California Mortgage Loan Company specializes in cash out loans for California homeowners seeking the best home financing options. Our lenders are featuring reverse mortgage with special incentive for seniors seeking home equity conversion. Reverse mortgages allow owners to pay off their home loans, pull out cash for debt consolidation, to set up a credit line or purchase second homes. Seniors love these reverse home loans because they offer cash without requiring any monthly payment obligations.
Home Equity Conversion Mortgage was created by the Department of Housing and Urban Development with an effort to let homeowners 62 years or older with little or no remaining balance on their mortgage, convert their property equity into money. The equity can be paid to the homeowner as a lump sum, a stream of payments, and a set amount of draws from a line of credit, or a combination of monthly payments and a line of credit. Whatever payment plan you choose, you do not have to repay any part of this reverse mortgage until you sell the home or vacate it for another reason (unless you violate the loan's terms and conditions).
At that time, you pay-off the remaining loan balance, plus any accrued interest. Any proceeds above that amount go to you or to your estate. By far the most popular reverse loan is the Home Equity Conversion Mortgage insured by the Federal Housing Administration. FHA's program is booming -- total loans closed in the last year alone jumped by 49 percent to nearly 72,000.
What happens when the loan balance exceeds the value of my home?
What if my home is in need of repairs?
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