Get A Reverse Mortgage In California
The reverse mortgage allows California seniors to receive a portion of their home equity in cash, without selling their home or taking on a mortgage payment. In this way, the senior continues to live in their own their home and avoid taking on new debt payments. The California reverse mortgage is a much better solution than selling their home or obtaining a new traditional mortgage.
Interest Rate
All but two reverse mortgages carry adjustable rates, so this section will show you the interest rate index and the margin that is added to the index to get your total interest rate. The index is either the 6 Month Treasury Index or the LIBOR which are commonly used indexes for mortgage loans.
Mortgage Insurance
In addition to the interest rate, all FHA reverse mortgage products tack on one half of one percent (0.5%) for ongoing mortgage insurance. This effectively increases the interest rate by that amount and does not change from lender to lender.
Expected Interest Rate
This is the total rate (excluding mortgage insurance) calculated by adding the margin to the long-term index, such as the 10 year Treasury. It represents a reasonable estimate of the average rate you can expect to see over the long run.
Enjoy an Eased Out Retirement Life With Reverse Mortgages
California reverse mortgage borrowers that procrastinated and did not tap into their home equity when their home values were at an all time high, are kicking themselves today. For whatever reasons, some people have a difficult time making a decision to access their accumulated home equity through this unique home loan specifically designed for people 62 and older.
As a California reverse mortgage consultant, I have watched some potential borrowers literally “sit on the fence” for years. I have heard all the reasons and rationalizations in the book. They range from; “I need to leave the home to my kids,” “My children don’t think it’s a good idea,” “A friend told me these loans are a bad deal,” “I heard these loans cost too much,” “I was told I can lose my house and be out on the street if I get a reverse mortgage,”…on and on go the excuses and the perpetuation of misinformation and myths about this unique home equity loan.
If you are 62 or older, have substantial home equity and are struggling to get by on your fixed retirement income, you should really get a grip and take a serious and thoughtful look into the FHA insured HECM (Home Equity Conversion Mortgage) backed by HUD. Educating yourself and doing REAL research, based on the facts, not the myths, is the only way to make a decision about whether this kind of loan is a wise solution for you or not.
Life after retirement is never easy, especially if you are facing a financial crunch
It is a very well known fact that after retirement the monthly flow of income stops and this can have adverse impact on the life of the senior citizen. It goes without saying that money plays a very important part in the life of an individual and no matter whether you are retired or working you need to have a constant flow of money to take care of all your needs. Reverse mortgage is something which can help out the senior citizens who are looking for a constant flow of money even after retirement. It becomes very difficult for an individual to lead a life of dignity and honor if there is lack of money and this can set this just right for you. Reverse mortgage is something that citizens residing in and around California can use for their benefit.
Personal Insurance
The increase in California real estate values in recent years and the continued desirability of residing in California, have given seniors who have owned their homes for at least 10 years a unique advantage.
Loans & Mortgages
Seniors in California have more equity to tap into with a reverse mortgage than the vast majority of seniors in other states. The amount they paid for the home is probably a small percentage of its current value.
Savings & Investments
Unless they cashed out a significant portion of their equity through a home mortgage refinance transaction, a reverse mortgage could be the perfect solution to providing the income they need to remain in the home.
Quality Is What Matters
To be eligible to get money through this, the person must be the owner of a house. The California reverse mortgage loan is available to any senior citizen above the age of 62 years who owns a house on the equity of the house. The person who takes the reverse mortgage loan will not have to repay the loan amount till the time he decides to sell the house, move out of the house or the borrower passes away. One of the main advantages of this is that this will never be passed on to the heirs if and when that person who takes the loan passes away. The loan amount will be automatically paid off as the person who provides the reverse mortgage loan will become the owner of the house after the house owner passes away. The loan amount will vary based on the equity of the home.
To be eligible for any reverse mortgage loan in California a person must fulfill certain eligibility criteria. First the person must be a senior citizen, which means that he must be more than 62 years of age. The other primary requirement to get a reverse mortgage loan is that the loan seeker must in possession of a home. Therefore, if you want to take a loan from a broker, you must make sure that you know about the various things that are associated with taking the loan amount. Since you want to take a loan, it will be best for you to be informed about these aspects, so that you do not fall prey to any fraud loan brokers.
Life is full of both pleasant and unpleasant surprises and that is why we need to be prepared to deal with any eventualities at any time. Taking a California reverse mortgage loan is one way to deal with the financial aspect of any emergence that you may face in your life and especially if you are retired you need the money form this loan to take care of all your day to day needs. You can take the loan money either in lump sum amount or in monthly installments based on your needs.
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