Is a Reverse Mortgage for You?

	Shopping for a mortgage? We'll be glad to answer your questions about your mortgage needs! Give us a call today at (805) 432-4898. Ready to get started? Apply Here.

In a reverse mortgage loan (also referred to as a a home equity conversion loan), homeowners of a certain age may use home equity for anything they need without selling their homes. Deciding how you'd like to to receive your money: by a monthly amount, a line of credit, or a one-time payment, you can get a loan based on your equity. Repayment isn't necessary until after the borrower puts his home up for sale, moves (such as to a retirement community) or dies. At the time your house has been sold or you no longer use it as your primary residence, you (or your estate) have to repay the lending institution for the money you got from the reverse mortgage as well as interest and other fees.

Who can Participate?

Usually, reverse mortgages require you be at least 62 years of age, have a low or zero balance owed against your home and use the home as your principal residence.

Many homeowners who are on a limited income and have a need for additional money find reverse mortgages ideal for their situation. Interest rates may be fixed or adjustable while the money is nontaxable and does not adversely affect Medicare or Social Security benefits. Your lending institution cannot take the property away if you live past the loan term nor can you be obligated to sell your home to pay off the loan amount even if the balance grows to exceed current property value. If you would like to learn more about reverse mortgages, please call us at (805) 432-4898.

At CFC Mortgage Bankers, we answer questions about reverse mortgages every day. Call us at (805) 432-4898.