Welcome to Rachunok Financial
Reverse Mortgage Division
Is a Reverse Mortgage right for you? Let us help you answer that question!
Convert Your Equity to Cash
A REVERSE MORTGAGE is a loan available to homeowners, 60 years or older. A REVERSE MORTGAGE allows them to convert part of the equity in their homes into cash. The loan is called a reverse mortgage because instead of making monthly payments to a lender, , instead the lender makes a lump sum and/or a series of payments to you!
Use of REVERSE MORTGAGE Funds
Use the money generated by your REVERSE MORTGAGE, however you wish or need! Its your money after all!
Reverse Mortgage
Examples of Use of REVERSE MORTGAGE Funds
Examples of what borrowers use their funds:
- pay off existing debts, loans, or medical bills.
- assist someone with their college costs, or to start a business.
- take a long awaited trip, or to repair a home or car.
- a lump sum to help with senior care or medical issues.
- Combinations of above….AND MORE! Its your money, after all!
Ways Your Funds Get to You
The money from a REVERSE MORTGAGE can be distributed in several different ways:
- as a lump sum, in cash, at settlement;
- as a Tenure payment, a monthly cash payment;
- as a line of credit, similar to a home equity line of credit;
- as a combination of these.
Key Information We’ll Need
When we assist you we will need some Key Information:1) Home Owner’s Age(s): For a reverse mortgage, you must be over age 60 on the loan’s closing date. The older you are, the more funds are available to you.
2) Current Home Value: Jointly we will need to document your home’s current value.
3) Your Current Mortgage Balance
A Bit of Background About.
Greg Rachunok
A leader in mortgage origination throughout California for over 30 years…but much more, Greg is a community leader with a long history of giving back to the community. Having run for county commissioner and being on the board of the local low-income housing non-profit, you can trust Rachunok Financial.
Ready to Get Started?
Take the first step towards homeownership today! Contact us for a free consultation and let us help you find the mortgage solution that’s right for you.