Reverse Mortgages California

Reverse Mortgages California

Reverse mortgages in California are hot! Since 2003, the value of California homes has increased a staggering 80.38% on average. This massive amount of equity that seniors have in their homes have allowed the California reverse mortgage business to skyrocket. Since 2001 and as of this writing, HUD has endorsed (which FHA insures), 75,956 California reverse mortgages. Almost 19,000 reverse mortgages in California were closed in 2007. We provide free reverse mortgage quotes for all of California including San Diego, Los Angeles, San Francisco, San Jose, Riverside, Santa Ana, and Sacramento. For comprehensive reverse mortgage information, please see the links on the upper right.

Senior Reverse Mortgages

Senior reverse mortgages have been rapidly growing in popularity since 2001. Why? Because reverse mortgages can actually help seniors boost their financial situation so they can afford things from basic necessities to a luxurious retirement. When faced with a lack of cash, some seniors turn to their family when they could help themselves by using a reverse mortgage instead. The feeling of independence and ability to help themselves by using this type of mortgage is valuable to many seniors because seniors generally don't want to become a burden to their kids. Reverse mortgages for seniors is one way to help circumvent this potential problem and allows them to take advantage of the equity built up in their home.

Reverse Mortgage Quotes Information

Reverse mortgages are a financial tool that enables homeowners over 62 years old to tap into some of their home equity. Some people think a reverse mortgage gives the mortgage lender (or bank) an unfair stake in the home, but nothing could be further from the truth. In reality, reverse mortgages are fair transactions in which the homeowner receives cash from the mortgage lenders, and in exchange, gives the lender a lien on their home (the "mortgage" part). Reverse mortgages only entitle the lender to be repaid whatever it lends to the homeowner. What does a reverse mortgage actually lend? Principle, which is the cash that the homeowner actually gets; interest, which accrues on the loan balance; and closing costs, which are often paid by reverse mortgage lenders and thus become part of the reverse mortgage loan.

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Reverse Mortgages for Seniors

Better Business Bureau

Federal Housing Authority
License #22744-0000-9

California Dept of Real Estate
License #01473796