Reverse mortgage has existed in the State of California for decades. Reverse mortgage in Covina is a loan product for people 62 and older which is backed by the Federal Housing Administration.

A Loan Product Specifically Made

Reverse mortgages are specifically tailored to homeowners 62 and over so they can live in their home, while tapping into some of the accrued equity.  They do not have to make any payments other than tax and insurance payments and maintenance of the home as long as they live in the home.

The concept of a reverse mortgage gives utmost importance to the home of a retiree which has been built with years of equity. As part of the mortgage the borrower is allowed to borrow money against the equity of their home and continue to enjoy the financial protection that the money brings without having to pay the money back as long as you are living in the house. Property tax and insurance payments and maintenance of the home are the only payments that are required. The mortgage amount and the interest accrued are deducted off the sale of the house once the borrower dies or leaves the property.

The purpose of a reverse mortgage in Covina is to help retirees enjoy their post retirement life. Too often, finances can be hard to manage for people as they grow old. A reverse mortgage is a post retirement option because it helps older homeowners enjoy their Golden period in life, even if they have financial difficulties.

Contact us for more information on reverse mortgage in Covina.

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.