Finally, Reverse Mortgages Are Available In Laguna Woods For 3rd Mutual Condominiums

For several years, residents and realtors have wanted the Third Mutual  Association to apply for FHA approval so that FHA loans would be available in Laguna Woods for purchases and refinances.  Additionally,  FHA approval would mean that reverse mortgages would be available to seniors in Laguna Woods who want to use some of their home equity for expenses, improvements, travel, or improving their lifestyle.   To date, Third Mutual has absolutely  refused to pursue the FHA approval, even though it would be overwhelmingly beneficial for residents.

Fortunately, there are other lenders who offer reverse mortgages that don't require FHA approval.  Yes, that means that if you have a condo in Third Mutual in Laguna Woods, and have equity, you may be able to tap into that equity with a reverse mortgage to get funds for expenses, remodeling, travelling, or for whatever purpose you want to use the money for.  It is your equity, and  you decide.   At this time, reverse mortgage are only available for condos, and not for co-ops.

 There is no cost to inquire about reverse mortgage eligibility.   The mortgage amount that you may be qualified for will depend on the appraised value of your property  and your age.  If you want to learn more about obtaining a reverse mortgage, please contact me for more information.   I look forward to meeting you.

Barbara J. Gilbert, Esq
Pacific Sun Real Estate
Office:  949-854-1838
Cell:  949-533-2585

DRE# 01347712
NMLS# 1241838

Here Is A Logical Discussion About Why You Should Buy A Home Now

The debate continues about when is the best time to buy a home...when prices are down, when prices are rising, when interest rates are down or when interest rates are rising.  When prices and rates go up, there is a fear that if one waits, it will be much more expensive to buy.  When prices and rates are down, greed comes into play, and the strategy is waiting until the prices or rates have hit rock bottom.  Well, we hit bottom a few years ago, and there aren't really any signs in our market that prices or rates are going to head downward anytime soon.  So, what are the logical reasons that you should buy now.  Read more here.