If you are looking for ways to finance your daily expenses in medicines and you have a mortgaged house, then you have the answer to your problem. Check with your lender if you are eligible for a California reverse mortgage. What this type of loan is that it is taken against the equity that you have build over the years of paying your monthly dues of the house to your lender.
However, unlike other system of loaning, it is the lender that gives you back money instead of the other way around in reverse mortgage services. You still continue to pay the regular amount of payments you make every month to the lender. It is that part of your equity that can be converted into a certain sum of money.
At the same time, your home is currently mortgaged to the lender. You might be wondering why would a lender give you money and not make you pay for it. The reason is very obvious.
You have a house, a real property that is very valuable. The house itself is the collateral. It is a form of assurance given to the lender that in the event of default, he will not be left empty handed. The house can be foreclose or put for sale to satisfy the loan.
The first thing that you should do is contact your lender. Ask him if you can now avail of this type of loan. You must be at least 62 years old or older in order to be considered.
Before you try other options to help you in your financial problems, check first if you can have your equity converted to cash. The fact that you will not be paying this loan unless you move out or sell the house or die is very enticing. Get advise from your lender.
If you are not familiar with reverse equity mortgage, search the internet to know more about this type of loan. Another thing that you should know is that this loan is not taxed. So this has no bearing on your social security and medicare benefits.
All these people close to you might be able to share valuable inputs that will be helpful when you make your decision. Use also the internet to learn more information about California reverse mortgage. There are a lot of information that you can read on the internet about this loan.
However, unlike other system of loaning, it is the lender that gives you back money instead of the other way around in reverse mortgage services. You still continue to pay the regular amount of payments you make every month to the lender. It is that part of your equity that can be converted into a certain sum of money.
At the same time, your home is currently mortgaged to the lender. You might be wondering why would a lender give you money and not make you pay for it. The reason is very obvious.
You have a house, a real property that is very valuable. The house itself is the collateral. It is a form of assurance given to the lender that in the event of default, he will not be left empty handed. The house can be foreclose or put for sale to satisfy the loan.
The first thing that you should do is contact your lender. Ask him if you can now avail of this type of loan. You must be at least 62 years old or older in order to be considered.
Before you try other options to help you in your financial problems, check first if you can have your equity converted to cash. The fact that you will not be paying this loan unless you move out or sell the house or die is very enticing. Get advise from your lender.
If you are not familiar with reverse equity mortgage, search the internet to know more about this type of loan. Another thing that you should know is that this loan is not taxed. So this has no bearing on your social security and medicare benefits.
All these people close to you might be able to share valuable inputs that will be helpful when you make your decision. Use also the internet to learn more information about California reverse mortgage. There are a lot of information that you can read on the internet about this loan.
About the Author:
When there is a need to find info on California reverse mortgage, borrowers can check out the official website for more details. Learn all about reverse mortgage services by clicking on http://www.reverseequity.net now.
No comments:
Post a Comment