Reverse Mortgage Brokers in California

How Does a Reverse Mortgage Work?

A Reverse Mortgage is a loan designed for homeowners 62 and older. It can help them comfortably age in place by offering access to the growing equity they have in their residential property. Reverse Mortgages do not require monthly payments, and repayment is not due until the loan is terminated. They also provide a great deal of flexibility in how the borrower can access and spend funds. This provides an option for creating financial freedom, and our Specialists are happy to walk you through every step of the process.

Reverse Mortgage Facts

How Much Money Do You Get from a Reverse Mortgage?

The answer to this question depends on your individual situation, so be wary of brokers who are quick to offer an exact figure. There are many factors that dictate how much you are actually eligible for. Fortunately, our trained specialists can help you get a clearer picture of how much you may qualify for. Click here to learn more.

Reverse Mortgage Pros and Cons

The Cons:

• Only available to those 62 years of age and older
• Prevents the immediate sale of the home
• May affect Medicaid eligibility
• Interest can’t be deducted on your annual tax return

How Does a Reverse Mortgage Work When You Die?

When the last surviving primary homeowner passes away, the Reverse Mortgage becomes due. Rather than the home becoming the property of the bank, the heirs have several ways to settle the loan.

• They can keep the house and repay the loan.
• They can sell the house, pay off the loan, and keep the equity.