Reverse mortgage loans are a common financial solution for California’s senior homeowners seeking a way to tap into their home equity.
The most common type of reverse mortgage loan is the Federal Housing Administration (FHA)-insured Home Equity Conversion Mortgage (HECM) loan. Unless otherwise stated, we’ll be referring to HECMs when we talk about reverse mortgage loans.
Understanding Reverse Mortgage Loans
Reverse mortgage loans enable homeowners aged 62 and above to access a portion of their home equity without the need for monthly mortgage payments, provided they cover property charges like insurance, taxes and maintenance.
Reverse mortgages can be a great choice for older residents in California who wish to stay in their homes while gaining additional cash flow. The funds from a reverse mortgage can be used for virtually any purpose, such as medical expenses, home improvement or simply enjoying life.
These loans are available to eligible homeowners 62 and older who either fully own their homes or have a low mortgage balance that can be settled using the proceeds from the reverse mortgage loan.
Reverse Mortgage Loan Benefits
Individuals opt for reverse mortgages for many different reasons, including:
Reverse Mortgage Eligibility in California
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Considering a Reverse Mortgage in California?
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*This advertisement does not constitute tax or financial advice. Please consult a tax and/or financial advisor regarding your specific situation. **There are some circumstances that will cause the loan to mature and the balance to become due and payable. Borrower is still responsible for paying property taxes and insurance and maintaining the home. Credit subject to age, property and some limited debt qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.