October 30, 2016 | by myhouseCall us today at 1-844-285-0094 to connect with the 5 star rated Reverse Mortgage Lenders in Atascadero California. The top reverse mortgage lenders in California. If you are thinking of learning more info about reverse mortgage lending or need help in getting a reverse mortgage loan in Atascadero California, contact us to get a Free No Obligation Informational 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 has to say about reverse mortgage loans. Our licensed specialists are reverse mortgage experts, and they are with you throughout the whole ퟀ�” from start to finish. Over the last few years, reverse mortgages have been given a bad rep due to false info being spread about the risks involved. If done the correct way, reverse mortgage loans are able to remove financial burdens from homeowners who want nothing more than to be able to stay in their own home. When reverse mortgages were first created, they assisted to allow a widow the choice to remain in her home, even though her husband had passed away. While reverse mortgages continue to evolve with the changing of the markets, their use stays the same; to give seniors the ability to see financial freedom during their golden years. Federally insured, hundreds of thousands of seniors have taken advantage of reverse mortgage loans. Over the years, a lot of the same questions seem to pop up. We’ve taken the liberty of answering these questions in a 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 decades, reverse mortgages have been assisting homeowners such as yourself to still live in their home while allowing them to pay unexpected costs, such as medical bills or renovations. Putting 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 standing by 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?
A reverse mortgage is a loan that can help you to access a portion of the equity to get tax-free cash without having to make monthly loan payments. Unless you decide to voluntarily make the payments to the remaining balance, no payment is required until the last surviving homeowner leaves permanently, passes away, or decides to sell the house.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, this program has helped countless homeowners in similar situations as you to safely gain access to the equity in their home to better enjoy your retirement years.
- 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 available to homeowners, 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 is not required to pay back the loan amount until the house is sold or vacated. As long as the borrower lives 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 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: 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.
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