Reverse Mortgage for Seniors in Mission Viejo CA

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Reverse Mortgage for Seniors in Mission Viejo CA
Reverse Mortgage for Seniors in Mission Viejo CA A Reverse Mortgage is a loan, but in reverse. You still hold on to title and ownership, and control of your home. Using a Reverse Mortgage you can never be forced from your house and there is no time limit on the loan. The lender delivers cash to you and you do not will have to make a monthly payment for as long as you live in the home. Seniors that have invested in a home and established equity could possibly get a lump sum of cash fast. A reverse mortgage is a government program which enables home owners 62 years and older to receive cash monthly payments while still living in their houses. The program was created by the Federal Housing Administration (FHA) to help seniors with everyday living expenses they might not have been prepared for. Because of the huge demand for the mortgage program it has been around for a long time. A reverse mortgage might benefit your way of living if you need money as soon as possible. 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 fulfill the loan. This indicates there is no individual liability to you or your beneficiaries. Repayment is due after all home owners completely vacate the home (pass away, sell, or permanently move out). Although typically 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. A Reverse Mortgage does NOT affect the appreciation of your residential property. Your home will continue to increase in market value while you enjoy your Reverse Mortgage.  

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