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San Diego, California (PRWEB) May 09, 2013
Reverse mortgage information provider SeniorBankServices.com has announced new business relationships in the lead development department. The company has been working with several new reverse mortgage marketing companies to help the company supply reverse mortgage San Diego Lenders more clients to assist. The website has been a solid provider of information about mortgages for individuals 62 and older. Reverse mortgages have become more popular in last few years. They allow seniors who own a home but have cash flow issues or not enough savings to benefit from the equity in their home while still living in it. Reverse mortgages work similar to a home equity loan, except that funds are not repaid until the owner dies or leaves the residence permanently, any equity left in the home after repayment will still go to the heirs of the borrower. To find out more about these types of home loans or to speak with a local lender contact the website directly at (888) 217-6222.
The firm's new marketing partners will focus mostly on driving business for the most common type of reverse mortgage is a Home Equity Conversion Mortgage, also known as an HECM reverse mortgage. HEMCs constitute approximately 90% of the market for this type of loan. A HECM reverse mortgage is insured by the FHA, which implemented the program in 1989. Despite the advantages of obtaining an HECM reverse mortgage, relatively few senior homeowners have taken the initiative to use them, a small percentage of seniors who qualify for this program have actually participated since the HECM reverse mortgage was first offered by the FHA. To be eligible for this type of home loan, the property must be the main residence of the borrower. It must also be a single-family home, or a multiple-unit home with no more than four units, the senior must live in one of the units. In addition, condos or manufactured homes can be considered for an HECM reverse mortgage as long as they meet HUD or FHA standards. The amount that the senior can qualify for depends on the age of the youngest person on the loan agreement, the current interest rate, and the appraised value of the property. To learn more about a San Diego reverse mortgage lender or to speak with a home loan expert visit, http://www.seniorbankservices.com/reverse-mortgage-san-diego.
The information provider of reverse mortgages consults with a SEO company to help promote the website with internet marketing. The company’s mission is to stress the importance of using a qualified reverse mortgage San Diego expert, if someone is considering applying this type of home mortgage. SeniorBankServices.com continues its online presence by offering a live consultant to visit the senior’s home and explain the entire reverse mortgage 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 San Diego California residents looking for a reverse mortgage. To read more on the company’s reverse mortgage San Diego Facebook page visit, http://www.facebook.com/ReverseMortgageSanDiego
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 the reverse mortgage Los Angeles California service or a reverse mortgage Orange County lender, visit the company website.
Phone: (888) 217-6222