Bradbury is one of the more famous communities in the state of California. The people in this area are known for being both friendly and hospitable towards tourists and people in general. Perhaps its natural beauty is one of the reasons many seniors have bought their post retirement houses in the area.

Depending on how you see it, fortunately or unfortunately, it takes more than a house to get through the golden period of life. A reverse mortgage may be a good option for seniors 62 and over to pay off an existing mortgage and to obtain additional cash.

A reverse mortgage in Bradbury is a loan whereby homeowners who have crossed the age of 62 are given a mortgage against the equity of their home. Furthermore, they are not required to repay the loan in their lifetime or as long as they are living in the same property that the loan has been taken out against and stay current with property taxes, insurance and maintenance of the home. The only payments these people need to make to ensure they are able to legally stay in the property are insurance payments which are due and property taxes and upkeep of the home.

The reverse mortgage amount is not forgiven on the borrower. Instead, the borrowers are allowed to live their life out in their home, and when they leave the house or die, the house is sold and the proceeds of sale are used to pay off the mortgage and accrued interest the interest. Any additional proceeds go to the homeowner or their heirs, however if the proceeds from the sale do not cover the full amount of the outstanding loan the homeowner or their he is are not responsible as this is a non-recourse loan.. If you are looking for a reverse mortgage in Bradbury, contact us today!

This material is not from HUD or FHA and has not been approved by HUD or a government agency.

As with any loan there are risks associated with a reverse mortgage.  The right to remain in your home is contingent on complying with reverse mortgage loan terms and it is possible to lose your home if you do not comply with the terms of the reverse mortgage such as keeping current with property taxes, insurance and maintenance costs.