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8 LIVE IT UP! FRIDAY, JANUARY 26, 2018 SANTA CRUZ SENTINEL 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! BY DONALD DIMITRUK RFC®, RMA W We're not in Kansas anymore! Our Real-estate in Santa Cruz has an impressive track record for increasing in value over time; probably the strongest asset most of us have. e loan amounts available from a Reverse Mortgage are very conserva- tive and not even half the value of an average home in Santa Cruz. Because of our high home values, the remain- ing home equity can grow faster than the cost of the loan over time. is can mean that the remaining equity for Legacy may be higher in later years than it is when the loan started. Let's use an average home valued at $750,000 for this example. Using a fixed interest rate of 4.5% and an annual appreciation rate of just 4% we can demonstrate that one of the biggest fears about a reverse mort- gage is just not true for Santa Cruz Real-estate. Remember that all the Remaining Equity and all Future Equity belongs to the Homeowner. In this example a 70 year old bor- rower would receive approximately a $201,000 using a fixed rate plan. Higher loan amounts are available using the adjustable program, but let's be conservative here. Aer normal loan closing costs and mortgage insurance the homeowner would have over $181,000 to add to their retirement plan or to be used for any anything such as paying off all debt, medical expenses or increasing their monthly spendable budget and with no monthly payment. Aer the loan funds the homeowner would have $548,900 in home equity remaining for legacy. But here is the surprise. At the 4% annual appreciation in total home value, the equity remaining for legacy in the home aer 10 years would have increased to $779,000! at's more than the home value to start with. e Senior Homeowner benefits by having access to some of their home equity to improve the quality of their retirement years and the legacy le behind has increased as well. Now that's an example of having Your Cake AND Eating It Too! ere are many options available with the Home Equity Conversion Mortgage and many ways to struc- ture a more comfortable retirement. Donald Dimitruk is a Registered Financial Consultant® and a Registered Mortgage Advi- sor 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! CAN A REVERSE MORTGAGE IMPROVE THE QUALITY OF MY RETIREMENT AND SECURE A LEGACY FOR MY CHILDREN?