Reverse Mortgages San Francisco CA

Do you need money to pay your bills or medical expenses? Do you own your home? 62 or older? A reverse mortgage may be the answer! 866-620-0800

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Do you need money to pay medical expenses? To cover bills or your existing mortgage? Or could you just use a little extra income to make things more comfortable? A reverse mortgage could be the answer you've been looking for. A reverse mortgage is a type of loan available to homeowners, 62 years or older, that allows them to convert the equity in their home into cash.

They were conceived as a means to help retirees with limited income to use the accumulated wealth in their homes to cover basic monthly living expenses and to help pay for health care. However, there is no restriction on how reverse mortgage proceeds are used and the money is yours to with as you please. The loan is called a reverse mortgage because the lender makes payments to you, the borrower, instead of you making monthly payments to a lender, like traditional mortgages.

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Reverse mortgages allow you to:

  • Pay off your existing mortgage(s), and make no more mortgage payments for life! Simply pay your property taxes and homeowners insurance.
  • Access the equity in your home – tax-free
  • Continue to own your home, and remain on your title
  • Refinance or sell your home at any time and still keep all your rights as a homeowner
  • Pass on your most valuable asset, your home, to your heirs

A reverse mortgage, however, can be complicated, and might not be right for you. It can use up the equity in your home, which means fewer assets for you and your heirs should you need them in the future. It is important that you have a company, like Senior Advantage Association, that will take the time and explain all of the pros, and the cons, and review the different types of reverse mortgages available before you make this very important decision.

Frequently Asked Reverse Mortgage Questions

How Does a Reverse Mortgage Work?

Upon loan execution, your FHA California Reverse Mortgage, or HECM, will pay off your existing mortgage(s) allowing you to live payment free as long as you continue to remain in your principal residence. The loan is repaid in full when you decide to sell, permanently move, or pass on. The home is then passed onto the person or entity of your choice.

Will a Reverse Mortgage Affect My Social Security?

A Reverse Mortgage typically does not impact Social Security because it is not considered income.

What Happens if My Home Increases in Value?

When your home value increases, so will your equity. Any amount of equity beyond your principal balance from your reverse mortgage is yours to keep. When your home is sold, the reverse mortgage is paid off, and the remaining equity is yours to keep.

Will the Bank or Government Take My Home After I Pass Away?

Your home will always remain yours with a reverse mortgage. When you move on, the home is passed onto your loved ones.

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If you think a reverse mortgage might be right for you contact the experts at Senior Advantage Association today at 866-620-0800!