A reverse mortgage is a type of loan that allows homeowners who are 62 or older to convert a portion of their home’s equity into cash or other types of proceeds.
How Does a Reverse Mortgage Loan Work?
The most popular type of reverse mortgage is the FHA-insured Home Equity Conversion Mortgage (HECM) loan. Unless noted otherwise, we’re referring to HECMs when we talk about reverse mortgages.
Unlike a traditional mortgage, with a reverse mortgage the borrower is not required to make monthly mortgage payments. Instead, they just need to handle property charges, like insurance and taxes, and upkeep. The loan balance is paid back when the homeowner sells the home, permanently moves out or passes away.
Reverse Mortgage Loan Benefits
The following is just a snapshot of the many benefits provided by reverse mortgages.
Reverse Mortgage Eligibility
Like any loan, there are qualifications and requirements that the prospective reverse mortgage borrower must meet in order to qualify for the loan. Below are the key requirements.
About Fresno, California
Fresno is located approximately 200 miles southeast of San Francisco and 170 miles north of Los Angeles. It’s situated in the San Joaquin Valley, which is known for its agriculture.
Fresno offers a variety of attractions, including the Forestiere Underground Gardens, the Fresno Chaffee Zoo and the Fresno Art Museum. The city also hosts several annual events, such as the Big Fresno Fair and the Fresno Food Expo.
Fresno is a diverse city, with a significant Hispanic population. The city is home to several cultural events and celebrations throughout the year, including the annual Fresno Taco Fest and the Fresno Greek Fest.
Interested in a Reverse Mortgage in Fresno, California?
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*There are some circumstances that will cause the loan to mature and the balance to become due and payable. Borrower is still responsible for paying property taxes and insurance and maintaining the home. Credit subject to age, property and some limited debt qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.