For people who are over the age of 62 the option to exercise a reverse mortgage in Duarte is designed to help them make the most of the equity built in their homes over the years. A reverse mortgage is unlike other loans because unlike others in which there is a monthly payment due, a reverse mortgage does not require payments except for property taxes, insurance and maintenance costs as long as the borrower is living in the home.

A Loan like No Other

Reverse mortgage in Duarte offers its users a number of advantages that other loans cannot offer. The first one is that these loans despite being taken against the equity of your home, will not affect the ownership of the house for the borrower as long as they are living in the home and current with property taxes, maintenance and insurance.

People who take out these mortgages are not required to pay any repayment installments for the loan as long as they are living in the property, however they must make property tax and insurance payments and keep current with maintenance of the home. The amount is only recovered when the house is sold in the event of the borrower’s death or when they leave the home (payment of property tax and insurance and maintenance is a must as long as they stay in the house).

A reverse mortgage in Duarte is backed by the Federal Housing Authority. The backing by FHA only lends credibility to an already attractive loan prospect for retirees. They can use a reverse mortgage to better the prospects of their financial planning, while making sure that they can still enjoy the safety and security of a house they built or bought many years ago, as a place for refuge for themselves.

If you want more information about reverse mortgage in Duarte, 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.