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

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$1,985,000 - 3Br/3Ba -  for Sale in Palos Verdes Estates
$1,985,000
New
MLS# PV18006307

1609 Via Montemar
Palos Verdes Estates, CA 90274

Property Type: Single Family Residence
$835,000 - 4Br/5Ba -  for Sale in Rosemead
$835,000
MLS# AR18002012

2323 Pine Street
Rosemead, CA 91770

Property Type: Single Family Residence
$710,000 - 4Br/3Ba -  for Sale in Temple City
$710,000
MLS# AR17011379

11040 W Hondo Parkway
Temple City, CA 91780

Property Type: Single Family Residence
$630,000 - 3Br/2Ba -  for Sale in Other (othr), Mission Viejo
$630,000
MLS# OC17094236

89 Aliso Ridge Loop
Mission Viejo, CA 92691

Property Type: Condominium
$569,500 - 3Br/2Ba -  for Sale in 7 Oaks, San Diego
$569,500
MLS# 180000917

12265 Casero Ct
San Diego, CA 92128

Property Type: Single Family Residence
$429,000 - 2Br/2Ba -  for Sale in Groves Trailer Park (tg), Irvine
$429,000
MLS# PW17000650

5200 Irvine Boulevard Unit 430
Irvine, CA 92620

Property Type: Manufacture 433
$420,000 - 2Br/2Ba -  for Sale in Marina Park Mhp - 294, Ventura
$420,000
MLS# 217012590

1215 Anchors Way Drive Unit #20
Ventura, CA 93001

Property Type: Manufacture 433
$420,000 - 2Br/2Ba -  for Sale in Sea Bluffs At Dana Point (sbdp), Dana Point
$420,000
MLS# OC17110744

25442 Sea Bluffs Drive Unit 308
Dana Point, CA 92629

Property Type: Condominium
$395,000 - 2Br/1Ba -  for Sale in Monterey Park
$395,000
MLS# WS17242999

120 N Moore Avenue Unit 305
Monterey Park, CA 91754

Property Type: Condominium
$360,000 - 2Br/2Ba -  for Sale in Other (othr), Irvine
$360,000
MLS# PW17217836

5200 Irvine Boulevard Unit 311
Irvine, CA 92620

Property Type: Manufacture 433
$315,000 - 1Br/1Ba -  for Sale in Huntington Landmark Townhomes (hlan), Huntington Beach
$315,000
MLS# NP17272261

8644 Portola Court Unit 12h
Huntington Beach, CA 92646

Property Type: Condominium
$299,000 - 2Br/1Ba -  for Sale in Leisure World (lw), Seal Beach
$299,000
MLS# PW17253965

1121 Northwood #237a
Seal Beach, CA 90740

Property Type: Stock Cooperative
$235,000 - 2Br/2Ba -  for Sale in Friendly Valley (frv), Newhall
$235,000
MLS# SR18000945

26747 Whispering Leaves Drive Unit A
Newhall, CA 91321

Property Type: Condominium
$109,900 - 1Br/1Ba -  for Sale in Mira Mar, Oceanside
$109,900
MLS# 170060525

900 N Cleveland Unit 120
Oceanside, CA 92054

Property Type: Manufactured On Land