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REVERSE MORTGAGE AGE 55+ KEEP YOUR HOME - NO MONTHLY PAYMENT (CA)
license info:
DRE 01117664, NMLS 1825863
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The loan is called a Reverse Mortgage.
As long as you have enough equity, credit issues - low fico score – in foreclosure - low income all is ok
If you have a mortgage now, pay it off with a Reverse Mortgage and start to enjoy your life.
If you have no mortgage now, get a lump sum payment Or monthly payment paid to you.
All proceeds you receive are tax free since the proceeds come from the loan.
The obligations to keeping your reverse mortgage include paying your property taxes, homeowners insurance and upkeep of the property.
A reverse mortgage is similar to a HELOC (Home Equity Line Of Credit), except that the homeowner will not be making monthly mortgage payments on the reverse mortgage. Instead, the principal and interest will accrue and become due and payable when the house is sold, the borrower or qualifying non-borrowing spouse dies, or the borrower fails to comply with the terms of the loan.
The homeowner owns their home during their lifetime, and they may sell the home at any time and pay off their reverse mortgage, keeping the equity, just like with any other mortgage.
Once the homeowner dies, the home transfers to the heirs and they pay off the reverse mortgage, keeping the equity, like with any other mortgage, OR the heirs can keep the home by getting a new loan in their name to pay off the reverse mortgage. If the home depreciates in value and there is no equity in the property, the heirs are not responsible to pay more than the value of the property at that time.
If you’re thinking about a reverse mortgage or just want information, please request it by calling, texting or emailing me. I have guides to help you determine if a reverse mortgage is right for you.
To receive a quick quote to see if you qualify for a reverse mortgage, call or email with this info:
• Address of the property
• Name and Age of each homeowner
• Current mortgage loan balance (to include any arrears if any) + amount of liens owing against the property (taxes or HOA)
Visit www.recapitalloans.com to see all loan programs.
Cheryl Gollnick
Real Estate Broker
Mortgage Loan Broker
(951) 318-6420