OUR SERVICE

Your Pena Lending Group consultant will conduct a thorough initial consultation that goes far beyond your ordinary loan application experience. Our Residential Mortgage Planning service takes into consideration your current financial situation as well as your future goals, and tailor makes recommendations based on current and projected real estate and financial market conditions. Once a strategy is drawn (using a suite of proprietary tools), your specific loan scenario is run through automated loan search and underwriting tools to find the best execution. After the closing of your loan, we also offer free active monitoring of your entire mortgage portfolio for life to capitalize on changes in the market and ensure your mortgage strategy is optimized.

INFORMATION ON REVERSE MORTGAGES FOR YOUR HOME

Reverse Annuity Mortgages (Reverse Mortgages) are fast becoming a popular way for seniors above the age of 62 to tap into their home's equity top provide much needed cash or even a steady supplemental income month after month. Unlike a regular mortgage, this unique product pays YOU a monthly payment!

Here are some of the main details regarding Reverse Mortgages:

No Credit Check or Income Qualification. Very different from a traditional mortgage, credit scores are not a factor in qualifying for a reverse mortgage loan. Income is not a factor either. The only qualifications are age (must be 62 or older) and the amount of equity on your home. That means if you have had a foreclosure, bankruptcy, or collections in the past you can still qualify for a reverse mortgage.

No Monthly Payment. As mentioned before, a reverse mortgage pays YOU, so you can enjoy the extra money without having to worry about another bill every month. The debt is repaid when your home is no longer occupied by you as your primary residence.

Tax-Free. Because you are using your home's equity, the money you receive from the reverse mortgage is tax-free.

Payment Options. You can receive money in equal monthly payments, in one lump sum, in the form of a line of credit that you can draw on as needed, or a combination of any the above. Contact Pena Lending Group today to discuss the various options avaiable to you.

Stay in Your Home: You could sell your home and achieve much of the same results as with a reverse mortgage, but with this loan you are allowed to get some of the much needed cash AND remain in your home, without adding the stress of a monthly payment. If you plan to leave the home in 2-3 years or less, than a reverse mortgage may not be the best choice due to the loan fees involved (which aren't paid out of pocket but are collected when you repay the note).