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: 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.
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: 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.
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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
A Hidden Crisis: The Sandwich Generation and Senior Care
🥪 Being in the Sandwich Generation means juggling care for both your kids and parents. It's a demanding role that needs emotional strength and support. Read our blog for tips and insights on how to find a balance and ease the burden! #Longbridge #LongbridgeFinancial #blog #SandwichGeneration #caregiving #seniorcare
💡 FAQ: “Can I still qualify for a reverse mortgage if I have poor credit?” Good news: yes, you may still qualify! Unlike traditional mortgages, reverse mortgages primarily consider the equity in your home, not your credit score. Even with poor credit, as long as you have significant home equity and meet the other qualifications, you could still be eligible. As part of the required reverse mortgage application process, your credit history is reviewed, but only to ensure you can keep up with your loan obligations like property taxes, insurance, and maintenance – not to disqualify you based on credit history alone. Learn more in our blog! https://longbridge-financial.com/blog/reverse-mortgages/can-you-get-a-reverse-mortgage-with-bad-credit/?agent=1 #Longbridge #LongbridgeFinancial #FAQ #HomeEquity #ReverseMortgage #HomeEquity
🔒FAQ: “Will my spouse still be protected if I’m the only borrower on a reverse mortgage?” Yes, eligible non-borrowing spouses have robust protections! If your spouse is younger than 62 and not on the reverse mortgage, they can still remain in the home after you pass away. They won’t need to repay the loan immediately as long as they keep up with loan terms like maintaining the home and paying property taxes and insurance. This ensures they have a secure place to live. Discover more details in our blog: https://longbridge-financial.com/blog/reverse-mortgages/ask-the-pros-reverse-mortgage-qualifications/?agent=1 #Longbridge #LongbridgeFinancial #FAQ #FinancialSecurity #ReverseMortgage #HomeEquity
🏡FAQ: “How much home equity do I need for a reverse mortgage?” Generally, you should have at least 50% equity in your home’s value to qualify. The more equity you have, the more funds you could receive from a reverse mortgage. This can be a great way to supplement your retirement income, cover healthcare expenses, or make home improvements. Learn more in our blog: https://longbridge-financial.com/blog/reverse-mortgages/borrower-responsibilities-eligibilities/?agent=1 #Longbridge #LongbridgeFinancial #FAQ #HomeEquity #RetirementPlanning #HomeEquity
🔧 FAQ: “What if my home needs repairs in order to get a reverse mortgage?” Don’t worry! If your home needs repairs to meet reverse mortgage requirements, you can often set aside part of the loan proceeds to cover these repairs. You’ll need to complete the repairs by a specific deadline, but you can still get the reverse mortgage and ensure your home is in good shape at the same time. A win-win! Find out more about using a reverse mortgage to fund home repairs and improvements in our blog: https://longbridge-financial.com/blog/reverse-mortgages/using-a-reverse-mortgage-to-fund-home-improvement-projects/?agent=1 #Longbridge #LongbridgeFinancial #FAQ #HomeMaintenance #ReverseMortgage #HomeEquity
📝 FAQ: “How do I apply for a reverse mortgage?” The first step in this journey can be taken right from the comfort of your own home, simply by calling Longbridge Financial. We’ll help you navigate the reverse mortgage solutions available to you so that you can decide which one best meets your unique circumstances. From there, you’ll work with us to complete the application with your personal and home details and then attend a mandatory counseling session with an independent HUD-approved counselor to ensure you understand all aspects of the loan. Learn more about the application process in our blog: https://longbridge-financial.com/blog/reverse-mortgages/the-reverse-mortgage-application-process/?agent=1 #Longbridge #LongbridgeFinancial #FAQ #HomeLoans #ReverseMortgage #HomeEquity
A Hidden Crisis: The Sandwich Generation and Senior Care
🥪 Being in the Sandwich Generation means juggling care for both your kids and parents. It's a demanding role that needs emotional strength and support. Read our blog for tips and insights on how to find a balance and ease the burden! #Longbridge #LongbridgeFinancial #blog #SandwichGeneration #caregiving #seniorcare
💡 FAQ: “Can I still qualify for a reverse mortgage if I have poor credit?” Good news: yes, you may still qualify! Unlike traditional mortgages, reverse mortgages primarily consider the equity in your home, not your credit score. Even with poor credit, as long as you have significant home equity and meet the other qualifications, you could still be eligible. As part of the required reverse mortgage application process, your credit history is reviewed, but only to ensure you can keep up with your loan obligations like property taxes, insurance, and maintenance – not to disqualify you based on credit history alone. Learn more in our blog! https://longbridge-financial.com/blog/reverse-mortgages/can-you-get-a-reverse-mortgage-with-bad-credit/?agent=1 #Longbridge #LongbridgeFinancial #FAQ #HomeEquity #ReverseMortgage #HomeEquity
🔒FAQ: “Will my spouse still be protected if I’m the only borrower on a reverse mortgage?” Yes, eligible non-borrowing spouses have robust protections! If your spouse is younger than 62 and not on the reverse mortgage, they can still remain in the home after you pass away. They won’t need to repay the loan immediately as long as they keep up with loan terms like maintaining the home and paying property taxes and insurance. This ensures they have a secure place to live. Discover more details in our blog: https://longbridge-financial.com/blog/reverse-mortgages/ask-the-pros-reverse-mortgage-qualifications/?agent=1 #Longbridge #LongbridgeFinancial #FAQ #FinancialSecurity #ReverseMortgage #HomeEquity
🏡FAQ: “How much home equity do I need for a reverse mortgage?” Generally, you should have at least 50% equity in your home’s value to qualify. The more equity you have, the more funds you could receive from a reverse mortgage. This can be a great way to supplement your retirement income, cover healthcare expenses, or make home improvements. Learn more in our blog: https://longbridge-financial.com/blog/reverse-mortgages/borrower-responsibilities-eligibilities/?agent=1 #Longbridge #LongbridgeFinancial #FAQ #HomeEquity #RetirementPlanning #HomeEquity
🔧 FAQ: “What if my home needs repairs in order to get a reverse mortgage?” Don’t worry! If your home needs repairs to meet reverse mortgage requirements, you can often set aside part of the loan proceeds to cover these repairs. You’ll need to complete the repairs by a specific deadline, but you can still get the reverse mortgage and ensure your home is in good shape at the same time. A win-win! Find out more about using a reverse mortgage to fund home repairs and improvements in our blog: https://longbridge-financial.com/blog/reverse-mortgages/using-a-reverse-mortgage-to-fund-home-improvement-projects/?agent=1 #Longbridge #LongbridgeFinancial #FAQ #HomeMaintenance #ReverseMortgage #HomeEquity
📝 FAQ: “How do I apply for a reverse mortgage?” The first step in this journey can be taken right from the comfort of your own home, simply by calling Longbridge Financial. We’ll help you navigate the reverse mortgage solutions available to you so that you can decide which one best meets your unique circumstances. From there, you’ll work with us to complete the application with your personal and home details and then attend a mandatory counseling session with an independent HUD-approved counselor to ensure you understand all aspects of the loan. Learn more about the application process in our blog: https://longbridge-financial.com/blog/reverse-mortgages/the-reverse-mortgage-application-process/?agent=1 #Longbridge #LongbridgeFinancial #FAQ #HomeLoans #ReverseMortgage #HomeEquity
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