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502 W. Cordova Rd.
Santa Fe, NM 87505

 
 

Contact Info:
John L Ruybalid
Reverse Mortgage Specialist
Phone: 505-690-1029
Other: 800-758-6115
Fax: 505-984-8664

 

John Ruybalid is the expert in reverse mortgages in Santa Fe, NM.  Call John at 690-1029 today for a free consultation to learn  more the benefits of getting a reverse mortgage.  There is no cost or obligation to sit down and learn more about them.  He will explain the program and give you printouts to consider.  If you want to bring a relative or friend, they are welcome to come along.  It is a great resource for senior homeowners to tap into the equity in their homes, without having to sell the house or take on a new mortgage payment.   Don't put it off.  Call today!  690-1029

Click Here To Use A Reverse Mortgage Calculator

CALL FOR A FREE REVERSE MORTGAGE DVD! 

Starting January 1, 2009 HECM can be used for home purchase.  Call for details.  The FHA lending limit is $625,500.00 for the remainder of 2009.  Take advantage of this increase now.

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Reverse mortgages are mortgage loans for homeowners 62 or older that do not require monthly mortgage payments as long as you live in your home. The interest, mortgage insurance premium and servicing fee are added to the balance each month, and are repaid when you sell the house, move out permanently or pass away.

Why get a Reverse Mortgage?

1.  No repayment for as long as you occupy your home

2.  No taxes are paid on the cash from Reverse Mortgages

3.  No pre-payment penalty on HECM

4.  You retain title to the home

5.  You may sell your home at any time

Common Misconceptions 

  • "The lender could take my house." The homeowner retains full ownership. The Reverse Mortgage is just like any other mortgage; you own the title and the bank holds a lien. You can pay it off anytime you like.  
  • "I can be thrown out of my own home." Homeowners can stay in the home as long as they live, with no payment requirement.
  • "I could end up owing more than my house is worth." The homeowner will never have to repay more than the value of the home at the time the loan is due. 
  • "My heirs will be against it." Experience demonstrates heirs are in favor of Reverse Mortgages.

You can choose 3 options to receive the money from a reverse mortgage: 

1) all at once (lump sum);

2) fixed monthly payments (for up to life);

3) a line of credit; or a combination of a line of credit and monthly payments.  The most popular option, chosen by more than 60 percent of borrowers, is the line of credit, which allows you to draw on the loan proceeds at any time.

Keeping money in a reverse mortgage line of credit in most states will not count as an asset for Medicaid eligibility as this would be considered a loan and not a resource for Medicaid spend down. However transferring the money to an investment or to a bank account would represent an asset and would trigger a spend down requirement.  Please note however that distinguishing between what portion of reverse mortgage proceeds might be counted as a loan and what portion as an asset is not a simple black and white decision. It is best to get an opinion from an elder-law attorney.

Some basic information about reverse mortgages is available under the "Learn More" button on the upper left.

Call John Ruybalid at (505)690-1029