A home is sometimes the most significant investment for a person. For the majority of people, the challenge is using that investment. One solution is to move out of your home, but for some people, that’s a difficult decision.
Best Reverse Mortgage Company Riverside County can be a solution if you’ve paid off a significant portion of your mortgage or your mortgage in total, but before coming to that conclusion, let’s talk about a few related issues and how the best reverse mortgage company can assist you.
You have the following choices for paying off a reverse mortgage:
Pay off what you can and sell the house for 95% of the appraised value:
Give a deed to the lender:
If a house is underwater, the borrower or their heirs may give the deed to the lender rather than deal with foreclosure. This decision won’t affect the heir’s credit score, but the borrower’s credit score will suffer.
An heir can obtain a new mortgage:
Refinance your mortgage:
But for HECMs issued after August 4, 2014, a non-borrowing spouse may continue residing in the house even after the borrower has left or passed away if they meet specific requirements, such as:
The best reverse mortgage company like standard lenders helps many satisfied customers. With a specialty in reverse mortgages, we are a full-service mortgage and real estate agency that provides excellent service with a personal touch. So contact us.