Reverse Mortgages

FOR RETIRED ONLY™ chose to affiliate with Bay Area Reverse Mortgage in 2005, after extensive research into California’s reverse mortgage brokers. As full-spectrum Financial Planners for retirement, FOR RETIRED ONLY™ needed to work alongside a trustworthy and reputable Reverse Mortgage supplier to help our clients stay in their homes and enable them to age-in-place, when financial resources are limited to the equity of their home.

Reverse Mortgage’s are a very expensive product. FOR RETIRED ONLY™ helps clients determine if a reverse mortgage is the most cost-efficient and appropriate financing option for the clients circumstances. The reality is many reverse mortgage brokers are inherently sales-people; unlike FOR RETIRED ONLY’s Financial Planner, whose interests are legally aligned (fiduciary responsibility) with their clients’ overall financial best interests. It is imperative that our clients comprehend all the costs exchanged for the benefits of a Reverse Mortgage. When FOR RETIRED ONLY™ designs a Reverse Mortgage Program, we take into account all  financing product options, pricing variables and individual qualifying standards.
If through our personal financial evaluation we determine that a reverse mortgage in NOT the most beneficial solution, we present our client’s with alternative recommendations.

PRO’s of Reverse Mortgage

  • No monthly payments
  • Tax free income
  • Aging at home for the duration of your retirement
  • You will retain future appreciation of your home’s value
  • Provides you with funds to maintain or alter your home
  • Variety/combinations of pay-out options (monthly payment, lump-sum, line-of-credit)
  • Loan can be repaid at any time
  • Minimal qualification requirements

CON’s of Reverse Mortgage

  • Considerable costs
  • You are required to pay off any existing home loans
  • Rapid Equity Reduction
  • Age plays a huge factor in access to available equity
  • More expensive than line of credit
  • Cap limitations on how much you can borrow
  • After death or if you are no longer residing at your home, your reverse mortgage must be paid-off
  • Taking out an RM may disqualify you from receiving future LTC Medicaid and VA benefits