Online Calculator | Noah Jones Speaks On The Subject Of Purchasing California Reverse Mortgage

Noah Jones Speaks On The Subject Of Purchasing California Reverse Mortgage

A reverse mortgage is a home loan for individuals age 62 plus above that provides payment-free funds. It allows householders to safely plus securely use some of their home equity while not selling their home or taking on monthly debt payments. Rather than paying the bank, this sort of mortgage is in reverse – the bank pays you. Learn more about california reverse mortgage here.

The most common reverse mortgage program is a Home Equity Conversion Mortgage (HECM) that was designed by Congress in the 1980′s. The majority of reverse mortgage programs these days emulate the HECM. The U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Authority (FHA) regulate plus insure the HECM reverse mortgage in California and other states. 

Get tax-free money plus make no payments for so long as you reside in your home. You maintain your home ownership and control of your title.  Use the funds to pay off your current mortgage, eliminating your monthly payments; remaining funds may be used for any purpose

Cash can be received monthly, as a lump sum, as a line of credit or any combination thereof. Available line of credit grows like a saving account, at about five% per year.  Conservative limits use solely a fraction of home equity

Leave your home and remaining equity to your heirs

HECM Reverse Mortgage is insured by Federal Housing Authority (FHA)

Security in know that you are able never owe more than the house is price

Regulated by the US Dept. of Housing and Urban Development (HUD)

Consult with independent, HUD-trained reverse mortgage counselors. 

Minimum age to qualify is 62, with some exceptions.   Home needs to be the first residence of the borrower(s).  Reverse mortgage money has to first be used to pay off any existing mortgages.  No credit, income or health necessities.  Quantity of money available is primarily based upon the home-owner’s age, equity in their home plus its location. Consult our On-line Calculator for an estimate plus to see if you qualify.

Eligible property sorts include single family, condo, city-home, two-4 unit building, some mobile / manufactured homes and stock cooperatives

Educate yourself concerning the basics

Check our reverse mortgage calculator to see if you qualify plus then request a free quote

Review the quote and decide which reverse mortgage program is appropriate for you

 

 

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