Are you living the lifestyle that you always imagined in your golden years? If you own significant equity in your home and are looking for a way to increase your income as a senior citizen, a reverse mortgage in California may offer you the financial flexibility you need to live out the retirement of your dreams.
When you take out a reverse mortgage, you borrow against your home equity. The amount you borrow is disbursed to you as cash so that you can use it any way you want.
Even though the equity in your home is securing your mortgage, you do not need to worry about having to move out.
Reverse mortgages are designed so that you can remain in your home for as long as you want.
These are just some of the common ways in which homeowners make use of reverse mortgage income. Whatever you have in mind, you can make it happen. There are no requirements for how you use or do not use the money.
The income from a reverse mortgage does not need to be used only for home-related expenditures. You can use it for anything.
It is up to you whether you would like to receive a lump sum, installments or even a line of credit.
It is rare for reverse mortgage income to be taxed.
Taking out a reverse mortgage in no way compromises your ability to remain in your home. You can live there for the rest of your life, even if you never pay it off.
In fact, you do not need to pay off the reverse mortgage at all until a maturity event. If you sell the home, that would be one example of a maturity event. Another would be the death of the last borrower on the loan.
Since reverse mortgages are a lending product for senior citizens, at least one borrower needs to be 62 or older.
You can only borrow against the equity in your primary residence. You need at least 50% equity to do so, and you must be the owner of the home.
You are only eligible for a reverse mortgage if you are current on all home maintenance payments.
Your credit score, tax history and income will be accounted for during your application process.
A reverse mortgage can offer you the financial security and peace of mind that you have been looking for along with the financial means to make your retirement dreams a reality. To apply for a reverse mortgage in California today, please call (818) 995-1200 or email firstname.lastname@example.org.
The Arch Corporation is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. This material is not from HUD or FHA and has not been approved by HUD or a government agency. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.