Jul
21
2008
Most seniors in Southern California can tap into over $150,000 of their home equity using a reverse mortgage. This amount can be even greater, the more equity they have. Upon completion of the loan process, they have several options for taking the money: as lump sum to put in the bank, as a line of credit to tap into at any time, as an automatic month check, or any combination of these options. The money can even be repaid at any time, increasing the amount available for the future in most cases. Seniors don’t have to be stuck with the inflexibility of a traditional mortgage, instead they can customize their finances using California reverse mortgages to meet their specific needs and goals.
Jul
19
2008
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.
Jul
17
2008
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.
Jul
15
2008
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
