Your Hometown Reverse Mortgage Consultant based in Southern California, AZ, CA, FL, GA, HI, ID, NH, NV, OH, OR, PA, TN, WA, WI
Your Hometown Reverse Mortgage Consultant based in Southern California,
AZ, CA, FL, GA, HI, ID, NH, NV, OH, OR, PA, TN, WA, WI
Licensed in AZ, CA, FL, GA, HI, ID, NH, NV, OH, OR, PA, TN, WA, WI
Robert "Bob" Petersen
Your Hometown Reverse Mortgage Consultant based in Southern California, AZ, CA, FL, GA, HI, ID, NH, NV, OH, OR, PA, TN, WA, WI
Your Hometown Reverse Mortgage Consultant based in Southern California,
AZ, CA, FL, GA, HI, ID, NH, NV, OH, OR, PA, TN, WA, WI
Licensed in AZ, CA, FL, GA, HI, ID, NH, NV, OH, OR, PA, TN, WA, WI
I've been in finance for over ten years and providing reverse mortgages exclusively since 2015. My personal goals in life and professionally are to help seniors preserve their wealth and find a more comfortable retirement by tapping into their home equity and eliminating monthly mortgage payments. I'm also experienced with Reverse Purchase Loans (H4P) whereby my borrowers often times sell the larger family home and right size into a smaller residence that fits their retirement lifestyle. It's all about bringing the right solution to my senior borrowers and they often become friends for life. Longbridge Financial's goals and values are aligned exactly with mine and I'm proud to work for this organization that ALWAYS puts our clients first.
Your Starting Point to Reverse Mortgages
Common Misconceptions
MYTH: With a reverse mortgage, the bank takes your home.
That’s false! With a reverse mortgage, the homeowner keeps the title to the home in their name. The lender simply adds a lien onto the title to guarantee that the money will eventually be paid back when the loan becomes due.
MYTH: Your heirs can’t inherit the home with a reverse mortgage.
Nope! You will still be able to pass the home on to your kids. Just like any other mortgage, they can inherit the house. When the loan becomes due, they can decide how to repay the loan balance.
MYTH: Reverse mortgages should only be used as a last resort.
That’s incorrect! A reverse mortgage is a powerful financial tool that can be an important part of your overall financial plan. From paying off an existing mortgage to delaying Social Security benefits, or even establishing an emergency line of credit, it’s a flexible product that gives you options.
MYTH: A reverse mortgage interferes with Social Security and Medicare benefits.
False! Government entitled programs such as Social Security and Medicare are not affected by a reverse mortgage – however, need-based programs such as Medicaid may be. Consult a qualified financial advisor to learn more.
MYTH: Reverse mortgages are expensive.
Here’s the truth – reverse mortgage loan origination costs and interest rates are comparable to those of traditional mortgages. They do not require large out-of-pocket expenses. There are FHA insurance costs that some traditional mortgages don’t require, but the insurance benefits are well worth the relatively small cost.
MYTH: Taxes have to be paid on money received from a reverse mortgage.
Nope! Proceeds from a reverse mortgage are not considered income, and are therefore not taxable. The money from a reverse mortgage comes from your home’s equity, which already belongs to you, so it’s not considered income. Plus, the interest on a reverse mortgage can be tax-deductible when it’s repaid.
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How it Works
For many Americans, their home is their biggest asset, and the one they have invested the most in throughout their lives. And a Home Equity Conversion Mortgage (HECM), or "reverse mortgage," can allow senior homeowners to tap into some of this hard-earned home equity – for another source of cash to help fund retirement, counteract the effects of inflation, and live more comfortably.
Let’s Get Social
Adult Children: Calculating the Cost of Caring for an Aging Parent
AARP reports an estimated 48 million people provide unpaid care to an adult family member or friend. However, most are vastly unprepared to cover the associated costs of caring for a loved one. Read our #blog💬 to learn more about calculating the cost of #caregiving. #retirement #reversemortgage
Tax Season: Are Reverse Mortgage Funds Considered Income?
Tax season is upon us! If you have a reverse mortgage or are considering one for your retirement, it's important to stay informed about the tax implications of the loan. Our blog is a great place to start. #Longbridge #LongbridgeFinancial #blog #reversemortgage #TaxDay #taxseason
Inheriting a Home with a Reverse Mortgage: A Guide for Heirs
When it comes to retirement challenges, adjusting to a fixed or reduced income can be a difficult feat. Pair this with increasing inflation rates and it’s easy for any retiree to feel uncertain about their financial standing. Fortunately, for senior homeowners there is another source of retirement cash flow they may be overlooking – home equity. And tapping into this equity with a reverse mortgage could be a welcome source of additional retirement income. But what exactly is a reverse mortgage? And what are its implications for heirs? Check out our latest article for everything heirs need to know about inheriting a home with a reverse mortgage.
Older Generations Plan to Stay Put in Retirement
According to Bank of America’s 2022 Homebuyer Insights Report, a whopping 70% of Gen X and Baby Boomers plan to age in place. But, for many homeowners, their house will require repairs, modifications, and upgrades over the years. So, how can older generations be adequately prepare for these expenses? Read our #blog to find out!
A Home Equity Conversion Mortgage (HECM) for Purchase is a reverse mortgage specially designed to help home buyers age 62 and older afford the home that serves their needs. And as a real estate professional, HECM for Purchase allows you to grow your business in the process. Sounds like a win-win? Learn more: online.flippingbook.com/view/323144926 #retirement #reversemortgage #realestate #realestateagent #homeforsale #realestatetips
Adult Children: Calculating the Cost of Caring for an Aging Parent
AARP reports an estimated 48 million people provide unpaid care to an adult family member or friend. However, most are vastly unprepared to cover the associated costs of caring for a loved one. Read our #blog💬 to learn more about calculating the cost of #caregiving. #retirement #reversemortgage
Tax Season: Are Reverse Mortgage Funds Considered Income?
Tax season is upon us! If you have a reverse mortgage or are considering one for your retirement, it's important to stay informed about the tax implications of the loan. Our blog is a great place to start. #Longbridge #LongbridgeFinancial #blog #reversemortgage #TaxDay #taxseason
Inheriting a Home with a Reverse Mortgage: A Guide for Heirs
When it comes to retirement challenges, adjusting to a fixed or reduced income can be a difficult feat. Pair this with increasing inflation rates and it’s easy for any retiree to feel uncertain about their financial standing. Fortunately, for senior homeowners there is another source of retirement cash flow they may be overlooking – home equity. And tapping into this equity with a reverse mortgage could be a welcome source of additional retirement income. But what exactly is a reverse mortgage? And what are its implications for heirs? Check out our latest article for everything heirs need to know about inheriting a home with a reverse mortgage.
Older Generations Plan to Stay Put in Retirement
According to Bank of America’s 2022 Homebuyer Insights Report, a whopping 70% of Gen X and Baby Boomers plan to age in place. But, for many homeowners, their house will require repairs, modifications, and upgrades over the years. So, how can older generations be adequately prepare for these expenses? Read our #blog to find out!
A Home Equity Conversion Mortgage (HECM) for Purchase is a reverse mortgage specially designed to help home buyers age 62 and older afford the home that serves their needs. And as a real estate professional, HECM for Purchase allows you to grow your business in the process. Sounds like a win-win? Learn more: online.flippingbook.com/view/323144926 #retirement #reversemortgage #realestate #realestateagent #homeforsale #realestatetips
About Me
Hello, my name is Bob, your Reverse Mortgage Professional, and I work for the best reverse mortgage organization in the entire United States, Longbridge Financial. I'd love to tell you about what we do for senior homeowners because nobody can do it better but first a little bit about me.
My wife Aldy and I have six children and our four granddaughters keep me busy when I'm not helping my clients. My professional background as an entrepreneur has been invaluable to me in terms of experience and financial success which provided me the opportunity to serve others in the non-profit space and within my faith community. However, I can truthfully say that my experience with helping senior homeowners understand the life-changing options they possess to augment their retirement through the use of home equity, is the most gratifying work I've ever done.
I'm committed to helping my clients find better retirement solutions and promise to bring honesty, compassion, and education to all my borrowers in many states across the U.S. I offer you an in-depth understanding of the reverse mortgage process and how these loans can possibly meet your retirement objectives.
Arizona Mortgage Banker License #0930082. Licensed by the California Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; Loans made or arranged pursuant to a California Financing Law license. For California consumers: For information about our privacy practices, please visit https://www.longbridge-financial.com/privacy. Georgia Residential Mortgage Licensee No. #44082; Originator License No. 874762.
Charges such as an origination fee, mortgage insurance premiums, closing costs and/or servicing fees, if applicable, may be assessed and will be added to the loan balance. As long as you comply with the terms of the loan, you retain title until you sell or transfer the property, and, therefore, you are responsible for paying property taxes, insurance and maintenance. Failing to pay these amounts may cause the loan to become immediately due and/or subject the property to a tax lien, other encumbrance or foreclosure. The loan balance grows over time, and interest is added to that balance. Interest on a reverse mortgage is not deductible from your income tax until you repay all or part of the interest on the loan. Although the loan is non-recourse, at the maturity of the loan, the lender will have a claim against your property and you or your heirs may need to sell the property in order to repay the loan, or use other assets to repay the loan in order to retain the property. Branch Address: 336-340 S. Citrus, Covina, CA 91723; Branch NMLS #: 2369412; Phone #: 949-409-4471