Reverse Mortgage Brokers Sonoma

Need assistance selecting the best loan for you?

As your reverse mortgage brokers, we will analyze proposals from a pool of reverse mortgage lenders on your behalf and advise you on the loan offer that makes the most financial sense for you.

To assist you, we will serve as a middleman between you and the lender. To ensure you are getting the most terrific deal, we will compare the interest rates and other costs related to the mortgage loan

Which Mortgage Should You Choose?

It can be beneficial to become aware of the many home loan options that are accessible to you. Fortunately, we’re here to assist you in selecting the house loan that best suits your requirements. Whether you’re looking to buy a new home or refinance your existing one, reverse mortgage brokers can assist you with all your mortgage needs.

To better serve the needs of local borrowers, we provide a comprehensive choice of refinancing solutions. We can help you if you want to get cash out or get a better rate and term.

Do you understand the distinction between a bank and reverse mortgage brokers?

If not, give us a call, and we’ll tell you how our brokerage can help you save money when applying for your next loan. Avoid paying the origination costs, junk fees, and other fees that large banks are permitted to impose.

As your reverse mortgage brokers, we ensure you receive the most acceptable loan for your financial circumstances by offering specialized services, low rates, and costs. Our application procedure is quick and straightforward, thanks to cutting-edge technology and tools.

Why Might I Obtain A Reverse Mortgage?

The main advantage of a reverse home mortgage is the freedom from monthly payments, which allows borrowers to purchase a home or access funds. They provide a variety of functions, such as:

A reverse mortgage is repaid in what ways?

An end-of-loan lump sum payment is made with a reverse mortgage instead of regular monthly payments as you would with a conventional mortgage. Typically, this happens:

The reverse mortgage is typically repaid by selling the home and utilizing the revenues to settle the debt.

The Benefits of Giraffe Lending

Welcome to Giraffe Lending, where our qualified loan officers are dedicated to upholding the strictest moral and ethical lending principles for you. We will walk you through the house purchasing, refinancing, or reverse mortgage process. To comprehend you, we shall listen to your existing condition.

A reverse mortgage is secured by the first registered mortgage on the borrower’s home, just like conventional home loans. Your age and the value of the secured property will decide how much equity you can discharge (although lenders have different policies on how much they will lend).

But most importantly, you’ll keep full ownership and have unlimited occupancy rights.

The interest is “capitalized”—charged back to the loan account—and will compound over time, which means that unless you make voluntary payments, the loan balance will rise.

When one of the following occurs: You sell the property on your initiative; OR You enter an assisted living facility (some lenders do not need this); OR The last remaining borrower passes away, the whole debt—including all interest and fees—is paid to the lender (if you are a couple)

You sell the property of your own free will, or you enter an assisted living facility (some lenders do not need this), or the last surviving borrower passes away (if you are a couple). Similar terms are included in the contracts offered by many reverse mortgage lenders. Since they were included in the law to safeguard consumers, several of these are universal among lenders.

However, there are substantial distinctions among them that, in some circumstances, make your choice of lender very crucial.  Some situations where a lender’s reverse mortgage terms apply

Reverse Mortgage Possibilities

Depending on your tastes and needs, we offer a variety of drawdown possibilities.

Total Payment

At the beginning of your loan, one of our lenders may give you a lump sum payment.

Depending on the lender, this option may be a minimum withdrawal requirement of $10,000 unless you intend to utilize the funds for in-home senior care. This choice is excellent for paying off debt, remodeling your house, getting a new automobile, or even taking a vacation. In addition to the lump sum, you have several alternatives for getting the proceeds as needed.

Consistent 'Income'

Receiving frequent advances is perfect if you intend to pull down your loan to enhance your retirement income progressively. It’s excellent if you require assistance with living expenses. With this choice, you can establish a recurring drawdown payment (monthly, quarterly, or yearly) for up to 10 years. The regular payment you make feels like “income.” Yet, it is only a tiny percentage of the equity in your property. The monthly payment amount is adjustable and ranges from hundreds to thousands of dollars. Your home’s worth, age, and term schedule all play a role in determining the upper maximum.

Money Reserve

To create a cash reserve that is simple to access whenever you need it, you can release the equity in your property. The benefit of choosing this option is that interest will only be charged on the amount you have drawn. Depending on the lender, there could not be a minimum drawdown requirement for a cash reserve facility. Some lenders even permit you to use your debit card at ATMs to access this money immediately.


Take the first step

towards the retirement you want

Find out how much you can receive with a reverse mortgage by completing the form below.

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