Looking for a reverse mortgage loan? Ocean Pacific Capital is a 28-year old licensed California home loan mortgage company that offers low rates on home mortgage loans and the trusted, expert services that you deserve without the hidden home loan costs. We have access to over 130 lenders competing for your business, so with us you'll have the peace of mind of knowing you're getting the lowest rates possible for your situtation.
A reverse mortgage enables older homeowners age 62 and older to convert some of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment.
The reverse mortgage is named so because the payment stream is "reversed." Instead of making monthly payments to a lender, as in a regular mortgage, a lender makes payments to you. Eligible property types include single-family homes, manufactured homes (built after June 1976), qualified condominiums, and townhouses.
Enhancing your retirement years
The funds from a reverse mortgage can be used for anything. Common uses include supplementing retirement income to cover daily living expenses; repairing or modifying your home (i.e., widening halls or installing a ramp); covering health care expenses; paying off existing debts; taking a vacation; paying property taxes; and preventing foreclosure.
There are no income or medical requirements to qualify. You may be eligible for a reverse mortgage even if you still owe money on a first or second mortgage.
What are my payment options?
You can choose to receive the money from a reverse mortgage all at once (lump sum), as fixed monthly payments (for up to life), as a line of credit, or a combination of these. The most popular option - chosen by more than 60 percent of borrowers - is the line of credit, which allows you to draw on the loan proceeds at any time.
The amount of money you get from a reverse mortgage depends upon your age (or age of youngest borrower in the of couples), appraised home value, current interest rates, and where you live. In general, the older you are and the more valuable your home (and the less you owe on your home), the more money you get.
The funds from a reverse mortgage are tax-free. A reverse mortgage does not affect regular Social Security or Medicare benefits. However, if a person gets a lump sum payment from a reverse mortgage, any amount retained the month after he gets it would count as a resource and could affect Medicaid eligibility. For example, if a person receives $4,000 for home repairs and spends it the same calendar month, this would not affect resources. But if he didn't spend it all, the amount retained as of the first of the next month would count as a resource. If his total liquid resources exceed $2,000 for an individual or $3,000 for a couple, he would be ineligible for Medicaid. In addition, how much of the lump sum he could retain without affecting eligibility depends on the amount of other liquid resources he already has, such as money in bank accounts, savings bonds, etc. To be safe, you may want to consult a Medicaid expert.
Before applying for a reverse mortgage, you must first meet with a counselor. The counselor's job is to educate you about reverse mortgages, answer your questions, and offer alternative options depending on your situation.
Paying Back Your Loan
No monthly payments are due on a reverse mortgage while it is outstanding. The loan is repaid when you cease to occupy your home as a principal residence, whether you (the last remaining spouse, in cases of couples) pass away, sell the home, or permanently move out. The amount owed can never exceed the value of your home. Furthermore, if the home is sold and the sales proceeds exceed the amount owed on the reverse mortgage, the excess money goes to you or your estate. For a free consultation with one of our experienced and friendly loan officers, please give us a call at 1-800-595-1474. Or apply online for and we'll contact you within 24 hrs.
The following is an overview of our loan programs. For more details please visit our residential page.
Premier home loan Financing!
Ocean Pacific Capital's home loan financing department is designed to meet our client's personal and investment goals from both a performance and cost perspective. With flexible home loan financing options, we are able to meet the needs of our borrowers' home loans. Whether you need to refinance your current home loan or need to acquire a purchase home loan, we will structure the most appropriate home loan finance program to meet your needs. To start your short home loan application, click here.
Home Program Overview
Our home mortgage loan program is designed to minimize costs while delivering the best home loan to meet our client's needs. We offer:
- home mortgage loans starting as low as 1.00%
- home loan mortgage interest only payment option
- 30-year fixed home loans (No balloon home loan)
- Cash-out home mortgage loans
- home mortgage loan payout periods of 3-5-7-10-15-30-40 fixed interest rates
- 30-day/45 day closing guarantee on all home loans
- home mortgage loans available for a less-than-perfect credit score (what some people call "bad credit")
- A high debt-to-income ratio can qualify for home loans
- home loans available even if you have previous bankruptcy or any other money issues
- Low-rate home loans, no-point home loans
- Conforming home loans and non-conforming home loans
- Full-doc home loans, stated-income home loans, & no-doc home loans
Ocean Pacific Capital's Underwriting Guidelines
- Minimum home loan size: $100,000-conforming
- Maximum home loan size: non-conforming-$10 million
- Maximum home loan Financing: LTV/CLTV: 95%
- All types of home loan Financing Available
- home loan rates start at 1%
- home loan fixed rate terms: 3-15 Years
- home loan term: 30 Years
- home loan lender fees: No cost, zero lender points also available
For up-to-date interest rates, for a free quote on a home mortgage, call us toll free at 1-800-595-1474
We offer a variety of loan application options, including
a Quick Application, a Standard Application, and a 5 Step Application. Click here to get started!