Reverse Mortgage for Seniors in Laguna Woods CA Exactly how Does a Reverse Mortgage Work? A Reverse Mortgage is a loan, but in reverse. You still retain title and possession, 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 limit on the loan. The lender sends cash to you and you do not will have to make a payment for provided you live in the house. A Reverse Mortgage is a 'non-recourse' loan. The Federal government guarantees all Reverse Mortgages and the lender can only look to the house to satisfy the loan. This means there is no individual liability to you or your beneficiaries. Repayment is due after all home owners permanently move out of the house (pass away, sell, or permanently move out). Although frequently referred to as a reverse mortgage, the programs formal name is a home equity conversion mortgage (HECM). Developed 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 home and built equity could possibly get a lump sum of cash money quickly. A reverse mortgage is a government program that enables home owners 62 years and older to get cash monthly payments while still living in their homes. The program was created by the Federal Housing Administration (FHA) to aid seniors with everyday living costs 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 help your lifestyle if you need to have cash right away.
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