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HECM, Reverse Mortgage and More

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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 […]

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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 […]

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CA Reverse Mortgage California is among the top five most expensive states in the country in 2016, which is one of the primary reasons why California reverse mortgages have become so popular. These financial tools were designed specifically to help seniors live more comfortably without fear of losing their homes in spite of financial uncertainties. FHA reverse mortgages for Seniors are also commonly referred to as Home Equity Conversion Mortgages (HECMs). While […]

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A reverse mortgage allows you to turn the equity in your home into supplemental income. It’s called a reverse mortgage because there are no monthly payments. Instead, interest is added to the loan’s balance, and you repay the entire loan when you sell your home or pass away. What Are the Benefits of a Reverse Mortgage in California? You may have several options to meet your short- and long-term financial […]

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What is a Reverse Mortgage or Home Equity Conversion Mortgage Loan? Imagine a loan that would allow you to capitalize on the equity in your home while allowing you to remain living in it. If you are a senior homeowner, a reverse mortgage loan may be right for you. Beginning in the 1960’s a new method of mortgage loan was created for senior homeowners who wished to tap into the […]

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When entering retirement, many seniors worry about income and how to achieve financial stability. With the start up of reverse mortgage loans, it has become relatively easy for senior homeowners to eliminate monthly mortgage payments and pay other living expenses. So how much can you get from a reverse mortgage in California? The amount of money available from a reverse mortgage on your home depends on a few factors: age, […]

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How Do I Repay a Reverse Mortgage in California / HECM? When you initially learn about a California reverse mortgage, it may be surprising to hear that you no longer have to make those monthly mortgage payments. It may come off as a trick, something that’s, as they say, “too good to be true”. Though a reverse mortgage provides financial stability, it is still a loan and must eventually be returned. […]

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Does a single utterance of retirement invoke worry and fear in you? And should it really? Entering retirement is a common and understandable fear for many people, but it shouldn’t have to be. After years of paying off monthly mortgage and earning equity on your home, you could benefit from a program you may not know existed: a reverse mortgage. What is a reverse mortgage and what does it mean […]

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What You Need to Get a Reverse Mortgage For most people, taking out a mortgage is part of the American dream, so the basics of taking out a regular mortgage are pretty common. While fewer people know a lot about reverse mortgages, the process is in some ways easier than a regular mortgage. Here’s what you’ll need to qualify for a reverse mortgage in California. Financial Qualifications The qualification process […]

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What Is a Reverse Mortgage? You’ve probably seen TV commercials for a reverse mortgage, but are not sure what it is or what its benefits and drawbacks are. If you are looking to get a reverse mortgage in California, or elsewhere in the United States, consider the following things. Reverse Mortgage: The Basics A reverse mortgage is sometimes called a home equity conversion mortgage. Designed specifically for homeowners aged 62 […]

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