Reverse Mortgages have always been a very viable option for senior homeowners looking to tap into their most valuable asset, their home. In most cases, the equity they have built up in their home can allow them to maximize their comfort throughout their golden years. California has long been known as having some of the highest property values in the country as well as the highest lending limits allowed by the Federal Housing Association(FHA).
Some of the highest property values in the state of California lie within San Diego, Orange, Los Angeles, San Bernardino, Ventura, Santa Barbara, Monterey, Santa Cruz, San Francisco, Marin and Napa counties. The amount of equity is calculated by subtracting the amount of mortgage(s) from the value of the property. The result is the amount of equity in your home.
It is important to know the qualifications required to obtain a Reverse Mortgage, not only in California, but nationwide. The first requirement being that at least one borrower must be at least 62 years old. The second requirement being that the property is occupied as their primary residence. The third and most important requirement is having equity in the home. Other requirements include the property being a 1-4 Unit home, a FHA approved condominium or a Manufactured home that meets FHA standards.
Knowing your options and educating yourself as a consumer greatly benefits the homeowners as to what kind of options are available to them. www.reversemortgagespace.com is a great tool to help senior homeowners calculate the amount of equity available to them as well as help compare different lenders that offer Reverse Mortgages in California. Most senior homeowners are more comfortable dealing with local, reputable lenders that are available through Reverse Mortgage Space’s network of approved lenders. The company focuses on the education of Reverse Mortgage’s for senior homeowners and their loved ones.
If you or one of your family members is interested in a Reverse Mortgage in California, be sure to look into Reverse Mortgage Space’s tools that can help make an educated decision that much easier. Be sure to have the above mentioned information ready, such as, youngest borrowers age, current mortgage(s) amount, and estimated property value. Lastly, if you or your loved one lives in California and is considering a Reverse Mortgage, Reverse Mortgage Space can assist in getting a estimate on the true value of the property in question. It will allow for you or your loved one to get a estimate that is much more realistic. Happy Hunting!!!