Reverse mortgages are a popular financial option for seniors in Monterey, California. A reverse mortgage is a type of loan that allows homeowners to tap into their home’s equity.
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.
How Does a Reverse Mortgage Work?
Reverse mortgage loans allow homeowners 62+ to access a portion of the equity in their home without having to make monthly mortgage payments, so long as the borrower takes care of property charges, like insurance and taxes, and upkeep.
Reverse mortgages are a great option for seniors in Monterey, California, who want to stay in their homes, but also want or need additional cash flow. The funds from a reverse mortgage can be used for any purpose, including home improvements, medical expenses or to have more fun in retirement.
Reverse mortgages are available to homeowners age 62 and older who own their home outright or have a low mortgage balance that can be paid off at closing with proceeds from the reverse mortgage loan.
Reverse Mortgage Benefits
People get reverse mortgages for many reasons, including:
Reverse Mortgage Eligibility
To be eligible for a reverse mortgage loan, borrowers must meet the following requirements:
About Monterey, California
Monterey, California is a coastal city located in the central part of the state on the Monterey Bay. It’s known for its rich history, beautiful scenery and a variety of activities. Monterey is a popular tourist destination with many attractions, such as the Monterey Bay Aquarium, Fisherman’s Wharf and Cannery Row. There are also plenty of outdoor activities, such as kayaking, hiking and whale watching.
Monterey is a popular destination for retirees and tourists alike, with its stunning views of the Pacific Ocean and its rich cultural heritage.
Fun facts about Monterey, California:
- Population: 29,874
- Average Temperature: 57-65 F
- Cost of Living: The cost of living in Monterey is higher than the national average. The median home value is $632,000.
The median age of Monterey residents is 43.7 years, with 20.2% of the population aged 65 and over. The estimated senior population of Monterey is 6,000 people, or 20.2% of the total population.
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*This advertisement does not constitute tax or financial advice. Please consult a tax and/or financial advisor regarding your specific situation.