Reverse Mortgage Lenders Riverside CA

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.

Reverse Mortgage FHA Loan Riverside CAThe 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.

More can be read here, http://www.consumerfinance.gov/newsroom/cfpb-report-highlights-consumer-frustration-around-reverse-mortgages/

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

Reverse Mortgage Lenders

Riverside Reverse Mortgage Specialist

Reverse Mortgage FHA Loan Riverside CAIf you are looking for more information regarding reverse mortgages or local reverse mortgage lenders in Riverside County we can help. Our licensed mortgage professionals can help provide you with all the information you need about the HECM reverse mortgage. The HECM constitutes over 90% of the reverse mortgages in the market, and the HECM or Home Equity Conversion Mortgage is the only one insured by FHA. Contact us and find out more about a reverse mortgage at 951-200-5750.

To qualify for a reverse mortgage in Riverside County California the applying senior must be 62 years old or older with equity in their home. The property must be an owner-occupied or primary residence in order to qualify. The home must be in good condition, and depending on the age of the HECM reverse borrower the cash available will vary. Below are some of the payment options.

For adjustable interest rate mortgages, you can select one of the following payment plans:

  • Tenure– equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
  • Term– equal monthly payments for a fixed period of months selected.
  • Line of Credit– unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted.
  • Modified Tenure– combination of line of credit and scheduled monthly payments for as long as you remain in the home.
  • Modified Term– combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.  For fixed interest rate mortgages, you will receive the Single Disbursement Lump Sum payment plan.
  • Single Disbursement Lump Sum – a single lump sum disbursement at mortgage closing.

There are many benefits to using a reverse mortgage, in order to  be eligible for the FHA HECM reverse mortgage in Riverside California, your house must be a single family home or a 2-4 unit home with one unit being occupied by the applying individual . In addition, manufactured homes, and HUD-approved condominiums that meet the current FHA requirements are also eligible. The amount of cash or “equity” that the borrower receives varies by borrower and depends on, the age of the youngest borrower or non-borrowing spouse, and the current interest rate. The other variables are, the lesser of appraised value or the HECM FHA mortgage limit of $625,500 or the sales price, and Initial Mortgage Insurance Premium.

Like any type of other loan there are fees associated with these types of loans, and are paid through the loan without any “out of pocket” money. These fees consist of, a loan origination fee, third party fees (i.e., appraisal, inspection, lender title policy, etc.), FHA Mortgage Insurance Premiums, servicing fee, and interest. There is also mandatory counseling for every borrower who chooses to apply for a Riverside reverse mortgage.

Why is HECM Counseling required?

  • To educate borrowers about using a HECM
  • costs of obtaining the loan
  • financial implications
  • borrower obligations
  • alternatives
  • repayment conditions

Reverse Mortgage Lenders Riverside County California The HECM borrower has obligations after the loan has been funded.They must continue to occupy the home as a principal residence. Pay Home Owners Association (HOA) fees, ground rents, etc. as well as property taxes. Also maintain a current homeowner’s hazard insurance policy, and maintain the property in the same condition it was when the loan was initiated.

Riverside cities that our reverse mortgage experts service:

Banning, Beaumont, Blythe, Calimesa, Canyon Lake, Cathedral City, Coachella, Desert Hot Springs, Eastvale, Hemet, Indian Wells, Indio, Jurupa Valley, Lake Elsinore

La Quinta, Menifee,Moreno Valley. Murrieta, Norco, Palm Desert, Palm Springs, Perris, Rancho Mirage, Riverside, San Jacinto, Temecula, Wildomar

In 1987, The Housing and Community Development Act got the ball rolling for these types of loans . This started the HECM or Home Equity Conversion Mortgage, and in 1988 (HUD) or known as the Department of Housing and Urban Development received the ability to insure these types of home loans through the FHA – Federal Housing Administration.

Unfortunately many seniors still don’t understand how a reverse mortgage work. According to the report, consumers are frustrated with their loan terms, servicing runarounds, and foreclosure problems.

“Consumer complaints tell us that the complex terms of reverse mortgages continue to be misunderstood,” said CFPB Director Richard Cordray. “As more baby boomers choose reverse mortgages to tap into their home equity, they need to understand the unique terms and features of this product. Our advisory can help those who have already chosen reverse mortgages to plan ahead for loved ones.”

If you are considering a reverse mortgage in Riverside California, have an expert who is used to explaining these types of loans assist you. Our reverse mortgage experts can provide you with the information you and your family needs to make a decision if a reverse mortgage is right for you. Doing a reverse mortgage in Riverside takes a few months from counseling to closing, so there is never any major rush. Take your time and research the pros and cons of a reverse mortgage, and fee free to call us and discuss your options at 951-200-5750.

HUD 184 Loans Riverside County California

Section 184 Indian Home Loan Guarantee Program

According to the latest figures from HUD there has been over $4,171,447,044 of home loans Guaranteed
in Indian Country, and 25,748 loans to date as of 2015. The great thing about the Section 184 Loan Guarantee Program, or better known as the HUD 184 loan can be offered on or off Native land.Native American home-ownership has historically been an undeserved market, because of the unique status of Indian lands being held in Trust. Working with an expanding network of private sector and tribal partners, the Section 184 Program looks to increase access to more capital for Native Americans and also provide private funding opportunities for tribal housing agencies with the HUD Section 184 Home Loan Program.

Eligable 184 borrowers can be  Indian or Alaska Native who plan to occupy the property as a principal residence and who have also met the credit and underwriting standards. An Indian tribe, Indian Housing Authority (IHA) or Tribally Designated Housing Entity (TDHE) may borrow funds to develop homes that that are subsequently sold to eligible borrowers, or to create tribal owned rental housing.

MAXIMUM LOAN AMOUNT

The maximum loan amount is the lowest of:

  • 150% of FHA loan limits for the applicable county

or

  • Loan to Value (LTV) (Appraised value – excluding closing costs):
  • 98.75% of LTV if appraised value is $50,000 or less
  • 97.75% of LTV if appraised value is more than $50,000

or

  • Acquisition Cost (sales price + closing costs)
  • 98.75% of acquisition cost if it is $50,000 or less
  • 97.75% of acquisition cost if it is more than $50,000

 

Learn more about the benefits of this amazing home loan product by applying for a Section 184 Indian Home Loan Guarantee Program in Riverside County California.Our Riverside HUD 184 loan expert also works with real estate agents that are familiar with this type of home loan financing. Working with a finance professional that is already working with HUD 184 approved lenders in Riverside CA will make the whole process much easier. Speak to a HUD 184 loan Riverside specialist by calling the local office here 951-200-5750

HUD 184 Loan Service Area Riverside County California

HUD 184 Loan Banning
HUD 184 Loan Beaumont
HUD 184 Loan Blythe
HUD 184 Loan Calimesa
HUD 184 Loan Canyon Lake
HUD 184 Loan Cathedral City
HUD 184 Loan Coachella
HUD 184 Loan Corona
HUD 184 Loan Desert Hot Springs
HUD 184 Loan Eastvale
HUD 184 Loan Hemet
HUD 184 Loan Indian Wells
HUD 184 Loan Indio
HUD 184 Loan Jurupa Valley
HUD 184 Loan Lake Elsinore
HUD 184 Loan La Quinta
HUD 184 Loan Menifee
HUD 184 Loan Moreno Valley
HUD 184 Loan Murrieta
HUD 184 Loan Norco
HUD 184 Loan Palm Desert
HUD 184 Loan Palm Springs
HUD 184 Loan Perris
HUD 184 Loan Rancho Mirage
HUD 184 Loan Riverside
HUD 184 Loan San Jacinto
HUD 184 Loan Temecula
HUD 184 Loan Wildomar