mortgage company in California

Reverse Mortgage Brokers California

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Reverse mortgages have been rising in California. Seniors who want to stay in their home and while still owning the home have turned to a relatively new product, a reverse mortgage. A reverse mortgage also provides seniors with a lump sum amount of cash and/or monthly cash flow.

The loan is officially known as a Home Equity Conversion Mortgage (HECM). There are several basic requirements to qualify for a HUD backed reverse mortgage.
  • 62 or older
  • Enough equity in home
  • Responsible in maintaining home
  • Valid homeowners insurance
  • Pay property taxes
  • Home needs to be your primary residence
Since HUD insures the HECM/reverse mortgages, you will be allowed to stay in the home as long as you live or until you decide to sell the home.