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LEARN ABOUT REVERSE MORTGAGE IN CA
Reverse Mortgage in California
A reverse mortgage is a loan that allows homeowners over the age of 62 to be able to convert a portion of their home equity into monthly payments or cash. Reverse mortgages can be extremely appealing to individuals who may need or want to supplement retirement funds. The reverse mortgage loan balance is not due until the borrower moves out of the home, fails to pay taxes or insurance, neglects to maintain the home, or passes away. If the borrower passes, a spouse, next of kin, executor or estate may be responsible to repay the remaining balance of the loan. Borrowers are not required to continue to make monthly payments to their mortgage but may choose to do so if they would like to prevent it from accruing heavily. There are 3 different kinds of reverse mortgages: proprietary reverse mortgages, home equity conversion mortgages, and single-purpose reverse mortgages.
Requirements for Reverse Mortgage
At least one borrower must be 62 years or older.
The house must be your primary residence
Your home has to be in good shape and must meet the required property standards
You must be able to afford to pay property taxes, insurance and homeowners association fees.
WHAT ARE THE BENEFITS OF AN REVERSE MORTGAGE LOAN?
There is a multitude of different benefits that a reverse mortgage loan offers. Whether the borrower is in need of financial assistance or would just like access to additional funds during retirement there are several reasons to get a reverse mortgage.
- Consolidating debts
- Making home-improvements
- Eliminating or lowering monthly mortgage payments
- Paying for in-home care
- Protecting a home from declining home markets
Need More Information?
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