reverse-mortgages

Reverse Mortgages

Do you need reverse mortgage help?

Reverse mortgages are loans available to homeowners of and above 62 years of age. Rather than making usual monthly payments, this type of loan defers repayment until the homeowner moves or passes away. The borrowers of reverse mortgages in Bay Area are still responsible for paying property taxes, hazard insurance, homeowner’s association dues and any other property charges.

A reverse mortgage is a non-recourse loan. It guarantees that borrowers will never owe more than the value of their home.

How the Program Works

Your first step is to meet with a HECM counselor to discuss program eligibility requirements, financial obligations and alternatives to obtaining a HECM and repaying the loan. Other mortgage provisions including when it becomes due and payable will be explained to you during this meeting. Upon the completion of HECM counseling, you should be able to make an independent informed decision of whether this product is right for you.
There are borrower and property eligibility requirements that must be met. Our mortgage professionals will assist you with a further process of getting your reverse mortgage approved. We will guide you through a step-by-step process of filling out an application through discussion of other requirements of the HECM program, such as first-year payment limitations, available payment options, the loan approval process, and repayment terms

Reverse Purchase

Reverse purchase permits older homeowners the ability to buy a new principal residence with a reverse mortgage. It helps preserve savings, improve monthly cash flow, and/or finance a purchase that would otherwise be beyond budget. The main objective of reverse purchase is to equip older homeowners with a financial tool to help them move to another geographical setting or closer to the family. It also helps them to move to a home that is affordable, needs less maintenance or better serve their changing physical needs with features like handrails, wider doors or a single-story floor plan.

Eligibility for Reverse Mortgage

The borrowers must be of and above 62 years of age. Recent program changes now permit for younger, non-borrowing spouses to remain in the home and defer repayment after the borrowing spouse passes away and refinancing is not a viable option.
Individuals applying for reverse mortgages in Bay Area must receive independent counseling. We, a team of reversed mortgage experts can help determine if a borrower qualifies for the reverse mortgage loan or not.