Oakland is a wonderful place to live out retirement. With lively arts, top-rated dining and pleasant weather all year round, it’s no surprise that so many long‑term homeowners opt to remain in place to live out their golden years.Â
Senior Lending Corporation enables Oakland homeowners to unlock financial freedom with a federally insured Home Equity Conversion Mortgage (HECM) or a proprietary mortgage. With the equity you’ve worked hard to build over the years, you can get rid of monthly mortgage payments, fund home enhancements, pay for medical expenses or simply save for tomorrow.
Whether you partner with a proprietary mortgage company or an HECM company in Oakland, you’ll gain financial peace of mind. Some common ways of using the funds from a reverse mortgage include:
A reverse mortgage lets you convert your home’s value into accessible funds without having to sell it, letting you stay in the home and community you love. When working with us at Senior Lending Corporation as your reverse mortgage company in Oakland, you have two potential options:
A Home Equity Conversion Mortgage allows certain Oakland homeowners age 62 and older to borrow a portion of their home equity in cash without having to move. You’ll maintain full ownership of your home, but you must live in it as your primary residence and continue paying related expenses, like property taxes and insurance. HECMs are FHA-insured and are non-recourse loans, meaning you or whoever inherits the property won’t owe more than the home is worth when the loan is repaid.
These lines of credit are not backed by the federal government like an HECM is. Instead, you’ll work with a reverse mortgage company. Homeowners aged 55 and older can be eligible for a proprietary mortgage. Like with an HECM, you must use the equity of your primary residence and continue living in that property. Proprietary mortgages are meant for higher value homes.Â
At Senior Lending Corporation, we have a 98% satisfaction rate and have helped close over 3,000 reverse mortgages. We’re here to provide peace of mind when it comes to funding your retirement years. With a relationship-driven service, we take the time to make sure you understand your reverse mortgage options.
When you work with us, we’ll partner you with a personal advisor who has the training and experience to provide reliable information. They’ll be by your side from the first consultation until closing.
As a trusted HECM company in Oakland, Senior Lending Corporation helps area homeowners leverage home equity reverse mortgages. Find out how you can eliminate monthly payments, supplement income, or set up a line of credit and still own your home.
