Caroline Gerardo Eagle Home Mortgage / Universal American MortgageBlog

949 South Coast Drive Suite 240, Newport Beach CA, 92660


8/8/2017 5:56:00 PM by Caroline Gerardo Eagle Home Mortgage / Universal American Mortgage

REVERSE MORTAGE C G BARBEAU NMLS #324982 Questions and Answers Q: What if I have an existing mortgage? A: You may qualify for a reverse mortgage even if you still owe money on an existing mortgage. However, the reverse mortgage must be in a first lien position, so any existing indebtedness must be paid off. You can pay off the existing mortgage with a reverse mortgage, money from your savings, or assistance from a family member or friend. For example, let's say you owe $100,000 on an existing mortgage. Based on your age, home value, and interest rates, you qualify for $125,000 under the reverse mortgage program. Under this scenario, you will be able to pay off ALL the existing mortgage and still have $25,000 left over to use as you wish. Social Security and Medicare Q: Will I lose my government assistance if I get a reverse mortgage? A: A reverse mortgage does not affect regular Social Security or Medicare benefits. However, if you are on Medicaid or Supplemental Security Income (SSI), any reverse mortgage proceeds that you receive must be used immediately. Funds that you retain count as an asset and could impact eligibility. For example, if you receive $4,000 in a lump sum for home repairs and spend it all the same calendar month, everything is fine. Any residual funds remaining in your bank account the following month would count as an asset. If the total liquid resources (including other bank funds and savings bonds) exceed $2,000 for an individual or $3,000 for a couple, you would be ineligible for Medicaid. Payment Options Q: What are My Payment Plan Options? A: You can choose to receive the money from a reverse mortgage all at once as a lump sum, fixed monthly payments either for a set term or for as long as you live in the home, as a line of credit, or a combination of these. To learn more, click here. Amount of Proceeds Q: How Much Money Can I Get? A: The amount of funds you are eligible to receive depends on your age (or the age of the youngest spouse when there is a couple), appraised home value, interest rates, and in the case of the government program, the FHA lending limit, which is currently $625,500. If your home is worth more, then the amount of funds you may be eligible for will be based on the $625,500 loan limit. In general, the older you are and the more valuable your home (and the less you owe on your home), the more money you can get. During the first 12 months after closing, a borrower cannot access more than 60 percent of the available loan proceeds. In month thirteen, a borrower can access as much or as little of the remaining funds as he or she wishes. There are exceptions to the 60 percent rule. If you have an existing mortgage, you may pay it off and take an additional 10 percent of the available funds, even if the total amount used exceeds 60 percent. Use of Proceeds Q: How can I use the proceeds from a reverse mortgage? A: The proceeds from a reverse mortgage can be used for anything, whether its to supplement retirement income to cover daily living expenses, repair or modify your home (i.e., widening halls or installing a ramp), pay for health care, pay off existing debts, cover property taxes, or prevent foreclosure.

HARP Refinance

4/12/2013 5:40:00 PM by Caroline Gerardo Eagle Home Mortgage / Universal American Mortgage



HARP 2.0 refinance was extended yesterday to 2015 !!


Loan Application here:


More information here:




Condominium Loans California

4/12/2013 5:34:00 PM by Caroline Gerardo Eagle Home Mortgage / Universal American Mortgage

Upside Down in Your Mortgage? Bank Said NO? Call maybe I can help

4/12/2013 5:32:00 PM by Caroline Gerardo Eagle Home Mortgage / Universal American Mortgage

Upside Down in Your Mortgage Bank Said No? Maybe I can help

Greetings from Caroline Gerardo W J Bradley Mortgage

1/9/2013 7:07:00 PM by Caroline Gerardo Eagle Home Mortgage / Universal American Mortgage

We would like to take this opportunity to greet our customers and business associates and proudly announce that we have joined a business network.

We are very excited to offer you the latest news and updates, money saving coupons and unbelievable special offers, in addition to detailed business information, user ratings and recommendations.

Sincerely yours,
Caroline Gerardo W J Bradley Mortgage
20341 Sw Birch
Newport Beach CA 92660

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