I’m Theo Misaresh, the Founder of SoCal Reverse Mortgage. This site was started to provide education and understanding for a mortgage option that has been very misunderstood by the general public. We have a passion for helping homeowners get the most of their earned equity in their homes. After many years in the Real Estate (first licensed in 1980) and Mortgage Industry I wanted to take my knowledge and apply it to making people’s lives better by eliminating the stress associated with the mortgage payments. The Reverse Mortgage offers a much needed relief and an improved cash flow for retired people. The history of the Reverse Mortgage was fraught with loans that were not very good for the consumer. Banks were not controlled in how they wrote the contracts and may times they were advantageous to the bank and not so good for the borrower. This led to abuse and situations where the borrower and their family were harmed.
The Federal Government stepped in around the time of the Real Estate collapse (approx. 2008) and standardized the Reverse Mortgage and created the Home Equity Conversion Mortgage (HECM). The new program took the uncertainty out of the Reverse Mortgage and created built in protections for the borrower and, in addition, the Federal Housing Administration (FHA) insures the program.
Now the Reverse Mortgage is a safe and a great way for borrowers to access the dead equity in their homes. The challenge remains, the changing of the perception of this program. My hope is that more and more people will be open to hearing and understanding how the Reverse Mortgage can change their lives.