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| − | Reverse mortgages are becoming really well-known with seniors in California given that the U.S. Division of Housing and Urban Development (HUD) developed a single of the first.
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| − | A California reverse residence mortgage allows older Americans to supplement social security, meet unexpected health-related expenditures, make home improvements, and far more.
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| − | A reverse mortgage allows the homeowner to convert a portion of the house equity into cash. Unlike a traditional house equity loan (HELOC) or second mortgage, repayment is not needed till the borrower no longer utilizes the house as a principal residence.
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| − | To be eligible the borrower need to be at least 62 years old own the property and have a low mortgage balance that can be paid off at closing with proceeds from the California reverse mortgage loan, and need to live in the house.
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| − | With a standard second mortgage loan, or a California property equity line of credit (HELOC), there have to be enough revenue versus debt ratio to qualify for the loan, and monthly mortgage payments are needed.
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| − | The California reverse mortgage loan is distinct in that it pays the homeowner, and is available regardless of current revenue.
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| − | The reverse mortgage loan amount depends on borrower's age, current interest rate, other loan charges, and the appraisal value.
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| − | The loan is not repayable as long as one of the borrowers continues to reside in the property and keeps the taxes and insurance coverage current.
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| − | If the home is sold or no longer utilised as a major residence, the homeowner or the estate repays the reverse mortgage, plus interest and other costs, to the reverse mortgage lender.
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| − | The remaining home equity belongs to homeowner or heirs. No other assets will be impacted by a California reverse mortgage loan and the debt will never be passed along to the estate or heirs.
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| − | For more information on a California reverse home mortgage loan contact Goldmedalmortgage.com at 866 398 4664 or go to < [http://www.bbb.org/atlanta/business-reviews/mortgage-brokers/generation-mortgage-company-in-atlanta-ga-27254866 human resources manager] [http://rismedia.com/2010-01-19/top-9-reverse-mortgage-myths-separating-fact-from-fiction/ reverse mortgage fact] [http://www.bbb.org/atlanta/business-reviews/mortgage-brokers/generation-mortgage-company-in-atlanta-ga-27254866 rating mortgage companies]
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Nuvarande version från 27 oktober 2012 kl. 09.36
