Even though you are aware with each and every aspect of the California reverse mortgage loan the basic thing is that it is still a type of loan. In order to excel in a very good deal you still need to apply in the three different programs. But still if you want to get into terms with a very professional lender then you have to firstly apply and secondly pass the requirements of the applications so that you can be approved for a reverse mortgage loan. That’s why most of the California citizens are looking forward to completing a popular application California reverse mortgage. The most popular program as we have already provided insight about is the HECM (Home Equity Conversion Mortgage) program. Mostly the senior California citizens apply to this program for 2 reasons:
- It is the most popular program in California
- It is federally approved program.
HECM insurance by FHAThe home equity conversion mortgage is the most popular reverse mortgage loan and secondly it is also insured by the FHA. FHA is a US division of HUD. This why the HECM is mostly believed to be the most secure for of reverse mortgage application amongst senior citizens across California.
The basic reverse mortgage application requirementsFirstly you need to be eligible for the application. Therefore the best way to confirm your eligibility is by cross checking your credentials with that of the application requirement. If in case you meet all the application requirements but you have still not consulted with any finance specialist yet then you need to do that in the first priority. Below is a list of all the basic application requirements:
- 1: First and foremost is that you need to be an elder Californian citizen of 62 years or older
- 2: You should have your own property in the form of an apartment
- 3: Your property which owes to be a home should be a single family apartment or in other case up to as 4 unit flat. In other cases it can also be a condominium. But in all these cooperative houses and trailer houses have been excluded.
- 4: Your house must be approved according to the HUD standards
- 5: You should have had a pre hand discussion with the reverse mortgage advisor, who needs to be a federally approved agent.