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HECM, Reverse Mortgage and More

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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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Is a Reverse Mortgage the Right Option for You? If you’ve seen ads promoting the benefits of reverse mortgages in California, you may be wondering whether there’s a catch. There is no catch, but like with other financial decisions, a reverse mortgage may or may not be right for you depending on your specific circumstances. Here are the key questions to consider when deciding whether to take out a reverse […]

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HECM reverse mortgages are just offered to borrowers who are 62 years or older, who wholly possess their house (or have almost no mortgage) and who reside in a particular kind of home. Unlike routine mortgages where monthly payments must pay the principal amount plus interest back, there aren’t any monthly repayments in this case. Using a routine mortgage, you risk losing your house should you not maintain payments; yet, […]

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Income is usually not a variable, and no medical tests or medical histories are mandatory. Should you seek a California HECM reverse mortgage, you must also experience free mortgage counseling from an unbiased government-approved “home bureau.” Financial institutions may require homeowner instruction or similar counseling. The sum you are able to borrow is determined by the worth of your house, the equity in your house, how old you are, as […]

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