Reverse Mortgages

Reverse Mortgages

As we have said many times on The Easterbrook Team, having a home is your best investment vehicle.  In retirement, having a home opens up additional options that renting retirees can only dream of.  A reverse mortgage is a unique loan for 62 year and older home owners that works just the opposite of a traditional “forward” mortgage.  Instead of paying your monthly mortgage payment from your savings, it is paid for with the equity in your home.

Reverse mortgages generally are not used for vacations or other “fun” things. The truth is that most borrowers use their loans for immediate or pressing financial needs, such as paying off their existing mortgage or other debts. Or they may consider these loans to supplement their monthly income, so they can afford to continue living in their own home longer.

Homeowners that take advantage of a reverse mortgage can obtain a single disbursement option, a fixed monthly cash option, a line of credit option, or a combination of all three, depending upon the borrower’s equity and age.

If you know of someone considering the reverse option, have them call us  at (916) 850-6050 to provide them with options.  We’d love to help them and be part of the solution to their retirement plans.

We have the official reverse mortgage consumer booklets approved by HUD!

The National Council on Aging is a respected leader and trusted partner to help people aged 60+ meet the challenges of aging.  This booklet will help you understand the benefits and challenges of this funding option.  Stop by our office to pick up a copy or you can email us for a PDF copy. 

Inquire today to start your reverse mortgage!

401K Today

Driving Your Retirement Vehicle Home

A 401K should be on the radar of any W-2 employee that wants to have a comfortable retirement.  A 401K builds and earns interest tax free for retirement years.  Taxes are paid on withdrawals in retirement years when income and taxes are lower.  But a 401K has some other benefits that many people are not aware of.

Having a nest egg is like having a safety net.  Most 401K plans allow for a hardship withdrawal before 59 and a half.  With the security of knowing that there is money set aside in case of emergency, there is less fear in asking for a raise or taking a chance on a good opportunity that presents itself. 

The number one hidden benefit to having a 401K is that it can be borrowed against.  The 401K is still earning interest when borrowed against.  Most plans allow the interest paid to go back into the retirement account – which actually benefits the retirement account.  For more information about borrowing against a 401K, CLICK HERE.

The average 401K balance is just under $100K.  Most 401K plans will allow a loan of up to $50K or 50% of the vested balance – whichever is less.  The loan does not affect credit, nor is it taxable.  From a lending standpoint, the payments on the loan do not count against a borrower’s debt to income ratio. 

Borrowing against a 401K can often be the difference between home ownership and renting.  A larger down payment using a 401K loan could also be the difference between paying a higher rate of interest or higher mortgage insurance rate on a home. Considering the rate at which housing increases, borrowers can leverage and maximize the benefits of their retirement savings to live the American Dream of home ownership.  Call the Easterbrook Team today for more information.

Amazon Camperforce

Have you two heard of this? Amazon Camperforce.  It's a large group of homeless RV'rs that traverse the US working odd jobs.  It's a thing.

Meet the CamperForce, Amazon's Nomadic Retiree Army

Many older Americans are living a desperate, nomadic life

The Easterbrook Team

916.850.6050

EasterbrookTeam@spmc.com

How Many Hours Americans Need to Work to Pay Their Mortgage

Many people define the American dream as owning your own home, not to mention a comfortable lifestyle, healthy children, and a secure retirement. But the ability to afford a home—let alone all those other things—depends entirely on where you live and your level of income. This makes apples-to-apples comparisons across the country extremely difficult. How can you easily compare real estate locations and income levels for the entire population? Take a look at our new map to find out.

To View The Map Click Here!

The Easterbrook Team is here to assist you with your American Dream!
916.850.6050  EasterbrookTeam@spmc.com

"We Make The Loan Process Easy!"

The Huge Asset You're Probably Overlooking In Retirement

Traditionally, retirement income was often characterized as a three-legged stool consisting of Social Security, defined benefit pension plans, and retirement savings. With the traditional pension plan all but extinct in America, that stool has become a bit wobbly. Fortunately, there’s another leg that’s often overlooked: your home. Here are some ways that you can use it to give your retirement a leg up:

To Read The Entire Article Click Here!

Forbes reports that the mortgage is the biggest asset in retirement.  The Easterbrook Team agrees. 

The Easterbrook Team is your source for home loan lending.  Contact us today!
916.850.6050  EasterbrookTeam@spmc.com

"We Make The Loan Process Easy!"

Hidden Costs of Homeownership

4 costs you haven't factored into your homebuying budget...

To Read the Entire Article Click Here!

Don't let other lender's steer you blindly.

The Easterbrook Team prepares our buyers with the knowledge they need.

"We Make The Loan Process Easy"

916.850.6050

EasterbrookTeam@spmc.com