Reverse Mortgage Basics For Fresno, CA: What do I not know that I should?
Question: Who can qualify for a Reverse Mortgage?
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?
- A lump sum
- A line of credit
- Fixed monthly payments
- Or any combination of the above
Question: What are the benefits?
- 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.
Security 1 Lending
Fresno Reverse Mortgage Specialist