Reverse Mortgage in
Riverside County, California
Many seniors who need extra income to help support themselves as they grow older turn to a reverse mortgage. Reverse mortgages can reduce your housing costs and often give you some extra cash to work with as well. If you are facing rising medical costs, decreased income, or simply want an extra source of revenue as you grow older, you might be considering a reverse mortgage. But is a reverse mortgage right for you?
Many critics of reverse mortgages point out their downsides such as fees. Some reverse mortgage lenders act like they are the right solution and everyone should take out a reverse mortgage. The truth is, there are many pros and cons when it comes to reverse mortgages. They are a great way to improve your quality of life as you grow older, but they aren’t right for everyone.
Why You Should Consider a Reverse Mortgage in Riverside County, California
If you are age 62 or over, a homeowner, plan on continuing to live in your current home, and would like some extra income, a reverse mortgage is a great option for you. Over the many years you have been paying a mortgage, you have been building up equity in your home. While this was a great move at the time, wouldn’t it be nice to be able to have that equity as cash you can spend on your expenses? That is exactly what a reverse mortgage, or home equity conversion mortgage (HECM), offers.
Since property values are higher in Riverside County than the national average, it is likely you will be able to get a fair amount of money from your reverse mortgage. If your home value is over $1,200,000 you might consider a jumbo reverse mortgage, which would allow you to borrow above the FHA lending limit of $679,650.
If you’re thinking of moving to a smaller home, a HECM for purchase could be an ideal way to finance the purchase without putting all the proceeds from selling your home into the new home.
While it is true there are costs and fees associated with a reverse mortgage, as there are with any loan, you can work with reverse mortgage lenders to make sure these are as low as possible.
Average Reverse Mortgage Rates in Riverside County, California
The rates for a reverse mortgage in California can vary depending on factors like your age, zip code, home value and whether you want to save some money through an annually adjustable or monthly adjustable rate mortgage. Reverse Mortgage Alert maintains a table showing average monthly reverse mortgage rates in the State of California from Jan. 1, 2015 to two months before this month. For a more accurate quote for your situation, contact Trinity Mutual or apply for a reverse mortgage now.
If you are looking for a reverse mortgage calculator, our summary of costs and fees of a reverse mortgage can help you figure out what you need to look for. If you think a reverse mortgage might be right for you, feel free to contact us here at Trinity Mutual. We will walk you through our fees and help you understand the cost of acquiring a reverse mortgage on your home through us. Improve your quality of life and bring in some extra income. Apply now!