Reverse Mortgage Basics For Fresno, CA

By
Mortgage and Lending with Security 1 Lending NMLS# 1064132

Jenna Yancey, Oregon Reverse Mortgage Specialist

 

 

 

 

 

Reverse Mortgage Basics For Fresno, CA: What do I not know that I should?

 

Question: Who can qualify for a Reverse Mortgage?

Answer:

  • The youngest borrower must be 62 years of age or older
  • The home must be the borrowers primary residence
  • The borrower must pay off any existing mortgage balance with the Reverse Mortgage

Question: How much can a borrower receive?

Answer: There are 3 determining factors in calculating how much a borrower can receive from a Reverse Mortgage

  • Current age of the youngest borrower
  • Current interest rates
  • The appraised value of the home

 

Question:  How can a borrower receive their funds from a Reverse Mortgage?

Answer:

  • A lump sum
  • A line of credit
  • Fixed monthly payments
  • Or any combination of the above

Question: What are the benefits?

Answer:

  • The borrower retains ownership of the home
  • Get rid of monthly mortgage payments
  • The loan does not become due until the last remaining home owner permanently leaves the home
  • A Reverse Mortgage is a government insured loan which means that even if the loan balance were to exceed the current home value then the borrower, or their heirs would not be liable for the excess

 

 If you live in the Fresno, CA area and have been considering a Reverse Mortgage for yourself or a loved one then it is important to get the facts and work with someone that you can trust. Education is the first step to determine if a Reverse Mortgage is the right step.

 

 

Jenna Yancey

Security 1 Lending

Fresno Reverse Mortgage Specialist

NMLS# 1064132

Jenna.Yancey@S1l.com

(559)974-3216

 

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Rainmaker
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John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Jenna - Welcome to ActiveRain community. Thank you for sharing an excellent blog about reverse mortgage basic.

Jul 29, 2013 06:50 AM #1
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Jenna Yancey

Reverse Mortgage Specialist
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