Reverse Mortgage Loan

The Requirements for Reverse Mortgages

Homeowners must be at least 62 years old to qualify for reverse mortgages in CA. There are also other requirements for financial assessments and future commitments, including paying property taxes and homeowner’s insurance. Homes must be primary residences and approved types. Attendance at HUD-approved counseling is also required for reverse mortgages in CA.

Other Factors to Consider for Reverse Mortgages

Meeting all the qualifications for reverse mortgages doesn’t mean you’re done with your research. Reverse mortgage amounts can be counted as income, which is typically tax-free. This means that reverse mortgage loans for senior citizens may affect potential borrowers’ eligibility for Medicaid under the “needs-based” requirement.

Individual circumstances will allow different rates and amounts, so individual tax consequences for a reverse mortgage in CA may vary. Contact us to get a personalized view of whether a reverse mortgage will be tax-deductible and how it can affect your finances.

Additional Reverse Mortgage Allowances

Moving beyond monthly loan payments, there are other allowances that could be afforded in certain reverse mortgage circumstances. You can sell a house with a reverse mortgage if you want, taking the remaining cash after selling your owned property and paying back the loan to finance your new home. This constitutes one situation where a reverse mortgage can be bought back.

You can also use a reverse mortgage to purchase a home, under certain conditions. Similarly, in some circumstances, short sales can be done on reverse mortgage loans for senior citizens.

Individualize your Reverse Mortgage

Each process, amount, and considerations for a reverse mortgage in CA is unique. Amounts vary based on the age of the youngest borrower, the current interest rate of the property, and lending limits from the FHA, among other factors. Further, your reverse mortgage funds as either a cash lump sum. a line of credit or receive monthly payments (term or tenure). You can customize your reverse mortgage process every step of the way with individualized help from Standard Lenders.

Our Role in Reverse Mortgages in California

We follow an incremental process to provide you quality reverse mortgage service. First, our trained agents will provide you with individualized education. Then you will meet with a government licensed counselor as you make an informed decision. If you decide you want a reverse mortgage loan for senior citizens, we will walk you through the application. After a third-party appraiser assesses your home’s value, you will be able to sign and start retiring comfortably. If you’re ready to start this process, get your free quote or contact Standard Lenders today.