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Reverse mortgages for seniors in Covina, Fontana, Ontario, CA

 

As a senior you may have built up a lot of equity in your home and a reverse mortgage is way to tap into that equity and enjoy the fruits of your labor. A reverse mortgage for seniors is a special home loan that enables you to convert equity into cash. Reverse Mortgages is a broker that specialises in these home loans in Covina, Fontana, Ontario, Pasadena, Pomona and San Bernadino CA.
Now the interesting things about a reverse mortgage for seniors is that as long as you remain in your home you don’t need to repay the mortgage. A reverse mortgage can help you retire in style and live the life you deserve. If you want to supplement your retirement income, then a reverse mortgage could be just what you need. So here are some headlines about reverse mortgages for seniors

A reverse mortgage can pay you a lump sum, a recurring monthly payment, line of credit or some combination of these.  There are no income or credit requirements, and the loan has no monthly repayment requirements.
You can choose a fixed rate option or a variable rate mortgage. If you want to pay off the mortgage, then fixed rate options is a good choice. If you need a monthly line of credit an ARM (Adjustable Rate Mortgage) is a better option.

Since reverse mortgages for seniors are insured you won’t lose out if the housing market declines or crashes.

 

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