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Reverse Mortgage

If you are at all interested in real estate in the United States you may have heard about reverse mortgages at one time or another.

A reverse mortgage is a program that allows owners of US real estate to apply for a home loan once one of the borrowers turns 62 years old. Program.

Until 2009, Reverse Mortgage was a concept that allowed a person to remortgage the home they were living in when they entered their senior years and
retire comfortably in that home without a mortgage down the road. The concept was to retire.
That alone is a dream come true, but since 2009, reverse mortgages can also be used to purchase a new home.

For example, one of our mortgage borrowers is over 62 years old. He has lived in the house for a long time and has accumulated a lot of Equity ）. However, I have already retired from my company
and my monthly income is only Social Security ）.
My house is falling apart after living here for quite a long time, but... I don't have the budget to fix and upgrade everything.

If you are thinking that there is no way you can afford to buy a nicer house now that you are retired from work, you can actually do it ！

with Equity ） when you sell your house! You can buy a new home with no down payment and no monthly payments.
Also, unlike when you take out a loan for a regular home, your income and good credit have little to do with the application for a reverse mortgage.
Although we said above that there are no monthly payments, there is no penalty for making payments on a whim, even if you think, "I have extra income this month, so I might as well pay it."
1. First, as an example, a 72 year old mortgage borrower wants to downsize his house.


First, what exactly is downsizing?

This is something you often hear about in real estate in the U.S., but people who have lived in Japan for a long time may not be familiar with it, so let me explain.
In Japan, people who own a house usually get married, buy a house, have children, and stay in the house for the rest of their lives.
However, in the U.S., people buy a new house on average once every 10 years

when their family structure changes （ or when their children grow up or leave home after becoming adults ）.
"My children have all grown up and left home. We don't need to live in such a big house anymore."
People in the U.S. downsize their homes when they think, for example.

[Here This is the main issue]

American real estate homes Suppose a 72 year old owner sells the house he has lived in for $ 650,000. After paying back all loans and paying expenses, $ 300,000 is left on hand.
That 72 year old buys a downsized smaller house for $ 500,000.


He uses $ 260,000 for a down payment on a new home.
Through the Reverse Mortgage program, the loan company gives him the difference, $ 240,000.


The 72 year old senior can pocket $ 40,000 from the sale of his old home and live from there until his death with no monthly house payment for the rest of his life.
Credit scores, which are important when taking out a regular loan, are irrelevant when it comes to reverse mortgages.
You can have little or no income.
2. This is an example of a 65 year old person who, once he sold his house, moved into an apartment or other rental property.

A 65 year old with a US real estate home gets $ 350,000 in cash when he sells his house. Now he decides to move to renting and pays $2,000 per month rent.

If the person decides to stay on and continue paying rent, considering the 1% rent increase along the way,
in a little over 13 years, he already has $ 350,000 （ in his pocket from selling the house ） which will be used up.
It would be gone in 13 years ！ If, however, you decided to buy the house instead of renting, the calculation would be.

Suppose you sell the house and then buy another house for $ 400,000 using the reverse mortgage program. You make a down payment of $ 224,000.
$ 176,000 is funded from the reverse mortgage.

He is 65 years old and can continue to live in the house for the rest of his life （ of course for 13 more years ） without any loan payments.
In addition, he has $ 126,000 left in his pocket and can spend that money freely.

travel ？ spending money for grandchildren ？ etc.

Unlike renting a house or apartment, （ in most cases, the price of Los Angeles real estate goes up just by living in it, so ）
they can give their children and grandchildren the equity of the house. They can of course pass on the equity ） of the house to their children and grandchildren.

3. If a 72 year old senior wants to upgrade their home,
I would like to talk about how to use a reverse mortgage.

We all have a long life, and there are many things that we all go through. It is not necessarily
just a case of "I'm getting old, my kids have left the nest, and I want to move into a smaller house,"

but also the opposite.

For example, "I want to live in a bigger house because my children and grandchildren are going to live with me," or
"I have lived in that house for decades and it is falling apart. I've lived in that house for decades and it's falling apart, so I want to move into a nicer, nicer house. Here is an example of how such a dream can be fulfilled with a reverse mortgage in the United States.

A 72 year old senior sells the house he has lived in for $ 450,000.
He pays off the remaining mortgage and has $ 310,000 left over.

Senior buys a higher grade home for $ 600,000.
Senior uses $ 310,000 as a down payment.
He is able to borrow $ 290,000 from a reverse mortgage company.

Thus, the senior can live in an upgraded home and also live the rest of his/her life without house payments.

Reverse mortgage programs have nothing to do with credit scores and very little to do with income.

These are just a few examples of cases where reverse mortgages have increased the purchasing power of seniors.
Q&A

Q. The government that they will be my homeowners ？ ？

A. No. Like any other mortgage,

the house is collateral, you are the homeowner.

Q. I and my successors will Increasing ahead

Equity in the house （ Unrealized assets ） I will lose my right to ？

A. It will not disappear. Equity in the future is yours.

Q. When I, die Can my children inherit

the house ？

A. I can. your descendants

owe on a reverse mortgage You can pay

the rest of the loan.

You can do it in cash or use another loan You can also use other loans.

Q. From the amount of debt The market value of the house has gone down

！ I can still live here ？

A. Yes. It is okay. Reverse Mortgages are available for

The last borrower It will continue until he/she passes away.

*The above article is a reverse mortgage Ejectors'

Referenced with permission of Mr. Robert Ross.

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KW / まつもと きみ ロサンゼルス不動産エージェント - reverse mortgage

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