Welcome to Advent Mortgage with Reverse Mortgage Specialists serving Northern and Southern California. Advent Mortgage has Certified Senior Advisors available to answer any questions you may have about Reverse Mortgages. Since 1985, we have offered the quality of service you expect from mortgage professionals and have the Reverse Mortgage expertise to serve your needs. Explore our site for information or call us at 1-(800) 834-3703. We believe you'll see the advantage to working with Advent Mortgage for your Reverse Mortgage needs.

 

Is A Reverse Mortgage Right for You?

There are many advantages. Here is a partial list:

Remaining Independent
A Reverse Mortgage allows you to keep your dignity, controlling your own destiny, and not having to rely on others.

Stay In Your Home
The Reverse Mortgage allows seniors to live out their days in their home, putting their equity to work for them, while continuing to retain ownership.

No Monthly Mortgage Payments
There is no required pay back of the Reverse Mortgage loan by the senior, nor any monthly mortgage payments until all parties to the loan have permanently moved out.

Tax-Free Money
The money you receive from a Reverse Mortgage is considered loan advances, and is tax-free, and will not affect your Social Security or Medicare benefits.

Freedom and Flexibility of Choice
The money you get from a Reverse Mortgage is yours to use in any way you choose. You are only limited by your imagination.
Note: We recommend that you consult your financial advisor or tax accountant for professional advice on any issues of concern.

Is a Reverse Mortgage only for cash poor and desperate senior citizens?
No, even though some seniors may have greater needs than others for cash or monthly income, the Reverse Mortgage can be an excellent financial estate-planning tool for all seniors with sufficient equity in their homes.

What If I plan to Sell my Home and move in a couple of years?
Generally, we advise seniors that the reverse mortgage is ideally used when the homeowner plans to stay in their home at least 5 years.

 

 

How Does a Reverse Mortgage Work?

What is a reverse mortgage?
A Reverse Mortgage, like traditional mortgages, is a non- recourse first deed of trust. It allows senior homeowners, age 62 and older, to convert part of their equity into tax-free income, without having to sell their home, give up title to it, or make monthly mortgage payments.

Who is eligible for a Reverse Mortgage?
To be eligible for a Reverse Mortgage the senior(s) must 1) own property, 2) it must be their primary residence and they must occupy it the majority of the year, and 3) any person applying for a Reverse Mortgage must be on title and must 62 years of age or older.

What are the benefit (payment) options?
You decide how to receive the money generated by a reverse mortgage. In general your options are 1) upfront lump sum payment, 2) line of credit, 3) monthly income, or 4) any combination of the above. As an added benefit there are in certain circumstances, provisions that allow you to change your payment option as time goes by thus creating flexibility in what is usually a very rigid environment.

Will the lender take my house?
No, this is a misconception; a reverse mortgage is a loan against the property. The title remains in the name of the borrower(s) and the lender is only repaid the loan balance or home value, whichever is less.

Will I ever owe more than my home is worth?
No, all reverse mortgages are “non-recourse” loans, which means that the only security for the loan is the structure and the land it sits on. Therefore, you can never ever owe anything more than the market value of the home regardless of the loan balance. Other properties, vehicles, savings accounts, etc. are safe and cannot ever be used as security for the loan.

What is due when the loan is repaid?
You or your estate will pay back the cash advances they have received plus accumulated interest. Any upfront costs that were financed initially will also be part of the loan balance. You or your estate has 6 months - and in some cases up to 1 year - to repay the Reverse Mortgage.

Will a Reverse Mortgage affect my SSI or Medicaid?
No, a reverse mortgage will not affect these or most other means tested benefits as long as the monthly cash advances are fully spent every month and not accumulated. Programs do vary by state so it’s advisable to check with the local area agency on aging.