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John Saunders
Saunders & Associates
Lucid Financial

NMLS# 1018835 | DRE# 01701970
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Reverse Mortgage

What is a Reverse Mortgage? 


Here are the basics on how a Reverse Mortgage works.

  • You remain the owner of the home.
  • You can sell the home or pay off the loan with no prepayment penalty
  • You can make payments if you like; however, no monthly mortgage payments are required.
  • You can receive the money in a lump sum, monthly payments, a line of credit, or any combination of the three when you choose the Home Equity Conversion Mortgage (HECM).
  • You have protection against declining home values because it is a non-recourse loan. That means you will not owe more than the value of your home. If your home sells for less than what is owed, FHA insurance pays the difference when you choose a HECM.

A reverse mortgage works the same way as a traditional mortgage, except:

  • If you decide not to make a monthly mortgage payment, interest for that month will be added to the loan balance and reduce the equity in your property.
  • If you decide not to make a monthly mortgage payment, the amount you would have paid in interest is added to the amount that will come due when you leave the home or pass away.
  • If you vacate your home or if the home is no longer your principal residence, the loan will become due and payable.


Who Is Eligible?

  • You must own a home. The home can be paid off or have an existing mortgage.
  • At least one homeowner must be 62 or older.
  • You must be able to meet the financial obligations of the loan.

Eligibility Fact: The home can be paid off or have an existing mortgage.

Why get a Reverse Mortgage?

There are a variety of reasons why people get this type of loan. Some get it to fulfill an immediate need, while others use it to plan for the future. Here are two examples of how you can use a reverse mortgage.

Planning for Now:

One way to use a Reverse Mortgage is to never pay a principal or interest payment again for the rest of your natural life. This will keep extra cash in your pocket every month that you would have spent on your previous monthly mortgage payment. You can also receive cash at closing to do with as you please, or remodel your home so that is it more suitable for your needs.

Planning for the Future:

Another great strategy is if you have a small home loan or your home is paid off, you can use a Reverse Mortgage as leverage to supplement your current income you have now and also, you can received funds at closing to use as you please or live off and also think about holding out on collecting your social security income later date as this strategic move can give you access to a larger monthly payment when you finally do begin to withdraw from social security. Additionally, you can include a line of credit in your Reverse Mortgage that will grow if it remains unused so you will have another built in investment as a add on.


 In order to receive additional information regarding our special HECM Reverse Mortgage programs, please fill out the information below:

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John Saunders
Saunders & Associates
Lucid Financial

Beaumont, CA 92223
Phone: 909-289-4109
NMLS# 1018835 | DRE# 01701970


John Saunders is absolutely a go to real estate agent. I am a savvy real estate investor and this guy knows the industry like nobodies business. John's knowledge, commitment, and cooperation is unparalleled to anyone I have spoken to in this area. Highly recommend! Kyle Bergthold
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