California Reverse Mortgage
What is a Reverse Mortgage?
A Reverse Mortgage is a home loan (used for almost any purpose) where seniors, 62 and older, can access the equity (cash) built up in their home.
There are several different Reverse Mortgage Programs. HUD-insured Home Equity Conversion Mortgage (HECM), Fannie Mae Home Keeper and the Jumbo Cash-Out Loan.
It is called a Reverse Mortgage because you borrow money from a lender, but the lender makes monthly payments to you, rather than you making monthly payments to the lender. All interest is paid at the end of the loan, rather than in the beginning.
What are some of the benefits of a Reverse Mortgage?
Strengthen your personal and financial independence.
Help pay for health care or other needs.
You can never lose your home in foreclosure as long as you maintain the property tax and insurance payments.
The loan is only paid off when the house is sold by you or your heirs, or all borrowers move out of the house.
Keep your Medicare or Social Security benefits.
Use it as a credit line and draw upon it as needed.
Get all your cash right away.
Get the best of both-get cash now and have a balance in reserve to use as a credit line.
No income requirements: The homeowner does not need to be working and is not qualifed based on income.
For more information call or email one of our Loan Agents.
California Office Locations:
Nevada City, California 530.470.0777
Grass Valley, California 530.274.0916
Auburn, California 530.885.3344
Lake of the Pines, California 530.268.6200
Roseville, California 916.783.1100
Sacramento, California 916.863.3858
California Department of Real Estate - California Mortgage Broker License #01213224
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