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:

1. 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.
2. 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.
3. 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.
4. Check the mortgage rate in current market – The mortgage rates have lowered historically in 2010. Thus, check out the current mortgage rates.
5. 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.
6. 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.
7. 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.

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!

You can choose to receive money up front from your lender in a large lump sum, similar to a cash-out refinance, but without making a higher monthly payment to your lender, a monthly income from your lender for as long as you live in the home, an equity line, from which you can pull monies as you see fit and as the need arises, or any combination of the above!

Here at Trinity Reverse Mortgage, we help Los Angeles area homeowners come to an informed decision as to which option is right for them.

Interestingly enough, more and more Senior homeowners are opting for a Reverse Mortgage over a conventional mortgage in the Los Angeles area. This could be due to the fact that conventional mortgage’s are not always Government Insured, or more likely because Reverse Mortgage Lenders that loan on FHA backed HECM loans must answer to and are regulated by the Federal Housing Administration.

With a A rating with the Better Business Bureau and countless Seniors helped over the years, it’s no wonder why Seniors choose Trinity Reverse Mortgage for all of their Reverse Mortgage needs!

For more information on Reverse Mortgages, such as how a Reverse Mortgage can help you, the steps to qualifying, and how to get started, please take a look around our website! We pride ourselves on offering relevant, up to date information, and are experts on California and Los Angeles real estate. We sincerely hope to be hearing from you soon!

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 Reverse Mortgage information, and are actually your local lender! To calculate how much money you can qualify for, or simply to have your questions answered regarding Reverse Mortgages, you can complete a quick form, or give us a call at (510) 595-4377! We pride ourselves in helping seniors know the facts about Reverse Mortages, and can provide a quote on the mortgage that best meets your needs.

San Francisco is one of the best areas to live in California, but with the rising cost of commodities and inflation, money can sometimes be tight. A Reverse Mortgage allows you to use the equity in your home to stop making a mortgage payment all together, and start living the way that you want to!

Additionally, a Reverse Mortgage can provide a monthly tax-free income, or a large lump sum to you. Depending on what you qualify for, this “found” money can really improve your quality of life!

Reverse Mortgages in San Francisco

HECM (Home Equity Conversion Mortgages) are specifically for Seniors age 62 and over, and are designed to help make retirement easier. Here at Trinity, we are intimately familiar with the Real Estate Market in San Francisco, and we know Seniors! We can help you achieve your financial goals, even if a Reverse is not the best option.

We lend Jumbo, FHA, and Conventional Mortgage Loans as well! For Seniors that need a great Reverse Mortgage Lender in San Francisco, or are just looking for information on how the process works to come to an informed decision, we are here to help!

Lenders in San Francisco

There are a good deal of mortgage lenders in San Francisco, and while the majority of these guys are ethical, licensed companies, we certainly can’t speak for the stunning number of bad banks out there that take advantage of seniors. It’s important that you’re lender helps you to find the mortgage that bests suits your needs, listens, and is completely trustworthy.

We build our business on relationships, and the most important thing to us is your happiness! Where other lender’s might pigeonhole you and your application into a mortgage that’s not in your best interest, because it fills a quota, or because it makes them more money, ultimately you owe it to yourself to discover all the options.

Now’s a great time to learn about Reverse Mortgages, and get to know us! If you’re from San Francisco, give us a call at (510) 595-4377, or complete a quick application online – and we’ll get together – we can come to you, or your welcome to stop by one of our offices!

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 Security, retirement funds and savings are not enough to cover basic costs of living.  In fact, Social Security and Medicare benefits will not be affected by a reverse mortgage and so the best reverse mortgage is an attractive income supplement.

A reverse mortgage can also provide invaluable financial freedom to enable seniors to more fully enjoy their retirement years.  Most importantly, it provides seniors with the independence to remain living in their home while retaining ownership.  A reverse mortgage does not need to be paid back unless the senior decides to move or sell the house on their own.  Otherwise, once the senior passes away, the home will be sold and the proceeds will be used to pay off the loan.

Best Reverse Mortgage Payments

Money from a reverse mortgage can be collected as monthly payments, a lump sum, a line of credit which can be drawn from as needed, or a combination of all three.  The amount of money that a senior will be able to receive under a reverse mortgage is based on their age, the value of their home, and the interest rate for the type of loan that is chosen, whether it is a monthly or annual adjusting loan, or a fixed interest loan.  A senior looking to obtain a reverse mortgage will work closely with their lender to choose the best payment option and negotiate an interest rate.

Yet another advantage of a reverse mortgage loan is that the senior will never owe more than market value of the home should they choose to move out or sell the home.  Furthermore, once the senior has passed away, their children will not owe any money on the loan and will not have to burden themselves with finding a buyer for the home.  Combined with the peace of mind the children will receive knowing that their parents are financially secure, a reverse mortgage is therefore an attractive option for everyone.

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 the Federal Housing Administration, as well as offer free counseling to all borrowers seeking to get a Reverse Mortgage.

Here at Trinity Reverse Mortgage, our commitment to helping Seniors has always been at the forefront of our lending practices.  We are a licensed Senior Reverse Mortgage Lender with an A Rating with the Better Business Bureau that truly put our borrowers first.

How Does a Reverse Mortgage Work for Seniors?

Through a Reverse Mortgage, the homeowner essentially borrows equity, and, instead of making a monthly payment to the lender, the lender actually makes a monthly payment to the homeowner!  The Senior Reverse Mortgage Program has changed over the years, today Seniors have complete control over how they would like to receive money, and how much of the money that they qualify for they would like to receive.  Payments can be received by the homeowner in the form of:

• A lump sum (all of the money up front)
• Monthly, provided the homeowner continues to live in the home
• A line of credit – basically a release of lump sums at any time the homeowner would like
• A combination of any of the above!

Reverse Mortgage Qualification

Qualification for a Reverse Mortgage is very, very easy.  This Government Regulated Program is available to homeowners age 62 and over.  As money is lent against equity, it’s also important that you have some equity built in your home.  Here’s a few tips to remember when applying:

• It does not matter what your credit score is currently.
• It does not matter if you are behind on your mortgage.
• Deferred maintenance / repairs to the property may be required.
• Your existing mortgage(s) will be paid off by the Reverse Mortgage.

For more information on Reverse Mortgage for Seniors, please have a look around the Trinity website!  We’re happy to offer tons of free articles on Reverse Mortgage to help you, the homeowner.  We hope that you choose us as your Reverse Mortgage Lender!

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 often, lenders do not take into consideration homeowner’s particular situation, or even their feelings. Part of the Reverse Mortgage Process is getting a home appraisal to establish the home’s value. Where the majority of lenders simply send out an impersonal appraiser, Trinity ensures that the appraiser that visits your home is not only professional, but polite, listens, and wants to hear about your home’s additions, features and perks!

Part of what makes us the best San Diego Reverse Mortgage Lender is our attention to all the details. We try to meet all of our clients in person to sit down and discuss the best options in a relaxed environment. Maybe a Reverse Mortgage actually isn’t your best option?

Before being mortgage lenders, we are Senior advocates, and we work hard to make sure that the financial solutions that we provide make a difference for the Senior. We truly care about our clients and even visit our past clients regularly, especially in the Oakland and San Diego areas.

San Diego is a gorgeous city, and, if your lucky enough to be spending your retirement years here, we’re sure your aware of just how wonderful it is. If you’d like to be able to be out and about more in the City, and have more money to go do things, a Reverse Mortgage may be your best bet.

Through a Reverse Mortgage you no longer have to make a mortgage payment, and you actually receive money each and every month, or a large lump some upfront. Best news of all – you keep your house, and it doesn’t matter how much money you currently make or what your credit score.

For more information on San Diego Reverse Mortgages, please feel free to have a look around our website! If you have questions or want to get in touch with a local Reverse Mortgage lender, give us a call at 1-866-707-4664!

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 is available to homeowners age 62 and over is a Reverse Equity Mortgage.  The idea behind a Reverse Mortgage is to utilize the equity of the home to provide the Senior with a more comfortable financial picture.  If your over 62 and the bills seem to be mounting up, it kind of makes sense to simplify by removing the biggest bill – the mortgage.

Even if your not having a tough time with bills, the money you can get through a reverse mortgage can be used for anything; you can take a trip that you’ve always wanted to take, help pay for a child or grandchild’s college tuition, or even buy that Cadillac that you’ve always wanted.  Through a Reverse Equity Mortgage the homeowner no longer has to make a monthly payment.

What is a Reverse Equity Mortgage?

A Reverse Equity Mortgage is designed to put money in your pocket now, without leaving behind a mess for your heirs.  How much money you can get is solely limited by your equity in the home, and your age – the older that you are, the more money that you can get!

Typically, we will lend up to 80% of the home value, and we make that money available to you through a Government Insured Reverse Equity Mortgage called a HECM – or Home Equity Conversion Mortgage.

Reverse Mortgage Pitfalls

There are quite a few fly by night Reverse Mortgage Lenders out there that lend on their own terms, rather than through the Federal Housing Administration.  Typically, these lenders do not take into consideration the homeowner’s individual feelings or needs, and certainly do not look out for the best interests of the homeowner’s heirs.

To protect yourself, and regardless of which lender you decide to have fund your mortgage, make sure that they have helped you through Reverse Mortgage Counseling, have an A Rating with the Better Business Bureau (BBB) like Trinity does, and are offering a loan through the Federal Housing Administration.  They key question to ask is, “Is my Reverse Mortgage a FHA Reverse Equity Mortgage?”

The only kind of Reverse Mortgages that Trinity Mutual lends are US Government regulated, FHA Reverse Equity Mortgages, and we are committed to taking into full consideration all of your needs and your family’s needs when helping you through the process to ensure that your Reverse Mortgage has the lowest fees possible and the maximum benefit.

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 California Seniors make Retirement more comfortable!

If your a homeowner who could use additional monthly income and are 62 years of age or older, you may qualify for a Reverse Mortgage, a Government Regulated Program through which you actually do not have to make a payment!  In fact, a California Reverse Mortgage pays you, either each and every month, or in one upfront amount.

Thousands of California Seniors are already taking advantage of the great benefits of Reverse Mortgages, and if your discovering Reverse Mortgages for the first time, you’ve probably got a lot of questions!  We encourage you to take a look around our website, or even speak with someone directly at (866) 707-4664.

If you decide that a Reverse Mortgage is something that you would like to look into, simply “Get Started” using the form to the right to Calculate how much money you may qualify for, and a Loan Officer can even get in touch with you to discus your options!

As the economy still is showing little signs of recovery, many Senior Citizens desperately need to bolster shrinking pensions, or simply earn more money each month to meet the rising cost of commodities and inflation.  Many Seniors even consider going back to work in an effort to make more money.

Fundamentally, Reverse Mortgages have been put into place by the Federal Housing Administration to help those Seniors that need additional income.  The income received in the form of monthly disbursements through a HECM is actually tax free!  This Government Regulated program is available to US Citizens age 62 and over.

Trinity Reverse Mortgage offers a complete array of programs, and we work hard to tailor each and every mortgage that we originate to meet the exact needs of our clients.  We also make sure that you get the best deal by not charging extra “junk” fees, by ensuring that the terms of your mortgage are the best possible, and through our established relationships with the banking community.  We are proud to be counted among the most experienced and respected Reverse Mortgage Companies in the Nation, and look forward to helping you!

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 age to recover some of the equity that has accumulated in their home. Once the reverse mortgage, or HECM, has been approved, the senior can elect to be paid in one lump sum, monthly payments and/or a home equity line of credit (HELOC). Since reverse mortgages are non-recourse home loans, the amount owed will never exceed the value of the house at the time it is sold by you or the heirs to your estate. If you are ready to access your cash reserve, contact Trinity today for a “No Obligations” quote and please use our website’s FREE lender services like the reverse mortgage calculator.

You do not have to own your home outright to qualify for a reverse home loan and the approval process for reverse mortgage lending does not require a credit check or proof of income. As long as the homeowners named on the property’s title are 62 or older and you have an appropriate amount of equity in the home, you can apply with any HECM lender or approved Reverse Mortgage Lender in your state. The money that you receive from the reverse mortgage is “Tax Free” and does not affect your Social Security or Medicare benefits. Additionally, you retain title to your home for as long as you continue to live in the home. After you pass, the reverse mortgage lender does not take possession of your property. Instead, the property becomes part of your estate and your heirs can elect to pay off the reverse loan, refinance the home with a conventional mortgage or sell the property and absolve the debt. Give us a call at 1-866-707-4664 to discuss your needs for tax-free income.

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, you can elect to have monthly disbursements made directly to your bank account. Qualifying for a reverse mortgage loan is simple. You must be 62 years of age or older and have equity in your home. Since you are the one being paid, there are no credit checks, no medical evaluations and no source of income required for obtaining a reverse mortgage. Proceeds from a reverse loan can also be paid to you in a lump sum or your reverse mortgage lender can establish a home equity line of credit (HELOC) for immediate equity access to as little or as much tax-free cash whenever it’s needed.

As long as you continue to live in your home, you will retain ownership and will never need to repay the loan. Your reverse mortgage lender does not own your home. You retain title to your home and, once the property is passed to your estate, your heirs can elect to refinance the home with a traditional mortgage, sell the property and pocket the difference, or walk away allowing the reverse mortgage lender to settle the payoff. Since reverse mortgages are non-recourse loans, the amount owed will never be more than your house is worth at the time your home is sold by you or your estate. You or your spouse are required to occupy your home as your primary residence. Should both of you leave your home for twelve consecutive months, e.g. for nursing home care, the reverse equity loan must be repaid at that time through the sale of the home or the refinancing of your property.

With a traditional mortgage, or a home equity line of credit, a senior homeowner must have sufficient income versus their debt ratio to qualify for a home equity loan. When applying for a reverse mortgage, it is very different. The amount you can borrow depends upon your age, the current interest rate and the appraised value of your home. Typically, the older you are and the more equity you have in your home, the more you can borrow. To determine how much money you might be eligible to receive, try our reverse mortgage calculator. If you are a senior living in your home, contact Trinity Reverse Mortgage at 1-866-707-4664 for additional information about using a HECM to access the equity in your existing home to accommodate your needs for an independent retirement lifestyle. California residents welcome! Call today for your “No Obligations” free quote.