Speak to a reverse mortgage specialist in San Diego today!
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(PRWEB) August 20, 2012
Getting a reverse mortgage in San Diego has beginning to get a little easier. A reverse mortgage allows the 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 in San Diego work very similar to a home equity loan, except that money is not repaid until the owner is deceased or leaves the residence permanently; any equity left in the house after repayment will still go to the heirs of the borrower. 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 can give an exact figure. An individual’s age plays a factor in the decision making process because the term of the loan does not expire. A senior could be approved for the loan at the age of 65 and, if that person is still alive at age 95, they could still be receiving payments. 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 the homeowner could be receiving extra cash each month for the rest of that person’s life definitely makes it a hard offer from the reverse mortgage San Diego lender to turn down. Most San Diego residents will use the most common type of reverse mortgage which is 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 in 1989. Step one of obtaining a reverse mortgage is the reverse mortgage San Diego lender is examining the current client’s situation. While the homeowner applying does not need to own the property free and clear, the home does need to be in a condition that would deem it as lendable to a reverse mortgage San Diego 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 San Diego lender. The reverse mortgage San Diego 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 San Diego 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 San Diego California. To read more about the reverse mortgage San Diego lender visit, http://www.seniorbankservices.com/
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 San Diego 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 San Diego 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 how to use a reverse mortgage calculator to determine payments or to speak with a reverse mortgage expert, call (888) 217-6222
SEO professionals assist the reverse mortgage San Diego lender online to help the company with internet marketing, promoting the message about how important it is to use a reverse mortgage San Diego 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 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 Orange County service or a reverse mortgage San Diego lender, visit the company website, http://www.seniorbankservices.com/reverse-mortgage-san-diego-ca/