With a reverse mortgage, you can utilize the equity you’ve built in your house to remove your required monthly mortgage payments, increase your retirement income, pay off credit card debts or do whatever you choose with the extra cash flow.
Senior Lending Corporation offers older Anaheim homeowners financial flexibility through two reverse mortgage options — a proprietary mortgage or a federally guaranteed Home Equity Conversion Mortgage (HECM).Â
Once you’ve decided that a reverse mortgage is right for you, our skilled staff in Anaheim will walk you through your options and answer any questions you have regarding reverse mortgages.
Homeowners in Anaheim who are 62 years of age or older can borrow a portion of their home equity in cash using a reverse mortgage called a Home Equity Conversion Mortgage. When you have an HECM, you will not be required to make monthly mortgage payments, rather, you will have a choice in how you receive the funds.
Working with an HECM company in Anaheim requires you to still own your house, among other things.Â
HECMs are FHA-insured and non-recourse, which means you or your family will never owe more than what the home is worth at the time the loan is repaid.Â
A proprietary mortgage, also called a Jumbo Reverse Credit Line, does not require mortgage payments, just like an HECM. A proprietary mortgage is intended for homeowners with properties of a higher value, and homeowners have access to more equity. This mortgage type offers higher loan limits and no insurance premiums through FHA mortgage insurance. The minimum age is 55 and up for a Jumbo Reverse Credit Line.Â
Working with HECM companies in Anaheim, such as Senior Lending Corporation, can give you the opportunity to retire comfortably in the neighborhood you love. Homeowners like you can rest easy knowing that you have greater financial freedom for whatever life throws at you thanks to reverse mortgages.
Reverse mortgages in Anaheim might provide you with money for home renovations like adding energy-efficient features, fixing roofs, securing your house against earthquakes or making it more accessible. As you age, advancements like these make your life safer and more comfortable.
Senior Lending Corporation is a reverse mortgage company serving Anaheim homeowners with our integrity and willingness to educate. We begin with an initial conversation with an experienced advisor to find out about your goals and get you an initial quote specific to your Anaheim residence. When choosing an HECM, the first step is to complete counseling to ensure you understand the benefits, requirements and relevant costs. After that, your advisor will work on the application and any other necessary tasks. If you’re approved, you have full access to your funds.
Senior Lending helps Anaheim homeowners leverage home equity through reverse mortgages. Find out how you can eliminate monthly payments, supplement income or set up a line of credit and still own your home today. Contact us to get started with your Anaheim reverse mortgage today.
