Reverse Mortgage Home Loans for California Senior Citizens
Standard Real Estate, Mortgage and Home Equity Loans - Victor Cole has years of experience working on a variety of loan types, including home equity loans, lines of credit, first home buyer mortgages and more. If you are looking for a traditional home equity loan or mortgage, please call Victor at (714) 496-0952.
What are Reverse Mortgages? - A reverse mortgage helps senior citizen homeowners (62+) to use some of their home equity for tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to you.
Other Reverse Mortgage Information - The amount of money you are eligible for depends on age, appraised home value, interest rates, and lending limit in your area. In general, the older you are and the more valuable your home (and the less you owe on your home), the more money you can get. You can receive money from a reverse mortgage as a lump sum, fixed monthly payments, line of credit, or combination of these. The money received from a reverse mortgage can be used for any purpose, including: supplement retirement income, cover daily living expenses, repair or modify your home, pay for health care, pay off existing debts, buy a new car, cover property taxes, and prevent foreclosure.
Reverse Mortgage Counseling - Counseling is one of the most important consumer protections built into the program. It requires an independent third-party to make sure you understand the program, and review alternative options, before you apply for a reverse mortgage. By law, a counselor must review options, other than a reverse mortgage, that are available; other home equity conversion options that are or may become available; the financial implications of entering into a reverse mortgage; and tax responsibilities.
Partial List of Home Equity Conversion Mortgage (HECM) Counselors:
By Design Financial Solutions - Glendale - (800) 750-2227
Consumer Credit Counselors of OC - Huntington Beach
(800) 213-2227 or (714) 547-2227
Los Angeles Neighborhood Housing - Los Angeles - (213) 381-2862
West Angeles Community Development - Los Angeles - (323) 751-3440
Springboard Non-Profit Credit Management - Riverside - (951) 781-0114
More Information Available for HECM Counselors
Items Required upon Taking Application: photocopy of (CA Driver License or CA ID) and Social Security Card for EACH party on title, copy of most current Mortgage Loan Statement(s), copy of Hazard Insurance Declaration page, copy of most recent Property Tax Bill, photocopy of Revocable Living Trust (if any) and copy of any Other Loans client wishes to pay from escrow.
What are Reverse Mortgages? - A reverse mortgage helps senior citizen homeowners (62+) to use some of their home equity for tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. Instead of making monthly payments to a lender, as with a regular mortgage, a lender makes payments to you.
Other Reverse Mortgage Information - The amount of money you are eligible for depends on age, appraised home value, interest rates, and lending limit in your area. In general, the older you are and the more valuable your home (and the less you owe on your home), the more money you can get. You can receive money from a reverse mortgage as a lump sum, fixed monthly payments, line of credit, or combination of these. The money received from a reverse mortgage can be used for any purpose, including: supplement retirement income, cover daily living expenses, repair or modify your home, pay for health care, pay off existing debts, buy a new car, cover property taxes, and prevent foreclosure.
Reverse Mortgage Counseling - Counseling is one of the most important consumer protections built into the program. It requires an independent third-party to make sure you understand the program, and review alternative options, before you apply for a reverse mortgage. By law, a counselor must review options, other than a reverse mortgage, that are available; other home equity conversion options that are or may become available; the financial implications of entering into a reverse mortgage; and tax responsibilities.
Partial List of Home Equity Conversion Mortgage (HECM) Counselors:
By Design Financial Solutions - Glendale - (800) 750-2227
Consumer Credit Counselors of OC - Huntington Beach
(800) 213-2227 or (714) 547-2227
Los Angeles Neighborhood Housing - Los Angeles - (213) 381-2862
West Angeles Community Development - Los Angeles - (323) 751-3440
Springboard Non-Profit Credit Management - Riverside - (951) 781-0114
More Information Available for HECM Counselors
Items Required upon Taking Application: photocopy of (CA Driver License or CA ID) and Social Security Card for EACH party on title, copy of most current Mortgage Loan Statement(s), copy of Hazard Insurance Declaration page, copy of most recent Property Tax Bill, photocopy of Revocable Living Trust (if any) and copy of any Other Loans client wishes to pay from escrow.