Over your career, you did your best to save up for retirement. But maybe now that you are settling down to enjoy your golden years, you find you could use a bit more financial flexibility. A reverse mortgage can help you supplement your income.
What is a Reverse Mortgage?
A reverse mortgage is an affordable loan product exclusively available to seniors with home equity. You can take out this type of loan by borrowing against that equity. The supplement to your income is available for you to use as you choose.
What Can You Do With a Reverse Mortgage in Corona?
- Make repairs to your home.
- Upgrade your home.
- Add luxury features to your home.
- Make a down payment to buy a vacation home.
- Repair a vehicle.
- Buy a new vehicle.
- Pay off high-interest debts.
- Return to school.
- Pay for a child or grandchild’s education.
- Launch a business.
- Pay off medical debt.
- Create an emergency fund.
- Take a dream vacation.
- Simply increase your overall financial flexibility for everyday life.
You will notice that you can do pretty much anything using the funds from a reverse mortgage. You are in the driver’s seat with this loan. How you use it is fully in your hands.
California Reverse Mortgage Benefits
- Use the supplement to your income for whatever you want. You are not restricted to using it only for home-related expenses.
- Stay in your home for as long as you want, including the rest of your life if that is your preference. To do so, you just need to keep up to date with all costs associated with your home: payments on your mortgage, property taxes, home maintenance payments and homeowner’s insurance.
- Choose a convenient way to receive the supplement to your income: Options include a line of credit, installment payments or a lump sum.
- The mortgage will not come due unless a maturity event occurs. Selling the home is a maturity event, as is the death of the last borrower. If you do not sell the home, the loan does not have to come due during your lifetime.
- A reverse mortgage can allow you to get more out of life by giving you the means for doing more of what you want. It also can reduce your stress by providing greater ease.
Do You Qualify for a Reverse Mortgage in California?
The basic requirements for a reverse mortgage are:
- At least one borrower needs to be 62 or older. This loan product is only available to seniors.
- All home-related payments must be current.
- You must own enough equity that you can borrow against it. That equity can only be in a primary residence.
- You must have your credit score, tax history and income assessed.
Increase Your Financial Flexibility During Retirement
A reverse mortgage makes the equity you have worked hard to build in your home go to work for you to give you your best life during retirement. Please contact us today at (951) 531-1399 to schedule your reverse mortgage consultation. We work with senior homeowners throughout California, Florida, Oregon, Nevada, Colorado and Washington State.