Reverse Mortgage for Seniors in Newport Beach CA

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Reverse Mortgage for Seniors in Newport Beach CA
Reverse Mortgage for Seniors in Newport Beach CA Although frequently 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. To learn more get in touch with us today. Seniors who have already bought a house and built equity could possibly receive a lump sum of cash money very quickly. A reverse mortgage is a government program which allows home owners 62 years and older to get cash payments while still living in their homes. The program was developed by the Federal Housing Administration (FHA) to aid seniors with living costs they may not have been prepared for. Due to the huge interest for the mortgage program it has been around for a very long time. A reverse mortgage could help your way of life if you need to have money right away. A Reverse Mortgage is a 'non-recourse' loan. The Federal government ensures all Reverse Mortgages and the lender can only look to the home to satisfy the loan. This means there is no individual liability to you or your inheritors. Repayment is due after all homeowners permanently 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. A Reverse Mortgage is a loan, but in reverse. You still retain title and ownership, and control of your house. Along With a Reverse Mortgage you can never be forced from your house and there certainly is no time limitation on the loan. The lender sends cash to you and you never will have to make a monthly payment for just as long as you live in the house.

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