ELIMINATING A PAYMENT
An $1,800 payment was the only thing between him and retirement
- Monthly payment
- $0
- Cash at closing
- $37K
- Line of credit
- $53K
- 401(k) savings
- Untouched
He retired two years earlier than he planned.
REVERSE MORTGAGE EDUCATION FOR CALIFORNIA HOMEOWNERS
Find out if your home equity can cover what your savings can't.
A reverse mortgage can let California homeowners in or near retirement use part of their home equity without selling, moving, or taking on new monthly mortgage payments. Michael Milakovich explains how it really works, what it costs, and whether it makes sense for your situation or not, and why.
The video is a 12-minute lesson on how reverse mortgages work, taught by Michael. Learn first, then decide whether a conversation makes sense.
Michael Milakovich
Reverse Mortgage Specialist
25+ years in mortgage and real estate
NMLS #268563 · DRE #01770568
NMLS #268563 · DRE #01770568
GOOGLE RATING
5.0
From clients Michael has helped
ZILLOW RATING
5.0
Verified client reviews
EXPERIENCE
25+ Years
In mortgage and real estate
SERVICE AREA
California
Statewide, by phone or video
HOW IT WORKS
What a reverse mortgage is, and what it isn't
It's a home loan that lets you access a portion of the equity you've built, while you keep living in your home. Here are the three things most people get wrong.
01
You keep ownership of your home
The lender holds a lien, the same way your current mortgage lender does. The title stays in your name.
02
No required monthly mortgage payment
You can make payments if you want to, but you aren't required to. If you have a mortgage today, that payment can go away.
03
The balance grows over time
Interest and loan costs are added to the balance. It's a mortgage, not free money, and Michael walks through the real costs with you.
What stays the same
You're still the homeowner. You keep paying property taxes, homeowners insurance, and any HOA dues, you maintain the home, and it stays your primary residence. Those responsibilities are what keep the loan in good standing.
Is it worth exploring for you?
It's a tool, and it fits some situations better than others. Michael will tell you which side you're on.
Often worth a closer look if
- A monthly mortgage payment is what's keeping you working, or squeezing your budget
- You've built substantial equity and plan to stay in your home
- You want a line of credit set aside for a roof, a health need, or a trip to see family
- You're downsizing and want to buy your next home without a new monthly mortgage payment
May not be the right fit if
- You expect to sell and move within the next few years
- Keeping up with property taxes and insurance would be a struggle
- Leaving the home with as much equity as possible matters more to you than using some of it now
- A smaller step, like refinancing or adjusting a budget, would solve the problem
START HERE
Thinking about a reverse mortgage? Watch this first.
In about 12 minutes, Michael covers the questions he hears most, two real client stories, and exactly what it takes to find out your own number.
- ·Whether the bank owns your house
- ·What happens for your heirs
- ·Who qualifies, and why "how much could I get?" depends on your age, home, and balance
WATCH NOW · 12 MINUTES
The essentials on your schedule: how it works, what happens for your heirs, and two real client stories.
LIVE CLASS · 60 MINUTES
The full walkthrough, including eligibility, payout options and costs, with time to ask Michael your questions. Next class: Saturday, November 7th @ 10:00 AM
Save a seat in the live classCOMMON QUESTIONS
The questions Michael hears most
Most of what people have heard about reverse mortgages comes from how they worked decades ago. Here's how they work now.
"Does the bank take my house?"
No. You remain the owner and the title stays in your name. Like any mortgage, the lender has a lien on the property, but adding the word "reverse" doesn't hand your home to the bank.
"Am I old enough?"
The federally insured Home Equity Conversion Mortgage (HECM) starts at age 62. Some proprietary programs may start at 55, depending on the product. Michael works with both, so he can compare them for your situation. Your age, and your spouse's if you're married, also affects how much equity you may be able to access, which is one reason two similar homes can have very different options.
"Will my kids get nothing?"
Your heirs don't automatically lose the home. When the loan comes due, they can sell and keep the remaining equity, or keep the home and pay off the loan another way. Using equity now can mean less is left later, and that's worth talking through openly.
"What if I end up owing more than it's worth?"
Reverse mortgages are non-recourse loans. With a federally insured HECM, and with the proprietary programs Michael offers, neither you nor your heirs owe more than the home is worth when the loan is repaid. Your other assets stay protected.
"Can I be forced out of my home?"
Not as long as you live there as your primary residence, keep paying property taxes and homeowners insurance, and maintain the home. Michael explains these obligations up front so there are no surprises.
"Can I still sell or move later?"
Yes. If you sell, the loan is paid off from the sale and you keep what remains. You can also make payments or pay the loan off early whenever you choose.
REAL CLIENTS, REAL NUMBERS
The mortgage is the tool. The outcome is the point.
Three California homeowners, three very different goals.
CLEARING DEBT
Mortgage and card payments were crowding out everything else
- More each month
- $1,407
- Cash at closing
- $52K
- Line of credit
- $132K
- Second lien
- Paid off
Her debts were cleared and her budget had room again.
BUYING THE NEXT HOME
They wanted to move near their grandkids without draining their savings
- New home
- $1.25M
- Down payment
- $675K
- Still in the bank
- ~$600K
- Monthly payment
- $0
They bought with a reverse mortgage for purchase and kept their property tax base.
Real client scenarios. Names and identifying details omitted for privacy. Your options depend on your age, home value, current balance, rates, and program, and will differ. A monthly payment of $0 means no required mortgage payment; taxes, insurance, and upkeep still apply.
★★★★★
"He listened, explained everything clearly, and created proposals that matched what I needed."
★★★★★
"Answered all my questions (and I had a lot) so that I understood everything from A to Z and never made me feel like I was a bother."
★★★★★
"My existing mortgage and HELOC were paid off, and the final outcome matched the objectives we established at the beginning."
WHAT HAPPENS NEXT
From first question to a clear answer
You decide how fast this goes. Most people take a few weeks between steps, and that's fine.
-
1
Learn the basics
Watch the 12-minute video, or join the live 60-minute webinar on a Saturday morning.
-
2
Talk with Michael
A 30-minute consultation about what you're trying to accomplish. No credit pull for the initial review.
-
3
See your numbers
Michael researches your property and shows what your options may be, including costs and what your equity could look like over time.
-
4
Decide, with counseling
If you want to move forward, you'll meet with an independent counselor first, so an objective third party answers your questions too.
Have these three things handy for your consultation
- Your date of birth (and your spouse's)
- Your property address
- Roughly what you owe
ABOUT MICHAEL
I don't want you deciding reverse mortgages are terrible because somebody told you they were. And I don't want you deciding they're great because I told you they were. Let's see the numbers. Then you decide.
Michael MilakovichReverse Mortgage Specialist · NMLS #268563 · CA DRE #01770568
Michael has spent more than 25 years in mortgage lending and real estate, and reverse mortgages are now the center of his work. He's a licensed mortgage professional and California real estate broker, and he teaches the Reverse Mortgage 101 webinar.
He works with homeowners across California by phone and video. He's a numbers person: if a reverse mortgage doesn't fit your situation, he'll tell you, and why.
The one thing a website can't tell you is your number.
That's what the consultation is for. Thirty minutes with Michael, by phone or video. If it makes sense, you'll know why. If it doesn't, you'll know that too.