Under what circumstances would a reverse mortgage become due for payoff? One is when the last borrower moves out for more than a year, passes away or the home is no longer their primary residence. Another scenario would be if the property taxes or homeowner’s insurance were not kept current, or if the home is not maintained to minimum safety standards. Once the loan is due, you or your heirs would then have six months to either sell or refinance the property, with two possible three-month extensions. You or Your heirs can sell the home, payoff the mortgage and then keep the remaining balance. Alternatively, your heirs can opt to refinance the mortgage and move in or rent out the property. In the event that the loan balance is higher than the value, your heirs can purchase the home or sell it for 95% of the then current appraised value… and FHA mortgage insurance will make up the shortfall. But, under no circumstances can you outlive the reverse mortgage, because the term is the youngest borrower’s 150th birthday! To find out more, call a C2 certified reverse mortgage specialist today. Mortgage Consultant - Pasadena California 🏠 You can also find us here – SMPL Mortgage - smplmortgage.com BorrowSmartReverse - https://borrowsmartreverse.com/ SMPL Education - smpleducation.com Instagram - https://www.instagram.com/johnthompson_mortgageexpert/ Twitter - https://twitter.com/3MinuteMortgage Facebook - https://www.facebook.com/mortgageloansLA/ Linkedin - https://www.linkedin.com/in/johnthompsonlender/ 🏠 About us – As a leading residential mortgage broker based in Southern California, we are dedicated to providing our clients and partners with comprehensive education and guidance. Our focus on financial wellness and mortgage-specific knowledge enables us to deliver unparalleled support and expertise to individuals seeking to make informed decisions about their finances. To achieve this, we offer a range of educational resources, including live classes and virtual sessions via Zoom, as well as an On-Demand format for convenient access to information. Our commitment to education and personalized service sets us apart as a trusted advisor and valued resource in the mortgage industry. As we look to the future, we recognize the importance of utilizing digital tools and platforms to reach a wider audience and provide even greater value to our clients. We remain dedicated to our mission of empowering individuals and helping them achieve their financial goals, and look forward to continued growth and success. Our Founder John Thompson, Certified Reverse Mortgage Professional, Mortgage Advisor, FOUNDER Throughout his career, John has been passionate about helping clients design and implement a mortgage plan that helps them achieve life goals. At SMPL Mortgage, the entire team is dedicated to that very ideal. Entering the Industry in 1991, John began his career at the bottom, gathering and inputting client data for analysis. This early hands-on knowledge of the mortgage process, from the “ground up” gives him an insight that many in the industry never receive. An Alumnus of the University of Southern California, John earned a degree in International Finance. As an entrepreneur both in the mortgage industry and other businesses, John gained valuable “real world’ experience and perspective. This combination of education and experience make John and his Team uniquely qualied to understand, advise and relate to clients’ goals and needs today and in the future. John soon discovered that most client interaction was essentially teaching around nance and life. He teaches groups, companies and individuals about money and life and how simple decisions impact every area, intentional or otherwise. In 2007, he was invited to join the faculty of the National Institute of Financial Education, a non prot with the goal of “Simple, Fast and Fun” financial education for all. John co-authored the book Borrow Smart Repay Smart® with noted financial expert Todd Ballenger. He spends his time advising clients and teaching online and in person to consumers, financial and real estate professionals. John spent many years overseas before moving to the San Gabriel Valley, where he, his wife Tina and three sons make their home today. When John isn’t busy at work, you might find him playing volleyball or creating something new, working in the community or just spending quality time with his family. 🏠 Channel tags - #financialplanning #reversemortgage #SMPLMortgage