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Reverse Mortgage Lender

Sal Guardino

NMLS #239032 - CA BRE#: 960940

(408) 217-6193

Reverse Mortgage Specialist: Saul Guardino

As a Certified Financial PlannerTM, I look at reverse mortgages from a different perspective than other Mortgage Lenders. My clients use a Reverse Mortgage as a tool to take advantage of a financial strategy that is designed in their best interest and ONLY their best interest. There are many financial planning strategies that you can only have with a Reverse Mortgage. Contact me and I will show you how to make a reverse mortgage work for you.

 

Should the urgent need arise, how would someone get out of a reverse mortgage?

 

They can refinance or pay it off with outside funds. They also can sell the home at any time they wish.

 

On average, how much money does someone get from a reverse mortgage?

 

About 40-60% of the value of the home. The maximum loan amount is computed from the home value and the age of the youngest client.

 

Who can qualify for a reverse mortgage?

 

Anyone age 62 or older. If married, only one of the spouses needs to be 62 or older.

 

How much equity do I need to get a reverse mortgage?

 

Approximately 40-60% of the home's value. But it all depends on the age of the client so its best to contact me so that I can compute the amount needed.

 

Can I pay off my reverse mortgage early? If so, how do I do that?

 

Single Family Home, Townhouse, or in many cases a condominium also can work.

 

What happens to my reverse mortgage when I die?

 

The loan will need to be refinanced or paid off from outside funds or the sale of the home. The lender will give your heir's 90 days to decide how to pay off the loan and to provide documentation that they began to implement that decision. So long a the heirs communicate with the lender, the lender can extend the loan 30 days at a time to be sure progress is being made. But after nine months or so the lender will have to file a Notice of Default if the loan hasn't been paid off by that time.