California Reverse Mortgage Loans Unlocks Home Equity For Seniors
Released on = April 7, 2006, 3:02 pm
Press Release Author = Camelot Marketing
Industry = Financial
Press Release Summary = California reverse
mortgage loans allow seniors to use home equity for any use.
Reverse mortgage loan repaid when home is sold or when it is no
long principal residence.
Press Release Body = Reverse mortgages are becoming extremely popular
with seniors in California since the U.S. Department of Housing
and Urban Development (HUD) created one of the first. A California
reverse
home mortgage allows older Americans to supplement social security,
meet unexpected medical expenses, make home improvements, and more.
A reverse mortgage allows the homeowner to convert a portion of
the home equity into cash. Unlike a traditional home equity loan
(HELOC) or second mortgage, repayment is not required until the
borrower no longer uses the home as a principal residence. To be
eligible the borrower must be at least 62 years old; own the home
and have a low mortgage balance that can be paid off at closing
with proceeds from the California
reverse mortgage loan, and must live in the home. With a traditional
second mortgage loan, or a California home equity line of credit
(HELOC), there must be sufficient income versus debt ratio to qualify
for the loan, and monthly mortgage payments are required. The California
reverse mortgage loan is different in that it pays the homeowner,
and is available regardless of current income. The reverse mortgage
loan amount depends on borrower\'s age, current interest rate, other
loan fees, and the appraisal value. The loan is not repayable as
long as one of the borrowers continues to live in the house and
keeps the taxes and insurance current. If the home is sold or no
longer used as a primary residence, the homeowner or the estate
repays the reverse mortgage, plus interest and other fees, to the
reverse
mortgage lender. The remaining home equity belongs to homeowner
or heirs. No other assets will be affected by a California reverse
mortgage loan and the debt will never be passed along to the estate
or heirs. For more information on a California reverse home mortgage
loan call Goldmedalmortgage.com at 866 398 4664 or go to
Web Site = http://www.goldmedalmortgage.com
Contact Details = Keith Hunt
8190 Orchard Street
Alta Loma , 91701
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2009
