Your Hometown Reverse Mortgage Consultant residing in Sonoma, CA
Your Hometown Reverse Mortgage Consultant residing in Sonoma,
CA
Licensed in CA
Linda Weihofen
Your Hometown Reverse Mortgage Consultant residing in Sonoma, CA
Your Hometown Reverse Mortgage Consultant residing in Sonoma,
CA
Licensed in CA
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
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 income 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 generally not affected by a reverse mortgage – however, need-based programs such as Medicaid may be. Consult a qualified financial advisor or the appropriate government agency 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 cost is relatively small.
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, provided they meet their loan obligations, keeping current with property taxes, insurance, and maintenance. 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. Important Note: When you click on this video, certain personal information may be sent to the video provider (such as YouTube, Vimeo, etc.). To learn more about our privacy practices, please review our Privacy Notice.
Let’s Get Social
🏡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
Turn Your Buyers’ “What Ifs” into “Why Nots” 🏡🤝 Here’s a game-changing stat: according to our anonymous survey of real Longbridge customers, 67% of reverse for purchase borrowers say they most likely wouldn’t have purchased their current home without this unique financing option. This isn’t just a loan—it’s a lifeline for clients who want to move forward in retirement (and into a new home) with confidence. Are you ready to help your clients find their dream home—and a dream financing solution to match? Learn more: https://online.flippingbook.com/view/869605166/ #homeownership #ReverseforPurchase #reversemortgage #HECM #HECMforPurchase #mortgage #homepurchase #homebuying #realestate #Longbridge #LongbridgeFinancial #customersatisfaction #borrowersurvey #housingmarket
Did you know your age-qualified buyers could use a reverse mortgage to buy a new home? 🏡 With a Reverse for Purchase, your clients can save money on closing costs and enjoy a streamlined homebuying process. There's more than one way to use a reverse mortgage – give your clients the advantage in today’s housing market! Contact me to learn more. #homeownership #ReverseforPurchase #reversemortgage #HECM #HECMforPurchase #mortgage #homepurchase #homebuying #realestate #Longbridge #LongbridgeFinancial #housingmarket
Happy Thanksgiving from my family to yours! May your table be filled with delicious food, and your home surrounded by love, warmth, and joy. 🦃 #HappyThanksgiving #Thanksgiving
🔒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: “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: “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
Turn Your Buyers’ “What Ifs” into “Why Nots” 🏡🤝 Here’s a game-changing stat: according to our anonymous survey of real Longbridge customers, 67% of reverse for purchase borrowers say they most likely wouldn’t have purchased their current home without this unique financing option. This isn’t just a loan—it’s a lifeline for clients who want to move forward in retirement (and into a new home) with confidence. Are you ready to help your clients find their dream home—and a dream financing solution to match? Learn more: https://online.flippingbook.com/view/869605166/ #homeownership #ReverseforPurchase #reversemortgage #HECM #HECMforPurchase #mortgage #homepurchase #homebuying #realestate #Longbridge #LongbridgeFinancial #customersatisfaction #borrowersurvey #housingmarket
Did you know your age-qualified buyers could use a reverse mortgage to buy a new home? 🏡 With a Reverse for Purchase, your clients can save money on closing costs and enjoy a streamlined homebuying process. There's more than one way to use a reverse mortgage – give your clients the advantage in today’s housing market! Contact me to learn more. #homeownership #ReverseforPurchase #reversemortgage #HECM #HECMforPurchase #mortgage #homepurchase #homebuying #realestate #Longbridge #LongbridgeFinancial #housingmarket
Happy Thanksgiving from my family to yours! May your table be filled with delicious food, and your home surrounded by love, warmth, and joy. 🦃 #HappyThanksgiving #Thanksgiving
🔒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: “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
About Me
A Sonoma, California native, I bring over 26 years of experience in the mortgage industry. After starting in the traditional mortgage space, I transitioned to working with reverse mortgages in 2010. What I love most about senior home equity solutions, like reverse mortgages, is their ability to transform borrowers' lives --bringing greater comfort and peace of mind to their lives every single day! Prior to entering the mortgage business, I was a Series 7 licensed financial planner --experience that provided me with a strong foundation in helping clients achieve their long-term financial goals. I draw on that background in my role today, helping clients and their financial advisors see how their home equity can fit into their overall retirement strategy. Outside of work, I'm a proud mother of three wonderful sons and grandmother to four beautiful grandchildren. In my free time, I enjoy singing, dancing, gardening, reading, swimming, sewing, knitting, and volunteering. 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. Branch Address: 500 Capitol Mall, Office #2342, Sacramento, CA 95814; Branch NMLS #: 2334385; Phone #: 949-409-4116.