REVERSE MORTGAGE AGE 55+ GET CASH - LIFE -TIME NO LOAN PAYMENTS (Orange County)
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A reverse mortgage is similar to a HELOC (Home Equity Line Of Credit), except that the homeowner will not be making monthly mortgage payments on the reverse mortgage. Instead, the principal and interest will accrue and become due and payable when the house is sold, the borrower or qualifying non-borrowing spouse dies, or the borrower fails to comply with the terms of the loan.
The homeowner owns their home during their lifetime, and they may sell the home at any time and pay off their reverse mortgage, keeping the equity, just like with any other mortgage.
Once the homeowner dies, the home transfers to the heirs and they pay off the reverse mortgage, keeping the equity, like with any other mortgage, OR the heirs can keep the home by getting a new loan in their name to pay off the reverse mortgage. If the home depreciates in value and there is no equity in the property, the heirs are not responsible to pay more than the value of the property at that time.
If you’re thinking about a reverse mortgage or just want information, please request it by calling or emailing me. I have guides to help you determine if a reverse mortgage is right for you.
To receive a quick quote to see if you qualify for a reverse mortgage, call or email with this info:
* Property address
* Age of each homeowner
* Approximate value (we will pull this information once we know your address)
* Current mortgage loan balance (as seen on your most recent mortgage statement)
Paul Hamilton
website:www.https://www.loansbypaulhamilton.com/reverse-mortgage-services
760 898 8285