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“Family Funding got me a rate that was much lower than I was quoted by other lenders.” P.E., Auburn “I felt like one of MY family members handled my closing. You made it so quick and easy! Thank you Family Funding.” L.B. Rocklin |
Reverse Mortgage loans are for seniors, aged 62 and older. Thousands of people have used this loan method to supplement their retirement incomes. This program is a loan against your home that allows you to convert the equity into cash.
Whether you are seeking money to finance a home improvement, pay off a current mortgage, supplement retirement income, or pay for healthcare expenses, many are turning to “reverse” mortgages. These allow older homeowners to convert part of the equity in their homes into cash without having to sell their homes or take on additional monthly bills.
In a “regular” mortgage, you make monthly payments to the lender. But in a “reverse” mortgage, you receive money from the lender and generally don’t have to pay it back for as long as you live in your home. Instead, the loan must be repaid when you die, sell your home, or no longer use it as your principal residence. It is important to realize that your heirs are still entitled to the remaining equity. Reverse mortgages can help homeowners who are house-rich but cash-poor stay in their homes and still meet their financial obligations.
Use your Reverse Mortgage to:
- Pay off an existing mortgage in order to eliminate monthly payments
- Pay off existing bills such as credit card debt
- Make home repairs
- Or simply enjoy your golden years with financial independence while receiving a monthly income!