Reverse Mortgage for Seniors in Dana Point CA

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Reverse Mortgage for Seniors in Dana Point CA
Reverse Mortgage for Seniors in Dana Point CA Although commonly referred to as a reverse mortgage, the programs formal name is a home equity conversion mortgage (HECM). Created by the U.S. Department of Housing and Urban Development and insured by the FHA, a reverse mortgage is a loan for seniors 62 years and older. Seniors that have purchased a house and established equity could possibly receive a lump sum of cash money very quickly. A reverse mortgage is a government program which allows homeowners 62 years and older to get cash payments while still living in their houses. The program was created by the Federal Housing Administration (FHA) to assist seniors with living expenses they may not have been prepared for. Because of the large interest for the mortgage program it has been around for a long period of time. A reverse mortgage could benefit your way of life if you really need money as soon as possible. A Reverse Mortgage is a loan, but in reverse. You still maintain title and ownership, and control of your home. Using a Reverse Mortgage you can by no means be forced from your home and there certainly is no time limitation on the loan. The lender sends out cash to you and you do not need to make a monthly payment for as long as you live in the home. A Reverse Mortgage is a 'non-recourse' loan. The Federal government certifies all Reverse Mortgages and the lender can only look to the house to satisfy the loan. This means there is no personal liability to you or your beneficiaries. Repayment is due after all homeowners completely vacate the home (pass away, sell, or permanently move out). A Reverse Mortgage does NOT impact the appreciation of your home. Your home will continue to increase in value while you enjoy your Reverse Mortgage.

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