The GOOD NEWS about today's reverse mortgages is that they really do offer many good options for borrowers who are age 62 and up. Reverse mortgages can pay off your home and offer monthly income or an ongoing credit line to be used as needed. Reverse mortgages NEVER require monthly payments, while they DO provide the option to payments. They protect a large amount of the equity in the home in case the borrower decides to sell. They do require the borrowers to pay property taxes and home insurance.
At Pacific inland Financial, we offer concise and detailed explanations about how a reverse mortgage could work for you, what the true costs are and what we are paid to provide a reverse mortgage program in each individual situation.
The BAD NEWS about reverse mortgages is that the reformed guidelines have left some large loopholes that are being exploited by PREDITORY LENDERS WHO ARE CHARGING UP TO $60,000.00 TO PROVIDE REVERSE MORTGAGES TO UNSUSPECTING AND TRUSTING BORROWERS. MANY LOAN OFFICERS WHO CALL THEMSELVES "EXPERTS" AND MAY EVEN GO TO YOUR CHURCH OR LIVE IN YOUR NEIGHBORHOOD CLAIM TO SPECIALIZE IN OFFERING REVERSE MORTGAGES ARE ACTUALLY SPECIALIZING IN MAKING UNGODLY AND EXTREME PROFITS AT THE BORROWERS’ EXPENSE. Such unacceptable behavior will never occur and would never be tolerated by Jim Chubb at Pacific Inland Home Mortgage.
The GOOD NEWS here is that, at Pacific Inland, we promise to fully educate our borrowers, fully disclose our fees, whether they are borrower or lender paid, and we can show you what other lenders are REALLY charging when you bring their paperwork to us for us to compare options and costs. Click Here to read Jim Chubb's article on reverse mortgages published in the Santa Cruz Sentinel on 3-20-2016.