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Reverse Mortgages for Seniors in Covina, Fontana, Ontario, Pasadena, Pomona, San Bernadino, CA

 

How a reverse mortgage loan works

 

Maybe you have a thought about a reverse mortgage and now you ask the question “How does a reverse mortgage work? If you are thinking about a reverse mortgage in Fontana CA, Ontario CA, Pasadena CA, Pomona CA or San Bernardino CA, then the team at Reverse Mortgages can answer your question and help you find the best deal.

 

A reverse mortgage is a home equity loan for seniors. This type of loan is also known as a home equity conversion mortgage, or HECM. The key part is the fact that you don’t have to make monthly repayments. But is still a loan that must be repaid at some point in time and that happens when the homeowner dies or moves out of his or her home.

 

A reverse mortgage is only available to homeowners who are 62 years or older. As a homeowner, you must also have substantial equity in your home. That means your home should be paid off or any remaining mortgage should be of a negligible amount. You should also live in the home, in other words the home is your primary residence.

 

In a way, a reverse mortgage is a last resort loan. However, it is a great tool for leveraging the equity in your home without selling it. It puts money in the hands of cash strapped home owners without forcing them to move.

 

A reverse mortgage can be beneficial if you are a senor homeowner who

Once you are approved for a reverse mortgage the bank will pay you a lumpsum or instalments or provide you with a line of credit. The borrower does not have to make repayments, but the loan does attract interest.

 

 

 

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