Benny Victory, J.D.

Home Equity Retirement Specialist

NMLS# 486147

Licensed Branch Office *By Appointment Only*
6320 Canoga Ave 15th Floor, Office 1535
Woodland Hills, California 91367

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About Me

With over 20 years of direct mortgage experience with such Fortune 500 lending institutions as Washington Mutual Bank, Wells Fargo, and Bank of America; I am extremely proud to now be part of the Mutual of Omaha Reverse Mortgage Division. I have personally seen the direct and immediate financial impact, independence, and freedom that a reverse mortgage can provide to seniors, age 62+. Well before assisting seniors with their reverse mortgage needs, I was introduced to this mortgage option, when I assisted my own parents with getting their own reverse mortgage some 15 years ago!

After my father’s retirement and having to live on a small monthly income with my mom; their financial freedom and sense of dignity became my immediate goal and concern! Having a significant amount of “housing wealth,” but not being able to access this money made no sense to me! Once I spoke with the reverse mortgage advisor, I realized the benefits of what the reverse mortgage could provide for my parents. The features and benefits of having a growing line of credit in place that could not be reduced, closed, or frozen by the lender seemed too good to be true! But like the other aspects of the loan, it was not only true, but the entire mortgage was federally insured by FHA. The ability to pay any amount that my parents desired, or not have to pay anything at all, provided a tremendous amount of flexibility to them. I was not concerned with a “growing principal” loan amount, because I understood these key factors!

First, that the rate of their balance increasing was much less than their property value appreciation! Second, their home was their single largest asset! Without having access to this money, what difference could their “housing wealth” have to their daily quality of life and financial independence? If I give you a safe with a million dollars and you can never get one dollar out of the safe, how are you a “millionaire?” Third, there would never be ANY risk to them not having shelter, regardless of how much future home values depreciated and their loan amount increased! Simply put, if we managed to pay for their property taxes, and home insurance; (which we would have to do regardless of their having any type of mortgage) they could age in place and not have any issues!

My parents have lived in their own home for the past 45 years! My father passed away 5 years ago and my mom still has her independence, living in her own home. The house has doubled in home value equity appreciation, when compared to the current mortgage balance; and there is no worry about the idea of “nothing being left for inheritance!”

Unfortunately, there is a great amount of misinformation around this program as well as its numerous features and benefits! However, working with a licensed and educated professional, who has your best interest in mind can be a giant step forward in learning if the reverse mortgage is a good option for you to consider. I hope that I can assist and answer the questions that can provide you with the needed facts, for your educated decision on this matter.

Please feel free to contact me to discuss your specific concerns.