Reverse Mortgage Lenders in California

california reverse mortgageallow retirees and the elderly to remain financially independent with a steady and reliable income stream throughout the best years of their lives. This mortgage option taps into the equity you’ve built up in your home and converts it into cash you can put toward living expenses and other purposes.

Reverse Mortgage California Information

There are no mortgages on the market that function the same way reverse mortgages do. These loans are entirely unique and limited exclusively to senior homeowners. In a reverse mortgage, your lender provides you money on a monthly basis or as a lump sum until the equity of your home is depleted. You don’t have to make payments on this mortgage. This mortgage pays you.

Reverse mortgages in California are popular for this reason. The money you receive from your lender can be spent on whatever you need it for. This may include medical expenses, debt payoffs, a nice vacation, or even the down payment on a new home. Study as much reverse mortgage information as you can to learn more about the benefits of this loan type.

To receive funds from your lender, you can arrange virtually any payment method you like. Each of the following options is available to you.

  • You can get the money all at once as a lump sum. This is helpful if you plan to use the money to purchase a new home or if you wish to invest it elsewhere.
  • You can access it as you need it through a line of credit secured by your home. This is best if you have variable expenses that come and go.
  • You can receive a payment of a set amount each month for as long as the equity lasts. This is the most common method used by seniors and the elderly.
  • You can combine any of the above methods to create a flexible payment plan that meets your needs.

When your lender provides you money each month or as a lump sum, the lender takes over ownership of an equivalent portion of the value of your home. But you don’t need to worry about losing your home. The lender only owns the equity, not the home itself. The title or deed remains in your possession, with your name on it, at all times.

When you pass away, the loan amount becomes due and the responsibility of paying it off transfers to whoever receives ownership of your home. This will likely be your children or other heirs. Typically, your heirs will sell off the home in order to pay back the debt owed through the reverse mortgage. The government has created laws that will protect your heirs from paying back more than what the home is worth.

Before you can take out a reverse mortgage, you need to find a lender to work with. This is an important step in the process. Each lender you contact will offer you a different rate. This rate is important, as it will directly influence how much of your own money you’ll be able to take advantage of. Find the lender who offers the lowest rates.

The most important consideration, though, is the cost of taking out the loan itself. Every lender will charges you fees and closing costs on your reverse mortgage. This is normal. It’s just part of the process. But you should try to find the lender who will charge the lowest fees on your loan. Read through our reverse mortgage checklist to get more information on this.

Fraud in 3-D - National Mortgage News

2007-11-14 07:13:54 by Apprsr

By Ann Fulmer
Forget the rose-colored glasses. To see what’s coming in the next year, you’re going to need those 3-D glasses they used to hand out at sci-fi movies.
As we all know, the real estate bubble has burst. Thousands of families have lost their homes and millions more may be at risk. And as bad as it is right now, most surveys predict that the worst is yet to come. A disaster is unfolding before our eyes.
As David Ignatius said in a recent Washington Post article, “Bubbles must be lived forward, even if they can be understood only in reverse

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  • Avatar Wilson M How do I find out who paid the property tax?
    Jun 03, 2013 by Wilson M | Posted in Other - Business & Finance

    My question involves a house located in the city of Los Angeles, California. I m trying to help a sickly 93 year old family friend who has a reverse mortgage. Due to major health issues in 2011, this friend has had to permanently move into a nursing home in 2011. She decided to give her house to the reverse mortgage company in December 2011, however as of today June 3rd, she never signed-off the formal paperwork to give her house to the reverse mortgage company. Yet somehow looking at online records, her house was put up for sale January 2012 and then taken off the market (de-listed) in March 2012 …

    • If it is still in your friend s name, then the reverse mortgage company has not yet foreclosed on the property. it is most likely that they paid for the property taxes; this would be expected, as they will just add the amount advanced for the property taxes to the loan balance. once the current year s taxes remain unpaid for a few months, the lender will then again advance the money to pay off whatever is past due. if it is indeed still in your friends name, with the reverse mortgage lender as lien holder, there is no way they would have rented out the house. they are not allowed to do that …