Reverse Mortgage in
Orange County, California
For years you have been faithfully making mortgage payments and building equity in your home. Now you are moving toward a new phase of life, one where you are making less money than you were in the middle of your career. Wouldn’t it be nice to have some of that money back? That is what a reverse mortgage promises: the ability to access some of your home equity over time without having to sell your home.
There are many pros and cons to getting a reverse mortgage. By weighing all the advantages and disadvantages you can determine if getting a reverse mortgage home loan is right for you. There are different types of reverse mortgages that will work better for different people depending on their circumstances. At Trinity Mutual, we are committed to doing our part to make sure you get the right reverse mortgage for your situation so that you can start living with the quality of life that you deserve.
Understanding the Advantages of Reverse Mortgages in Orange County, California
Orange County is a unique place. Property values have risen rapidly over the past few decades and home prices continue to remain very high in the area. These unique circumstances create an area where reverse mortgages are particularly attractive. One advantage of a reverse mortgage is that you maintain control of your home. Another is that it can be paid out in a steady stream of income, as a line of credit—perfect for when you need to match higher medical expenses or other costs that can rise with retirement—in a lump sum, or a combination of these three options. And the credit line grows based on the amount left in the credit line by interest rate you choose plus another ½%.
There are three types of reverse mortgages that people consider: Home Equity Conversion Mortgage (HECM) loans, HECM for purchase, or Jumbo Reverse Mortgages for people with high-value homes who want to borrow above the FHA’s lending limit of $679,650. Figuring out which one is right for you will depend on your financial circumstances, age, home value, loan balance and other factors. Figuring it out can be somewhat complex, but if you contact Trinity Mutual, we would be happy to walk you through it and help you find the perfect reverse mortgage loan.
Costs of a Reverse Mortgage in Orange County, California
Like all loans, reverse mortgage loans accrue interest. You may be able to get a slightly lower rate for annually adjustable or monthly adjustable rate mortgages. Other factors that go into determining your rate include age, zip code, home value, and more. Reverse Mortgage Alert maintains a table showing average monthly reverse mortgage rates for the State of California from Jan. 1, 2015 to two months before the current month. For a more accurate quote for your situation, contact Trinity Mutual at 1-877-739-2510 or apply for a reverse mortgage now.
With all reverse mortgage lenders that are some additional costs and fees. If you need a reverse mortgage calculator, see our summary of costs and fees of a reverse mortgage. Trinity Mutual offers a great product and you will love working with our home loan specialists. Apply now!