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6 LIVE IT UP! FRIDAY, JANUARY 27, 2017 SANTA CRUZ SENTINEL T he first thing to know about changes in the Reverse Mortgage program for 2017 is that HUD raised the maximum home value for consideration from $625,500 to $636,150. Not much of an increase but an important step in the right direction for the high home values in Santa Cruz. As the Home Equity Conversion Mortgage or Reverse Mortgage gains in popularity it is partly due to a much better understanding of the true details of the program by homeowners and partly due to the ageing of the population and the number of Santa Cruzan's beginning retirement. Since much of the wealth we accumulate over the years is in the form of home equity, when it comes to the expenses we will still have in retirement, that wealth in home equity becomes a resource for us to tap into. In today's economy most retirees do not qualify for a conventional mortgage or even an equity line of credit and most did not plan for a mortgage payment as part of their retirement budget. e only way for many retires to access their equity is via a Reverse Mortgage. Financial independence in retirement takes careful planning, continuous contribu- tions and good timing. Many of the Baby Boom generation were casualties of bad timing by the Great Recession which caused their retirement plans to crash in 2007 and slowly recover over the next decade. Instead of their large nest egg growing to their necessary retirement fund size, it got reduced by one half and then struggled over the next decade to recover. ey missed that last ten years of growth which could have made the difference. Fortunately a reverse Mortgage can help fill the gap in monthly retirement income and make a difference in financial security and freedom to enjoy retirement with much less stress since the funds received from a reverse mortgage do not require any monthly payment. e remaining equity in their home is theirs and all future equity growth is theirs too! Downsizing out of the big family home with all its maintenance requirements that could easily be handled when we were young but are now taking up way too much space on our "To Do List" is another way to make the adjustment into a happy and financially secure retirement. Using a Re- verse Mortgage Purchase program for that concept is a win, win solution because you do not have to use all the equity from the old house to buy the new one and still end up with no mortgage payment for life. As an added bonus you get to keep a larger portion of the home equity to fatten up the retire- ment fund. It is truly stress relieving and a plan that can change everything! 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 (831) 464-6464. REVERSE MORTGAGE (HECM) 2017 CHANGES AND UPDATES FOR THE NEW YEAR B Y D O N A L D D I M I T R U K R F C ® , R M A REVERSE MORTGAGE information Donald Dimitruk• 831-464-6464 donald@countrysidefinancial.com www.ReverseMortgageOpportunity.com Registered Financial Consultant® Registered Mortgage Advisor California Life Agent #Of20144 BRE#10902537 NMLS#232493 Professional Mortgage Associates Serving Santa Cruz for 38 years! Established in 1978. YOU CAN SHARE THE DREAM Thinking of Downsizing? Here's how to be more successful... Find out exactly how a REVERSE MORTAGE PURCHASE program works. This changes everything! Questions answered on the phone. Real dollar amounts quoted on the call. Same amount of money Completely different results! $290,000 Home with cash $636,000 Home with HECM purchase program With $290,000 a 70 year old can either buy a small home for cash OR buy a $636,000 home in Santa Cruz. Either way equals ..... No Mortgage Payments for life!