Welcome to Dan's Retirement Home Loans page!

Dan and his highly trained Loan team are focused on supplying Families and the Financial Planning community with solid, reliable Institutional 1st and 2nd Trust Deed Reverse Mortgage loans designed for those Salaried or Self Employed Borrowers with Pre-Retirement and Post Retirement Home Equity Loan needs. (Generally, ages 65 and older)

This is often a difficult time for many families and those in Pre-Retirement. Incomes may be declining for various reasons along with less work during this "transition".  Dan and his Loan Team understand that Borrowers generally need the same income or more initially during planning as well as access to Cash Reserves.

Flexibility with a Primary Homes Real Estate Equity Loan may help that situation. One Retirement Loan option for those over 65 years old is a Reverse Mortgage with a interesting slant: A new 2nd TD on your Home Primary Real Estate.

This Reliable Second is a fixed rate closed ended 2nd TD, no line of credit, that allows borrowers to tap into their home equity. There is no new monthly mortgage payment required and no change to the interest rate on their first mortgage. However, monthly mortgage payments are still required on the first lien.

A Second reverse mortgage loan allows borrower to keep a first lien, forward mortgage in place and take out a second lien reverse mortgage for additional funds. Often with NO MONTHLY Payment!  Settlement closing costs are also required with borrower’s loan, including items such as an appraisal report, credit report fee, title insurance premium, and title fees. Fees and amounts may vary by state. Term of the loan is based on borrower life expectancy. Repayment is due in a single payment upon maturity (when the last borrower passes away, borrower sells the home or no longer occupies the home as principal residence) or the borrower defaults. Borrowers are responsible for taxes, insurance, property charges and any other terms of the loan. This is a non-recourse loan. This product could benefit your customers that do not want to refinance their existing mortgage but need additional funds to navigate these current economic times.

The following first lien mortgages remaining in place are allowed.

• Fixed Rate – Fully Amortized
• ARMS - Fully Amortized – Must qualify with payment calculated based on current unpaid balance at max rate per note and amortized over the remaining term.
• HELOC – Only when it’s first lien and in repayment period.
• Ineligible First Lien: Interest Only, Negatively Amortized (reverse/HECM), Private Lender, Rehab loan.
• Eligible Property Types Include: SFR, PUD, 2-4 unit and Condo. No Manufactured Homes/Condos
• Non-FHA approved condo needs to get approved (Homesafe Condo approval)

Here are several examples of possible uses of a Second Reverse Mortgage funds:

• Purchasing a new smaller home
• to Prepare for move to new location
• Purchasing a 2nd home
• Making home improvements
• Paying off Debt
• eliminate or lower minimum monthly house payments
• provide education funds
• Estate planning and Tax avoidance
• Use for Donations or Charities
• Provide Gift Funds

Basic Questions to ask yourself:

Can You Afford to Stay in Your Home in Retirement?

Is Your Home Set Up for Aging?

What Lifestyle Do You Envision in Retirement?

Make a Fully Considered Decision!

It’s important to consider all the elements of your personal situation in making this decision, including the practicalities of each option and how you feel about it all. Financial, health, family, and lifestyle considerations are all major factors to weigh in considering what’s right for you as you approach homeownership in retirement.

“This is a huge decision that can affect your health and longevity,” says Dan Cassel. “ My initial suggestions are: Take time, learn all you can, assess the types of loans, and make the best decision possible".

To learn more phone Dan Cassel in his Trinity Mortgage San Diego Office. 866-310-1112
Or email Dan - danc@dansrealestateloans.com