17291 Irvine Blvd., Suite 253
Tustin, CA 92780
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Q. Who can qualify for a REVERSE MORTGAGE?
A. At least one of the homeowners must be at least 62 years old. New rules allow spouses or others on the title to be as young as 18.

Q. What is the process for getting a REVERSE MORTGAGE and how long does it take?
A. First, you speak with a HomeSafe advisor to see if a REVERSE MORTGAGE would be right for you, and to see if you qualify. He or she will fully answer all of your questions and suggest a specific course of action to help you accomplish your retirement needs, while you remain safe and secure in your home.

Next our HomeSafe advisor will prepare an application and carefully review and explain each document. Counseling is required to ensure that you are of sound mind and that you understand how the program works (this one is usually done over the phone and is with an independent HUD approved party).

You will receive a certificate verifying that you completed this phase and we begin processing your application for approval. It usually takes 3-6 weeks to obtain loan approval, sign the final loan documents and obtain your proceeds. During this process you are not committed, and may cancel with application at any time with no fee.

Q. How do you determine the amount of cash I am eligible for?
A. The amount you can borrow depends on several factors, including your age, the type of REVERSE MORTGAGE you select, current interest rates, the location of your home, and the appraised value of your home and FHA's lending limits for your area.

Q. Is there any out-of-pocket cost associated with this loan?
A. Almost all closing costs for a REVERSE MORTGAGE are included in the loan. The only money required upfront is for the mandatory HUD counseling (usually no more than $125) and a deposit fee for the appraisal (usually no more than $450).

Q. I still owe money on a first or second mortgage. Can I still get a REVERSE MORTGAGE?
A. Yes. You may be eligible for a REVERSE MORTGAGE even if you still owe money on a first or second mortgage. The funds you would receive in the REVERSE MORTGAGE would be used to pay off whatever existing mortgages you have on the property, and any additional funds would be available for you to use in any way that you see fit

Q. Can I obtain a REVERSE MORTGAGE on a second home or resort property I own?
A. Unfortunately no. REVERSE MORTGAGEs may only be taken out on your primary residence.

Q. What kinds of homes are eligible for a REVERSE MORTGAGE?
A. Most primary residences will qualify, including a single family, 2 to 4 unit property, condominium, town home.

Q. Would a home that is in a living trust be eligible for a REVERSE MORTGAGE?
A. Yes, most living trusts are fine. A review of the trust documents would be made by the REVERSE MORTGAGE lender to determine if anything in the living trust would be unacceptable.