San Diego, CA (PRWEB) June 05, 2014
A reverse mortgage allows a person 62 years or older who owns a home, but may not have enough cash reserves, to benefit from the equity in the house, while still occupying it. Getting a reverse mortgage in San Diego is very similar to a home equity loan, except that capital is not repaid until the owner is deceased or leaves the property permanently; any equity remaining in the home after repayment will go to the heirs of the borrower. The amount that is received by each individual approved for this type of mortgage will be different. Reverse mortgage lenders base this amount on the age of the homeowner, the current interest rate, and the value of the house. A completed appraisal of the home must be done before the lender can give an exact amount. An individual’s age also plays a factor in the decision making process because the term of the loan does not expire. A senior get be approved for the loan at 65 years old, and if that person is still alive at age 95, they could still be receiving payments. Reverse mortgage San Diego specialists agree that this is one of the reasons that the option is becoming more and more popular among residents in the city. Most San Diego residents will use the most common type of reverse mortgage known as a Home Equity Conversion Mortgage, also known as a HECM reverse mortgage. HEMCs constitute approximately 90 percent of the market for this type of loan and San Diego is no exception. A HECM reverse mortgage is insured by the FHA, which implemented the program back in 1989. The first step in obtaining a reverse mortgage is to have a reverse mortgage San Diego lender examine the current borrower’s situation. While the homeowner applying does not need to own the property free and clear, the property does need to be in a condition that would deem it as lendable to a San Diego reverse mortgage lender. If the house is in need of repair, or has too much damage, it may not qualify under the terms of the reverse mortgage lender. The lender will offer this type of loan on many different types of houses. However, the property must be your primary residence. For example, if the person applying currently owns a multi-unit building, they may could still qualify, according to the reverse mortgage San Diego consultants, as long as one of the units is the 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 San Diego California.
Internet marketing consultants assist SeniorBankServices.com website online to help the company with marketing, and promoting the message about how important it is to use a reverse mortgage San Diego specialist if someone is considering applying for this type of loan. SeniorBankServices.com continues its internet presence by offering a no cost consultation at the office, or even visit the senior’s house and explain the entire process. By providing this information, along with free consultations the company hopes to attract more San Diego California residents looking for a reverse mortgage. To discover more visit the company’s reverse mortgage San Diego Facebook page visit, http://www.facebook.com/ReverseMortgageSanDiego.
The company also assists those that are researching on the internet for information concerning how to use a free reverse mortgage calculator to find out how much money you can expect. The no cost services offered by SeniorBankServices.com will assist the applying senior with a better understanding of a reverse mortgage calculator, and how to figure out if the individual is eligible for a San Diego reverse mortgage on his or her house. The most important thing to understand is how a reverse mortgage calculator can show the individual how to live in their home for rest of their lives based on the equity in the home. If the applicant is at least 62-years-old and own the home, that individual may be eligible for a reverse mortgage. The way that a reverse mortgage works is that the San Diego homeowner will get money from the bank for the house, but the borrower continues to stay at the home. A reverse mortgage specialist can use a calculation to see how much money the applicants will get the home. To find out about how to use a reverse mortgage calculator to determine payments or to speak with a reverse mortgage expert, call (888) 217-6222.
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 San Diego California and throughout the United States. The company and its partners follow all rules and regulations regarding reverse mortgages. To learn more about an Orange County reverse mortgage lender, or a reverse mortgage San Diego lender, visit a mortgage specialist here, http://www.kevinleonardmortgageexpert.com/reverse-mortgage/.