What Is a Reverse Mortgage?

Reverse Mortgages are powerful financial tools made available to many senior Americans today. Most reverse mortgage programs enable those qualified, to access a portion of the equity that exists in their home today in California.

This loan is a federally insured option for eligible participants who are at least 62 years of age, own their home, and utilize the home as their primary residence. If the home has an existing mortgage, the balance must be low enough that the reverse mortgage can pay it off. Any cash balance is received tax-free and can be used by the borrower however they choose. This money does not have to be paid back so long as the home remains the borrowers primary residence.

There are no credit, medical or income requirements. Reverse mortgages offer many seniors a sense of freedom, and financial security. Reverse Mortgages also allow seniors to enhance their retirement, and truly put the Gold back into the "Golden Years"!

People today are living longer than ever, and even prudent planning can leave one wondering if it's enough: Is there something else I can do about my retirement plans? A reverse mortgage can often be the right solution. For some people a reverse mortgage gives them the chance to help someone else like a grandchild, a charity, a friend or a family member, all without having to change their current lifestyle.

A reverse mortgage gives people options they might not have had before, whether it is going on a dream vacation, fixing up their home, buying a new car, or just covering expensive medical treatments. The borrower is able to live in their home, and retains ownership of the property as long as the home is maintained and insurance/real estate taxes are paid.