Most likely, if your a California resident age 62 and over, you've probably been hearing a good deal about Reverse Mortgages, and naturally, you've probably got a good deal of questions. Reverse Mortgages are simply a different type of mortgage through which the homeowner no longer has to make a mortgage payment, and actually receives a payment from his / her lender.
Reverse Mortgage Payments can be received in the form that is best suited to you, the homeowner; you can choose to receive money from your lender each and every month, until you are deceased or choose to leave the home, or can even request a large lump sum of money up front. In fact, because a Reverse Mortgage (also known as a HECM, or Home Equity Conversion Mortgage) utilizes the equity in your home to pay you, you have complete control over how the money is dispersed - you can even opt for an equity line, or a combination of lump sum, monthly payment, & equity line!
The best California Reverse Mortgage Lender is the one that is going to listen to you, help educate you on the pros and cons of Reverse Mortgages, and to get the results you need through the loan while working to help you achieve the lowest possible interest rate.
Interest rates on Reverse Mortgages are usually significantly less costly than Conventional Mortgages, both in terms of closing costs, as well as interest rates. FHA Reverse Mortgages are backed by HUD and the Federal Housing Administration, and secured by a Government backed Mortgage Insurance; both your home and your money is in good hands.
The Reverse Mortgage industry, along with most financial industries has come under a good deal of scrutiny with the implode of the housing bubble, and subsequently Reverse Mortgage licensing is managed and controlled by the US Government.
Nonetheless, in addition to ensuring you are working with a licensed lender, it's also important to ensure that they truly care and listen to your needs.
Many seniors wonder, what will become of my home when I die? Well, when a homeowner passes away, the named heirs of the homeowner of course will inherit the house - these heirs will have the choice whether to sell the home and payoff the loan, or keep the home. Safeguards are put in place to ensure that the home is not "upside-down", and leave a mess for heirs of the homeowner.
Speaking of these safeguards, the maximum amount that usually will be lent on a home is 80% of the homes value.
The process behind getting a reverse mortgage is quite simple - there are no income requirements or credit score requirements. This program was essentially brought about by the US Government to help Senior Homeowners enjoy their retirements. The first step? Contacting an ethical, responsible California Reverse Mortgage Lender.
Reverse Mortgage Payments can be received in the form that is best suited to you, the homeowner; you can choose to receive money from your lender each and every month, until you are deceased or choose to leave the home, or can even request a large lump sum of money up front. In fact, because a Reverse Mortgage (also known as a HECM, or Home Equity Conversion Mortgage) utilizes the equity in your home to pay you, you have complete control over how the money is dispersed - you can even opt for an equity line, or a combination of lump sum, monthly payment, & equity line!
The best California Reverse Mortgage Lender is the one that is going to listen to you, help educate you on the pros and cons of Reverse Mortgages, and to get the results you need through the loan while working to help you achieve the lowest possible interest rate.
Interest rates on Reverse Mortgages are usually significantly less costly than Conventional Mortgages, both in terms of closing costs, as well as interest rates. FHA Reverse Mortgages are backed by HUD and the Federal Housing Administration, and secured by a Government backed Mortgage Insurance; both your home and your money is in good hands.
The Reverse Mortgage industry, along with most financial industries has come under a good deal of scrutiny with the implode of the housing bubble, and subsequently Reverse Mortgage licensing is managed and controlled by the US Government.
Nonetheless, in addition to ensuring you are working with a licensed lender, it's also important to ensure that they truly care and listen to your needs.
Many seniors wonder, what will become of my home when I die? Well, when a homeowner passes away, the named heirs of the homeowner of course will inherit the house - these heirs will have the choice whether to sell the home and payoff the loan, or keep the home. Safeguards are put in place to ensure that the home is not "upside-down", and leave a mess for heirs of the homeowner.
Speaking of these safeguards, the maximum amount that usually will be lent on a home is 80% of the homes value.
The process behind getting a reverse mortgage is quite simple - there are no income requirements or credit score requirements. This program was essentially brought about by the US Government to help Senior Homeowners enjoy their retirements. The first step? Contacting an ethical, responsible California Reverse Mortgage Lender.
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