A Reverse mortgage is a loan available to seniors over the age of 62 which allows them to convert the equity in their home into cash. A reverse mortgage can also be used to purchase a home.
There is no restriction on how the proceeds from a reverse mortgage may be used.
To qualify for a reverse mortgage a borrower must be at least 62 years old, own a home, and have sufficient equity in that home. A lender will also complete a financial assessment of the borrower.
Single-family homes, 2-4 unit properties (one unit occupied by owner), FHA-approved manufactured homes, HUD approved condominiums, and townhomes are eligible for a reverse mortgage.
The amount will vary borrower to borrower and is based on a few factors including age of the youngest borrower, current interest rates, value of your home, and how much you may owe on an existing mortgage.
San Diego Reverse Mortgage
National Mortgage Lic. #264481 | Dept. of Real Estate Lic. # 01051057
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