Seniors, Remain in Your Home and
Eliminate Your Mortgage Payment.
Home Equity Conversion Mortgage (HECM)
- COUNCILING: Seniors must receive Reverse Mortgage counseling from an independent HUD approved councilor.
- The loan amount is based on the age of the youngest spouse. The older the borrowers are, the more proceeds they are eligible to receive.
- Home must be owner occupied.
- The borrower pays property taxes and insurance, and is required to keep the home maintained. If the borrower is unable to pay their property taxes and insurance, then a special set-aside (Impound Account) for from the reverse mortgage can be created.
- Loan fees can be financed, or paid out of the available loan proceeds. Borrowers only pay, out of pocket expenses for the appraisal and the Loan Counseling Fee.
- Loan Repayment is not required until the last surviving borrower permanently leaves the home as their primary residence. The HECM allows borrowers to live up to 12 consecutive months outside the home. The borrower or the borrower’s heirs pay off the loan by refinancing or selling the home. After the loan is repaid, all remaining proceeds from the sale of the home go to the borrowers or their estate.
- The total amount owed can never exceed the Current appraised value of the home. If the amount owed exceeds the home's value, the federal government will absorb the loss.
- When you require a very experienced mortgage councilor, Call me, to find the maximum allowable loan and all costs and make sure a Reverse Mortgage is right for you.
California Home Loans Since 1970
National Association of
- No Monthly Payments Requited, allowing Seniors to remain in their homes with limited income.
- Reverse Mortgages allows Seniors to retain Full Ownership In Their Homes.
- Overseen and Insured by Federal Housing Administration (FHA)
- The youngest borrower must be 62 or more years.
Call Bill Ladewig
Financing California Families Since 1970
California loans only