California Reverse Mortgage Lenders
California occupies a leading place in respect of reverse mortgage orientation and is home to many renowned reverse mortgage lenders. Seniors love to choose California as a permanent residence after retirement due to its fine weather and many of them have become house rich.
The reason is the presence of reverse mortgage lenders in California who make it convenient to senior citizens to take advantage of the home equity plan. A smooth scheme of reverse mortgage helps senior citizens supplement their living cost with some extra cash. The opportunity is enjoyed by being able to retain the ownership of the house where they stay as well.
Knowing some quick facts about California reverse mortgage lenders is essential. Senior citizens should note that credit score or the income factor does not hinder getting a reverse mortgage plan. However, certain eligibility criteria will have to be met by the applicant and they are the following: It includes that the property should be the primary residence and the applicant should be at least 62 or older and they should complete a HECM counseling.
Senior citizen’s takeout reverse mortgages for a wide variety of reasons. You can also take advantage of the opportunity and receive some income every month after retirement. You can use these funds in any way you like such as the daily expenses for living, paying off medical debt or credit card debt, paying off mortgages, helping family members or merely for home improvements and so on.
Another great advantage of the plan is that you do not lose the home or be forced out of the home as HECM is a government insured program where you are properly protected against any alteration in the property value, which merely affects the tenure of the loan. Hence, it is important the best reverse mortgage broker in California to enjoy the freedom from financial stringency especially after retirement.