Senior Funding Reverse Mortgages - Calabasas, California

Senior Funding Reverse Mortgages: A Comprehensive Guide

For seniors seeking to unlock the equity in their homes and supplement their retirement income, Senior Funding Reverse Mortgages offers a specialized and supportive service. Located at 23801 Calabasas Rd #2018, Calabasas, CA 91302, United States, and reachable at Phone: 8183361821, this experienced mortgage lender is dedicated to providing clear, unbiased guidance on navigating the complexities of reverse mortgages. Their website, Website: seniorfunding.com, provides a wealth of information and resources for prospective clients. They pride themselves on accessibility, featuring a wheelchair-accessible car park and wheelchair-accessible entrance, demonstrating a commitment to serving a diverse clientele.

Understanding Senior Funding Reverse Mortgages

A reverse mortgage is a unique loan product designed for homeowners aged 62 and older. Unlike traditional mortgages, borrowers don’t make monthly payments. Instead, the lender pays the borrower, allowing them to access a portion of their home’s equity. This equity can be received as a lump sum, monthly payments, a line of credit, or a combination thereof. It’s crucial to understand that the loan balance, including accrued interest and fees, grows over time and is typically repaid when the borrower sells the home, moves out permanently, or passes away.

Key Features and Benefits

• Non-Recourse Loan: This means the borrower (or their heirs) will never owe more than the home’s value at the time of sale. The lender’s risk is limited to the property’s worth.
• No Monthly Payments Required: As long as the borrower lives in the home as their primary residence and meets their financial obligations (property taxes, homeowner’s insurance), they don’t have to make monthly mortgage payments.
• Flexibility in Accessing Funds: Borrowers can choose how they receive the funds – a lump sum, regular monthly payments, a line of credit to draw upon as needed, or a combination of these options.
• Homeownership Preservation: Reverse mortgages allow seniors to remain in their homes, avoiding the potential stress and expense of relocating.
• Tax-Free Income: The funds received from a reverse mortgage are generally considered tax-free.

The Role of Senior Funding Reverse Mortgages

Senior Funding Reverse Mortgages specializes in helping seniors understand the intricacies of this financial tool. They differentiate themselves through a commitment to transparency and education. Their team takes the time to thoroughly assess each individual’s financial situation, goals, and risk tolerance. They emphasize a personalized approach, ensuring that clients fully grasp the terms and conditions of the loan before proceeding. They focus on helping clients utilize reverse mortgages strategically to enhance their retirement security, covering expenses such as healthcare, home improvements, or travel.

What to Expect – The Process

1. Initial Consultation: The process begins with a free consultation to discuss the borrower’s needs and eligibility.
2. Financial Assessment: Senior Funding Reverse Mortgages will conduct a thorough financial assessment to determine the borrower’s ability to repay the loan.
3. Loan Application: Once approved, the borrower will complete a loan application.
4. Appraisal and Title Search: The lender will order an appraisal of the home and conduct a title search.
5. Closing: The loan is closed, and the borrower receives the funds according to their chosen disbursement method.

Client Feedback and Reputation

Senior Funding Reverse Mortgages consistently receives positive feedback from its clients. As evidenced by 16 reviews on Google My Business, with an average opinion of 5/5, the company is recognized for its professionalism, knowledge, and dedication to customer service. Clients frequently praise the team’s willingness to answer questions, explain complex concepts clearly, and guide them through the entire process with empathy and respect. The accessible facilities further contribute to a positive client experience.

Important Considerations

While reverse mortgages can be a valuable tool, it’s essential to consider the potential downsides. The loan balance grows over time, and fees can be substantial. It’s crucial to understand the impact on estate planning and potential heirs. Senior Funding Reverse Mortgages strongly advises borrowers to seek independent legal and financial advice before making a decision. They provide access to resources and connections to trusted advisors.

Senior Funding Reverse Mortgages strives to empower seniors with the knowledge and resources they need to make informed choices about their financial future. Their commitment to accessibility, personalized service, and unwavering transparency makes them a trusted partner in navigating the world of reverse mortgages.

👍 Reviews of Senior Funding Reverse Mortgages

kelly B.

5/5

Just contemplating a reverse mortgage is nerve wracking. Initially we spoke with someone out of state, and then Lindsey Gomer was recommended by a local friend. From the get-go the love she has for this work was evident by her caring attitude, likely cultivated by her father who originated the family business. She encourages questions and is truly interested in helping folks understand how reverse mortgages work. Senior Funding works with other professionals (appraisers, notaries, title, etc.) so they come with the full package, and are thus able to be more efficient, getting things scheduled, and facilitating successful outcomes (for example - Lindsey purchased and installed smoke and carbon monoxide detectors for the appraisal). Our loan was completed in record time and we couldn't happier.

Theresa T.

5/5

I'm going through one of the toughest times in my life with my mom having Alzheimer's Dementia. I had to go through the courts for conservatorship of my mom and get through court orders to get approved to use some of my mom's home equity to help financially to keep her in her home with 24/7 caregivers. Dave and Deanna stuck by me the whole way! There were many obstacles we had to go through together because of the conservatorship. I am one to always have lots of questions. The communication with Dave was amazing. He helped me understand each and every step. What a relief to have Dave and Deanna there for me during the most difficult time in my life. I now have the funds to keep things rolling for my mom a while longer. I highly recommend Senior Funding Reverse Mortgages.

Paul N.

5/5

Incredible to find is Dave Gomer in light of all the incompetent and dishonest financial service providers out there.
If you find yourself in his care I can assure you it is the best there is.
Over the last 10 years his work with me had been a God send.

Brian O.

5/5

Dave Gomer is the best. I found him on google. I called him up and he immediately put a plan to action to close a reverse mortgage for my mother in law. He came to her house to meet with us and explained in detail how the process worked. We gathered the information that he needed and the loan was funded about 6 weeks later. He also met with us several times during that period to insure that all would proceed smoothly. I highly recommend Dave to handle any mortgage financing needs that you may have. He fully understands what it takes to successfully close a mortgage. He is a very nice person.

Shirley G.

5/5

To Whom It May Concern;
Dave helped my mom obtain a reverse
mortgage in 2005 and again in 2021.

Both times, Dave and his company
provided a smooth process.

Dave was always available to answer
our questions. If you want information on your reverse mortgage options,
we highly recommend Senior Funding
Reverse Mortgages.

Sincerely,

Shirley Givens
Christine Bowen

Lee L.

5/5

As a retired loan officer with more than 43 years in the mortgage lending business, I can without hesitation recommend Luigi Cingolani as a reverse mortgage specialist. He has a commanding knowledge of the industry, is personable, professional and trustworthy. He handles the loan process thoroughly and efficiently. I have and will continue to recommend him to those seeking information and help in securing a reverse mortgage.

Cindy S.

5/5

Luigi Cingolani, Senior Funding Reverse Mortgage Specialist, came to my home and explained to me, in a very simple and concise way, how the reverse mortgage works and the benefits to me of having one. Luigi was prompt to answer my questions and to solve any problem we may encounter. I recommend this company; they are terrific! Thank you, Luigi and everyone at Senior Funding.
Cindy, Santa Ana

Suzanne L.

5/5

What a group!! Lindsey is great and very hardworking. A detailed and involved process that was made so easy. Lindsey was always available for all questions and assistance and I felt confident in every step of the process. I highly recommend Senior Funding to handle anyones Reverse Mortgage procedures and will look to them in the future for any of my Reverse Mortgage needs.