|
California Reverse Mortgage Loans Unlocks Home Equity For Seniors
Keith Hunt
Reverse mortgages are becoming extremely popular with seniors in California since the U.S. Department of Housing and Urban Development (HUD) 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 reverse mortgage allows the homeowner to convert a portion of the home equity into cash. Unlike a traditional home equity loan (HELOC) or second mortgage, repayment is not required until the borrower no longer uses the home as a principal residence.
To be eligible the borrower must be at least 62 years old; own the home and have a low mortgage balance that can be paid off at closing with proceeds from the California reverse mortgage loan, and must live in the home.
With a traditional second mortgage loan, or a California home equity line of credit (HELOC), there must be sufficient income versus debt ratio to qualify for the loan, and monthly mortgage payments are required.
The California reverse mortgage loan is different in that it pays the homeowner, and is available regardless of current income.
The reverse mortgage loan amount depends on borrower's age, current interest rate, other loan fees, and the appraisal value.
The loan is not repayable as long as one of the borrowers continues to live in the house and keeps the taxes and insurance current.
If the home is sold or no longer used as a primary residence, the homeowner or the estate repays the reverse mortgage, plus interest and other fees, to the reverse mortgage lender.
The remaining home equity belongs to homeowner or heirs. No other assets will be affected by a California reverse mortgage loan and the debt will never be passed along to the estate or heirs.
For more information on a California reverse home mortgage loan call Goldmedalmortgage.com at 866 398 4664 or go to <http://www.goldmedalmortgage.com>;
California reverse mortgage loan lender
|
- Home Equity Management Plan
Copyright 2006 Margaret NtifoDepending on your individual financial circumstances, there are attractive and appealing reasons for releasing your home equity for investment purposes. In fact, when left...
- Obtaining a Home Equity Loan Online
Private lenders, banks, and mortgage companies are all setting up shop on the internet, and all make it possible to obtain a home equity loan online. Competition between lenders is stiff, so be sure to...
- Consider Different Reverse Mortgage Options
There are many different reverse mortgage options: single purpose reverse mortgages, federally insured reverse mortgages, and proprietary (private sector) reverse mortgages. Each option has different pros...
- Reverse paddling
Reverse paddling is an important kayaking technique.While forward paddling is probably one of the most commonly used paddling strokes, reverse paddling is just as important. In fact, before you go kayaking,...
- The Truth About Reverse Mortgages
When looking into reverse mortgage options, it can be hard to decipher between fact and myth. It is important to understand the aspects of the program to make sure that it is right for you and your situation.Simply,...
- Temptations and drawbacks of home equity loans.
Once you have built up equity in your home, you have the privilege of applying for a home equity line of credit, which allows you to borrow the money you need. Most financial insititutions ( banks, savings...
- Home Equity Mortgage-Refinance
A home equity mortgage refinance may be a great way to go right now, before rates go up. Over the last few years everyone has heard about friends and family refinancing their home mortgage. Well, you may...
- Finding Home Equity Line Of Credit Information
Both before and after you get a home equity line of credit, it is important to make sure that you have adequate information. Before you get the home equity line of credit, you should have as much information...
- Types Of Cheapest Home Owner Loan Lenders
You have many choices when searching for the cheapest home owner loan lenders. Your choices can range from local banks, finance companies, online lenders and mortgage lenders. Banks have been offering...
- What is a Reverse Mortgage?
Simply stated, a reverse mortgage is a loan that enables homeowners (age 62 and older) to convert part of the equity in their home into a tax-free income without having to sell the home, give up the title,...
- Smart Mortgage Moves In A Changing Market
For years, buying real estate has seemed like a "sure thing" investment. In many parts of the U.S., housing prices have gone up more than 70% over the past five years, and in a few red-hot markets like...
- Yes, You Really Can Invest In Real Estate Without
Do you want to get involved in investing in real estate but dont seem to have any extra money in the bank? This is a common problem, but what you may not realize, is that you can start investing with...
- Home Equity Loan Vs. Home Equity Line Of Credit
The reasons to consider a second mortgage are as varied as the programs available to you once you make the decision to tap into your home equity. Some popular reasons include college tuition, bill consolidation,...
- Reverse Mortgage Answers
A reverse mortgage, also called the Home Keeper mortgage, you borrow against the value of your home and receive loan proceeds according to the payment plan that you select. Unlike a traditional home equity...
- Wise and Unwise Uses of a Home Equity Loan
A home equity loan can be used for anything from paying off high-interest credit card debt, to home improvements to buying a car. The best uses of a home equity loan improve your financial situation, your...
- Home Equity Loan Scams: Equity Stripping
For many people, home equity loans are quite useful. They allow them to make necessary home improvements and increase the value of their homes. Unfortunately, in addition to lenders who are interested...
- Home Improvement Loans
Once you own a home, youll get the urge to make home improvements. Often, youll need a home improvement loan. Home Improvement LoansWhether youve lived in a home for years or just purchased it, youll...
- Reverse Mortgages
Dont Consider Cashing in your Homes Equity Until You Read This!As an older american you can turn to a "reverse" mortgages to seek money to pay off your current mortgage, finance a major home improvement,...
|
| | |
