The longer a senior has owned their home, the more reverse mortgages options they will enjoy. For seniors in Southern California who have owned their home for at least 10 years, having enough home equity is usually not a problem due to the high appreciation in this region. Even though home prices now appear to be headed down, most long-term residents still have a significant amount of home equity. And once the reverse mortgages Southern California are obtained, the homeowners need not worry about further home price depreciation. It will not affect the loan or amount of money available, as the lender (or FHA) assumes the risk of further drops in value. For this reason, the time to apply for a reverse mortgage is now, to avoid any risk of being disqualified due to further home equity declines.

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The Southern California region is known for its high cost of living. From home maintenance, to uninsured medical bills, to prescription drugs, and even at home care, seniors are finding that it can be difficult to afford all the necessities on social security alone. That’s why many senior homeowners have turned to California Reverse Mortgages to help cover their expenses. And many of these seniors end up with plenty of leftover money to pay for enjoyable things, beyond the necessities as well. Many seniors are now able to take advantage of their home equity to enjoy a higher standard of living using this payment-free home loan.

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Reverse mortgage interest rates are down again this week.

Home Equity Conversion Mortgage – FHA Reverse Mortgage:
Variable rate is at 3.75%. Index is the 1 Year CMT index plus a margin of 1.5%.
Fixed rate is at 6.18% to 6.45%

Non-FHA Jumbo Reverse Mortgages:
Jumbo Reverse Mortgage: 5.97% (variable LIBOR index plus 3.5% margin)
Fixed Rate Program: 8.750%

Please request a reverse mortgage quote for interest rates details, Total Annual Loan Cost rate and for loan disclosures.

California Reverse Mortgages

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Reverse mortgage interest rates are down slightly this week from last week.

Jumbo Reverse Mortgages (non-FHA):
Variable Jumbo Reverse Mortgage: 5.96% (LIBOR index plus 3.5% margin)
Fixed Rate Program: 8.875%

Home Equity Conversion Mortgage – FHA Reverse Mortgage:
Variable rate is at 3.85%. It is based on the 1 Year CMT index plus a margin of 1.5%.
Fixed rate is at 6.18% to 6.60% (depending on the lender)

Please request a reverse mortgage quote for interest rates details, Total Annual Loan Cost and for loan disclosures.

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