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12 LIVE IT UP! FRIDAY, JANUARY 25, 2019 SANTA CRUZ SENTINEL Registered Financial Consultant® Registered Mortgage Advisor California Life Agent #Of20144 BRE#10902537 NMLS#232493 Professional Mortgage Associates Donald Dimitruk• 831-464-6464 donald@countrysidefinancial.com www.ReverseMortgageOpportunity.com Serving Santa Cruz for 40 years! Established in 1978. YOU CAN SHARE THE DREAM COUNTRYSIDE FINANCIAL SERVICES Celebrating 40 Years in Business! THANK YOU SANTA CRUZ! Specializing in Senior Financial Reorganization Use your home equity with NO PAYMENT for LIFE to: • Improve quality of retirement years • Relieve financial stress • Eliminate old debt • Plan for medical needs and in-home care • Create Financial Legacy for family Call Us Today! • Questions answered on the phone • Real dollar amount quoted on the call • Clear explanations of exactly how a Reverse Mortgage can work for you! A Reverse Mortgage is a financial planning tool that has the benefit of access to home equity without a monthly payment for life. It is a mortgage that can be used to pay off an existing mortgage and other debts, eliminating those payments. It also can provide more cash available for a monthly budget in retirement. A homeowner retains all the remaining equity and all future equity and when the homeowner moves out of the home and the home is sold, the Reverse Mortgage balance is paid off with proceeds like any other mortgage. 2018 was quite a year for the Reverse mortgage industry as the government changes to the program took effect with lower loan limits and higher closing costs disappointing many homeowners getting ready for retirement and planning to use the program. Fortunately, industry leaders focused on the problem and created some new Jumbo products that came to the rescue. Higher home values up to 4 million are considered under the new Jumbos. All condominiums are eligible as well even if the condo project is not approved by HUD is another big improvement and a lower age requirement to 60 from 62 gives access to the program to younger retirees. Lower closing costs and no PMI add to the improvements. These dynamic programs brought new life back to the concept needed by many Baby Boomers who are entering retirement years and will be more financially able to maintain a quality of life with access to their home equity using the Reverse Mortgage. The Greatest Generation homeowners, who have contributed so much and have experienced a longer, healthier life than they ever expected or planned for, can also use these programs to supplement medical expenses and maintain financial independence. The Department of Housing and Urban Development, HUD, sets the guidelines for their HECM program and responded with some positive changes as well by increasing the home value for consideration from $679,650 to $726,525. This has the effect of raising the maximum available loan amount by about $25,000 depending on the age of the borrower. Bottom line is that things are looking good for 2019 and the Reverse Mortgage Program. Donald Dimitruk is a Registered Financial Consultant® and a Registered Mortgage Advisor and is available for a FREE consultation about how a Reverse Mortgage may benefit you at Countryside Financial Services. 831-464-6464 Serving Santa Cruz for 40 years! Looking BACK and Looking FORWARD in REVERSE! BY DONALD DIMITRUK, RFC®, RMA