Here in Southern California, our population is growing older every day. The aging population consists of many accidental investors who purchased homes in 1972 for $95,000 that are worth multiple millions of dollars today. However, the cost of living also has steadily increased, and even those people who have done everything right in terms of their income and spending can find themselves on a trajectory to outlive their assets.
In this presentation, you will learn about updates to the very special jumbo proprietary reverse mortgage. This reverse mortgage program is employed here in Southern California more than anywhere else in the country, and it is constantly being refined. The topics covered will include:
- Jumbo line of credit availability;
- How a senior can borrow up to $4,000,000;
- Types of trusts that are acceptable for reverse mortgage lending;
- How to deal with a non-borrowing spouse;
- How reverse mortgages are recorded differently than traditional mortgages;
- Side by side comparison of FHA reverse mortgage vs. Jumbo reverse mortgage; and
- How to help a family who are the beneficiaries of a home with a reverse mortgage
