Palos Verdes Seniors Effected By New Reverse Mortgage Rules

Palos Verdes Seniors will be effected by new rules coming into play shortly for Reverse Mortgage.

HUD has announced  new reverse mortgage regulations  (previously dated to go into effect March 2nd 2015) have been delayed until sometime in April 2015.palos verdes seniors

Currently Palos Verdes Seniors with equity in their home can (literally) be 1 day away from a trust deed sale, or BK and still can qualify for a cash out refinance or to  purchase their next home with no qualifying!

That will end in April when seniors will have to qualify based on income, credit and debt to income ratios.

California residents have a shorter period a time as they must participate in mandatory housing counseling which can take up to 2 weeks to get an appt. and then wait for a “7 day cooling off period” to expire.

Senior citizens struggling to keep their home have just a few weeks left to get a reverse mortgage without a financial assessment which may exclude or reduce benefits for up to 50% of reverse mortgage applicants.palos verdes seniors

If you are one of the Palos Verdes Seniors considering a Reverse Mortgage and having a bit of financial difficulty, the window of opportunity to take advantgae of more lenient rules is quickly closing. Almost 25% of the population of Palos Verdes Estates are in the Palos Verdes Seniors age category as defined for Reverse Mortgages, not an insignificant number. Please use the share buttons here to let those you know and care about it, aware of these changes. Continue below the Palos Verdes Demographics section to learn more information.

Palos Verdes Seniors Resource

There’s a wonderful resource for Palos Verdes Seniors that I would like to introduce you to.  www.PVSeniors.org.  Their mission statement: “To offer activities and services that enhance and enrich the lives of senior adults living on the Palos Verdes Peninsula and surrounding areas.”

Many Palos Verdes Seniors find that the decision and inherent benefits of taking out a Reverse Mortgage must be compared and contrasted with the benefits of simply selling their property. I’ve found that my clients appreciate a more consultative approach which I take so that information from all sides of the issue can be studied. That way, an increased level of confidence can be made with either type of decision: sell, do nothing, take out a reverse mortgage.

What’s most important here is you, the client, having the peace of mind that comes from you knowing that you’ve done everything to get the information you need to make a decision that is in YOUR BEST INTERESTS! I’m here to help. The first step in gathering information about whether or not selling is in your interests, is simply to find out what buyers in today’s market might actually pay for your home. Here’s a good starting point

palos verdes home values

 

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$880,000 - 2Br/2Ba -  for Sale in Waterleaf (watr), San Clemente
$880,000
MLS# OC18091683

7 Camino Del Prado
San Clemente, CA 92673

Property Type: Single Family Residence
$820,000 - 4Br/4Ba -  for Sale in Buttercreek Estates-351 - 351, Moorpark
$820,000
MLS# 218003022

11608 Blossomwood Court
Moorpark, CA 93021

Property Type: Single Family Residence
$805,000 - 4Br/3Ba -  for Sale in Rimrock (rim), San Clemente
$805,000
MLS# OC18097866

2916 Bonanza
San Clemente, CA 92673

Property Type: Single Family Residence
$799,000 - 4Br/3Ba -  for Sale in West Hills
$799,000
New
MLS# SR18113824

8938 Hanna Avenue
West Hills, CA 91304

Property Type: Single Family Residence
$698,500 - 3Br/2Ba -  for Sale in Casta Del Sol - Fiesta (cf), Mission Viejo
$698,500
MLS# OC18040501


Mission Viejo, CA 92692

Property Type: Single Family Residence
$550,000 - 3Br/3Ba -  for Sale in East Ridge, Fallbrook
$550,000
MLS# 180018183

942 Ridge Heights Drive
Fallbrook, CA 92028

Property Type: Single Family Residence
$525,000 - 2Br/1Ba -  for Sale in San Pedro
$525,000
MLS# SB18101902

945 W Oliver Street
San Pedro, CA 90731

Property Type: Single Family Residence
$454,900 - 2Br/2Ba -  for Sale in La Mirada
$454,900
MLS# PW18102254

15925 Alta Vista Drive Unit A
La Mirada, CA 90638

Property Type: Condominium
$420,000 - 2Br/2Ba -  for Sale in Sea Bluffs At Dana Point (sbdp), Dana Point
$420,000
MLS# OC18016690

25442 Sea Bluffs Drive Unit 308
Dana Point, CA 92629

Property Type: Condominium
$389,000 - 3Br/2Ba -  for Sale in Leisure World (lw), Laguna Woods
$389,000
MLS# OC18016464

4005 Calle Sonora Oeste Unit 1a
Laguna Woods, CA 92637

Property Type: Condominium
$389,000 - 2Br/2Ba -  for Sale in Torrance
$389,000
New
MLS# RS18114899

3120 Sepulveda Boulevard Unit 209
Torrance, CA 90505

Property Type: Condominium
$349,900 - 5Br/3Ba -  for Sale in Palmdale
$349,900
MLS# SR18110248

1542 Windsor Place
Palmdale, CA 93551

Property Type: Single Family Residence
$349,900 - 2Br/1Ba -  for Sale in Peacock Hills, Oceanside
$349,900
MLS# 180020768

4613 Westridge Dr
Oceanside, CA 92056

Property Type: Duplex
$329,000 - 1Br/1Ba -  for Sale in West Covina
$329,000
MLS# PW18102077

3725 New York Street
West Covina, CA 91792

Property Type: Condominium
$309,000 - 2Br/1Ba -  for Sale in Oceana, Oceanside
$309,000
MLS# 180023630

3615 Vista Bella Unit 19
Oceanside, CA 92057

Property Type: Condominium
$265,000 - 3Br/2Ba -  for Sale in Rancho San Luis Rey, Oceanside
$265,000
MLS# 180019497

200 N El Camino Real Unit 348
Oceanside, CA 92058

Property Type: Manufactured On Land
$188,125 - 1Br/1Ba -  for Sale in Huntington West (hwst), Huntington Beach
$188,125
MLS# OC18100305

18900 Delaware Unit 349
Huntington Beach, CA 92648

Property Type: Condominium
$147,200 - 2Br/2Ba -  for Sale in Leisure World (lw), Laguna Woods
$147,200
MLS# OC18103901

24055 Paseo Del Lago East Unit 404
Laguna Woods, CA 92637

Property Type: Condominium
$94,500 - 2Br/1Ba -  for Sale in Sunny Acres Mhp - 37010, Oxnard
$94,500
MLS# 218004395

4052 Mockingbird Lane
Oxnard, CA 93033

Property Type: Manufacture 433
$85,000 - 3Br/2Ba -  for Sale in Torrance
$85,000
MLS# SB18027179

22516 Normandie Avenue Unit A23
Torrance, CA 90502

Property Type: Manufacture 433