Your Hometown Reverse Mortgage Consultant based in Covina Region, CA

Your Hometown Reverse Mortgage Consultant based in Covina Region,
CA

Licensed in CA, OR, WA

Edward "ED" Badrak

larry_lrg

NMLS#302807

Your Hometown Reverse Mortgage Consultant based in Covina Region, CA

Your Hometown Reverse Mortgage Consultant based in Covina Region,
CA

Licensed in CA, OR, WA

I'm proud to work with a company focused on one thing: educating seniors about reverse mortgages to help them unlock the power of their homes and live a more comfortable retirement.

Your Starting Point to Reverse Mortgages

COMMON MISCONCEPTIONS

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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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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.

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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.

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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.

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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.

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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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Additional Resources

Can You Get a Reverse Mortgage with Bad Credit?

Can You Get a Reverse Mortgage with Bad Credit?

How Much Money Could You Get from a Reverse Mortgage?

How Much Money Could You Get from a Reverse Mortgage?

Are You a Good Candidate for a Reverse Mortgage?

Are You a Good Candidate for a Reverse Mortgage?

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About Me

About Jerry

Ed Started in the reverse mortgage industry about 14 years ago. He started his career after working 26 years in every aspect of Real Estate Finance industry, at that time, there were not any solutions for senior homeowners to refinance their home due to income issues.
When Ed was semi-retired for about five years. He was a facilitator to the AARP 50+ Financial Awareness Program. During this time frame, Ed realized how devoted he was to the older generation. We like the same music and jokes.
“I realized that the greatest challenge for senior homeowners happened to be cash flow and cash preservation of their dwindling investments,” Said Ed, “I wanted to make a difference in senior homeowners lives, which is why I decided that the reverse mortgage industry was tight for me”
Ed currently lives in San Diego, California. He is a U.S. Navy Vietnam Veteran stationed in some interesting locations, yet never San Diego. He moved to San Diego in 1978 due to the San Diego Opera training program. “Go Figure” he laughs. He has served on numerous veteran’s advisory committees at the leisure of five different Congress persons over the years.
He had a good career as a multifaceted entertainer touring the US and many foreign countries. He now enjoys singing with several Big Bands in the region with other retired studio musicians. He has restored 16 sports cars over the years. Badrak also lived on his comfortable boat for 13 years.
Ed enjoys spending time traveling with his wife, helping his kids, spoiling his grandchildren and Great Grandchildren.

NMLS# 302807 CA DRE #01723727
Branch Address: 340 S. Citrus, Covina, CA 91723; Branch NMLS #: 2369412; Phone #: (619) 857 4422

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.

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.

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