During your retirement, you deserve to be able to realize as many of your dreams as possible.
A reverse mortgage may be the key to boosting your financial flexibility and making those dreams happen.
What is a Reverse Mortgage?
A reverse mortgage is a lending product especially for seniors. You can use it to borrow against your home equity. The funds are disbursed as cash. You get to spend them in any way you wish.
Make Your Retirement Dreams Come True
How can you use your reverse mortgage? Some possibilities include:
- Give yourself more room in your budget for everyday bills and expenses.
- Put a down payment on a second home.
- Make repairs or improvements to your home.
- Invest the money.
- Pay off other debts.
- Spend the money on education.
- Pay off medical bills.
- Make payments on an automobile.
- Repair an automobile.
- Build an emergency fund.
- Go on your dream vacation.
You may have an idea that is not on this list. That is just fine. With a reverse mortgage, it is your decision how to use the funds.
Benefits of a Reverse Mortgage in CA
- When you receive your reverse mortgage funds, you can use them however you want. You do not even need to spend them if you do not wish to; you can save them as cash reserves.
- You can stay in your home for the rest of your life if you stay current with your home maintenance costs, property taxes, homeowner’s insurance, and mortgage.
- The supplement to your income you receive through a reverse mortgage can come in instalments, a lump sum, or as a line of credit based on your needs.
- The reverse mortgage funds may be tax-free (consult a tax professional to learn more).
- For many senior borrowers, some of the greatest benefits of a reverse mortgage are intangible, coming in the form of less stress and greater peace of mind.
How to Apply for a California Reverse Mortgage
To qualify for a reverse mortgage and all of its benefits, you need to:
- Be age 62 or above (at least one borrower).
- Be current on your home maintenance payments.
- Possess enough equity to borrow against in your primary residence.
- Pass an assessment of your income, credit score and tax history.
Apply Now for a Reverse Mortgage in Rancho Cordova or Beyond
Mortgage Consultants Group has helped many senior homeowners in California to increase financial flexibility in retirement by taking out a reverse mortgage.
If you are ready to find out if you qualify, please contact us today at (916) 669-1682 to schedule your consultation. We work with customers in Rancho Cordova, Gold River, and throughout Sacramento, El Dorado, Placer, San Joaquin and Stanislaus Counties. We can also serve you elsewhere in the state.