Reverse Mortgage for Seniors in Lake Forest CA A Reverse Mortgage is a loan, but in reverse. You continue to keep title and ownership, and control of your home. Along With a Reverse Mortgage you can at no time be forced from your residence and there is no time restriction on the loan. The lender gives cash to you and you do not have to make a monthly payment for so long as you live in the house. Seniors who have bought a house and established equity could receive a lump sum of money quickly. A reverse mortgage is a government program that enables homeowners 62 years and older to receive cash payments while still living in their homes. The program was developed by the Federal Housing Administration (FHA) to assist seniors with living costs they might not have been prepared for. Due to the large interest for the mortgage program it has been around for a long time. A reverse mortgage could help your way of life if you need cash as soon as possible. A Reverse Mortgage does NOT affect the appreciation of your home. Your home will continue to increase in market value while you enjoy your Reverse Mortgage. A Reverse Mortgage is a 'non-recourse' loan. The Federal government certifies all Reverse Mortgages and the lender can only look to the home to fulfill the loan. This means there is no personal liability to you or your inheritors. Repayment is due after all homeowners completely move out of the house (pass away, sell, or permanently move out). Although typically described as a reverse mortgage, the programs official 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.
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