Reverse Mortgage California- Advantages

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Advantages Of Reverse Mortgage

Reverse Mortgage California



Reverse Mortgage CaliforniaHalf of the senior citizens in California are unable to support retirement forcing them to sell their properties for less. Reverse mortgage can help such senior citizens in need of cash.

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Reverse mortgage Los Angeles California or anywhere else ,borrower receives money from lender against his equity in the house.





Advantages OF Reverse Mortgage



• It doesn’t matter how much cash you have borrowed in reverse mortgage California, normally as long as the borrower (or co-owner of the property in question) is living in the same property they don’t have to pay anything back.

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• Since you are not making any monthly payments to your lender, you can get reverse mortgage Los Angeles or anywhere else without any good credit history. In short credit history is not considered in this type of loan however your property taxes, insurance and maintenance should be up to date.





• According to the federal trade commission, if you outlive the reverse mortgage loan, in other words if you borrow more than your home is worth, you will not owe more than the value of your home.




• Cash advances are normally noon taxable plus your medical and health benefits are not affected by cash advances .



• You hold the title of the property until the reverse mortgage loan is repaid.



• If you have a federally-insured Home Equity Conversion Mortgage (HECM), you can live in a nursing home for up to 12 months before the loan becomes due.



• After the property is sold and the loan is paid off, any reminder goes to you or your heirs. Alternatively some lenders allow heirs to pay the reverse mortgage and buy the property.



• A recent court ruling required the U.S. Department of Housing and Urban Development (HUD) to ensure that both spouses are listed on a reverse mortgage, even if one is younger than 62 and can't be an official borrower.



Hope you enjoy the presentation.For further information drop us a line on [email protected]

orcall us on 800-730- 6558

or visit our website http://www.reversemortgagecalifornia.com.

Documents

Reverse Mortgage California- Advantages