Many retirees have a significant portion of their net worth tied up in their home equity. A reverse mortgage is a way for a homeowner who is age 62 or older to borrow against the value of their home. This can provide much-needed cash to supplement Social Security and other retirement income sources. However, they can be complicated and costly. Reverse mortgages certainly aren't right for everyone, but for some homeowners with limited income and assets, they could be a lifesaver. You First Mortgage is a licensed mortgage company that assists clients in and around the Santa Rosa, CA area. Our reverse mortgage specialists can assess your situation, verify your reverse mortgage eligibility, and determine whether or not this type of loan may be right for you. We will assist you throughout the process and provide you with a wide selection of loan options from various lenders.
Many retirees will sell their homes and downsize. Reverse mortgages allow you to borrow against the home equity you've built up so that you can stay in your home and have cash for the things you need. Contact us today in order to speak with a qualified professional and find out what financing options may be beneficial for your unique situation. We'll provide you with more information on reverse mortgage lending and guide you through the process. Call (707) 919-3103 or fill out our online contact form. We're looking forward to hearing from you and helping you find an efficient way to meet your financial needs.
Homeowners over the age of 62 who own their homes outright, or have considerable equity in their homes, can use a reverse home loan to assess the money they have tied up in home equity. They may receive funds in the form of a lump sum, monthly payments, or a line of credit. The homeowner does not make payments on the loan. The balance of the loan becomes due and payable either upon the borrower's death or when they move and sell the house.
Lenders must structure a reverse mortgage so that the loan amount is not higher than the home's value. A drop in the home's market value could cause the loan amount to exceed that value. In that case, the borrower and their estate are not responsible for paying the difference.
This is a basic overview of the reverse mortgage:
A You First Mortgage broker can help you determine your reverse mortgage eligibility. There are no requirements surrounding the income or health status of the borrower.
Many borrowers go directly to lenders to apply for loans. You First Mortgage is a mortgage brokerage firm. That means we apply on your behalf with multiple lenders in order to offer you the best selection of loans. Why should you work with our reverse mortgage specialists in the Santa Rosa, CA area?