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Press Release
Reverse Mortgages enable Seniors to Retire in Comfort, reports Sun West Mortgage
Go Back - Home > Press Releases > Cerritos, CA - May 28, 2008

Many seniors would like to spend their retirement living in leisure. While retirement may allow seniors the time to travel, financial hardship often prevents many from doing so. A reverse mortgage, however, turns their home equity into cash that can be used for any purpose.

The lender pays the borrower in a reverse mortgage, unlike a conventional mortgage, where the borrower makes monthly payments to the lender. The borrower's age, home value, and the current interest rate determine how much money they can receive. The borrower can never owe more than the value of their home, and there is no repayment of the loan until they move out or pass on.

A senior's monthly income or credit score are not factored in qualifying for a reverse mortgage. The only requirements are that the homeowner should be 62 or older, and that they occupy the subject property as their primary residence.

"My reverse mortgage allowed me to do things I wasn't able to do before," says Alpha Williams, a borrower from Los Angeles, California. Ms. Williams is one of a growing number of seniors who are using a reverse mortgage to spend their retirement vacationing. "I traveled to Orlando, Florida, last year, and I was able to stay there for a whole week," she adds. Ms. Williams was also able to travel to Las Vegas, "I was able to visit my daughter while I was there." Ms. Williams' reverse mortgage gave her the freedom to do what she has always wanted to do, without financial worries.

Interested seniors should talk to an experienced lender to learn more about the federally insured reverse mortgage program. Sun West Mortgage has over 27 years of experience in the mortgage banking industry, with an ongoing commitment to educate and enrich the lives of seniors.

For a free informational package on the Reverse Mortgage program, contact Sun West Mortgage Company at 800-453-7884.

NOTE TO EDITORS: This is the third release in a series of articles on how Reverse Mortgages are improving seniors' lives.

About Sun West Mortgage Company Inc.

Sun West Mortgage Company, Inc. is a FHA, VA, Freddie Mac, Fannie Mae and Ginnie Mae approved full-service mortgage banker. It is an approved Ginnie Mae HMBS Issuer, Servicer and Master Servicer. Sun West has been serving its nationwide client base since 1980. Its diversified loan programs include FHA Reverse Mortgages, FHA Single Family and Multi Family, VA, Conventional and Home Equity mortgages. Sun West is one of the few direct lenders to provide in-house underwriting, funding, and servicing for reverse mortgage products. Based in California and doing business nationally, Sun West is dedicated to offering exceptional customer service coupled with integrity, reliability, strength and stability.

Learn more about:
Sun West Mortgage Company [NMLS ID 3277] at http://www.swmc.com
ReverseSoft Online at http://www.reversesoftonline.com
Reverse Mortgage Calculator at http://www.SimpleHECMCalculator.com

Sydney Fernandez
Phone: (800) 453-7884
Fax: (562) 924-6057
Email: media@swmc.com

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Consumer Home Loan Mortgages

Consumer Home Loan Mortgages

SWMC offers a wide range of residential home loan mortgage programs to suit different situations such as a purchase, refinance, a property rehabilitation loan or a reverse mortgage at the competitive interest rates.

FHA Purchase at 96.5% Financing, Streamline (Interest Rate Reduction) Refinance, and Cash-Out Refinance, 203(k) Rehabilitation Loan, 203(k) Streamlined Rehabilitation Loan, and the Home Equity Conversion Mortgage (Reverse Mortgage) and USDA Rural Housing mortgages.

If you are a Veteran, Sun West offers you VA guaranteed mortgages for Purchase Loans at 100% Financing, Cash-Out Refinance, and Streamline Interest Rate Reduction Refinance Loans (IRRRL).

You can use our simple mortgage calculator tools to find out your monthly payment, the house you can afford, your refinance options, or the home equity you may be able to access through a reverse mortgage (HECM).

As a full-service mortgage bank, Sun West is one of the few approved direct lenders to provide in-house origination, processing, underwriting, closing, funding, and servicing. Based in California with active presence across the country, Sun West is dedicated to offering exceptional service coupled with integrity, reliability, and experience.
Read More About Consumer Home Loan Mortgages >>
 
Mortgage Partner Services

Mortgage Partner Services

You can become a partner with Sun West as a Wholesale Mortgage Broker or a Correspondent Lender. If you are a mortgage banker, ask us about our Warehouse Lending program.

In addition to residential mortgage lending, Sun West also offers FHA multifamily, healthcare facilities, commercial and portfolio lending services.

As a partner you have access to SunSoft™ - Sun West's state-of-the-art mortgage loan origination and servicing software. Built on over 30 years of lending and mortgage technology experience, SunSoft is compliant with federal and state requirements.

Sun West is approved by Ginnie Mae as an Issuer, Servicer and Participation Agent. This rare approval enables us to issue securities backed by the full faith and credit of the United States. Consequently, Sun West is able to offer its partners and borrowers the competitive interest rates in the market.
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Press Releases

Press Releases
  • 05/15/2012: Sun West Mortgage Company Partners with EGIA to Introduce the FHA PowerSaver Loan Program Read More..
     
  • 12/16/2011: Sun West Mortgage Company and the Cerritos Sheriff Station team up to supply little boys and girls toys this holiday Read More..
     
  • 10/03/2011: Sun West Mortgage Increases Its Reach in New Jersey Read More..
     
  • 4/22/2011: Variable Servicing Margins on Different Participations of the Same Loan for HMBS Issuers Announced by Sun West Mortgage Read More..
     
  • 2/16/2011: Sun West Mortgage Company Crosses $6 Billion Mark in Ginnie Mae HECM Mortgage Backed Securities Read More..
     
  • 10/26/2010: Capital Markets Cooperative and Sun West Mortgage Company Creates New Strategic Alliance Read More..
     
  • 7/14/2010: Sun West Mortgage Issues Green Building Guidelines For Multifamily Projects Nationwide Read More..
     
  • 3/18/2010: Pentagon Federal Credit Union and Sun West Mortgage Announce First in the Nation Approach to Reverse Mortgage Initiative Read More..
     
  • 1/28/2010: Ginnie Mae Hope for Homeowners Securities Issued by Sun West Mortgage Read More..
     
  • 1/28/2010: Sun West Crosses $2 Billion Mark in Ginnie Mae HECM Mortgage Backed Securities Read More..
     
View All Press Releases >>
 
Lender Alerts

Lender Alerts
  • 05/16/2012: Introducing SWMC Express: Reduced Overlays and Faster Reviews! Read More..
     
  • 04/18/2012: Reduced FHA Streamline Overlays Read More..
     
  • 04/17/2012: Same Day Underwriting For Fha Streamlines. Submit Your Streamlines Now. All Other Products: 48 Hours Or Less Read More..
     
  • 04/11/2012: Webinar Invitation Streamline Loan Delivery and Purchase with Sun West Read More..
     
  • 04/04/2012: SWMC Service Alert Read More..
     
  • 04/04/2012: SWMC Early Lock Desk Closure Notification Read More..
     
  • 03/22/2012: Additional Reduced Overlays for FHA Streamlines Read More..
     
  • 03/15/2012: SWMC Presents "FHA 203k" Read More..
     
  • 02/22/2012: Sun West Announces Relaxed Guidelines for FHA Streamline Refinances Read More..
     
  • 02/07/2012: SWMC Product Guidelines - FHA Jumbo Update Read More..
     
View All Lender Alerts >>
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Notice to prospective vendors, service providers, brokers, dealers, trading counter-parties, and corporate partners:
The only persons authorized to enter into contracts on behalf of Sun West Mortgage Company, Inc. are the company's President and Chief Executive Officer.

You may call our corporate office at +1 (800) 453-7884 or e-mail contracts@swmc.com to verify the execution of any contract.
 

Sun West Mortgage Company, Inc. (NMLS ID 3277) by the Colorado Department of Law Uniform Consumer Credit Code, holding a Supervised Lender’s License (989559) and a Mortgage Company Registration [(303) 866-4527]; a registered Texas Mortgage Banker (NMLS ID#359295) [(877) 276-5550]; is a licensed lender in Utah (License# 7477238) with a branch license in South Jordan, Utah (NMLS ID 776241) [(801) 530-6297]; licensed by the Arizona Department of Financial Institutions registered in Arizona as Sun West Mortgage USA Company, Inc. DBA Cal State Funding and licensed as a Mortgage Banker (License# 0909624), a branch in Chandler, AZ (NMLS ID 167400) and Scottsdale, AZ (NMLS ID 359295) [(602) 771-2800]; registered in Ohio under the Mortgage Broker Act Mortgage Banker Exemption (MBMB.850093.000) with a branch (NMLS ID 447576) in Westerville, Ohio (License# MBMB.850093.001). [(614) 728-8400]; is a registered third party servicer in Massachusetts (Registration# LS3277) [(617) 956-1500]; is licensed in Alaska as a Mortgage Broker and Lender (License# AK3277) [(907) 269-4594]; is licensed by the New Hampshire Banking Department as a Mortgage Banker (License # 13604-MB) [(603) 271-8675]; and is licensed as a Mortgage Banker in Wisconsin (License# 212942BA) [(608) 261-7578]; is a licensed Mortgage Banker in Iowa (License# 2007-0093) [(515) 281-4014]; registered in New Mexico under the Mortgage Loan Company and Loan Broker Act (License# 03201) doing business as Sun West Mortgage USA, Inc. [(505) 476-4908]; a South Dakota Licensed Mortgage Lender (License# ML.04740) [(605) 773-3421]; is a licensed lender in Delaware (State Bank Commissioner License# 9970) [(302) 739-4235]; is licensed by Florida’s Office of Financial Regulation with a Mortgage Lender License (License# MLD266) [(850) 410-9895]; is licensed as a Mortgage Loan Company by the Department of Financial Institutions in Kentucky (License# MC71444) [(800) 223-2579 ]; is licensed by the Hawaii Department of Financial Institutions as a Mortgage Loan Originator Company (HI-3277) having a Branch Office (Mortgage Loan Originator Company Branch License HI-719250) in Kapaa, HI (NMLS 719250) [(808) 586-2820]; is licensed as a Mortgage Banker and Mortgage Servicer by the Arkansas Securities Commissioner (License# 40431) [(501) 324-9265]; is a licensed lender in Vermont (License# 6060) and a licensed Loan Servicer (License# 3277-1) [(802) 828-3307]; is exempt from licensing as a Wholesale Lender in Nevada [(775) 684-7060]; has a Mortgage Company License (License# MC.0025065) in Kansas [(785) 296-2266]; is a First Lien Mortgage Lending licensee with Indiana Department of Financial Institutions (License# 11272) [(317) 232-3955]; Sun West Mortgage Company, Inc. (NMLS ID 3277) has a Consumer Credit License in Alabama (License# 21015) [(334) 242-3452]; is a licensed mortgage lender in Maryland (License# 17740) [(410) 230-6155]; is a licensed Mortgage Banker in Pennsylvania (License# 21829) [(717) 787-7334]; is a licensed Mortgage Lender in Georgia (License# 22591) [(770) 986-1633]; is registered as a First Mortgage Broker, Lender and Servicer in Michigan for first (License# FR0016085) [(877) 999-6442]; and licensed as a Residential Mortgage Lender in Wyoming (License# MBL-1902) [(307) 777-6483]; is licensed as a Mortgage Lender in Montana (License# 3277) [(406) 841-2928]; is licensed in New York as a Mortgage Banker-NYS Banking Department (License# B500897) [(212) 709-3847]; is a licensed Mortgage Lender and Servicer in Puerto Rico (License# IH-138) with a branch license in Guaynabo, Puerto Rico (NMLS ID 516931) [(787) 723-8403]; is licensed as a Supervised Lender in Maine (License # SLM9710) [(207) 624-8539]; by the Department of Corporations as a California Finance Lender (License #6030119) with a Branch Office in Corona, CA (NMLS ID 363427) [(866) ASK-CORP] and is licensed by the Department of Real Estate (License #00793885) [(877) 373-4542]; is licensed as a Residential Mortgage Lender in Louisiana (License# 2713) [(225) 925-4660]; is a licensed Mortgage Banker in Nebraska as dba Cal State Funding, Inc. (License# 1908) [(402) 471-2171]; is a Residential Mortgage Loan Broker licensee in Missouri (License# 11-1881-S) [(573) 751-4243]; is a licensed Residential Mortgage Originator in Minnesota (License# MN-MO-40020564) [(651) 296-6657]; is licensed as an Illinois Residential Mortgage Licensee by the Office of Banks and Real Estate, Mortgage Banking Division, (License# MB.6760356) [(312) 793-1955]; registered by the Tennessee Department of Financial Institutions under the Residential Lending, Brokerage and Servicing Act (License# 3552) [(615) 253-6714]; an Oregon Mortgage Lender Licensee (License# ML-4599) [(503) 378-4140]; is a licensed Mortgage Lender in the District of Columbia (MLB3277) [(202) 442-7821]; is a North Dakota licensed Money Broker (License# MB101661) [(701) 328-9932]; is a licensed lender in New Jersey (License# 9400980) with a branch office in Denville, NJ (NMLS ID 454915) by the New Jersey Department of Banking [(609) 292-7272]; has a Consumer Loan License in Washington (CL-3277) [(360) 902-8703]; is a licensed Mortgage Lender and Servicer in South Carolina (License# MLS-3277) [(803) 734-2020]; Licensed by the Mississippi Department of Banking and Consumer Finance (License# 603/2008) [(800) 844-2499]; the Connecticut Department of Banking (Registered in Connecticut as Sun West Mortgage Company, Inc. dba Cal State Funding, Mortgage lender (License# 19683) [(860) 240-8275]; is licensed in Oklahoma as a Mortgage Broker (License# MB001619) [(405) 521-3653]; is licensed in Idaho as a Mortgage Broker and Lender (License# MBL-6742) [(208) 332-8002]; a mortgage lender in West Virginia (License# ML-23946) [(304) 558-2294]; licensed Broker by the Virginia State Corporation Commission as (License# MC-4999) [(804) 371-0484];

In all states, the principal licensed office of Sun West Mortgage Company, Inc. (NMLS ID 3277) is 18303 Gridley Road in Cerritos, CA 90703; (800) 453-7884.