Reverse Mortgages in Sacramento and Roseville
If you are spending your golden years in the Golden State, you can enjoy retirement to its fullest by applying for a reverse mortgage.
With this type of loan, you can enhance your retirement income while staying in your home for the rest of your life.
What is a Reverse Mortgage?
A reverse mortgage is a loan product which is available exclusively to seniors. Its purpose is to allow you to increase financial flexibility and means without giving up your home.
Using a reverse mortgage, you borrow against your home equity.
The loan will not come due unless the last borrower moves out. Furthermore, you can stay in your home for as long as you want with no consequences.
The Freedom to Enjoy Your Retirement Fully
Many financing products have strings attached when it comes to how you spend your money. A reverse mortgage is not one of them.
You can do literally anything you want with the reverse mortgage income.
Here are some popular uses for reverse mortgages:
- Upgrade or repair your existing home.
- Finance the down payment of a second home or vacation home.
- Buy a new vehicle or repair an existing one.
- Pay for a grandchild’s education.
- Pay off debts.
- Clear medical bills.
- Go on a trip.
- Pad your savings or create an emergency fund.
California Reverse Mortgage Benefits
The freedom and flexibility of reveres mortgages are not their only benefits. Here are some more advantages of this type of loan for seniors.
- Income from a reverse mortgage is often non-taxable.
- Until the last borrower moves out, the loan does not come due. Reasons for moving out would be selling the home, the last borrower moving out to an assisted care home, or death of the last borrower. If you do not move out, you can stay in it and not owe on the loan for the rest of your life.
- A reverse mortgage can be disbursed in installments, as a lump sum, or as a line of credit as suits you.
Are You Eligible for a Reverse Mortgage in California?
To qualify for a reverse mortgage, you need to meet these eligibility criteria:
- At least one borrower must be 62 or older.
- Your credit score, income and tax history will be assessed.
- You must have sufficient equity to borrower against, and it must be in your primary residence, not a second home.
- All home maintenance payments must be up-to-date.
Apply Now for a Reverse Mortgage in Roseville,
Sacramento, or Beyond
To find out now if you qualify for a reverse mortgage, please contact Cindy Steelman at (916) 847-7263 to schedule your consultation. Soon, you could be padding your retirement savings with a flexible loan while you continue to enjoy the California home that you love.