5 facts to know before you go for Reverse Mortgage, California

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5 facts to know before you go for Reverse
Mortgage, California
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5 facts to know before you go for Reverse
Mortgage, California
California is the most heavily populated state in
the United States. This makes it the home for
most senior citizens of the country. Many senior
citizens are not able to meet their daily needs
post retirement. This is not only the condition
of California but of the entire nation. However,
with schemes like Reverse Mortgage, California at
least the homeowners have a secured old age.
Though the deal looks good, it is very important
for a person to know important facts about the
reverse mortgage deal. Lets have a look at them
accordingly.
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Fact No. 1
There are five different options for the payment
of the home equity. The first option involves
taking the equal monthly payments as long as one
of the borrowers survives. In this case, it is
necessary for the borrower to stay at the home as
a principal residence. The second option is to
decide on a fixed term for receiving the payment.
The third medium of flexible payment is also good
for many. In addition, you can also combine the
flexible payment to first and second option to
complete the bunch of options.
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Fact No. 2
Reverse Mortgage California does not offer the
complete equity of your home. It offers only a
portion of it. The calculations are based on the
age of the youngest borrower, appraisal value of
your home and current interest rate. Even the
borrower has to pay for the mortgage insurance
premiums, origination and servicing fees, and
third-party lender charges. These all
calculations are very important for getting a
fair deal.
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Fact No. 3
Many leaders commit that the borrower will never
lose his property. However, reverse mortgage
offers some protection to the borrower the
possibility of losing a home is always there. The
borrower needs to pay for the utilities, flood
insurance, homeowners insurance, and real-estate
taxes. If they fail to do so, the lender can take
a decision on it with an option of foreclosure.
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Fact No. 4
Many families had a disadvantage of listing only
one borrower in the deal. This usually happens
when the oldest member is listed to have the
maximum benefit. This has lead to the cases like
death of the borrower and the lender foreclosed
the property as no other member was listed in the
deal. This is a mistake which can be easily
avoided.
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Fact No. 5
Reverse mortgage can be a dicey stuff. Not all
lenders in the market are as credible. There are
disputable lenders working as well. This has
stopped many senior citizens for dealing in the
mortgage. However, a few companies like Reverse
Mortgage California follow a crystal clear policy
and has a fair dealing.
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Contact Us
Call Us Now [phone] Email info_at_ReverseMo
rtgageCalifornia.comVisit http//www.reversemor
tgagecalifornia.com/ Thank You!!!