Retirement poses a new set of challenges for seniors, such as dealing with less monthly income than they had when working. In this situation, medical costs, debt payments and unexpected emergencies can threaten their fiscal health. Often, they are forced to lower their standard of living or sell their home to deal with the financial stress of unplanned expenses. Fortunately, with a reverse mortgage, many seniors are able to enjoy security for life by keeping their home.
A reverse mortgage enables senior homeowners to turn a portion of their home's equity into cash without having to sell their house, give up the title, or make mortgage payments. The primary requirements for this loan are that the senior is at least 62 years of age, and owns and lives in the home. Credit scores, income and employment status are not used to qualify a borrower. The amount a borrower may receive depends on their age, the current interest rate, and value of their home.
A growing number of seniors are using reverse mortgages to keep their home for life, such as Elaine Jesmer, a reverse mortgage borrower from Southern California. "The reverse mortgage makes me feel secure and safe knowing that I can't be put out of my house," she says. Because of her reverse mortgage, Ms. Jesmer is able to spend her retirement in the home she loves. "I always knew that I would end up here," she recalls.
"My reverse mortgage has changed my life. I feel relieved knowing that I can live in my house forever without having to pay a mortgage," adds Alpha Williams, another senior who used a reverse mortgage to stay in her house. "You can vacation at all of these exotic places, but there is no place like home," says the resident of Southern California.
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 800-662-6780.
NOTE TO EDITORS: This is the fifth 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.
ReverseSoft® is Sun West's flagship loan origination system for reverse mortgages. Reversesoft customers can originate, underwrite, close, and service reverse mortgages. Reversesoft is integrated with numerous third party vendor services via MISMO-XML. In addition, it has the ability to run sophisticated reports and has extensive data analysis tools, rules based task assignment and routing, and an integrated paperless work-flow. Built on 27 years of FHA lending and mortgage technology experience, it includes a high-speed automated underwriting engine based on a rich library of rules specifically designed for reverse mortgages.
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
Phone: (800) 453-7884
Fax: (562) 924-6057