A reverse mortgage is a home loan for [people|individuals] age [62|sixty-two] [and|plus] [above|higher] [that provides|that gives] payment-free funds. It [allows|permits] [homeowners|householders] [to safely|to securely] [and|plus] securely use [a portion|some|a little] of their home equity [without|while not] selling their home or taking on monthly debt payments. [Rather than|Instead of] paying the bank, [this type|this kind|this sort] of mortgage is in reverse – the bank pays you. [Learn|Discover|Find out] more about california reverse mortgage here.
The most common reverse mortgage program [is the|is a] Home Equity Conversion Mortgage (HECM) [which|that] was designed by Congress [in the|during the] 1980’s. [Most|The majority of|A good amount of|Nearly all] reverse mortgage programs [today|nowadays|these days] emulate the HECM. The U.S. Department of Housing [and|plus] Urban Development (HUD) [and the|and the final|and the overall] Federal Housing Authority (FHA) regulate [and|plus] insure the HECM reverse mortgage in California [and|plus] [other|alternative|different] states.
Get tax-free [cash|money|money] [and|plus] make no payments for [as long as|so long as] [you live|you reside] [in your|within your] home. You maintain your home [ownership|possession] [and|plus] control of your title. Use the funds to pay off your current mortgage, eliminating your monthly payments; remaining funds [may|can] be used for any purpose
[Money|Cash] [may|can] be received monthly, as a lump sum, as a line of credit or any combination thereof. Available line of credit grows [like|the same as] a saving account, at [about|approximately] [5|five]% per year. Conservative limits use [only|purely|solely] a fraction of home equity
Leave your home [and|plus] remaining equity to your heirs
HECM Reverse Mortgage is insured by Federal Housing Authority (FHA)
Security in [know|be acquainted with|be familiar with] [that|which] [you can|you are able] never owe [more than|more than just|more than only] [the home|the house] is [worth|price|value]
Regulated by the US Dept. of Housing [and|plus] Urban Development (HUD)
Consult with independent, HUD-trained reverse mortgage counselors.
Minimum age to qualify is [62|sixty-two], with [some|a few] exceptions. Home [must|needs to|has to] be [the primary|the first] residence of the borrower(s). Reverse mortgage [money|cash] [must|needs to|has to] first be used to pay off any existing mortgages. No credit, income or health [requirements|needs|necessities]. [Amount|Quantity] of [money|cash] available is [based|based mostly|primarily based] upon the [homeowner|home-owner|house owner]’s age, equity in their home [and|plus] its location. Consult our [Online|On-line] Calculator for an estimate [and|plus] [to see|to detect] if you qualify.
Eligible property [types|kinds|sorts] [include|come with] single family, condo, [town|city]-home, [2|two]-[4|four] unit building, [some|several|a few] mobile / manufactured homes [and|plus] stock cooperatives
Educate yourself [about|concerning|regarding] [the basics|the fundamentals]
Check our reverse mortgage calculator [to see|to detect] if you qualify [and|plus] then request a free quote
Review the quote [and decide|and choose|and judge] [which|that] reverse mortgage program [is right|is suited|is appropriate] for you
Tags: california reverse mortgage, california reverse mortgages, reverse mortage
