A reverse mortgage, also called HECM for Home Equity Conversion Mortgage, can help eligible homeowners age sixty two or older eliminate monthly mortgage payments, boost home buying power, and access funds for medical or in home care. Proceeds are loan advances that are typically not taxed as income. Speak with a tax professional for guidance. Office at 2130 Main St, Suite 250, Huntington Beach. Licensed in AZ, CA, FL, ID, TN, and WY.
Free up cash flow by removing the required monthly mortgage payment. You remain responsible for property taxes, homeowners insurance, and basic maintenance, but your budget gains breathing room each month. Mike Wright reviews current balance, fees, and projected funds so you see exactly how a reverse mortgage improves day to day comfort and long term planning.
Reverse mortgage proceeds can support care at home, accessibility upgrades, medical bills, or a reserve for future needs. Mike Wright helps you choose a payout style that fits your plan, such as a line of credit for ongoing costs or scheduled payments for predictable care. Clear numbers show how the funds support comfort and independence.
Move to a home that fits today without taking on a monthly mortgage payment. With HECM for Purchase, you bring a required down payment and use a reverse mortgage for the rest. Mike Wright outlines costs, timelines, and property requirements, then coordinates with your agent so you can right size or relocate with a calm and predictable closing.
Reverse mortgage proceeds are loan advances and are generally not taxed as income, which can make them an efficient source of funds for needs like care, renovations, or reserves. Mike Wright provides precise figures and recommends speaking with a qualified tax professional so your plan supports both comfort today and smart stewardship over time.
The HECM line of credit offers flexibility. Unused credit can grow according to program rules, which supports longevity planning. Draw what you need when you need it. Mike Wright explains how growth works, sets draw checkpoints, and helps you maintain a steady rhythm so cash remains available while you protect your overall plan.
You keep title to your home, and HECM loans are typically non recourse. You or your heirs will not owe more than the home value when the loan is due, subject to program rules. Heirs can sell the home or keep it by paying the balance or its market value if lower. Mike Wright explains these protections in plain language.
You get clear explanations, careful numbers, and a steady process. Based in Huntington Beach and serving California, Mike Wright reviews eligibility, payout choices, costs, and safeguards, then coordinates counseling, appraisal, and closing. Licensed in AZ, CA, FL, ID, TN, and WY, he helps you use a reverse mortgage to eliminate payments, support care, or purchase a new home with confidence.
Start here to understand how a reverse mortgage can eliminate monthly payments, support care at home, or help you purchase a new residence. Learn how payouts work, how the line of credit grows, and what protections apply to you and your heirs. Mike Wright provides step by step guidance so your decision is informed and your plan is steady.
It is a loan that lets eligible homeowners access a portion of home equity while living in the home with no required monthly mortgage payment. Interest and fees are added to the balance. You continue to pay property taxes, homeowners insurance, and maintenance, and the loan becomes due when program maturity events occur.
At least one borrower must be age sixty two or older, the home must be your primary residence, and the property must meet program standards. A financial assessment and independent counseling are required. Mike Wright confirms eligibility and prepares a complete file before submission.
Proceeds are loan advances and are generally not taxed as income. Your situation may vary based on how funds are used. Mike Wright provides exact figures and recommends that you consult a qualified tax professional to confirm any potential tax impact.
Yes. HECM for Purchase allows eligible buyers to use a reverse mortgage to purchase a primary residence with no required monthly mortgage payment. You bring a required down payment. Mike Wright outlines costs, timelines, and property standards and coordinates with your agent for an on time closing.
Yes. Many clients use proceeds for care at home, accessibility upgrades, or medical expenses. A line of credit can provide ongoing flexibility, while scheduled payments can support predictable needs. Mike Wright helps you choose the payout method that fits your plan.
HECM loans are typically non recourse. Heirs may sell the home, keep it by paying the balance, or pay the market value if it is lower than the balance, subject to program rules. Mike Wright explains timelines and communication steps so your family has clarity.
Costs can include an origination fee, closing costs, and mortgage insurance premiums for HECM loans, plus interest that accrues on the balance. Required counseling comes first. Mike Wright provides a written estimate, coordinates counseling, appraisal, and title, and manages dates so the process stays organized from start to finish.
