Reverse Mortgage Lenders in Rancho Santa Fe CA

Give us a call right now at 1-844-285-0094 to connect with the best companies Reverse Mortgage Lenders in Rancho Santa Fe California. The best reverse mortgage broker company in California. If you’re interested in getting additional info about reverse mortgage lenders or need assistance in getting one in Rancho Santa Fe California,  contact us for your Free No Obligation Instructional Guide. Look, we take pride in offering our clients with the best quality service. Contact us today! Check out what Bill Medley from the Righteous Brothers is saying about reverse mortgages. Our licensed specialists are reverse mortgage experts, and they’re with you throughout the entire process �” from beginning to end. Over the years, reverse mortgages have been given a bad reputation due to false info being spread around about the risks involved. If done correctly, reverse mortgage loans are able to remove financial burdens off of homeowners who want only to be able to stay in their home. When reverse mortgages were created, they helped to let a widow the ability to stay in her home, even though her husband had passed on. While reverse mortgage loans evolve with the changes in the markets, their use stays the same; to allow senior citizens the ability to gain financial freedom during their retirement years. Federally insured, 100,000’s of senior citizens 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 one convenient place. If you still have questions after reading this information, or if you wish to speak with an expert, give us a call 1-844-285-0094. For years, reverse mortgage loans have been helping homeowners such as yourself to stay 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 experts 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 can allow you to access a portion of your equity to receive tax-free cash without having to make monthly loan payments. Unless you decide to voluntarily make payments to your outstanding 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 thousands of homeowners in similar situations as you to safely access the equity in their house to better live out your retirement years.

A reverse mortgage is a loan available to homeowners, 62 years or older, that lets 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 is not required to pay back the loan amount until the property is sold or vacated.  As long as the borrower remains in the home 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 home loan for older homeowners that requires no monthly mortgage payments.

How Does a Reverse Mortgage Work?

A reverse mortgage is a type of home loan for older homeowners that requires no monthly mortgage payments. Borrowers are still responsible for property taxes and homeowner’s insurance. Reverse mortgages allow elders to access the home equity they have built up in their homes now, and defer payment of the loan until they die, sell, or move out of the home. Because there are no required mortgage payments on a reverse mortgage, the interest is added to the loan balance each month. The rising loan balance can eventually grow to exceed the value of the home, particularly in times of declining home values or if the borrower continues to live in the home for many years. However, the borrower (or the borrower’s estate) is generally not required to repay any additional loan balance in excess of the value of the home.[1] Home Equity: Home equity is the amount you could sell your home for today minus the amount you still owe to the bank for your mortgage, second mortgage or any other liens (loans) on your home. If your home could sell for $550,000 today and you owe the bank $150,000, then you have $400,000 in home equity. Your home equity can grow in two ways:
      1. Paying down your mortgage.
      2. Home values going up.
Home Equity Line of Credit: If you’ve built up home equity in your house, you can sometimes work with the bank to establish a line of credit �” money that is available for you to withdraw and use. You don’t pay interest on the money available to you �” only on the funds that you withdraw.

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: 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

How much money can I get from my home?

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.

Reverse Mortgage Loans in Rancho Santa Fe

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