logo

News & Updates

Get together with SAA

Press releases and announcements

HECM, Reverse Mortgage and More

Recent news

If you own your own home, chances are you borrowed money from a bank or financial institution to take out a mortgage to finance your purchase. While there are many types of traditional mortgage loans to choose from, they often share the same criteria. However, there is another type of mortgage that you may not have heard about until now because it is only available to seniors aged 62 or […]

Read more

Qualifications for a Reverse Mortgage As the Boomer Generation moves further towards retirement age, questions about qualification for reverse mortgages are more and more common. Here are some things people need to keep in mind when determining their qualification for a reverse mortgage. What Are the Minimum requirements for a Reverse Mortgage? In order to qualify for a reverse mortgage in California, the following minimum requirements must be met: Age A […]

Read more

For seniors, a large part of retirement income derives from Social Security. Since more than 50% of income is relied on for two-thirds of those in retirement, many are not able to appropriately deal with changes that come with the benefits. Two sources of income usually come from savings and home equity, which is often overlooked. Home equity is part of the property value that is an owned asset of […]

Read more

Purchasing a Home using a Reverse Mortgage in California There are currently a multitude of advertisements on television and radio — usually hosted by some television star of yesteryear — extolling the benefits of a reverse mortgage. While, certainly, a California reverse mortgage has its benefits, there is one question that remains to be answered: Can you purchase a home using a reverse mortgage? The short answer is, of course, […]

Read more

The 5 Types of Reverse Mortgages A reverse mortgage is a home loan that allows senior homeowners aged 62 years or older to convert the equity in their home into cash. One of the most difficult decisions seniors face when taking out a reverse mortgage is which of the five different types of reverse mortgages in California to use. Each option has its pros and cons, which must be weighed […]

Read more

A home equity conversion mortgage (HECM), or reverse mortgage, is a home loan that lets you convert the equity in your home into cash. To be eligible for a HECM reverse mortgage California citizens must be aged 62 years or older. You must either own your home outright or have a mortgage balance that you can pay off at closing with the proceeds from your reverse mortgage. A reverse mortgage […]

Read more

If you’ve started to look into reverse mortgages in California, you’ve probably seen very strong opinions both for and against taking out a reverse mortgage. Like most things in life, the real answer lies somewhere in the middle. There are many situations where a reverse mortgage is an excellent financial decision and others where it may not be the best move. Weigh the pros and cons of reverse mortgages to […]

Read more

Many seniors enter retirement with less available cash than they expected. Often, savings plans have failed to meet the gap between living expenses and available funds. This is one reason why California seniors consider reverse mortgages to avail themselves of the equity in their homes, but it isn’t the only one. Some want to delay receipt of social security until after the age of 70 in order to get a […]

Read more

One of the most useful types of reverse mortgages in California is a home equity conversion mortgage, or HECM. An HECM lets you leverage the equity you’ve built up in your home to receive payments based on the value of that equity and the property. You can use that money to pay off your standard (forward) mortgage, supplement your retirement income, buy another property, or simply spend it as you […]

Read more

There’s a lot of misinformation regarding reverse mortgages and how they differentiate from other home equity loans, however, you will be delighted to know that their requirements are often the same as traditional mortgage loans. Common Responsibilities and Requirements about Reverse Mortgages Similar to any homeownership or mortgage, you are responsible for paying the annual property taxes and homeowner’s insurance; however, unlike a traditional mortgage, a reverse mortgage requires the […]

Read more