Reverse mortgage Bakersfield en Santa Ana

A reverse mortgage is a type of loan designed for people aged 62 and older who own their homes. The idea is simple: instead of you paying the bank like with a regular mortgage, the bank pays you. You’re using the equity you’ve built up in your home (the value of what you’ve already paid off) to get cash.

Here’s how it works in simple steps:

1. You stay the owner of your home. You’re not selling your house or giving up ownership.
2. The bank gives you money. This money can come as a lump sum, monthly payments, or as a line of credit you can tap into whenever you need.
3. You don’t have to make payments while you live in the home. Unlike other loans, you don’t make monthly payments to the bank. The loan is repaid when you sell the house or if you no longer live there as your primary residence.
4. The loan is paid off when the home is sold. When you move out or no longer live in the home, the money from selling the house is used to pay back what you owe the bank. If there’s money left after paying off the loan, that goes to you or your heirs.

In short, a reverse mortgage lets you access the money you’ve built up in your home without having to move, giving you more financial flexibility during your retirement.
Would you like to know if a reverse mortgage is the right option for you? Contact us today for a free consultation and discover how you can benefit from your home’s equity without having to move out.