California Reverse Mortgage Loans Unlocks Home Equity For Seniors

California Reverse Mortgage Loans Unlocks Home Equity For Seniors



California Reverse Mortgage Loans Unlocks Home Equity For Seniors
Reverse mortgages are becoming extremely popular with seniors in​ California since the​ U.S .​
Department of​ Housing and Urban Development (HUD) created one of​ the​ first .​
A California reverse home mortgage allows older Americans to​ supplement social security,​ meet unexpected medical expenses,​ make home improvements,​ and more .​
A reverse mortgage allows the​ homeowner to​ convert a​ portion of​ the​ home equity into cash .​
Unlike a​ traditional home equity loan (HELOC) or​ second mortgage,​ repayment is​ not required until the​ borrower no longer uses the​ home as​ a​ principal residence .​
To be eligible the​ borrower must be at​ least 62 years old; own the​ home and have a​ low mortgage balance that can be paid off at​ closing with proceeds from the​ California reverse mortgage loan,​ and must live in​ the​ home .​
With a​ traditional second mortgage loan,​ or​ a​ California home equity line of​ credit (HELOC),​ there must be sufficient income versus debt ratio to​ qualify for the​ loan,​ and monthly mortgage payments are required .​
The California reverse mortgage loan is​ different in​ that it​ pays the​ homeowner,​ and is​ available regardless of​ current income .​
The reverse mortgage loan amount depends on​ borrower's age,​ current interest rate,​ other loan fees,​ and the​ appraisal value .​

The loan is​ not repayable as​ long as​ one of​ the​ borrowers continues to​ live in​ the​ house and keeps the​ taxes and insurance current .​
If the​ home is​ sold or​ no longer used as​ a​ primary residence,​ the​ homeowner or​ the​ estate repays the​ reverse mortgage,​ plus interest and other fees,​ to​ the​ reverse mortgage lender .​
The remaining home equity belongs to​ homeowner or​ heirs .​
No other assets will be affected by a​ California reverse mortgage loan and the​ debt will never be passed along to​ the​ estate or​ heirs.
For more information on​ a​ California reverse home mortgage loan call Goldmedalmortgage.com at​ 866 398 4664 or​ go to​




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