Leading Reverse Mortgage Broker in Orange County & Beyond
When used properly, a reverse mortgage is a wonderful tool for those over 55 years of age. Homeowners can use a reverse mortgage to convert their hard-earned equity into cash. It can also be used to refinance a standard mortgage into a reverse mortgage to eliminate the need to make monthly mortgage payments in the future.
You can use the money from a reverse mortgage on your home in Orange County or located elsewhere in California to either to purchase a new home or refinance your existing home, pay off debt, make home improvements, or pay for long-term care. In some situations, a reverse mortgage can be used to cure a mortgage default and save your home.
We’re Attorneys Too
As attorney/mortgage brokers, we’ll help you find the best reverse mortgage for your situation and make sure you get the full benefits available. We are also able to address the many myths about reverse mortgages, which may have kept you from finding out how a reverse mortgage may be perfect for your situation.
Help secure your retirement by converting equity to cash
A reverse mortgage can be perfect for retirees who do not have a lot of available cash but do have built-up equity in their homes. A reverse mortgage will allow you to convert otherwise inaccessible equity into cash that can be used to cover expenses in retirement (such as credit card bills, medical debts, home repairs, or basic living expenses)
Consolidate your debt or pay it off altogether
Even if you're in default on your debt, it doesn't matter since your credit is irrelevant to your ability to qualify for a reverse mortgage (provided you have enough equity in your home).
Buy a new home or income-producing property
Use the cash from the reverse mortgage to purchase a new primary residence or an income-producing property without needing to make any mortgage payments for the rest of your life.
Pay off your existing home loan and potentially eliminate monthly mortgage payments
You can use the money from a reverse mortgage to pay off an existing mortgage. This will free up your money to pay other living expenses or secure your retirement. With a reverse mortgage, you don’t have to make monthly mortgage payments because you can opt to have the mortgage payment(s) added to the balance of your reverse mortgage.
Cure mortgage defaults and avoid foreclosure
If your current mortgage is in default or even in foreclosure, a reverse mortgage can be used to cure the default, remove the foreclosure, and pay off the entire home loan. You may even be able to get some cash, too!
You still own your home and can sell it as you wish
There are rumors that the lender will take your home from you. This is a false statement as long as you pay your property taxes and homeowners insurance premiums, remain in your home as your primary residence and maintain the property. It is YOUR decision when you sell the home, if ever.
Ready to Get Started?
We’re happy to guide you to the right choice for you—contact Nikkael Home Loans today!
Am I Eligible?
To apply for a reverse mortgage with a lender you need to:
- Be 55 or over
- Have significant equity in your home
- Occupy the home as your primary residence for the life of the reverse mortgage
- Undergo counseling with a HUD-approved mortgage counselor
Contact us today to go over your options and start an application for a reverse mortgage!
A reverse mortgage and a traditional home equity loan are very similar in that they are both loans secured by your home and incur interest charges. With both loans, you remain the owner of your home with the ability to sell the property so long as you pay the loan in full at the sale.
However, with a reverse mortgage, you can either (1) take out a lump sump OR (2) request a monthly distribution of cash OR (3) get a combination of these options. Regardless of the option(s) selected, you do not have to make a monthly mortgage payment because the interest due under the loan is allowed to accrue against the value of your home (and can even accrue beyond the value of your home).
Most importantly, you will not be in default on a reverse mortgage for the failure to make mortgage payments. So long as you timely pay your property taxes and homeowners insurance premiums, remain in your home as your primary residence, and maintain the property, you are fully protected from any default or foreclosure, even if the loan balance eventually exceeds the value of your home.
And, upon the death of the last borrower on the reverse mortgage to die (since the reverse mortgage cannot come due when only one of multiple borrowers dies), your home is the SOLE asset to which the lender can look to satisfy any balance on the reverse mortgage, even if the balance of the reverse mortgage exceeds the value of your home.
If you choose, you can make monthly payments on your reverse mortgage to keep the loan balance from increasing or even to lower your loan balance. This is entirely optional and some homeowners elect this option to increase the equity available to give to their heirs.
You have to be at least 55 years old to get a reverse mortgage.
A reverse mortgage has no payment obligations during the life of the borrowers. However, the reverse mortgage will need to be fully repaid upon the first of the following:
- If your home is no longer your primary residence,
- Once the last of the borrowers on the reverse mortgage passes away,
- If you fail to timely pay both your property taxes and homeowners insurance premiums, or
- If you neglect to maintain your home.
Yes! While you are required to reside in the home on which you took out the reverse mortgage, you are allowed to use the money to purchase in income-producing property, a second home, or a vacation property. It’s a great way to free up the needed capital to make another worthwhile investment.
The good thing about reverse mortgages is that they can be refinanced, so, depending on the market, you can get cash in hand, a new line of credit, a monthly payment to you and/or a lower rate and end up owing less.
No situation is too complex
With a real estate attorney at the helm, there is no situation that is too unique or complex for us to handle. Our highly trained team specializes in complex loans.
We’re also real estate attorneys
Nikkael Home Loans is owned and operated by attorneys who know how to work through challenging matters to find the best solution for you.
There’s no pressure
We won’t sell you on a loan—instead, we will educate and inform you about the best options to match your needs.
I was extremely impressed with your handling of the loan – I don’t say that very often. Thanks again.
We are very grateful to have you as our broker, you have helped us a lot and done a great job from the very beginning.
You did a wonderful job, I don’t think anyone else would have taken the time and put in the effort to get my loan closed.
Lock in a lower interest rate, reduce your monthly mortgage payment, improve terms, put cash in your pocket—these are all great reasons to refinance your home loan and get a new and improved mortgage.
Qualify for a home loan when you have a non-traditional source of income or a low credit score—perfect if you’re self-employed, have asset or bank statements, or are a professional (i.e., a doctor or lawyer).
When a typical home loan isn’t your best choice, perhaps due to a low credit score or high debt-to-income ratio, we can help you get a private, or hard money, loan.
FHA & VA Loans
Two of the most popular loans are the FHA government loan program and the no-money-down military VA loan.
Want More Information About a Reverse Mortgage?
We’re a top reverse mortgage broker in Orange County, and we’re armed with answers to all your questions. Contact us today!