Reverse Mortgages in Sacramento, California?

Reverse mortgages in Sacramento, California?

If you are a Sacramento, California homeowner and you are considering a reverse mortgage an important step is to find a reverse mortgage specialist  with experience; someone who understands the ins and outs of the various programs available and can explain them in a way that you can understand. That someone should have assisted a large number of homeowners in not only refinancing but purchasing a home with a reverse mortgage. Taking the time to talk to a specialist about your Sacramento home and the benefits to you will help you make that important decision.  Ask for a no cost/no obligation loan comparison.

  The person who should consider a reverse mortgage is 62 or older, has a home in which they plan to stay and has substantial equity in their current home. 

   The person who should consider a reverse mortgage may not yet be retired but understands that his or her income will drop during retirement years. 

   The person who should consider a reverse mortgage is looking for ways to extend retirement income, understands that folks are living longer, and wants to make sure he or she has done everything possible to maintain their current lifestyle.

 The person who should consider a reverse mortgage has decided that their monthly mortgage payments are taking too big a bite out of their social security or pension and they see themselves running out of money. 

  The person who should consider a reverse mortgage has a home that is paid for and desires to improve cash flow while avoiding unnecessary drain on assets such as a 401(k), pension, and other investments. 

If you find yourself in the unfortunate situation of a pending foreclosure, a reverse mortgage may be a strategy for avoiding the situation if you act quickly. 

A reverse mortgage specialist may advise against refinancing to a reverse mortgage.  A homeowner  who should not consider a reverse mortgage for their Sacramento, California home,  is one who has a home he or she does not particularly wish to live in for the long term or possibly an adult child or relative with special needs to whom the home has been promised.   However, if your current Sacramento County home isn’t suitable (or you just want to live somewhere else) you can use a portion of the funds from the sale of your current home as a down payment on a new home and never have a mortgage payment as long as your new home is your primary residence. The borrower must, of course, continue to pay homeowner's taxes, insurance, and HOA dues (if any), and continue to maintain the home, of course. 

Generally income property is not eligible; however, rental income is acceptable in properties up to 4 units if one of the units is your primary residence.  Working farms do not qualify. Mobile homes or manufactured homes on leased land also do not qualify.  Condominiums must be FHA approved. 

New requirements for eligibility such as credit worthiness, ability to pay the taxes & insurance and assests to maintain the home are coming soon. Therefore, if you are looking for a reverse mortgage in Sacramento, California it is a good idea to call me    sooner rather than later.