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Home Equity Conversion Mortgages for Seniors
A reverse mortgage is a loan option for homeowners age 62 or older. Once a considerable amount of the mortgage has been paid down or owned outright, those currently living in the home can take advantage of the Home Equity Conversion Mortgage (HECM) program. These reverse equity mortgages are insured by the FHA, providing homeowners no monthly mortgage payments while turning their home equity into cash.
Reverse Mortgage Explained and Requirements
Along with the age minimum and ownership status, the borrower must not be delinquent on any federal debt and be able to continue making payment of ongoing property charges. An HECM can also be used to purchase a primary residence, pending any difference between the HECM proceeds and sale price plus closing costs are paid with cash on hand.
Is There a Downside to Reverse Mortgages?
Before signing, it’s important to understand all aspects, such as the true cost of a reverse mortgage. Interest on the loan and fees accumulate overtime which increase the loan balance. This can use up home equity and reduce the amount of assets available to will to your family. And ultimately, fees can be higher than traditional loans. That’s why Pizarro Mortgage Banking will work to determine if a reverse mortgage solution is the right choice for you.
Reverse Mortgage Specialist in Riverside County
Carlos Pizarro and his Corona based lending company are the reverse mortgage specialists in Riverside, CA and ready to walk you through the process. Understand every aspect of reverse mortgages before making an uninformed commitment.
Get a Reverse Mortgage in Corona, CA
Want your homes equity to be working for you? Call Carlos today and schedule a walkthrough on how to get a reverse mortgage in Corona, CA. Learn how to live with more financial flexibility and peace of mind.
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