Is a California Reverse Mortgage Right for You?
California reverse mortgages are designed for seniors looking to get the most out of their retirement, pay for medical bills or provide financial assistance to members of their families. California reverse mortgages have become a popular way to provide supplemental money for seniors on a fixed income as well as help them maintain financial security while living and owning their residences.
Benefits of a California Reverse Mortgage
• Borrowers get tax-free cash with no payments until the home is sold or the borrower dies
• Borrowers can receive payments while retaining ownership of the property
• Monies can be accepted as a lump-sum payment, line of credit or a combination of both
• Remaining equity can be left to family and/or heirs
• California reverse mortgages are regulated by the U.S. Department of Housing and Urban
What is a California Reverse Mortgage?
In a traditional equity mortgage loan the owner borrows against the equity they have built on the home. In a California reverse mortgage, the homeowner receives monthly payments from the equity in their home and no payment is due until the homeowner is deceased or decides to sell the home. Income derived from a reverse mortgage will not affect Social Security or Medicare benefits and can be used for any purpose the borrower desires.
Who is Eligible for a California Reverse Mortgage?
To qualify for a California reverse mortgage, applicants must be at least 62 years old. The home being refinanced for the reverse mortgage must be the primary residence of the borrower(s). California reverse mortgages require no credit, income or health requirements. Seniors with single family, condo, town-home, two to four unit buildings, some mobile or manufactured homes and stock cooperatives can all be approved for California reverse mortgages.
Crestline Funding’s California Reverse Mortgages
For over 15 years, Crestline Funding has been assisting seniors retire comfortably through our California reverse mortgage programs. As a direct lender, we can provide seniors with the highest California reverse mortgage payments because we originate our own loans. At Crestline Funding, we don’t have to deal with middle men and broker’s fees, allowing us the freedom to avoid unnecessary red tape and middle men.
At Crestline Funding, we pride ourselves in treating each client as an individual and our customer service and attention to detail has earned us an A+ rating with the Better Business Bureau and the reputation as “Your Friend in the Mortgage Business.”
Apply Now
To see if you qualify for a California reverse mortgage simply fill out our online form at CrestlineFunding.com and during normal business hours friendly loan specialists will let you know if you’re pre-approved in as little as 20 minutes.
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