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Reverse Mortgages for Seniors in Covina, Ontario, Pasadena, CA, and Nearby Cities: How Much Can You Borrow?

 

Home3 Factors That Determine How Much Reverse Mortgage Loan You Can Borrow

Are you planning to secure your post-retirement life, especially in terms of your finances? Then, a reverse mortgage is definitely the right solution for you. This will help you acquire a substantial amount of cash against your home without having to sell it. And the best part is that you don't have to pay it as long as you live in your home and you are not even required to pay the amount. When you die, the home will itself be the payment. And if your heirs want to keep the property, then they can settle the debt and keep the property. We, at Futura Financial (Reverse Mortgages), are an expert financial service offering you one of the lowest rates on the reverse mortgages for seniors such as the FHA HECM loans and other reverse mortgage loans in and around areas like Covina CA, Fontana CA, Ontario CA, Pasadena CA, Pomona CA, or San Bernardino CA.


However, the question is how much loan amount you can borrow. Here are a few factors that decide this. Take a look.


First of all, you should know that the older you are, the more you can potentially borrow. Since this loan has a provision that will help you stay at home for the rest of your life without paying the mortgage, the lender provides the loan by calculating your life expectancy to understand when the loan will be repaid.


If your home has a higher value in the market, then you are likely to get a better borrowing amount.


A reverse mortgage is also a loan. Therefore, the lender will charge an interest for the loan. The higher the interest rates, the less an amount you can borrow as a higher percentage will be given as the interest.


And there are a few other factors too. In order to know more or apply for a reverse mortgage loan, get in touch with us today.

 

Meet our staff

 

SCOTT WILSON
Futura Financial Inc.
Owner/Broker
Office: (626) 442-188 | Cell: (626) 523-9130 | Fax: (626) 442-8424
scottwilson@futurafinancial.com

 

 

 

 

BOBBY COMPTON
Futura Financial Inc.
Associate Broker/Mortgage Loan Originator
Office: (626) 442-1888 | Direct: (626) 945-2382 | Fax: (626) 442-8424
Dallas35@earthlink.net

 

 

 

 

BRENDA JACOBY BURCIAGA
Futura Financial Inc.
Mortgage Loan Originator
Office: (626) 442-1888 | Cell: (951) 453-1078 | Fax: (626) 442-8424
brenda@futurafinancial.com

 

 

 

 

ALEX MUNOZ
Futura Financial Inc.
Loan Processor
Office: (626) 442-1888 | Fax: (626) 442-8424
alexmunoz@futurafinancial.com

 

 

 

 

FERNANDO REZA
Futura Financial Inc.
Associate Broker/Mortgage Loan Originator
Office: (626) 442-1888 | Cell: (626) 388-5518 | Fax: (626) 442-8424
fernandoreza@futurafinancial.com