Old Town Mortgage

Did you see our latest article in Monrovia Living? Give us a call if we can answer any questions! Reverse Mortgage guide for children and caregivers Caring for an aging loved one can be a challenge. As an adult child and caregiver, some of the difficulties you may encounter include having less time for other family members and yourself, balancing work and care giving, dealing with physical and mental stress all that in addition to mounting financial obligations of senior ca...re. Fortunately, Home Equity Conversion Mortgage (HECM) loans, also known as Reverse Mortgages, are available to help seniors access the wealth in their homes. This powerful retirement tool taps into home equity to help pay for the care seniors may need, and enables them to continue living in their homes. A Reverse Mortgage loan is a big financial decision; we suggest reviewing the following to help guide your family’s discussion: Where are your parents going to live as they get older? Have your parents calculated the costs involved in meeting their retirement goals? Have your parents outlined their goals for a healthy retirement lifestyle? Did you know that a Reverse Mortgage loan can be used to fund home modifications? A Reverse mortgage can: Pay for in-home care services Allow access to a standby HECM Reverse Mortgage growing line of credit. This can be set up in advance before care is needed Eliminate monthly mortgage payments for as long as your loved one lives in their home Provide tax-free proceeds A couple of common questions and their solutions: 1. What happens to the family home? Borrowers may leave their home to loved ones as they wish. Heirs may choose to sell, or keep it after repaying the loan. If sold, the Reverse Mortgage is paid and any additional equity goes to the heirs. 2. How do we repay the loan and how much will we owe? The loan is repaid once the last borrower or eligible non-borrowing spouse has left the home. If the home is sold, the loan (including interest and fees) is repaid, and any remaining equity goes to the borrower or the borrower’s estate. What’s your retirement situation? While Reverse Mortgages are financially rewarding, they are also complicated. If you, or someone you know, are a senior homeowner with thoughts about retirement and worries about outliving your savings, give me a call. I’m located in Monrovia, have done business locally for more than 25 years, and am a proud member of Monrovia Rotary Club. I provide personal, hands-on service every step of the way, from our first meeting to the final loan closing. I will provide straight, honest, clear answers to any questions and concerns, and at absolutely no fee or obligation, We at Old Town Mortgage would like to wish you a blessed holiday season and health and happiness in 2021.

I'm sure you've heard about historic low mortgage rates. Our phone has been ringing off the hook - give us a call and we'll help you decide if a refinance makes sense. We've entered the 21st century with a WebCam and a Zoom account - we're happy to video chat if that works for you. Give us a call today (626) 303 7777

Is the time right to refinance your mortgage? Have you looked at your mortgage lately? Is it still the best mortgage for your current situation? Interest rates are at an historic low and this might be a great time to consider a refinance. Like all financial transactions, there are pros and cons, but there are also opportunities.... Refinancing to Shorten the Loan Term With rates so low, refinancing into a shorter term is one of those opportunities. If the term of your current mortgage is 30 years, with 25 years left, you might consider refinancing to a 20 year mortgage. The combination of a lower interest rate and a shorter term will substantially reduce the total amount of interest you’ll pay over the life of your loan. And with even lower rates for 20 and 15 year loans, depending on what your current rate, your monthly payment might be lower as well. Refinancing to Tap into Equity to Consolidate Debt Tap into your home equity to pay off consumer and/or student loan debt; depending on the interest rates on your current debt, your monthly cash flow could improve significantly. Thinking about an addition or some home improvements? Let your house pay for your home improvements and additions. Do a cash out refinance to free up funds for an addition or a remodel to make your home your forever home. Get a better loan Perhaps you are in a better financial position now that when you took out your existing mortgage. Refinancing now may provide an opportunity to get a better interest rate. And if you’re paying PMI (mortgage insurance) if you’ve built equity, now’s the time. Pay off your HELOC (home equity line of credit) If you have a home equity line of credit with an outstanding balance, take advantage of low interest rates by paying it off with a cash out refinance mortgage. Not only will cash flow improve, but you may realize some tax benefits as well. Add some liquidity to your balance sheet In uncertain times, it’s a good thing to have readily available money in the bank. Do a cash out refinance to have money on hand to pay for unexpected expenses. Give us a call! We look forward to being of service. Denny Black at Old Town Mortgage (626) 303 7777

Check out our new article in the July edition of Monrovia Living. We detail some examples of "retirement mortgage scenarios". Got questions? We've got answers. Give us a call (626) 303 7777 Reverse Mortgage Scenarios: Which one works for you? In the June of 2019 edition of Monrovia Living we described some of the Reverse Mortgages that we’ve done, and how they’ve positively impacted our customers....Continue reading

Is It Time to Refinance Your Mortgage? (Yes! Give us a call at 303 7777) Have you looked at your mortgage lately? Is it still the best mortgage for your current situation? Interest rates are at an historic low, and this is a great time to consider a refinance. Like all financial transactions, there are pros and cons. Let’s consider the opportunities:... Refinancing to Shorten the Loan Term With rates so low, refinancing into a shorter term is one of those opportunities. If the term of your current mortgage is 30 years, you might consider refinancing to a 20-year or 15-year mortgage. The combination of a lower interest rate and a shorter term will substantially reduce the total amount of interest you’ll pay over the life of your loan. And with today’s low rates, your monthly payment might remain unchanged. For example: Our borrowers have a 30-year, $400,000 mortgage, with 27 years left and an interest rate of 5%. If they refinanced now to a 20-year mortgage at 3%, their payment would remain almost the same. They’ve shortened their mortgage term by 7 years, which equates to $160,000 in savings. Refinancing to Tap into Equity to Consolidate Debt Tap into your home equity to pay off consumer and/or student loan debt; depending on the interest rates on your current debt, your monthly cash flow could improve significantly. Refinancing to pay for an addition or some home improvements Let your house pay for your home improvements and additions. Do a cash-out refinance to free up funds for an addition, a major update, or a remodel to make your home your forever home. Refinancing to get a better loan Perhaps you are in a better financial position now that when you took out your existing mortgage. Refinancing now may provide an opportunity to get a better interest rate. And if you’re paying PMI (mortgage insurance) and you’ve built equity, now’s the time. Refinancing to pay off your HELOC (home equity line of credit) If you have a home equity line of credit with an outstanding balance, take advantage of low interest rates by paying it off with a cash-out refinance mortgage. Not only will cash flow improve, but you may realize some tax benefits as well. Refinancing to add some liquidity to your balance sheet In uncertain times, it’s a good thing to have readily available money in the bank. Do a cash-out refinance to have money on hand to pay for unexpected expenses. I’d be happy to sit down you to review your current loan and come up with a refinance strategy that suits your circumstances and your goals. I’ll walk you through the process with personal service along the way. I’m located in Monrovia, have done business locally for more than 25 years, and am a proud member of the Monrovia Rotary Club. Give me a call I’m looking forward to hearing from you and learning about your situation; together we’ll find the right solution. (626) 303 7777

It's a great time to refinance your existing mortgage. Take advantage of these low rates to lower your monthly mortgage payment, finance home improvements, consolidate debt or pay tuition. Maybe even lower your mortgage term from 30 years to 15. We’ve got a variety of loan programs available - we’ll take the time to find the best mortgage for you.... Don’t miss out call today! We look forward to hearing from you. (626) 303 7777