Speak with a Los Angeles reverse mortgage expert if you are considering this type of loan
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(PRWEB) November 19, 2014
SeniorBankServices.com. is a well visited blog site for senior citizens because of its content. The latest affiliate signed up with the informative website if offering in-house consultations to those looking for how to get a reverse mortgage in Los Angeles California. The company plans to help people better understand the all the intricacies about obtaining a reverse mortgage, the company believes by having the process explained to them in the comfort of the individuals house, the senior can make an educated choice. The company currently offers reverse mortgage consultations in all Southern California and has representatives in Los Angeles on call, waiting for interested seniors. Homeowners age 62 or older that have paid down a percentage of their home loan, or better yet, paid off a home, and currently occupy the property, may apply for FHA's Home Equity Conversion Mortgage (HECM) program. The HECM reverse mortgage is the most common and is FHA's reverse mortgage program that enables the approved individual senior to withdraw some of the cash from the home. The senior has the choice to withdraw the equity, whether in a fixed monthly amount, or a line of credit or a combination of the two. Seniors can also use a HECM (Home Equity Conversion Mortgage) to purchase a primary residence if the Individual 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.
The amount of equity that can be obtained by each applying individual for a reverse mortgage in Los Angeles will be different. The lenders that offer these types of loans base this amount on the homeowner’s age, and the estimated value of the property. An appraisal of the home must be completed before the lender can give an exact figure. The applying persons age plays a big factor in the decision making process because the term of the loan does not expire. A senior could be approved for the reverse mortgage at the age of 65 and, if that person is still living at 100, they could still be receiving payments. Reverse mortgage Los Angeles specialists agree that this is one of the reasons that the option is becoming more and more popular among residents in Los Angeles. The fact that property owner could be receiving cash each month for the rest of that person’s life, definitely makes it a smart choice for some. Most Los Angeles 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 Los Angeles is no exception. A HECM reverse mortgage is insured by the FHA, which implemented the program in 1989.
The first thing to do in of obtaining a reverse mortgage in Los Angeles is the examination of 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. 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 Los Angeles lender. The lender will offer this type of loan on many different types of properties. However, the home must be your primary residence. For example, if the applying individual lives in a multi-unit building, they could still qualify, according to the guidelines, as long as one of the units is a permanent or primary residence. Senior Bank Services works with many reverse mortgage affiliates, and offers a direct connection to an expert for seniors that are considering applying for a reverse mortgage in Los Angeles California. To read more about the reverse mortgage Los Angeles lender visit, http://www.seniorbankservices.com/
The website uses different resources across the web to help answer the question “how does a reverse mortgage work” and how important it is to use a reverse mortgage Los Angeles expert if someone is thinking about applying for this type of loan. SeniorBankServices.com new affiliate is offering a one on one consultation at the office, or to visit the senior’s home and explain the process. By providing this information, along with the no cost consultations the company hopes to attract more residents looking for a reverse mortgage quote. To read more on the company’s reverse mortgage Los Angeles Facebook page visit, 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 learn more about getting a reverse mortgage in San Diego or any other loan product, visit the company website.
Contact: (888) 217-6222