Orange County, CA (PRWEB) August 18, 2012
Orange County reverse mortgages have become more and more popular in recent years. They allow seniors who own a home but may have little cash reserves or savings to benefit from the equity in the home while still living in it. Reverse mortgages work very similar to a home equity loan, except that money is not repaid until the owner dies or leaves the residence permanently; any equity left in the house after repayment will still go to the heirs of the borrower.
Most people will use the most common type of reverse mortgage which is a Home Equity Conversion Mortgage, otherwise known as an HECM reverse mortgage. HEMCs constitute approximately 90 percent of the market for this type of loan. A HECM reverse mortgage is insured by the FHA, which implemented the program in 1989. Step one of obtaining a reverse mortgage is the reverse mortgage Orange County lender is examining the current client’s situation. While the homeowner applying does not need to own the property outright, the home does need to be in a condition that would deem it as lendable to a reverse mortgage Orange County lender. If the house needs of a lot of repair or has too much damage, it may not qualify under the terms of the reverse mortgage Orange County lender. The reverse mortgage Orange County specialists may advise the potential client to make a few repairs before continue processing the loan. The reverse mortgage Orange County lender 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 Orange County experts, as long as one of the units your permanent or primary residence. Senior Bank Services works with many reverse mortgage affiliates, and offers personal consultations for seniors that are considering applying for a reverse mortgage in Orange County California. To read more about the reverse mortgage Orange County lender visit, http://www.seniorbankservices.com/reverse-mortgage-orange-county
For individuals researching on the internet for correct information concerning how to use a free reverse mortgage calculator to find out how much money you can expect, there is hope. The services offered by SeniorBankServices.com will help the applying senior better understand the use a of a reverse mortgage calculator to figure out if the individual is eligible for an Orange County reverse mortgage on the property. The most important thing to understand is how a reverse mortgage calculator can show the individual how to live out the rest of their lives based on the equity in the property. If the applicant is at least 62-years-old and own the own home, the individual may be eligible for a reverse mortgage. The way that a reverse mortgage works is that the Orange County homeowner will get money from the bank for the house, but the individual continues to live at the property. A reverse mortgage expert can use a calculation to see how much money the applicants will get the home.
To find out about more how to use a reverse mortgage calculator to determine payments or to speak with a reverse mortgage expert, call (888) 217-6222
Expert SEO consultants promote the reverse mortgage Orange County lender online to help assist the company with internet marketing promoting the message about how important it is to use a reverse mortgage Orange County specialist if someone is considering applying for a reverse mortgage. SeniorBankServices.com continues its web presence by offering a one on one consultation at the office, or to visit the senior’s home and explain the process, and regularly posts reverse mortgage information on the company blog and social media pages. This information along with free consultations the company hopes to attract more Orange County California residents looking for a reverse mortgage. To read more on the company’s reverse mortgage Orange County Facebook page visit, https://www.facebook.com/ReverseMortgageOrangeCounty
About the Company: SeniorBankServices.com is a nationwide reverse mortgage information website that offers reverse mortgage information and connects prospective clients to qualified licensed reverse mortgage brokers and lenders to homeowners in Orange County California and throughout the United States. The company and its partners follow all rules and regulations regarding reverse mortgages. To learn more about the reverse mortgage Orange County California service or a reverse mortgage Orange County lender, visit the company website, http://www.seniorbankservices.com
Phone: (888) 217-6222
Email: info (at) seniorbankservices (dot) com