Reverse Mortgage in
Napa County, California
If you’re a senior living in Napa County, California, you may want to consider investing in a reverse mortgage service to generate additional income while you live out the twilight years of your life. You don’t need us to tell you that living expenses in Napa County, California, are difficult to keep up with. The weather is ideal, the scenery is breathtaking, and you probably don’t ever want to leave—but you’ll have to pay for it one way or another. With a reliable and trustworthy reverse mortgage broker like Trinity Mutual, you can enjoy extra income in peace.
What is a reverse mortgage?
A reverse mortgage in Napa County, California, through Trinity Mutual, is a safe way to access the equity you’ve been building in your house all these years. When you apply for a reverse mortgage, Trinity Mutual will help you find a loan to pay off your existing loan and eliminate monthly mortgage payments. You will still be responsible for hazard and flood insurance, property taxes, HOA or other fees, and maintain your home in good condition.
This new loan will be used to supply you with income installments that you can receive monthly, in a lump sum, as a credit line, or in any combination of the three. The program is flexible, and how you get your money is completely up to you.
Understanding the different types of reverse mortgages in Napa County, California
There are three different types of reverse mortgages you can get in Napa County, California: A home equity conversion mortgage (HECM), a HECM for purchase, and a jumbo reverse mortgage. A HECM reverse mortgage is an FHA-insured loan program that ensures that repayment for the loan will never be more than the value of the home.
If you opt for a HECM for purchase loan, it operates in the same way as a HECM loan except you can use it to upgrade or change homes while still enjoying the benefits of supplemented income with a reverse mortgage.
Lastly, the jumbo reverse mortgage is for those who have high-value homes and want to borrow more than the FHA upper lending limit of $679,650. Because jumbos are not insured by FHA they are not subject to FHA’s lending limit or some FHA regulations and protections. They’re designed for condos worth $500,000 or more, and homes above about $1,200,000. Call Trinity Mutual to find out which loan will work best for your lifestyle.
What are the costs of a reverse mortgage?
Not many up front! Reverse mortgages have closing costs and other fees, but the good news is that most of those costs can be lumped into the price of the loan, which means you won’t have to pay them until the loan is paid back. Talk to your loan officer at Trinity Mutual to get a clear understanding of what costs you’ll be expected to pay and how they will be accounted for.
Things to consider when choosing a reverse mortgage lender
There are many benefits to a reverse mortgage. Let Trinity Mutual help explain how a reverse mortgage may help in your situation. Trinity Mutual has been exclusively in the business of helping seniors make informed decisions about a reverse mortgage since 2004. Our style is straightforward and honest. We may ever recommend that you not do a reverse mortgage if we don’t feel it is the right product at this time. But don’t miss out on the travel, leisure, and relief you’ll experience from no house payments and a supplemented income just because of the scams! Most lenders are financially savvy people hoping to help seniors fund their lifestyle throughout retirement. With the right lender, a reverse mortgage can be a tremendous asset in your life. Turn to the trusted experience of Trinity Mutual to see how a reverse mortgage can benefit you. Apply now!