Living in Southern California is the dream for many of us to retire in – but unfortunately, finding a home and financing it could be quite the nightmare. We want our clients to live as comfortably as possible, and this is why you have reverse mortgage specialists, like us over at Elite One.
Our team is dedicated to helping you find your dream home and financing it the best way possible. We know that one loan won’t fit all, that’s why we have a diverse portfolio of loans, and among the most popular for the aging population is the Reverse Mortgage.
This type of loan allows the elderly Americans to turn their home equity into cash, allowing senior citizens more financial security, and of course, a better quality of life during retirement. Because accumulated equity from making reverse mortgage payments can be turned into cash, this leaves the clients with more money to spend on healthcare and basic expenses. As long as tax and insurance payments have been completed, borrowers under this type of loan don’t have to pay it back until the home has been sold or vacated.
In order to qualify for reverse mortgages, the general requirements are:
- Borrowers need to be at least 62 years of age, and currently occupying in the home which serves as the principal residence.
- The property must be owned outright by the borrower, or at least have a minimal outstanding balance left to pay that can be finished off with earnings from the loan.
- The amount of money loaned to borrowers under the reverse mortgage plan will also depend on specific factors, such as the type of loan used, how much equity remains to be paid, as well as the age of the borrower.
However, there are different types of reverse mortgages that the Elite One team would be happy to discuss with you until we find the proper loan of choice for your needs.
One of the major benefits of this kind of loan is that homeowners still get to enjoy control and ownership of their property. Borrowers have a say on the benefits as well as responsibilities associated to their property. At any time, they can choose to sell the property while enjoying 100% equity of it as long as, as mentioned above, they have paid its tax and insurance dues.
Reverse mortgage borrowers are also able to enjoy these funds for as long as they live within their property, because the funds are based on home equity, and not on earned income, unlike other kinds of loans.
Borrowers can also rest well knowing that their reverse mortgage plan is backed up by the American government. However, payments for taxes and insurance must be made.
There’s no better way for senior citizens to enjoy their retirement years than by reaping the benefits of this loan while living in their homes.
Disclaimer: These materials are not from HUD or FHA and were not approved by HUD or a government agency.