Over 150,000 seniors have already benefited from reverse mortgages. A
California reverse mortgage is a loan that enables senior homeowners, age 62 and
older, to convert part of their home equity into tax-free income-without having
to sell their home, give up title to it or make monthly mortgage payments.
The money can be used for anything, from daily living expenses, home
improvements, healthcare expenses, paying off existing debts, or simply
enhancing the retirement years. For many people, the money provides a "financial
security blanket," in case unexpected expenses arise.
You need not pay back the reverse mortgage loan to the lender nor make any
monthly mortgage payments until the home is permanently vacated.
The money received from a California reverse mortgage loan can be used in any
manner and because it is not considered income, it is tax free and will not
affect Social Security or Medicare benefits. It is recommended that a CPA be
consulted regarding the specific situation.
A California reverse mortgage loan can help parents create a new source of
tax-free money without having to sell their home. In fact, they can stay in the
home and tap into money they’ve earned in the form of home equity and avoid
having to depend on relatives for financial assistance.
Full title of the home is retained without any risk of losing the home to the
lender. And no matter what happens to the housing market, seniors can never owe
more than the value of their home when it is sold.
When the last-remaining parent passes away while living in the home, the heirs
simply pay off the reverse mortgage principal plus accrued interest. If heirs
want to keep the home in the family, a new traditional mortgage can be arranged.
If no one in the family is interested in keeping the home, it can be sold to
repay the loan. Any money left over goes to the estate to be shared according to
the seniors’ last wishes.
For more information on a California reverse mortgage loan please call 866 398
4664 or go to: FreeFinancialConsulting.com
FreeFinancialConsulting.com offers free, no obligation, advice in all areas of
personal finance including insurance and home loans. In addition to California
reverse mortgage information, advice on other mortgage products such as
refinance and debt consolidation is available.
Agency / Source: Camelot Marketing
All of the above text is a press release provided by the quoted organization.
globalagingtimes.com accepts no responsibility for their accuracy.
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