Give us a call right now at 1-844-285-0094 to connect with the best companies Reverse Mortgage Lenders in El Cajon California. The top reverse mortgage company in California. If you are in need of getting additional information about reverse mortgage loans or need help in getting a loan in El Cajon California, contact us to get a Free No Obligation Instructional Guide. Listen, we take pride in offering our clients with the best quality service. Contact us today! Check out what Bill Medley from the Righteous Brothers has said about our reverse mortgage specialists. Our licensed specialists are reverse mortgage experts, and they are with you throughout the entire process ” from start to finish. Over the last few years, reverse mortgage loans have been given a bad rep due to false information being spread around about the risks involved. But if done the correct way, reverse mortgages are able to alleviate financial boundaries off of homeowners who want only to be able to stay in their own home. When reverse mortgages were first created, they helped to let a widow the ability to stay in her home, even though her husband had passed on. While reverse mortgages continue to evolve with the changes in the markets, their use stays the same; to give senior citizens the ability to see financial freedom during their retirement years. Federally insured, hundreds of thousands of seniors have taken advantage of reverse mortgage loans. Over the years, plenty of the same questions seem to pop up. We have answered these questions in a convenient location. If you still have questions after reading this info, or if you wish to speak with an specialist, call us 1-844-285-0094. For decades, reverse mortgage loans have been helping homeowners such as yourself to remain in their own home while allowing them to pay unexpected costs, such as medical bills or renovations. Putting the equity in your home to work for you is what we do best. Give us a call today and see how your home can work for you. Our reverse mortgage lenders are waiting to answer any questions you have and decide if a reverse mortgage is right for your situation. We would love to make you our next satisfied client.
What is a Reverse Mortgage?
- No Monthly Mortgage payment
- Cash in your hand
- Keep Living in Your Home
- It Puts the Gold back in The Golden Years
A reverse mortgage is a loan that homeowners can get, 62 years or older, that allows them to convert part of the equity in their homes into cash.The Reverse Mortgage Program was created to help retirees with limited income use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care. However, there is no restriction how reverse mortgage proceeds can be used. The loan is called a reverse mortgage because instead of making monthly payments to a lender, as with a traditional mortgage, the lender makes payments to the borrower.
The borrower isn’t required to pay back the loan until the house is sold or vacated. As long as the borrower lives in the house he or she is not required to make any monthly payments towards the loan balance. The borrower must remain current on property taxes, homeowners insurance and homeowners association dues (if applicable).A reverse mortgage is a type of loan for older homeowners that requires no monthly mortgage payments.
How Does a Reverse Mortgage Work?
- 1. Paying down your mortgage.
- 2. Home values going up.
How Do You Qualify For a Reverse Mortgage?In order to be eligible for a FHA HECM, the FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, have the financial resources to pay ongoing property charges including taxes and insurance, and you must live in the home. To qualify for a reverse mortgage loan, the youngest homeowner must at least 62 years old, live in the home as their primary residence and have sufficient home equity. Borrowers must also meet financial eligibility criteria as established by HUD. Eligibility assessments use a Federal Housing Administration (FHA) calculation that considers among others, the following factors:
- Age of the youngest homeowner
- Current value of the property
- Balance on existing mortgage loans
- Interest rates
How Much Money Can You Receive?The amount varies by borrower and depends on: If there is more than one borrower and no eligible non-borrowing spouse, the age of the youngest borrower is used to determine the amount you can borrow.
Is a Reverse Mortgage Right For You?
- You could use extra money to fund expenses
- You own your home
- You are 62 or older
- You want to eliminate monthly mortgage payments