Are you over the age of 55, already have a low rate on your first mortgage and don’t want to refinance? Do you need access to your home equity for home improvements, to pay for the grand kids college, or just to make ends meet?
If this sounds like you, we also offer a Reverse Second Mortgage that requires NO MONTHLY PAYMENTS.
The “HomeSafe Second” is a second mortgage for homeowners seeking cash. Unlike other home equity loan options (like a HELOC), this Reverse Second mortgage allows you access a portion of your home equity without adding a new payment to your monthly budget, keeping more cash in your pocket!
Here are some of the features and benefits:
Our retired borrowers need to do some much needed home improvements. The borrowers refinanced their first mortgage in 2022 and have a very low interest rate and they don’t want to lose that interest rate by refinancing again. They are also on a fairly tight budget and can’t comfortably afford to add another monthly payment.
Solution: The borrower used a Reverse Second Mortgage to remodel their kitchen and bathrooms to make them more age-in-place ready. They improved their qualify of life without placing additional strain on their budget.
Credit card rates are typically over 20%, and using cards to cover medical bills, unexpected costs, or to just stay afloat can leave clients drowning in debt.
HomeSafe Second‘s 9.99% interest rate (as of 08/21/24) can strategically tackle higher-interest debt with no new monthly mortgage payments, giving your clients some much-needed breathing room.
Our borrowers came to us explaining that their neighbors added an ADU for rental income a few years ago. While this made sense to our borrowers, they can not afford the costs involved in adding an ADU. They reviewed several financing options, but could not afford higher monthly payments.
Solution: The borrowers used a Reverse Second Mortgage to build the ADU. They now have increased their property value and increased their monthly income without increasing their expenses!
Our borrowers came to us with a good rate on their first mortgage, but with a Home Equity Line of Credit that was coming to maturity, forcing them to pay back the balance on the HELOC. The HELOC offered them a low interest-only payment for the first ten years, but was converting into a much higher fully-amortized payment that they could not afford.
Solution: The borrowers used a Reverse Second Mortgage to payoff the HELOC without adding a new monthly payment to their budget!
Our borrower was a divorced man age 66. He was an avid cyclist who spent his career in the corporate world behind a desk. He always dreamed of opening a bicycle shop to enjoy his passion with other cyclists. He had an affordable first mortgage, but needed to access the equity in his home to realize his dream.
Solution: The borrower used a Reverse Second Mortgage to open his own bike shop and live out his dream!
Our client’s 26 year old son still lives at home and can’t afford the down payment to purchase a new home. The client used a Reverse Second Mortgage to access cash and then gifted it to his son for the new home down payment.
If you’re ready to explore your options for qualifying for a Reverse Mortgage in La Quinta, Indio, Palm Desert, Rancho Mirage, or anywhere else in the Coachella Valley, contact Bill Lewis at Choice One Mortgage today at (800) 224-9999. Our experienced team is here to help you explore your options and find out if a Reverse Mortgage best is the right solution for you and your family.
A reverse second mortgage is a second mortgage for homeowners seeking cash to help manage the impact of inflation and address economic uncertainty without the burden of a new monthly mortgage payment. It’s an alternative to a traditional 2nd mortgage or HELOC.
The Reverse Second mortgage is for homeowners 55 and older who want to preserve their current mortgage rate while gaining access to a portion of their home equity. For those considering a HELOC, it can be a strategic alternative with the unique advantage of not requiring a new monthly mortgage payment.
The borrower must meet all loan obligations, including meeting all loan obligations under the first lien mortgage, living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.
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