Understanding Reverse Mortgage Assignments to HUD If you’ve received a notice stating that your reverse mortgage is being assigned to the U.S. Department of Housing and Urban Development (HUD), you might be wondering what this means and how it affects you. Many homeowners in California find this process confusing, especially when dealing with servicers that […]
A reverse mortgage loan, specifically a Home Equity Conversion Mortgage (HECM), allows California homeowners to access their home equity while remaining in their homes. However, as a borrower, you must meet certain requirements to avoid foreclosure and maintain your loan in good standing. Your Three Main Responsibilities: Pay Property Charges on Time – Ensure that […]
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 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 […]
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 […]
How can I use a reverse mortgage in California? The short answer: spend it any way you like! There are no restrictions on how you use the money from your reverse mortgage, and you can fund anything you need. Below are some common uses for reverse mortgage proceeds in California: Increase Cash Flow to Cover […]
One of the most common concerns for California homeowners considering a reverse mortgage is whether it will impact their government benefits. While a reverse mortgage is insured by the government, it is not itself a government benefit. However, it’s essential to understand how it might affect the benefits you already receive. Since reverse mortgage borrowers […]
