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Reverse Mortgage

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Reverse Mortgage Guide

Welcome to Trinity Reverse Mortgage! We are a California Reverse Mortgage Lender, licensed in California and Washington, that specializes in helping to empower and enrich Seniors. Reverse mortgages have grown in popularity over the duration of the last decade among homeowners age 62 and over, and with good reason; a Senior Reverse Mortgage or Senior Equity Mortgage can help homeowners to tap into the equity that they have accumulated in their home and utilize these funds as they see fit. Reverse mortgages do not require a monthly payment to be made from the borrower to the lender, and can provide the homeowner with needed cash to do with as they see fit.

A Reverse Mortgage essentially functions exactly opposite of a conventional mortgage; instead of making a payment each month, the homeowner can elect to recieve a monthly disbursement into their bank account from their lender for as long as they stay in the home! Trinity Mutual is a FHA Reverse Mortgage Lender, and we specialize in Government Insured loans.

Qualification for a Reverse Mortgage is quite simple; since the homeowner is the one receiving the monthly payment, there are no credit checks, income requirements, or medical evaluations. Simply the homeowner must be age 62 or older and have equity in the home.

Proceeds from a Reverse Mortgage can be used for any purpose, and are available in a variety of payment methods - upfront cash, a monthly payment, or an Equity Line (HELOC) for tax free funds as the need arises.

For the entire time that you live in the home you will not have to repay the loan, meaning that you will also not have to make a mortgage payment. You retain ownership of the property, and once you pass away your heirs can opt to refinance the loan into a traditional mortgage, sell the home and pocket the proceeds, or even simply walk away and allow the Reverse Mortgage Lender to settle the payoff.

Reverse mortgages are non-recourse loans, meaning that you will never owe more than the house is worth - in fact, the only factors that determine your maximum borrowing amount are age, home value, and loan amount. To determine how much money you can receive, call the friendly folks here at Trinity Reverse Mortgage at 1-866-707-4664 for a Free, No Obligation Quote & Reverse Mortgage Calculation!

Steps to Follow When Refinancing a Mortgage

by Michael Fullam on October 22, 2010

If you are having problems in making payments to your mortgage and you want to readjust the mode of repayment, you can opt for a mortgage refinance. If you opt to refinance, the terms and conditions of the mortgage loan will change. Through refinancing, you can also convert your fixed rate mortgage to an adjustable one or vice versa.

What happens in mortgage refinancing?

In mortgage refinancing all the terms and conditions of the loan gets altered. The interest rate gets lowered and as a result, the monthly payment gets reduced too. Apart from this, you can also enjoy some favorable terms and conditions on your new refinanced loan like you won’t have to pay anything toward the closing costs. You can also easily qualify for a mortgage loan refinancing. However, you need to be aware of the steps to refinancing a mortgage before you can refinance.

What are the steps to follow in refinancing?

The following steps to refinancing a mortgage:

Check your mortgage rate. Before you go to refinance, it is important to check the interest rate of your current mortgage. If the rate of your current mortgage is higher than that of the current market rate, you can opt for mortgage refinancing. Otherwise, there’s no need to refinance your mortgage.
Find out if you qualify. You need to find out whether or not you qualify for a new loan. You need to have a good credit score and a clean credit report in order to qualify for a mortgage loan. Thus, get the copies of your credit reports and credit score.
Find out how much your home is worth. You need to find out how much you actually owe on your primary mortgage and the equity on your home.
Check the mortgage rate in current market. The mortgage rates have lowered historically in 2010. Thus, check out the current mortgage rates.
Find potential lenders. If you want to refinance, you will have to find potential lenders. You can talk to different lenders or a credit union or check online.
Get important documents. In order to refinance your mortgage, you will have to submit documents. The documents that you need to submit are your bank statements, your pay stubs, income tax statements, and may be the W2 forms from your employer.
Check the new mortgage lending rule. There has been changes in the mortgage market as a new set of rule has been introduced. Thus, before you go for mortgage refinancing, you should know the new rule on mortgage lending in details.

You can follow the above mentioned steps to refinancing a mortgage if you have decided to refinance your mortgage.

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Los Angeles Reverse Mortgage

by Michael Fullam on August 18, 2010

Getting a reverse mortgage for Los Angeles residents can sometimes be a tough, confusing process. Thankfully, Trinity Reverse Mortgage, your local California Reverse Mortgage Lender, is here to help you through the steps to qualifying for your Reverse Mortgage, and achieve the peace of mind that you are looking for.

A Reverse Mortgage helps Seniors age 62 and over to gain monthly income, and does this through a couple of options that you get to choose when your loan is originated. The important thing to remember is that through a HECM (Home Equity Conversion Mortgage), you actually don’t have to make a payment each month on your mortgage, your lender pays you to live in the home! [click to continue…]

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San Franciso Reverse Mortgage Lender

August 17, 2010

Are you a San Francisco Resident looking for the best reverse mortgage lender? Here at Trinity Reverse Mortgage we help seniors from San Francisco to achieve the best possible rates and terms on a San Francisco Reverse Mortgage through caring, listening, education, and years of experience! We would be happy to provide you with detailed [...]

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Best Reverse Mortgage

August 1, 2010

Getting the best reverse mortgage can be an appealing and advantageous idea for seniors who are 62 or older. It gives them the opportunity to obtain a loan that is based on their home’s equity, without actually having to put their home up for sale. It is particularly useful when the income from one’s Social [...]

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Reverse Mortgages for Seniors

July 15, 2010

Over the duration of the last decade, the Reverse Mortgage Industry has come under considerable scrutiny due mostly to the confusion and mystery propagated by unethical Mortgage Lenders that preyed upon Senior Citizens, as well as other American Homeowners. Finally, new legislation has been enacted that requires reputable lending institutions to undergo thorough examination by [...]

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San Diego Reverse Mortgage Lender

July 12, 2010

Trinity Reverse Mortgage is a California Lender that specializes in helping Seniors to gain additional income through reverse mortgages. Founded by Michael Fullam, Trinity exclusively tailors Reverse Mortgages to meet the exact situation of the homeowner, and is committed to helping Seniors in the San Diego area achieve happier, more financially secure retirements. Far too [...]

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Reverse Equity Mortgage

July 11, 2010

For Seniors Citizens in this tough economy, a Reverse Equity Mortgage may be the panacea to dwindling assets and the increased cost of living. Even as the Nation recovers from the financial crisis, more people find themselves facing tough financial times – foreclosures are still rampant and bills just keep mounting. Well, one solution that [...]

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California Reverse Mortgage

July 10, 2010

A California Reverse Mortgage may be a great option if you are a Senior looking to increase your monthly income. Trinity Reverse Mortgage is proud to be a recognized member of the NRMLA, and a HUD (US Department of Housing and Urban Development) Approved Reverse Mortgage Lender. Located in Oakland, CA Trinity Reverse Mortgage helps [...]

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Reverse Mortgage Information

July 10, 2010

Our Reverse Mortgage Information for seniors living in all 50 states, including California, Hawaii, Puerto Rico and the District of Columbia, is provided to give you a better understanding as to how this unique mortgage product can benefit you and your family. The purpose of reverse lending is to allow homeowners over 62 years of [...]

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Reverse Mortgage

July 10, 2010

Reverse Mortgages have become a popular alternative for many senior homeowners needing access to the equity they have accumulated in their home after years of monthly mortgage payments. As the name implies, this type of loan can be used to reverse the owner’s monthly cash flow. Rather than making monthly house payments to your lender, [...]

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