Los Angeles, California (PRWEB) June 06, 2014
Reverse mortgages may get a little easier for seniors to understand by way of a new video from SeniorBankServices.com. The video explains the basic questions about a reverse mortgage, and the company hopes those want more details will call for more product information. Seniors that are the age of 62 or older, and have paid down a home mortgage, or better yet paid off a home completely, and are currently occupying the home, can apply for a (HECM) FHA's Home Equity Conversion Mortgage program. The HECM is FHA's reverse mortgage product that offers the approved individual to withdraw part of the equity from the property. The senior can choose how they take out the equity, whether in a fixed monthly amount, or a line of credit, or even a combination of both. Seniors can also use a HECM (Home Equity Conversion Mortgage) to purchase a primary residence if the senior is able to use cash on hand to pay the difference between the HECM proceeds, and the sales price plus any closing costs for the property being purchased. To view the latest video about a senior reverse mortgage click here, https://www.youtube.com/watch?v=8i4lEWemcV4
The amount that can be obtained by each senior approved for a Los Angeles reverse mortgage will be unique to the borrower. A reverse mortgage Los Angeles consultant will base the amount on the homeowner’s age, the current rate of interest, and the estimated value of the home. An appraisal of the home must be completed before the lender can give an exact figure. The senior’s age plays a large 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 75 and, if that person is still alive at age 99, they could still be receiving payments. Most Los Angeles residents looking for this type of home loan 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 about 90 percent of the market for this type of loan and Los Angeles is no exception. A HECM reverse mortgage is insured by the FHA, which implemented the program in 1989. The first part of getting a reverse mortgage is having a lender examine the current senior’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 make it as lendable to a reverse mortgage Los Angeles lender. If the house has too much damage, or needs too much repair, unfortunately it may not qualify under the terms of the lender. The reverse mortgage Los Angeles lender will offer this type of loan on many different types of properties. However, the home must be the applying senior’s primary residence. The company works with many reverse mortgage affiliates, and offers personal consultations for seniors that are applying for a reverse mortgage in Los Angeles California. The company is offering one on one consultation to interested seniors in the Los Angeles area. To discover more about the reverse mortgage Los Angeles lender visit, http://www.seniorbankservices.com/reverse-mortgage-los-angeles/
Many seniors are interested in staying in their own home and are trying to avoid a nursing home care. To say the least, these expenses can be sometimes overwhelming. To cover the costs of staying in the home, the Federal government set up a program called the Home Equity Conversion Mortgage under the Fair Housing Administration. To help consumers understand how a qualified individual could turn the property into cash while still living there, the government enlisted the help of programmers to make the first reverse mortgage calculator. Today, this tool is used to make the dreams of seniors come true and shows them how to estimate how much they can receive. There are individual, and property eligibility requirements that have to be met. Interested parties can use the link provided for proper use of a reverse mortgage calculator, or to check qualifications. If the person meets the eligibility criteria, then complete a reverse mortgage application by contacting a FHA-approved lender through SeniorBankServices.com. A home loan specialist will be able to discuss other requirements of the HECM program, the loan approval process, and repayment terms. To discover more about how to use a reverse mortgage calculator to determine payments or to speak with a Los Angeles reverse mortgage expert, call (888) 217-6222
The company uses an internet marketing company to promote the new videos online about how important it is to use a reverse mortgage Los Angeles specialist, if someone is considering applying for this type of loan. SeniorBankServices.com continues its online presence by regularly posting reverse mortgage information on the company website, and social media pages. By providing this information along with no cost consultations the company hopes to attract more Los Angeles California residents looking for a reverse mortgage. To learn more about the company’s new videos click on their Facebook page here, http://www.facebook.com/ReverseMortgageLosAngeles
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 Los Angeles California and throughout the United States. The company and its partners follow all rules and regulations regarding reverse mortgages. To find out more about a reverse mortgage San Diego CA service, contact the corporate office.
Contact: (888) 217-6222