The right reverse mortgage san diego

• All borrowers must be 55 years or older
• Home must be owner occupied as the primary residence
• Must be able to pay property taxes, required homeowners insurance, and maintain the property

A reverse mortgage is typically insured by the Federal Housing Administration (FHA). Reverse mortgages provide access to funds by using your home’s equity. One key reason for C2 Financial Corp. to offer this type of mortgage is that it allows seniors to get cash while staying in their homes without making loan payments.

We understand that staying in a familiar environment becomes more important in your retirement years. Often there’s no income source, and unfortunately, there’s not always someone or a resource like a government agency to care for you as an old citizen. In any case, your home is one possession potentially available to be leveraged to help your situation. Understanding this, we offer borrowers the opportunity to stay in their homes without a monetary catch.

Imagine living in your home without a traditional monthly mortgage payment, or instead enjoying monthly loan proceeds from the years you’ve invested in your home. A reverse mortgage is a unique mortgage designed for seniors 55 and older. You may enjoy access to the equity in your home and the freedom and comfort of the home you’ve known for so many years. It’s your home, now you can put it to work for you.

Imagine living in your home without a monthly mortgage payment and enjoying monthly cash inflow. A reverse mortgage allows you to access the years of investments you’ve made your home loan. A reverse mortgage is a unique mortgage designed for seniors 55 and older. It allows them to access their home equity and enjoy the freedom and comfort of the home they’ve known for so many years.

To become eligible for a reverse mortgage, you must be at least 55 years old and own your home. You must have equity in the house to pay off any outstanding balances, and your home must be occupied as your principal residence.

All applicants are subject to a financial assessment to determine their financial capacity and willingness to pay obligations and monthly mortgage payments as part of the qualification process.

The amount of money that a lender will loan depends on how old you are at the time of closing, how much your house is worth, the total amount of liens, and interest rates. The payoff of your existing mortgage and mandatory obligations along with the payment option chosen will affect the amount of money you will receive. HUD limits borrowers to using 60% of the available money (after closing costs & fees) in the first year. The remaining funds are accessible beginning year two. This maximum disbursement limit set by HUD allows for the GREATER of:

60% of the Principal Limit (amount of money available to the borrower in all years of the loan) in the first twelve months of the loan from your closing date OR…
The sum of Mandatory Obligations (existing mortgage payoff, tax liens, closing costs, mortgage insurance premium) plus 10% of the Principal Limit. This total cannot exceed the total Principal Limit at the time of loan closing.

There are several different options to choose from. You can take the money in a lump sum (up to HUD’s first-year maximum withdrawal)*, set up a line of credit, monthly payment, or a combination of all three. In the first year, the Line of Credit or monthly Tenure Payments or monthly payments cannot exceed 60% of the Principal Limit. After the first year, the available Line of Credit or Tenure/Monthly payments will be increased when applicable.

* Fixed interest rate reverse mortgages only allow for the Single Disbursement Lump Sum payment plan.