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Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. CrossCountry Mortgage, Inc. is a licensed mortgage lender in the Commonwealth of Massachusetts. This office is licensed and examined by the Office of Consumer Credit Commissioner of
the State of Texas. Texas rights: Consumers wishing to file a complaint against a Mortgage Banker or a Licensed Mortgage Banker Residential Mortgage Loan Originator should complete and send a complaint form to the Texas Department of Savings and Mortgage Lending, 2601 N. Lamar, Suite 201, Austin, Texas 78705. Licensed by the Virginia State Corporation Commission. 

 

 

Branch Directory > 
Taryn Proctor
Loan Officer
225 Broadway Suite No. 1600
San Diego, CA 92101
Office:(858) 252-1405
Cell:(619) 971-6787
Fax:(619) 374-7213
Email: Taryn.Proctor@myccmortgage.com
NMLS #: 1457445

What is a reverse mortgage?

A reverse mortgage is a loan that enables homeowners and homebuyers age 62 or older to convert some of their home equity into cash or a line of credit. Some loans also let homeowners finance a new home purchase. With a reverse mortgage, you make no loan payments†. You continue to live in and own your home.

Unlike a traditional home equity loan or home equity line of credit (HELOC), you don’t have to repay a reverse mortgage until the home is sold** or the last surviving borrower (or a non-borrowing spouse who meets certain requirements) no longer lives in the home. The homeowners must maintain the condition of the home and stay current with property taxes and hazard insurance.

Am I eligible?

To be eligible for a reverse mortgage, you must meet the following criteria:

  • You must be age 62 or older.
  • The home must be the borrowers’ primary residence.
  • The home must meet Federal Housing Authority (FHA) minimum property standards and flood requirements.
  • The home must be one of the following property types: single-family home; a two- to four-unit home with one unit occupied by the borrower; or a HUD-approved condominium. With new construction, you must have a Certificate of Occupancy or equivalent before you apply.
  • You must have sufficient home equity. A Reverse Mortgage Specialist from Finance of America Reverse LLC (FAR) can tell you if you have enough home equity to qualify. 

Will the bank own my home?

No. Just like a traditional mortgage, as long as you continue to meet the loan terms, such as staying current on property taxes, homeowners insurance, and property charges, you retain full ownership. You can sell the home at any time.

Am I spending my children’s inheritance?

A reverse mortgage may help you maintain a quality standard of living throughout your retirement years. Because a reverse mortgage is a tough decision that may affect other family members, we encourage you to involve them in your decision process.

When the home is sold or is no longer your primary residence, it’s time to repay the loan. After the loan is paid off, any remaining equity belongs to you or your estate and can be transferred to heirs.

When do I have to pay back the loan?

You do not have to make principal and interest payments as long as the home remains your primary residence. As long as you meet the loan terms, you do not have to repay a reverse mortgage until the home is sold or the last surviving borrower (or a non-borrowing spouse who meets certain requirements) no longer lives in the home as their primary residence.

† Payment of taxes, insurance, and property charges required

**If the borrower does not meet loan obligations such as taxes and insurance, then the loan will need to be repaid.

Taryn's Bio

Taryn began her journey in the mortgage industry, a desire for a career change prompted her to take a position with a Reverse Mortgage branch in San Diego. She soon realized the importance and benefit of this loan, provoking a passion for work she never knew. She quickly rose through the ranks by learning everything she could about the Reverse Mortgage program and fulfilled her yearning to educate and help others. Taryn, has had the pleasure of helping hundreds of seniors bring to fruition their goals of getting a Reverse Mortgage. My goal in this industry is to educate and help as many people as I possibly can. It is unfortunate, with all the misinformation out there, our seniors are simply overlooking a program that may, in fact, help them dramatically improve the quality of their life.

CrossCountry Mortgage, Inc.
225 Broadway, Suite 1600, San Diego, CA  92101
Office:  (858) 252-1401
sevans@myccmortgage.com
Copyright © 2019 CrossCountry Mortgage, Inc. NMLS:3029 MB.803095.000
Branch NMLS: 1472253. This branch is licensed in the following states: Arizona (Branch 0121263, Corporate 0919020), California DBO (Branch 813N898, Corporate 4131098), District of Columbia (Branch MLB1472253, Corporate MLB3029), Florida (Branch MLDB4428, Corporate MLD806), Massachusetts (Branch MB1472253/ML1472253, Corporate MB3029/ML3029), Nevada (Corporate 3126/3259), North Carolina (Branch L-142902-126, Corporate L-142902), Oregon (Branch ML-4709-11, Corporate ML-4709), Tennessee (Branch 109408-123, Corporate 109408), Texas SML, Virginia (Corporate MC-4072), Washington (Branch CL-1472253, Corporate CL-3029)

This site is not authorized by the New York State Department of Financial Services. No mortgage loan applications for properties located in the state of New York will be accepted through this site.
NMLS3029 (www.nmlsconsumeraccess.org). To view all corporate licensing, please visit: crosscountrymortgage.com/disclosures-licenses.
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