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Reverse Mortgages in California
Senior homeowners age 62 or older in California may qualify for a reverse mortgage. With a reverse mortgage, the homeowner is freed from making mortgage payments. Instead, they receive money drawn from their home’s equity. The reverse mortgage does not need to be repaid until the last surviving borrower on the mortgage no longer uses the property as their primary residence.
A reverse mortgage can be an ideal solution for older homeowners who want to improve their cash flow, age-in-place, or pay off other debts. However, reverse mortgages have very specific guidelines and require careful consideration.
Ready to learn more about Reverse Mortgages? Call Steve today at (760) 715-9688.
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What are the benefits of a Reverse Mortgage?
- No more mortgage payments – instead, the loan pays the borrower
- Doesn’t need to be repaid until all borrowers no longer use the home as a primary residence
- Can help aging homeowners improve their finances while staying in their home