California Reverse Mortgages by your Sacramento Reverse Mortgage Provider

Why Price Should Not Matter, Get Your Reverse Mortgage Now

by Zach W Scott
May 21, 2011

Why Price Should Not Matter, Get Your Reverse Mortgage Now!

I had a Senior Couple located in the Central Valley of California. A very nice couple that could be my parents. We hit it off very well and they were interested in doing a Reverse Mortgage. They wanted to stop the monthly payments on a few small debts, part of the debt is a line of credit from their bank. This would have increased their cash flow by about $700.00 dollars per month.

As we were discussing the Reverse Mortgage Loan it came out that they had looked into the HECM Reverse Mortgage about 3 years ago (that would be 2008) BUT they thought it was way to expensive and opted for the cheap line of credit.

This is where I part ways with most everyone, when it comes the price or cost of the Reverse Mortgage Loan. This couples home was valued at over $700,000.00 dollars back in 2008 but when we appraised it in Mar 2011 the value was $110,000.00.

Not doing the Reverse Mortgage cost them somewhere north of $300,000.00 dollars. Plus they still have to shell out that $700.00 per month and that cheap line of credit is dragging them down. Which over the last 3 years would have been an extra $25,200.00 dollars cash flow into their pockets.

I hear you saying, but the money they owe would be over $400,000.00 dollars and counting and I say SO WHAT. The home stands for the debt and this nice couple would not be liable for that amount. They would be able to live in the home for the rest of their lives (80% of Seniors want this), have over $300,000.00 cash (Cash is King) and keep that pesky $700.00 in their pockets. Plus they would have peace of mind.

To bad all of the experts out there kept saying that the Reverse Mortgage is bad and cost to much. Many Seniors fell for that advice and now the price they are paying does matter.

If someone tells you that the Reverse Mortgage Scam, ask them how many Reverse Mortgages have they done.

I have done over 300 Reverse Mortgages, I have seen the great it has done for people. Call me or fill out the form on this page and lets compare the costs. It is Free to find out but it might cost you to not.

As to the Couple above, they can’t do the Reverse Mortgage because there is not enough value in their home anymore. Thanks to all the experts everyone was looking at the price that should not have mattered.