A reverse mortgage in Claremont may be an option available to homeowners who are 62 and older.  A reverse mortgage or HECM Home Equity Conversion Mortgage is an FHA backed program for senior citizens who are 62 and older and own their home.

The concept of a reverse mortgage is based on the premise that people over the age of 62 deserve to enjoy the comforts of their home and a stress free, financially secure life. This is what reverse mortgage is created to accomplish. It helps people who are at least 62 and would like to use some of the equity in their home without having to worry about monthly mortgage payments. Reverse mortgage is a reasonable solution for people 62 and over who would like to utilize their home equity, while enjoying the ownership and possession of the house (as long as insurance and property tax payments are being made and upkeep of the home is adequate).

The mortgage being lent based on the equity of your home is repaid once the house is sold off either when the borrower passes away or when they decide to move out of the home. During their lifetime, seniors are not required to make any mortgage payments except taxes and insurance and maintenance of the home for their reverse mortgage in Claremont. Due to its flexibility, borrowers are able to get creative with their financial plans.

If you are looking for a reverse mortgage in Claremont, 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.