What is a Reverse Mortgage?
A Home Equity Conversion Mortgage (HECM) is a special type of mortgage that enables homeowners age 62 or older to tap into the equity in their home. Unlike traditional home loans, no repayment of the HECM loan is required until they no longer occupy the home as their principal residence. At that time, the lender will declare the mortgage due and payable. What is borrowed plus interest is due to the lender, remaining equity remains with the estate. If you are looking to buy a home in Eureka, McKinleyville, Arcata or Fortuna as well as the entire state of California, contact us today at 707-445-3027 or fill out quick quote.
Advantages of Reverse Mortgages
- No monthly mortgage payment is ever required
- Credit line growth rate
- Funds are tax free
- Homeowners keep all future appreciation
- Borrowers retain Title to the home
- No limitations to how the borrower may use the funds
- Borrowing spouse is protected
- Non Recourse Loan- Borrower will never pay more than the home is worth
- Payment disbursement options based on your needs
Reverse Mortgage Eligibility
- Be a minimum 62 years of age
- Own property outright or have considerable equity
- Occupy the property as your principal residence
- Meet financial assessment requirements
Qualify for a Reverse Mortgage Today
If you are are seeking a reverse mortgage in Eureka, Arcata, McKinleyville, Fortuna or anywhere in California we can help. For more information on Reverse Mortgages or how to get started contact us today at 707-445-3027 or fill out the quick quote.