Many Californians aged 62 or older choose a reverse mortgage as a way to supplement their retirement income. A reverse mortgage allows homeowners to convert their home equity into cash, with the lender making payments to the borrower. The loan is typically repaid when the borrower moves out of the home or passes away, usually […]
Reverse Mortgage Borrower’s Occupancy Requirements Understanding a borrower’s reverse mortgage occupancy requirements can be complex. As warmer weather approaches, it’s important to remember that many reverse mortgage borrowers, often referred to as “snowbirds,” migrate south to enjoy milder temperatures. All reverse mortgages have the condition that the borrower must live in the property as their […]
If you have a reverse mortgage, understanding your statement is crucial to managing your loan effectively. Here’s a breakdown of the key sections in your reverse mortgage statement: Reverse Mortgage Statement – Explanation of Terms Statement Date This represents the period for which the statement is being provided. The sample statement might cover the month […]
Reverse mortgages are often advertised as a simple way for seniors to access their home equity, but the reality can be more complex—especially when it comes to property requirements. If you’re considering a reverse mortgage in California, understanding the specific property qualifications is essential. Understanding Reverse Mortgage Property Requirements The exact requirements for a reverse […]
Reverse Mortgage for Home Repair | Repair Set-Asides to Assist If you or a loved one is considering a reverse mortgage in California and the home requires repairs, you may be wondering how those costs will be handled. The good news is that HUD guidelines allow for repair set-asides under certain conditions, making it possible […]
While keeping the same reverse mortgage on the same terms, you can reduce the interest you ultimately pay by adding extra dollars onto your monthly payment. Why Trust Us? Fact-Checked If you have a reverse mortgage in California and find yourself with extra cash—perhaps from an inheritance, a windfall, or increased financial stability—you might consider […]
Understanding Reverse Mortgage Interest Rates Fixed Rates If your reverse mortgage has a fixed rate, the interest rate in your contract will remain the same for the duration of your rate term. Common fixed-rate terms include 6-month, 1-year, 3-year, or 5-year fixed terms. This provides stability, ensuring your rate does not fluctuate. Variable Rates If […]
When Do You Need to Pay Back a Reverse Mortgage? A reverse mortgage in California must be repaid in full if the last surviving borrower or eligible non-borrowing spouse: Passes away Sells the home No longer lives in the home as their primary residence The last scenario can occur if the borrower moves into an […]
Reverse mortgages have often been misunderstood due to myths and misconceptions, but today’s reverse mortgage programs are significantly different from those in the past. As more homeowners discover the advantages of accessing home equity, reverse mortgage loans continue to gain traction among senior homeowners in California. By now, you may already be familiar with some […]
If you’re considering a Home Equity Conversion Mortgage (HECM) – also known as a reverse mortgage – in California, you likely have several questions, especially about interest rates. Reverse mortgage interest rates impact how much you may qualify for in funds, making it essential to understand how they work and, most importantly, how they affect […]
