Riverside Reverse Mortgage Lenders
We are reverse mortgage lenders in Riverside CA that provide the only reverse mortgage that is insured by the Federal Government.
The Home Equity Conversion Mortgage (HECM) or better known as a Reverse Mortgage is a unique type of home loan for homeowners 62 years or older that requires no monthly mortgage payments. Senior borrowers will continue to be responsible for homeowner’s insurance and property taxes. Reverse mortgages enable qualified seniors to access the equity their homes that they have built up in their property, and defer any payment of the home loan until the senior expires, sell, or move out of the home. There are no mortgage payments on a HECM reverse mortgage, the interest of the loan is added to the loan balance each month. The loan balance continues to rise and can actually exceed the value of the property, particularly in times of declining home values, but this is uncommon. If this does occur, the senior (or the senior’s estate) is not required to repay any additional loan balance in excess of the value of the home. Specific rules for reverse mortgages do vary depending on the laws of the jurisdiction.
The number of reverse mortgage originations is likely to increase in upcoming years with the retirement of the “baby boom” generation, which has more home equity than retirement savings. Studies have estimated that among Americans 55 to 64 years old, 41 percent have no retirement savings account. But a majority of them, about 74 percent, own their homes and have built up good equity. The most common ways for consumers to access this home equity is to refinance their original mortgage, take out a home equity loan or line of credit, sell the home and downsize, or obtain a reverse mortgage.
The CFPB report covers 1,200 reverse mortgage complaints received at the Bureau between when the Bureau started taking complaints, on December 1, 2011, and December 31, 2014. Reverse mortgage complaints comprised about 1 percent of all mortgage complaints, by all ages, during this timeframe. And while reverse mortgages are only available to people over the age of 62, only about 42 percent of the complaints were from consumers who described themselves as 62 or older. The remaining consumers likely included the younger spouses or family members of borrowers.
Many complaints show a mismatch between consumer expectations and the way the product functions. Many consumers, for example, struggle with understanding how quickly their loan balance will go up and their home equity will fall.
Reverse mortgage lenders in Riverside County California
Learn more about the benefits of this type of home loan product by applying for a reverse mortgage in Riverside County California.Our Riverside reverse mortgage specialist also works with real estate agents that are familiar with the HECM purchase or “reverse purchase. Working with a mortgage professional that is already working with top reverse mortgage lenders in Riverside CA will make the whole process much easier. Speak to a reverse mortgage Riverside specialist by calling the local office here 951-200-5750
Reverse mortgage lenders Riverside County California
Reverse mortgage lenders Banning
Reverse mortgage lenders Beaumont
Reverse mortgage lenders Blythe
Reverse mortgage lenders Calimesa
Reverse mortgage lenders Canyon Lake
Reverse mortgage lenders Cathedral City
Reverse mortgage lenders Coachella
Reverse mortgage lenders Corona
Reverse mortgage lenders Desert Hot Springs
Reverse mortgage lenders Eastvale
Reverse mortgage lenders Hemet
Reverse mortgage lenders Indian Wells
Reverse mortgage lenders Indio
Reverse mortgage lenders Jurupa Valley
Reverse mortgage lenders Lake Elsinore
Reverse mortgage lenders La Quinta
Reverse mortgage lenders Menifee
Reverse mortgage lenders Moreno Valley
Reverse mortgage lenders Murrieta
Reverse mortgage lenders Norco
Reverse mortgage lenders Palm Desert
Reverse mortgage lenders Palm Springs
Reverse mortgage lenders Perris
Reverse mortgage lenders Rancho Mirage
Reverse mortgage lenders Riverside
Reverse mortgage lenders San Jacinto
Reverse mortgage lenders Temecula
Reverse mortgage lenders Wildomar