If you are located in California please Click Here for a Reverse Mortgage Calculator
A reverse mortgage also known as a home equity conversion mortgage (HECM), is a special type of home loan for older homeowners (62 years or older) that requires no monthly mortgage payments. Borrowers are only responsible for property taxes and homeowner’s insurance. A reverse mortgage has several things in common with a traditional mortgage including:
• You remain the owner of your property.
• You can borrow money from the mortgage based on the value of your home.
• You can pay off the loan, or sell your home, without any financial penalty.
A reverse mortgage has the following benefits over a traditional mortgage:
• You can receive money either in monthly amounts, in one lump sum, or as a line of credit.
• If you select a line of credit, your line of credit increases each year!
• The loan is a non-recourse loan. This means that you, or your heirs, won’t owe more than the value of your home
• Loans are insured by the federal government.
• Because the loan is a non-recourse loan there is protection in place against your home’s value declining.
• No payments are required as long as you and your spouse live in the home.
Click Here for a Reverse Mortgage Calculator
California Residents Contact Tony Dosanjh for qualifying amounts or to apply: 800-501-9079
Tony Dosanjh
415-290-6647
NMLS # 1447811
http://www.solanomortgage.info
Click Here for a Reverse Mortgage Calculator
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