What Are My Reverse Mortgage Options in Paso Robles?

Preparing for retirement is not an easy task. If you are retired or approaching retirement, you’ll be surprised that the rising costs of living may sometimes leave you short of funds during your retirement years.

One solution that you can consider is a reverse mortgage in Paso Robles. Let’s see how it works and check your options with this type of loan.

How does a reverse mortgage in Paso Robles work?

A reverse mortgage is similar to a traditional mortgage but in reverse. In a traditional mortgage the homeowner pays the lender each month, while in a reverse mortgage, the lender pays the homeowner.

While the homeowner lives in the home, no repayment of principal or interest or fees is required. 

If you want to know how to qualify for a reverse mortgage, here are some common conditions:

  • You must live in the home as your primary residence 

  • Your home must be in good condition 

  • The home should not be a mobile home or manufactured home.

The cash you receive from a reverse mortgage can be used for home improvements, taxes, debt consolidation, insurance, medical expenses, college tuition, and more.

To know how much you’ll get from the loan, you can use a reverse mortgage calculator which you can find online. Depending on what type of reverse mortgage you pick, you may be able to get as much as 60% of your home equity.

What are the different types of reverse mortgages?

Before you apply for a reverse mortgage in Paso Robles, you must know the types that are available and see what fits best in your situation.

Single Purpose Reverse Mortgage

This type of loan allows homeowners to borrow against their home equity to pay for a specific lender-approved goal and purpose like home improvements or paying property taxes.

Proprietary Reverse Mortgage

This type is available through private lenders and converts a portion of your home equity to cash. They are not backed by the government but you can get loan amounts that are higher than the federal loan limit.

Home Equity Conversion Mortgage

This type of reverse mortgage is insured by the FHA or Federal Housing Administration and allows you to withdraw some of your home’s equity. There are certain requirements needed to qualify, and there is a loan limit.

Need help with your reverse mortgage application?

A reverse mortgage allows retired homeowners access to needed funds for retirement and other purposes. Getting a reverse mortgage is a major decision that needs proper education and expert advice. 

If you want to know if a reverse mortgage is right for you, we’ll be happy to give you all the information you need to make the best decision.

Apply for a reverse mortgage with Accelerated Lending Group and get all the help you need from application to closing. Our loan experts would gladly assist you and answer all your queries.

 


* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.

Get started with your Digital Mortgage

No hassle, no obligation

Get Started Now!

This site uses cookies to process your loan application and other features. You may elect not to accept cookies which will keep you from submitting a loan application. By your clicked consent/acceptance you acknowledge and allow the use of cookies. By clicking I Accept you acknowledge you have read and understand Accelerated Lending Group's Privacy Policy.