Orange County Reverse Mortgage – OCReverse.com
How do I know if I can get a reverse mortgage? Generally speaking, if all owners of the property are at least 62 years of age, and the home is owned free and clear, or a small balance remains on an existing mortgage, a reverse mortgage is possible. To find out the amount you qualify …
A Reverse Mortgage is a loan that enables homeowners age 62 and over to tap the equity in their home without having to make a mortgage payments, move, or sell the home. It truly is a “mortgage in reverse”. This video sums up the product:
Not at all. The truth is that closing costs average only about 1% more than that of a regular FHA mortgage on the same property. If you compared the reverse mortgage to many other conventional mortgages, the reverse mortgage could actually be lower in cost due to the fact that conventional mortgages can charge more …
Aren’t reverse mortgages much more costly than other mortgages? Read More »
One interesting feature of the some newer reverse mortgages that are available is that you can use the program to purchase a new home – all in a single transaction. The transaction reduces the out-of-pocket cash needed to buy a new home, eliminates any new monthly mortgage payment, and helps you keep more of the …
Can I sell my home and use a reverse mortgage to purchase a new home? Read More »
Some potential reverse mortgage candidates are concerned they will have less home equity to leave their heirs – until they actually speak with their heirs. Many adult children want to see their parents living comfortably and enjoying their retirement rather than struggling just to leave something behind when they die. Besides, a reverse mortgage can …
Relax – even after you close your reverse mortgage, you still have a chance to reconsider. Should you decide for any reason that you no longer want the loan, you have three days to cancel.
Nope! It’s your money. There are no restrictions on how your proceeds are used. Medical care, property taxes, condominium assessments, home repairs, help with a grandchild’s college costs, or just to improve your quality of life are just some of the ways you may use your money.
During your loan period, there may be restrictions for: Renting out your home Adding new owners to the home’s title Changing your home’s zoning classification Taking out new debt against your home, or Filing for bankruptcy
No. A reverse mortgage is what is called a non-recourse loan. This means the bank can never come after any person or estate for repayment of the loan. The bank can only use the value of the home as repayment. Your children may, however, either sell your home or take out a new mortgage, after …
Will my children be responsible for repayment of the reverse mortgage? Read More »
Absolutely not. With a reverse mortgage – you still own your home. Of course, that means you must continue to pay your property taxes, make necessary repairs to the home, and keep home-owner’s insurance.