You have worked hard to reach the golden years of retirement, and you deserve to enjoy them with the utmost comfort and security.
Did you know that the equity you have built up in your home could be the key to unlocking greater financial stability and means over the years ahead?
With a reverse mortgage, your unrealized retirement dreams may finally come true.
A reverse mortgage lets you take out a loan against your home equity. The cash that you receive is available to you to use with zero restrictions.
You do not need to worry about losing your home with a reverse mortgage even though you are borrowing against your equity. If you want, you can remain in the home for the rest of your life.
You have complete authority over how you use the cash from a reverse mortgage. Here are just a few possibilities:
Most lending products can only be used for certain types of expenditures. So a reverse mortgage is a great opportunity in terms of truly increasing your financial freedom.
California reverse mortgages include these benefits:
You can receive the money as a lump sum, but you also can opt for installments if you prefer. Another option is a line of credit.
The majority of homeowners who receive reverse mortgages do not have to pay taxes on the income from the loans.
All control over how the funds are used belongs to you. Nobody else has any say in it.
You never have to move out of your home. Borrowing against your equity using a reverse mortgage does not mean that your home can be taken from you if you fail to pay off the loan (see below).
Your reverse mortgage is not due until a maturity event takes place. This includes, potentially, the death of the last borrower. If that is you, the loan may not be due until after you pass. If you sell the house, that also would make the loan come due. So this type of loan is actually ideal for those who plan to remain in their homes for the rest of their lives.
To apply successfully for a reverse mortgage, you must meet the following eligibility requirements:
Either you or another borrower on a reverse mortgage must be age 62 or older.
You must own a minimum of 50% equity in your home, and it must be your primary residence. You or another borrower on the reverse mortgage must also be the home’s owner.
All of your home maintenance payments must be current. During the application process, your tax history will be considered together with your income and credit score.
Top Rated Mortgage Broker In Stockton
H.O.M.E. Lending is located on 1919 Grand Canal Blvd A6, Stockton. Located about 10.5 miles from the Stockton Metropolitan Airport (SCK). From the 5 Fwy exit March Ln and turn east. Then turn right at the 3rd light (McGaw) and turn into the first drive way. H.O.M.E. Lending is located directly across the street from F&M Bank.
We are open Monday - Friday 8am - 6pm.
For additional questions you can call us at (209) 477-0262 or you can find us on Yelp.
H.O.M.E. Lending is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.