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Is a Reverse Mortgage a Good Idea in California, Considering Your Options

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.

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Is a Reverse Mortgage Right for Me?

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.

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Reverse Mortgage Limit Set To Increase by the FHA in 2020

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.

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FHA Reverse Mortgage Guidelines

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).

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Reverse Mortgages in California

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.

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Michael Malyszko

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. 

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Millennials Face Housing Dilemma – Should I Buy or Rent in Chicago?

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

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What are the key benefits of a reverse mortgage?

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.

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How to qualify for a home loan

The requirements for being approved for a home loan are generally the same across programs, with a few exceptions, and they rely on proving you're in good enough financial shape to take on the cost of a mortgage. You can start to get a general idea of whether you'd qualify or not by using online pre-approval applications

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¿Cuáles son los beneficios de un préstamo hipotecario de VA?

Un Prestamo Hipotecario para la Administración de Veteranos es un beneficio militar muy útil. Los préstamos de VA (Administración de Veteranos) está garantizado por el Departamento de Asuntos de Veteranos de los EE.

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