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A reverse mortgage is a loan product designed for seniors who are 62 years of age or older, and who own a home. It allows these homeowners to access the equity in their homes without having to sell the property or make monthly mortgage payments. Instead, the loan is repaid when the homeowner either sells the property or passes away.

You can get many things online, boats, planes, mobile homes. In today’s crazy world where everything is at your fingertips, a Home Equity Conversion Mortgage differs. Obtaining one means you will have to meet with a team of professionals who are on your side. While you may think you know exactly what you need, there are many ins and outs of the business mortgage professionals in California can help you with to get you the best deal.

Knowing if you are ready for a reverse mortgage is an important step. You may ask yourself, “Is a reverse mortgage a good idea in California?” It can be a hard decision to make. There may be some instances where a reverse mortgage is not the right fit for you. Your counselor will let you know if you don’t fit the mold for the average reverse mortgage borrower, and may suggest other alternatives. Below are some of those options.

It can be rough getting older. Not just physically but financially as well. Yet there’s more advantages to being a senior citizen than a discount on the early bird special at your local diner. Reverse mortgages are exclusively for seniors—people younger than 62 won’t be approved.

Just like forward mortgages were set to spike in the new year, the Federal Housing Administration has also increased the maximum reverse mortgage claim amount in 2020. The new HECM limit in 2020 will increase from $726,525 (2019) to $765,600.

Since 1934, The Federal Housing Administration (FHA) has been providing homeowners with insurance on home loans. A FHA reverse mortgage is a type of loan designed for homeowners who are 62 and older. This type of a loan is also known as a Home Equity Conversion Mortgage (HECM).

The cost of living is an issue for many elderly citizens in California today. Many seniors are living on fixed incomes, which can be hard to manage with the rising costs of living. As costs continue to climb, many people choose to take out a reverse mortgage to help cover their bills.

Michael is justifiably proud of the wide array of loan products his company offers. “In addition to Conventional, FHA, VA, USDA, and Jumbo loans,” he says, “we also cater to Commercial clients as well as self-employed individuals and by using our unique Bank Statement and Profit and Loss Program we eliminate the need to provide tax returns. 

Many millennials are reaching out to us at Key City Lending questioning whether buying a home is the right decision for them.

A reverse mortgage is secured over a residential property where the homeowner relinquishes the home equity in exchange for payments that need to be made daily.