Give us a call today at 1-844-285-0094 to get information on a loan with the best companies Reverse Mortgage Lenders in Livingston California. The top reverse mortgage brokers in California. If you’re in need of getting more information in regards to reverse mortgage brokers or need help in getting a reverse mortgage loan in Livingston California, call us right now to get your No Cost No Obligation Instructional Guide. Listen, we take pride in offering our clients with the best quality service. Call us today! Check out what Bill Medley from the Righteous Brothers has to say about reverse mortgage loans. Our licensed specialists are reverse mortgage experts, and they are with you throughout the entire process �” from beginning to end. Over the years, reverse mortgage loans have been given a bad rep due to false info being spread about the risks involved. But done right, reverse mortgage loans are able to help with financial boundaries from homeowners who want only to be able to stay in their home. When reverse mortgage loans were first created, they helped to allow a widow the ability to remain in her home, even though her husband had passed on. As reverse mortgages evolve with the changes in the markets, what they are used for stays the same; to allow senior citizens the ability to reach financial freedom during their retirement years. Federally insured, 100,000’s of senior citizens have taken advantage of the benefits of reverse mortgages. Over the years, a lot of the same questions seem to pop up. We’ve answered these questions in one convenient place. If you still have questions after reading this, or if you wish to speak with an expert, call us 1-844-285-0094. For decades, reverse mortgage loans have been assisting homeowners like you to still live in their own home while allowing them to pay unexpected expenses, such as medical bills or renovations. Making the equity in your house 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 experts are waiting to answer any questions you may have and decide if a reverse mortgage is right for you. 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 can allow you to access a portion of your equity to receive tax-free cash and not make monthly loan payments. Unless you choose to voluntarily make payments to your remaining balance, no payment is required until the last surviving homeowner leaves permanently, passes away, or decides to sell the home.
Since 1989 the HECM – (Home Equity Conversion Mortgage) has been insured by the federal government through the Federal Housing Administration (FHA), a division of the Department of Housing and Urban Development (HUD).
Since its creation, the reverse mortgage program has helped countless homeowners just like you to safely gain access to the equity in their home to better enjoy your retirement years.
A reverse mortgage is a loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their homes into cash in their hand.
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 property is sold or vacated. As long as the borrower remains 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 people over 62 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?
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:- Age of the youngest borrower or eligible non-borrowing spouse
- Current interest rate; and
- Lesser of appraised value or the HECM FHA mortgage limit or the sales price
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
How much money can I get from my home?
The amount varies by borrower and depends on:- Age of the youngest borrower or eligible non-borrowing spouse
- Current interest rate; and
- Lesser of appraised value or the HECM FHA mortgage limit or the sales price