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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