Phil has spent his entire career in real estate finance and sales since graduating from Cal Poly Pomona in 1970 with a BS in Business Administration. For the past 21 years, he has exclusively originated reverse mortgages. Phil is employed by Churchill Mortgage in their San Dimas, CA., office as a Certified Reverse Mortgage Professional. He has a passion for working with older adults and finds it very rewarding assisting them in exploring ways to fund their longevity by using home equity to age in place. He is a frequent speaker at older adult events and holds information seminars and workshops throughout the greater Los Angeles area. Phil currently resides in Glendora, CA with Peggy, his wife of 49 years. They have two grown children and two grandchildren. In their spare time, they enjoy traveling with “Buck and Mabel”, their pickup truck and 5th wheel trailer. Their goal is to visit as many national parks and monuments as possible.
What is a Reverse Mortgage?
A reverse mortgage is a home loan that enables a senior homeowner (age 62 and older) to access equity for conversion into cash. As long as the home stays occupied by the senior who took out the reverse mortgage, there’s no monthly mortgage payments. The homeowner is still responsible for paying property taxes, insurance, and any other property-related maintenance or fees.
A reverse mortgage can be an important component of a retirement cash-flow management plan. You can choose between fixed rate and adjustable interest rates, and a variety of payment options to ensure you receive the right mortgage for you. It can enhance your ability to fund a long life while being able to stay in your current home.
Reverse Mortgage Basics
- All borrowers must be at least 62 years old
- Property must be principal residence
- Property must meet minimum FHA property standards
- Substantial equity is necessary based upon age of youngest borrower
- Loan must be in first position; any existing loans and liens must be paid off with loan proceeds first
- Borrowers and occupants must attend mandatory 3rd party counseling from a HUD approved counseling agency
- Borrower’s financial status will be assessed to insure they have the willingness and capacity to meet their monthly financial obligations including taxes and other property charges
- The reverse mortgage can also be used to fund the purchase of a new principal residence for those who are interested in downsizing or relocating
Which Properties are Eligible
- Single Family Dwellings
- Owner-occupied 2 -4 Units
- FHA Approved Condominiums
- Planned Unit Development
- Manufactured Housing*