Reverse Mortgages

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Reverse mortgages (sometimes called "home equity conversion loans") give older homeowners the ability to benefit from their built-up home equity without having to sell their home. The lending institution pays out funds based on the equity you've built-up in your home; you receive a one-time amount, a payment each month or a line of credit. Repayment is not necessary until after the borrower puts his home up for sale, moves (such as into a retirement community) or dies. You or your estate representative is obligated to repay the reverse mortgage funds, interest , and finance charges at the time your home is sold, or you are no longer living in it.

Who is Eligible?

Typically, reverse mortgages are appropriate for borrowers at least sixty-two years old, have a low or zero balance in a mortgage and maintain the house as your principal living place.

Reverse mortgages are appropriate for homeowners who are retired or no longer bringing home a paycheck but have a need to add to their limited income. Social Security and Medicare benefits aren't affected; and the money is not taxable. Reverse Mortgages may have adjustable or fixed interest rates. The lending institution cannot take away your residence if you outlive your loan nor may you be obligated to sell your home to repay the loan even if the loan balance is determined to exceed property value. Contact us at (650) 689-5684 if you would like to explore the advantages of reverse mortgages.

At Norcal Capital Group, Inc, we answer questions about reverse mortgages every day. Give us a call at (650) 689-5684.

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