Des - American Pacific Reverse Mortgage

Working because they want to, not because they have to….

Our clients had one of them retired and busy with things around the house, and his wife was working for DoorDash so that they could have spending money. In reality, it was a necessity to make ends meet, and do some fun things as well (date night!).

During the reverse mortgage process, it became apparent that we would be able to pay off their existing mortgage and free up a considerable amount of monthly outgo to hang onto instead of sending it to the mortgage company. Paying off the existing mortgage was going to make a huge difference in their lifestyle. There was an amount of funds “left-over” after paying off their home loan and the decision was between having a Line of Credit for future use or some monthly payout to them in a Tenure payment. After reviewing the options, they decided to have a small Line of Credit for emergencies, and a bit of a monthly payout coming to them in addition to not having a monthly mortgage payment and take some of the funds to help her get a new car.

They are soooo Happy! She still does DoorDash because she likes the work and enjoys the extra income, but as she says, she can work because she wants to, not because she has to!

APRMG is licensed in the following states: AZ, CA, FL, ID, OR, TX, WA. We are a California based company with lending capabilities in many states. NMLS 150590/16095/1850 – Consumer Access Website | Privacy Policy | Accessibility Statement | Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. CADRE 01215943 • AZ BK: 0906702 • Oregon Consumer Finance Act • Washington DFI • Not available in New York. For licensing information, please visit American Pacific Mortgage Corporation. Consumers wishing to file a complaint against a company or a residential mortgage loan originator should complete and send a complaint form to the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.

© 2024 American Pacific Mortgage Corporation (NMLS 1850). All information contained herein is for informational purposes only and, while every effort has been made to ensure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs, and underwriting policies are subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans are subject to underwriting approval. Some products may not be available in all states and restrictions apply. Reverse mortgages are loans offered to homeowners who are 62 or older who have equity in their homes. The loan programs allow borrowers to defer payment on the loans until they pass away, sell the home, or move out. Homeowners, however, remain responsible for the payment of taxes, insurance, maintenance, and other items. Nonpayment of these items can lead to a default under the loan terms and ultimate loss of the home. FHA insured reverse mortgages have an up front and ongoing cost; ask your loan officer for details. These materials are not from, nor approved by HUD, FHA, or any governing agency.