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Reverse Mortgage

Confused? Launch the
Reverse Mortgage Guide

Welcome to Trinity Reverse Mortgage! We are a California Reverse Mortgage Lender, licensed in Alabama, Arkansas, California, Florida, Georgia, Mississippi, Oklahoma, Oregon, Tennessee, Texas 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!

Klamath Falls Oregon Reverse Mortgage Lenders

by Michael Fullam on August 13, 2013

Klamath Falls Oregon

Klamath Falls

When considering reverse mortgages in Klamath Falls Oregon, it’s important to understand the different types of loan options available.  Most reverse mortgages held today are home equity conversion mortgages.  This reverse mortgage type is regulated by the United States Department of Housing and Urban Development, commonly referred to as HUD.  Many people mistakenly assume that, because these reverse mortgage loans are backed by the government, they are government loans; this is not the case.  With a home equity conversion mortgage in Klamath Falls Oregon, you will still be borrowing from a reverse mortgage lender; the government will simply be insuring the loan.

The Benefits of a Home Equity Conversion Mortgage

There are many benefits to choosing a home equity conversion mortgage in Klamath Falls Oregon. First of all, you will be protected from reverse mortgage lenders that do not or cannot honor their commitments and pay you the money agreed upon.  When this happens, the government will step in and make sure you get the funds which you are owed.  This type of loan also protects you in the event that you borrow more than your home is worth, as determined by an appraisal or the selling price of the home.  You will never be responsible for paying back more than your home’s total value or selling price, and if you happen to borrow more money than either of these amounts, the government will pay the remainder for you.

Insurance Fees

Because the government offers protection on your behalf when you take out a home equity conversion mortgage in Klamath Falls Oregon,, you are required to pay the government for its service.  In addition to your regular reverse mortgage rates, which may include interest and other fees, you will be responsible for paying 1.25% of the total loan balance to the government per year.  This fee will simply be tacked onto your reverse mortgage rate, and you will be responsible for paying it and all other charges when the loan becomes payable.  For an estimate of the total cost of your loan, use a free online reverse mortgage calculator.

Counseling and  Commonality

Klamath Falls Oregon

While there are some other types of reverse mortgage solutions available, none of them offer you the same level of protection as government-backed reverse mortgages in Klamath Falls Oregon,.  It is for this reason that home equity conversion mortgages are by far the most common types of reverse mortgages in Klamath Falls, Oregon and in the entire United States.  To further protect you and to ensure you understand what you are agreeing to when you take on a reverse mortgage, you will be required to attend a loan counseling session.  These sessions are designed to inform you of the risks and benefits of a reverse mortgage, to disclose all required costs and fees, and to answer any questions or concerns that you may have.  You may be required to pay a nominal fee for the counseling session, but often times, the fee can be waived or reduced if you are unable to afford it.

Proprietary Loans

Klamath Falls Oregon

Your other option in terms of a reverse mortgage loan is a proprietary reverse mortgage loan.  While these loans are somewhat rare, some borrowers do choose to use them.  Proprietary loans are not backed by or affiliated in any way with the Federal Housing Administration.  Instead, they are offered by private banks, mortgage companies, and other private lenders.  Unlike with government-backed loans, there is no federal body that sets rules and regulations for these organizations to follow.  Counseling is not required, and fees and borrowable amounts will vary from one lender to the next, making these loans very risky and not advisable.

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Olympic Peninsula Washington Reverse Mortgage Lenders

by Michael Fullam on August 13, 2013

Olympic Peninsula Washington

Olympic Peninsula Washington

Before you can take out a reverse mortgage in Olympic Peninsula Washington, you will be required to attend a loan counseling session.  Taking on a reverse mortgage is a serious decision, and your reverse mortgage lender is required to make sure you have all of the facts and information you need to make a wise decision before accepting any funds from you.  During the counseling session, you will be briefed on the basics of reverse mortgage loans.  While some of this information may seem like “old news” to you, just listen and remember that the session is being held for your benefit.  During the session, your counselor will discuss each reverse mortgage loan option you have and how each option might work for you.

Finding a Counselor

While there are many fine loan and financial counselors in Olympic Peninsula Washington, you are required to use one that has been certified and approved by the United States Department of Housing and Urban Development.  These are the loan counselors who have been trained on exactly what to say and what to do to teach you all of the necessary information about reverse mortgages.  Fortunately, you don’t have to go to the trouble of seeking out these counselors.  Reverse mortgage lenders are permitted to give you a list of certified counselors in the Olympic Peninsula area.  That is all your lender can do; he or she cannot encourage or force you to choose one counselor over the other, or send you to a counselor with which he or she has a direct affiliation.  The counselor has to have your best interests, and nothing else, in mind when the session is conducted.

Reverse Mortgage Alternatives

Olympic Peninsula Washington

During the loan counseling session, your loan counselor will show you your anticipated reverse mortgage rate in Olympic Peninsula Washington, and, if you request, how it was arrived at using a reverse mortgage calculator.  Your loan counselor may give you his or her opinion on whether or not the fees you are anticipating for your reverse mortgage loans are reasonable.  If the counselor does not think that the fees are reasonable, or if he or she thinks a different option would be better suited to you, your counselor should tell you this.  Sometimes, the counselor will even present alternatives to reverse mortgage solutions to you.  Know, however, that you are never under any kind of obligation to take your counselor’s advice.  The advice presented is just that—advice; it is the counselor’s informed opinion, but, after the session is complete, you are free to make your own decisions about whether or not a reverse mortgage is the right choice for you.

Setting Up Your Appointment

Olympic Peninsula Washington

When you are ready to set up your loan counseling session, you can browse through the list of local counselors given to you by your lender.  You can choose any counselor you like and simply call the included telephone number to set up your loan counseling session.  This session can be conducted in person or over the phone, depending upon your preference.   After you’ve booked the appointment, your lender will prep you on what to expect from it, and it’s a wise idea to spend some time compiling any questions or concerns you may have for easy reference during your meeting with the counselor.  The session will likely take at least an hour, though it can go as long as you need it to.  You are free to speak up as much as you like during this session, and you should.  This is the one chance you have to make your voice heard and to get an expert opinion on whether or not a reverse mortgage is right for you.

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Olympic Peninsula Washington Reverse Mortgage Lenders

August 13, 2013

Olympic Peninsula Washington   Before you can take out a reverse mortgage in Olympic Peninsula Washington, you will be required to attend a loan counseling session.  Taking on a reverse mortgage is a serious decision, and your reverse mortgage lender is required to make sure you have all of the facts and information you need […]

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Portland Oregon

August 13, 2013

Portland Oregon   One of the biggest concerns most people have when considering taking out reverse mortgages in Portland Oregon is how much they will have to pay.  While there are some upfront fees associated with a reverse mortgage, such as the appraisal fee and the loan origination fee, many of these fees can be […]

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Steps to Follow When Refinancing a Mortgage

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 […]

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Los Angeles Reverse Mortgage

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 […]

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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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