Reverse Mortgages also known a HECM loans (Home Equity Conversion Mortgage) have been extremely popular with seniors over the age 62 who are able to utilize their home equity to payoff their existing mortgage. This loan has had negative publicity in the past due to a misunderstanding of the loan program. A reverse mortgage is not for everyone but are very beneficially for the right situation. Before you make a decision, learn the facts. This program has helped thousands of seniors get out of financial hardships and into a situation where they can enjoy their retirement.
Advantages of Reverse Mortgage Loans
Reverse Mortgage Loans offers borrowers the opportunity to get rid of a mortgage payment for the rest of their lives as long as they remain in the home as their primary residence. The senior can also access cash out or obtain a line of credit for future needs. A reverse mortgage can also pay the homeowner an income every month, all without any monthly payments.
Steps to get approved for a Reverse Mortgage Loans
We will walk you through the entire process. Every applicant must attend a independent HUD home loan counseling session. This is to ensure that you have a true understanding of the program from a different person other than the loan officer. This counseling session can be done over the phone, online or in person. Once this is completed, an appraisal must be done on the property for the loan approval.
Apply for a Reverse Loan today
Parkview Investment & Loan is proud to offer Reverse Mortgage loans for California. If you are looking to refinance your current Reverse mortgage loan to access more money, we can help. Call Parkview Investment & Loan today at 858-337-6968 or fill out the quick quote on the right to speak to a Reverse professional.