See how Home equity conversion mortgage could benefit you.
The Federal Housing Administration’s (FHA) reverse mortgage program, known as the Home Equity Conversion Mortgage (HECM), allows you to access part of your home’s equity in Crest CA. The withdrawals may be made in various ways, from a set amount each month, a credit line, or a mix.
Suppose you have enough cash to cover the closing expenses and the difference between the HECM revenues and the property’s sales price. In that case, you may utilize a HECM to purchase a primary residence in San Diego County.
The HECM program is an FHA-insured reverse mortgage loan for at least 62 years old. Homeowners may use this government-insured loan to turn the equity in their homes into cash.
If you seek for professional HECM loan mortgage banker provider, consider trying the software of C2 Reverse Mortgage in Crest, CA. We make the procedure fast and convenient as much as possible.
If you seek a HECM loan in Crest, CA, let’s first know about the eligibility criteria and the process.
What Are The Eligibility Requirements For A HECM Loan?
You must fulfill the following conditions to receive a HECM in San Diego County:
If you want to receive a HECM, you must go via an FHA-approved lender specializing in reverse mortgages.
How Do You Obtain A HECM Loan?
Only HUD-approved lenders in the California may provide a HECM loan. To apply for a HECM loan, you must follow a few particular procedures.
1) HECM Counseling Is Mandatory
HUD requires all borrowers to attend a reverse mortgage counseling session because of the complicated nature of the reverse mortgage.
If you have any questions about the loan balance process, the HUD-approved third-party counseling session may answer them for you. You may request phone counseling in certain jurisdictions for a few dollars per minute.
2) Amount Of Approval
The amount of money you can borrow from a HECM depends on three factors:
3) The Financial Assessment
HUD also requires borrowers to undergo a financial assessment during the loan process to handle financial obligations of the loan amount (such as property taxes, homeowners insurance, and home maintenance costs) in San Diego County.
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The lenders from C2 Reverse Mortgage will examine a borrower’s income, debts, and line of credit during the financial assessment. Furthermore, a credit score is not a decisive factor in acquiring a reverse mortgage.
The lender may elect to put aside part of the HECM reverse mortgage profits to pay for property taxes and insurance, depending on the economic assessment results.
4) Payment Options
Fixed-rate HECMs and adjustable-rate HECMs are two kinds of HECMs loan options. There is only one payment plan method- a fixed-rate loan in a single lump amount at the end of the loan’s lifespan.
It is possible to pay as a single amount, make monthly payments, or use a credit line with the adjustable-rate option. The interest rate may change at any time throughout the loan’s tenure.
Getting A HECM Loan With C2 Reverse Mortgage Can Be A Wise Decision In Crest, CA
A HECM is a loan that lets seniors pay off their current mortgage insurance premiums using the equity in their house.
You may use a government-insured HECM to augment your retirement income, but the mortgage can be complicated and not necessarily the best solution for everyone.
A home equity loan may be an alternative to a HECM or other reverse mortgage that you should investigate before making a final decision.
Contact C2 Reverse Mortgage in Crest, CA to explore all of your home financing alternatives. Call us on 858-635-5565, to get in touch with us.
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This material is not provided by, nor was it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA). It is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice.
*There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower(s) must continue to pay for property taxes and insurance and maintain the property to meet HUD standards or risk default. Credit is subject to age, minimum income guidelines, credit history, and property qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.
Kevan Green
C2 Reverse Mortgage Professional
NMLS #256908 | BRE #01140535
This licensee is performing acts for which a real estate license is required. C2 Financial Corporation is licensed by the California Bureau of Real Estate, Broker BRE #01140535 | NMLS #256908 Loan approval is not guaranteed and is subject to lender review of information. Loan is only approved when lender has issued approval in writing. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. C2 Financial Corporation is an Equal Opportunity Mortgage Broker/Lender. The services referred to herein are not available to persons located outside the state of California.
C2 Financial Corporation is approved to originate VA loans, and has the ability to broker such loans to VA approved lenders. C2 Financial Corporation is not acting on behalf of or at the direction of HUD/FHA or the VA.
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