Orange County Reverse Mortgage

We offer several “jumbo” proprietary reverse mortgage products that have traditionally benefited homeowners living in higher-priced homes valued above the FHA and Fannie Mae lending limits. There is a growing number of these programs available. This type of loan works well for many situations. Many of these programs compare favorably with the federally insured Home […]

When you sell your home or no longer use it for your primary residence, you or your estate will repay the cash you received from the reverse mortgage, plus interest and other fees, to the lender. The remaining equity in your home, if any, belongs to you or to your heirs. None of your other

No! The lender can’t take your home even if you outlive your “life expectancy”. You do not need to repay the loan as long as you or one of the borrowers continues to live in the house and keeps the taxes and insurance current. You can never owe more than your home’s value. If your

With a traditional second mortgage, or a home equity line of credit, you must have sufficient income versus debt ratio to qualify for the loan, and you are required to make monthly mortgage payments. The reverse mortgage is different in that it pays you, and is available regardless of your current income. The amount you

Eligible property types include single-family homes, 2-4 unit properties where you live in one of the units, condominiums, and townhouses. In general, co-ops are not allowed. Just recently proprietary lenders have established programs that permit reverse mortgages on second homes.

To be eligible for a HUD reverse mortgage, HUD’s Federal Housing Administration (FHA) requires that the borrower is a homeowner, the youngest spouse must be 62 years of age or older; own your home outright, or have a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan;

A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the equity in his or her home into cash. The equity built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is

No. You own your home and retain title throughout the life of a reverse mortgage. Even if the money runs out, you can stay in your home as long as you wish, provided the property remains your primary residence. Just as a conventional (aka “forward”) mortgage, you are responsible for homeowner’s insurance and property taxes,

This is based on the age of the youngest borrower and value of the home less any mortgage(s) or liens, and the current interest rates. How (or more specifically, when) you access the funds can also play a part in how much money you can get from a reverse mortgage.