Is a Reverse Mortgage for You?

	Searching for a reverse mortgage? We will be glad to help! Give us a call today at 805-636-9222. Ready to get started? Apply Online Now.

With a reverse mortgage loan (also referred to as a home equity conversion loan), homeowners of a certain age may use home equity for living expenses without selling their homes.  You decide how you would like to receive the loan proceeds: as a lump sum, a monthly annuity, or a line of credit.  Paying back your loan is not required until after you sell your property, move (such as to a retirement community) or pass away.  You, or the representative of your estate, must repay the outstanding reverse mortgage loan balance, interest accrued, and finance charges when your home is sold, or you no longer live in it.

Who is Eligible?

The conditions of a reverse mortgage often include being 62 or older, maintaining the home as your main residence, and having either a low balance on your mortgage or owning your home outright.

Reverse mortgages can be helpful for homeowners who are retired, but have a need to supplement their fixed income.  Interest rates may be fixed or adjustable, and the funds are nontaxable and do not adversely affect Medicare or Social Security benefits.  If you'd like to learn more about reverse mortgages, please call us at 805-636-9222.

At C2 Financial, we answer questions about reverse mortgages every day. Give us a call at 805-636-9222.