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16400 Pacific Coast Highway Suite 208 Huntington Beach, CA 92649
Office: (714) 658-4912
A reverse mortgage is a loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their homes into cash. The product was conceived to help retirees with limited income use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care. However, there is no restriction on how reverse mortgage proceeds can be used.
The borrower is not required to pay back the loan until the home is sold or otherwise vacated. As long as the borrower lives in the home he or she is not required to make any monthly payments towards the loan balance. The borrower must remain current on property taxes, HOI insurance and association dues (if applicable).
How a reverse mortgage works
16400 Pacific Coast Highway Suite 208 Huntington Beach, CA 92649
Office: (714) 658-4912