Reverse Mortgage San Diego
There are many times in one’s life where a cash shortage can cause a lot of problems. Homeowners over the age of 62 are certainly not immune to this situation, but the one thing that most do not realize is that they have more options than someone of a younger age. Reverse mortgage San Diego experts can help those who qualify to get through the leaner times and start enjoying life as they should. There are many reverse mortgage San Diego lenders standing by to help you make some positive changes in your financial situation.
The first step the reverse mortgage San Diego professionals will take is examining your current situation. While you do not need to own your home outright, your home does need in a condition that would deem it as lendable to reverse mortgage San Diego lenders. If your home was in need of a lot of repair, it may not qualify under the terms of the reverse mortgage San Diego lender. The reverse mortgage San Diego experts may advise you to make a few repairs before continue processing the loan.
The reverse mortgage San Diego lenders will offer this type of loan on many different types of homes. However, the home must be your primary residence. For example, if you currently own a multi-unit building, you could still qualify, according to the reverse mortgage San Diego experts, by simply making one of the units your permanent or primary residence.
When applying for a traditional mortgage, your credit will be scrutinized. This is not something that the reverse mortgage San Diego lender will do. According to reverse mortgage San Diego consultants, your credit history will generally have no impact on the decision of whether or not you are approved for this reverse mortgage. San Diego residents who have a less than perfect credit rating will still be able to qualify for this type of assistance from a reverse mortgage San Diego loan officer.
Your income will also not play a factor in whether or not you are approved for a reverse mortgage. San Diego lenders understand the reason behind this type of loan service is to allow those who have reached their later years to be able to live comfortably. Income will never play a factor in approval by the reverse mortgage San Diego professionals.
Reverse mortgage San Diego experts also state that if you have an existing mortgage on the property, back taxes, or any other types of liens on the property, you can use the proceeds from the reverse mortgage to pay them.
The reverse mortgage San Diego lenders all find that recipients are thrilled to find out that their benefits can be paid out in different options. One individual may choose to have one lump sum of cash, while another prefers to have monthly payments sent to them. How you choose to receive the money will depend on your current financial situation.
The amount received by each individual approved for this type of mortgage will be different. Reverse mortgage San Diego lenders base this amount on the age of the homeowner, the current interest rate, and the value of the home. An appraisal of the home must be completed before the lender will give you a number.
Your age plays a factor in the decision making process because the term of the loan does not expire. You could be approved for the loan at the age of 65 and, if you are still alive at age 95, you could still be receiving payments. All reverse mortgage San Diego experts will agree that this is one of the reasons that the option is becoming more and more popular among residents in the area. The fact that you could be receiving extra cash each month for the rest of your life definitely makes it a hard offer from the reverse mortgage San Diego lender to turn down.
Reverse mortgage San Diego lenders do want to warn everyone, though, that the benefit of payments received is not to be transferred. Should the recipient of the reverse mortgage San Diego loan be deceased, the balance on the mortgage will become due. This is also the case if the owner chooses to sell the property on their own or they no longer use the home as their primary residence.
While the main difference between a traditional home loan and the reverse mortgage is that you do not have to make payments, the traditional home loan often combines many of the expenses that go along with homeownership. Reverse mortgage San Diego experts should advise you that you will be responsible for paying your real estate taxes and insurance on the property. If your current mortgage includes these things in your monthly payments, it is certainly a factor to consider.
Reverse mortgage San Diego lenders understand just how difficult it can be to make ends meet. The reverse mortgage San Diego consultants agree that this type of loan could be just what a homeowner needs to improve their quality of life. Instead of working past the age of retirement to try to make ends meet, consider how the reverse mortgage San Diego experts could change your life. Reverse mortgage San Diego are ready and willing to help you out of your current financial situation.