California Reverse Mortgages by your Sacramento Reverse Mortgage Provider

Protect Your Future with Sacramento Reverse Mortgage Lender

It is all very well to be living longer these days. but what happens if, as a senior, you are battling financially, you are suddenly bombarded with new medical expenses, you are too old to be considered for a job, and your retirement savings are no longer sufficient. Reverse mortgages are being looked upon as a lifeline to retirees in these situations, and a reputable and trustworthy Sacramento reverse mortgage lender helps seniors in understanding how the HECM (Reverse Mortgage) Program works, helping anyone anywhere in California. Clients are provided with the most recent information on reverse mortgages and the one which is ideally suited to their circumstances. It can be a relief for homeowners knowing they can access the equity of their homes and still remain in them as well.
Your financial security is important and you want your finances dealt with a Sacramento Reverse Mortgage Lender who is licensed and who is Investment Advisor Representative registered, who has the right credentials, who adheres to strict ethical standards and who had more than 35 years in the financial services industry and is highly experienced.
Who is a Reverse Mortgage for?
Anyone over the age of 62 can apply for a HECM; even those who never purchased their home with an FHA-insured mortgage.  Some people are nervous because they believe that the bank then owns their home, however the title remains with the borrower. When the house is sold, the lender is paid the cash received from the reverse mortgage and any remaining equity goes to the heirs or remains with the homeowner.
The money isn’t limited to what you can use it for and many older people use it for much needed medical attention, they fix up their homes or take a longed-for trip. The beauty of these reverse mortgage loans is that, unlike other loans, you don’t have to pay them back immediately.
How Does it Actually Work?
A Sacramento Reverse Mortgage Lender will help you ensure that as a retiree you can be assured of being able to reach your dreams. Once the home is sold during the homeowners lifetime or after their death, the sale price of the house will pay back the loan. Because these reverse mortgages are backed by HUD, even if there is a short sale, lenders won’t be able to consider the homeowners other assets, and heirs won’t have to pay out of their own pockets to settle the difference.
The amount of money borrowed is determined by certain factors such as the age of the homeowner, the current interest rate and the value of their home. In this instance the credit scores of the owner are not considered. If the owner however fails to pay property taxes and insurance, the reverse mortgage is in default and then the homeowner won’t be able to benefit. A huge benefit of the reverse mortgage is that they are recession-proof and if the home is worth less than the amount of the reverse mortgage during sale, then the homeowner doesn’t suffer.
You and Your Financial Future in Good Hands

It isn’t a good idea to just go willy nilly into a reverse mortgage to secure your future. One needs to carefully consider and weigh up the advantages and disadvantages. It is critical to choose a tried and tested, reliable and reputable lender if you want to be completely sure that you are getting the best advice. A Sacramento Reverse Mortgage Lender helps you make provision for the future, asses your current position and offer assistance, assuring that your largest asset, your home, is in good hands.