Reverse mortgage loan programs are specialized loans that allow homeowners who are 62 years or older to borrow against the equity in their homes without having to sell their property or make any mortgage payments. Instead, the loan is repaid when the homeowner sells the property, moves out permanently, or passes away.
Pros:
1: Provides a steady source of income for seniors who may have limited retirement savings.
2: Offers flexibility in how the funds can be used, such as paying off debt or funding home repairs.
3: Borrowers retain ownership of their homes and can continue to live in them.
4: No income or credit score requirements for eligibility.
5: The loan is non-recourse, which means the borrower or their heirs will not owe more than the value of the home at the time of repayment.
Cons:
1: The loan balance may increase over time due to interest and fees, reducing the equity in the home.
2: The borrower is responsible for paying property taxes, homeowner’s insurance, and maintenance costs.
3: The loan may affect eligibility for government benefits, such as Medicaid or Supplemental Security Income (SSI).
4: Repayment is required if the borrower moves out permanently or passes away, which may impact the inheritance left to heirs.
5: The loan may not be a viable option for those who plan to sell their home or move in the near future.
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Testimonials
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"Dale has been of great benefit to our VA Home Mortgage planning, saving us time and money. I fully recommend him."Ron M.Ron M.55stars"Dale has been of great benefit to our VA Home Mortgage planning, saving us time and money. I fully recommend him."
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Carlos & Aubrey R.
2023-03-17"Buying a home is incredibly stressful, and for someone without a financial background securing a mortgage is the most confusing part. For some crazy reason we have put ourselves in the buying/selling position multiple times in the past 5 years...
Carlos & Aubrey R.Carlos & Aubrey R.55stars"Buying a home is incredibly stressful, and for someone without a financial background securing a mortgage is the most confusing part. For some crazy reason we have put ourselves in the buying/selling position multiple times in the past 5 years...
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Steve & Shanon M.
2023-03-17"We were looking at available options for possibly selling or refinancing our home. We initially tried working with our financial institution, but became frustrated at their inflexibility & disorganization. We decided to reach out to Dale b...
Steve & Shanon M.Steve & Shanon M.55stars"We were looking at available options for possibly selling or refinancing our home. We initially tried working with our financial institution, but became frustrated at their inflexibility & disorganization. We decided to reach out to Dale b...
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Emily M.
2023-03-17"I have been working with Dale for 21 years. He has taken part in the purchase of each of my properties both personally and professionally. He always responds quickly and with concise instructions on what is needed for my next investment. Throu...
Emily M.Emily M.55stars"I have been working with Dale for 21 years. He has taken part in the purchase of each of my properties both personally and professionally. He always responds quickly and with concise instructions on what is needed for my next investment. Throu...
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Valerie G.
2023-03-26"I confidently endorse and recommend working with Dale DeShaw. I have been fortunate to work with Dale three times in the past five years for financing and refinancing properties and not only has it had a positive financial yield but it was a p...
Valerie G.Valerie G.55stars"I confidently endorse and recommend working with Dale DeShaw. I have been fortunate to work with Dale three times in the past five years for financing and refinancing properties and not only has it had a positive financial yield but it was a p...
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Chris H.
2023-04-14"I have had the great fortune to be able to work with Dale several times over the last 20 years. Dale patiently walked us through our first home purchase, then a refinance when the rates dropped to the purchase of a brand new home. Dale always ...
Chris H.Chris H.55stars"I have had the great fortune to be able to work with Dale several times over the last 20 years. Dale patiently walked us through our first home purchase, then a refinance when the rates dropped to the purchase of a brand new home. Dale always ...

