Get Started:
1. Call Our  OFFICE @ 562-809-2643

Leave your name and contact information, and we can contact you regarding the next steps.
 
2. Complete Our Online Pre-Qualification Form
    CLICK HERE TO SEE IF YOU MAY QUALIFY
 
3. Download the Pre-Qualification Form

• DOWNLOAD REVERSE MORTGAGE FORM
• Absolutely No Cost or Obligation to Request Information

 
Questions? We're Here to Help.

• A Reverse Mortgage is an important financial decision and should be carefully evaluated.
• Let us help you understand the benefits, costs, responsibilities and available alternatives so you can make an informed decision.
• MGB Financial Services, Inc
• 30+ Years of Mortgage Experience
• California Properties Only

 
Important Reverse Mortgage Information

A Reverse Mortgage is a loan secured by the home. Borrowers retain title to the property but remain responsible for satisfying the terms of the loan, including payment of property taxes, required homeowners and flood insurance when applicable, property maintenance, and applicable HOA or other property charges. The loan balance increases over time as interest and applicable charges accrue.

For FHA-insured Home Equity Conversion Mortgages (HECMs), borrowers must meet applicable FHA eligibility and financial assessment requirements and complete required counseling with a HUD-approved HECM counselor before closing. The loan generally becomes due and payable following specified events, including when the last eligible borrower sells the home, no longer occupies the property as a principal residence, or dies, subject to applicable HECM requirements.
Loan proceeds, available payment options and qualification depend on borrower age, property value, existing liens, interest rates and applicable program requirements. Programs and guidelines are subject to change. Not all applicants or properties will qualify. This information is for general educational purposes and is not a commitment to lend.