California Reverse Mortgage Loans Unlocks Home Equity For Seniors

Reverse mortgages are becoming very popular among seniors in California after the U.S. Department of Housing and Urban Development (HUD) has 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 guide to reverse the house allows you to convert a portion of the equity home in cash. Unlike a traditional home equity loan (HELOC) or second mortgage, repayment is required until the borrower no longer uses the home as principal residence. To be eligible the borrower must be at least 62 years; own home and have a low mortgage balance that can be paid at closing with the proceeds of the reverse mortgage loan in California, and must live in the house. With a traditional second mortgage loan or a home equity line in California of credit (HELOC), there must be sufficient income, debt ratio to qualify for the loan, mortgage and monthly payments are required. The California reverse mortgage loan is different because it pays the landlord, and is available regardless of current income. The amount of reverse mortgage loan depends on the age of the borrower, current interest rate, other loan fees, and the value of assessment. The loan is not repayable until one of the borrowers continues to live at home and keeps taxes and insurance current. If the house is sold or is no longer used as a primary residence, the house or the company pays the reverse mortgage plus interest and other fees for reverse mortgage lender. The remaining home equity belongs at home or heirs. N. other activities will be affected by a California reverse mortgage loan and the debt will never be passed through the property or heirs. For more information about a home loan reverse guides called Goldmedalmortgage.com in California 866 398 4664 or visit