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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$999,000 - 4Br/3Ba -  for Sale in Sylmar
$999,000
MLS# SR18154630

12946 Hagar Street
Sylmar, CA 91342

Property Type: Single Family Residence
$899,000 - 5Br/3Ba -  for Sale in Not Applicable-m3 (nam3), La Mirada
$899,000
MLS# 318002366

16603 Blackburn Drive
La Mirada, CA 90638

Property Type: Single Family Residence
$799,000 - 2Br/2Ba -  for Sale in Beverly Hills
$799,000
MLS# 18352950

221 S Gale Drive Unit 206
Beverly Hills, CA 90211

Property Type: Condominium
$745,000 - 3Br/2Ba -  for Sale in Casta Del Sol - Fiesta (cf), Mission Viejo
$745,000
MLS# OC18025407

27728 Calle Valdes
Mission Viejo, CA 92692

Property Type: Single Family Residence
$710,000 - 3Br/2Ba -  for Sale in Leisure World (lw), Laguna Woods
$710,000
MLS# OC18159903

3378 Punta Alta Unit B
Laguna Woods, CA 92637

Property Type: Condominium
$685,000 - 3Br/2Ba -  for Sale in Casta Del Sol - Fiesta (cf), Mission Viejo
$685,000
MLS# OC18040501


Mission Viejo, CA 92692

Property Type: Single Family Residence
$674,900 - 3Br/2Ba -  for Sale in Woodleaf I (wf1), Lake Forest
$674,900
MLS# OC18141236

22901 Plainview Circle
Lake Forest, CA 92630

Property Type: Single Family Residence
$649,900 - 3Br/2Ba -  for Sale in Aspen Creek (ac), Laguna Hills
$649,900
MLS# OC18141424

43 Misty Creek Lane
Laguna Hills, CA 92653

Property Type: Single Family Residence
$625,000 - 4Br/2Ba -  for Sale in Other (othr), Brea
$625,000
Open House
New
MLS# WS18164887

1265 Mariposa Drive
Brea, CA 92821

Property Type: Single Family Residence
$595,000 - 3Br/2Ba -  for Sale in Reseda
$595,000
New
MLS# SR18169279

8129 Darby Avenue
Reseda, CA 91335

Property Type: Single Family Residence
$525,000 - 3Br/3Ba -  for Sale in East Ridge, Fallbrook
$525,000
MLS# 180018183

942 Ridge Heights Drive
Fallbrook, CA 92028

Property Type: Single Family Residence
$495,000 - 2Br/2Ba -  for Sale in Torrance
$495,000
Open House
MLS# SB18113038

2605 Sepulveda Boulevard Unit 210
Torrance, CA 90505

Property Type: Condominium
$430,000 - 2Br/2Ba -  for Sale in Leisure World (lw), Laguna Woods
$430,000
New
MLS# PW18170783

541 Via Estrada Unit B
Laguna Woods, CA 92637

Property Type: Stock Cooperative
$414,000 - 3Br/2Ba -  for Sale in Vista Del Mar, Vista
$414,000
MLS# 180036358

629 Via Columbia
Vista, CA 92081

Property Type: Single Family Residence
$329,000 - 1Br/1Ba -  for Sale in Torrance
$329,000
MLS# RS18155657

3120 Sepulveda Boulevard Unit 313
Torrance, CA 90505

Property Type: Condominium
$289,000 - 2Br/1Ba -  for Sale in Oceana, Oceanside
$289,000
MLS# 180023630

3615 Vista Bella Unit 19
Oceanside, CA 92057

Property Type: Condominium
$285,000 - 3Br/2Ba -  for Sale in Fletcher Hills, El Cajon
$285,000
MLS# 180029610

1280 W Main St Unit 1
El Cajon, CA 92020

Property Type: Condominium
$208,000 - 1Br/1Ba -  for Sale in Huntington West (hwst), Huntington Beach
$208,000
Open House
MLS# OC18157705

18900 Delaware Street Unit 335
Huntington Beach, CA 92648

Property Type: Condominium
$199,000 - 2Br/2Ba -  for Sale in Torrance
$199,000
MLS# SB18068226

2550 Pacific Coast Highway Unit 141
Torrance, CA 90505

Property Type: Manufacture 433
$188,000 - 1Br/1Ba -  for Sale in Leisure World (lw), Seal Beach
$188,000
New
MLS# OC18169585

1624 Merion Way Unit M2-39c
Seal Beach, CA 90740

Property Type: Stock Cooperative