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5 facts to know before you go for Reverse Mortgage, California

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California is the most heavily populated state in the United States. This makes it the home for most senior citizens of the country. Many senior citizens are not able to meet their daily needs post retirement. This is not only the condition of California but of the entire nation. However, with schemes like Reverse Mortgage, California at least the homeowners have a secured old age. Though the deal looks good, it is very important for a person to know important facts about the reverse mortgage deal. Let’s have a look at them accordingly.

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5 facts to know before you go for Reverse

Mortgage, California

California is the most heavily populated state in the United States. 

This makes it the home for most senior citizens of the country. Many 

senior citizens are not able to meet their daily needs post retirement. 

This is not only the condition of California but of the entire nation. 

However, with schemes like Reverse Mortgage, California at least 

the homeowners have a secured old age. Though the deal looks 

good, it is very important for a person to know important facts about 

the reverse mortgage deal. Let’s have a look at them accordingly. 


#Fact No. 1: There are five different options for the payment

the home equity. The first option involves taking the equal 

monthly payments as long as one of the borrowers survives. In 

this case, it is necessary for the borrower to stay at the home as

a principal residence. The second option is to decide on a fixed

term for receiving the payment. The third medium of flex

payment is also good for many. In addition, you can also 

combine the flexible payment to 





first and second option to 

omplete the bunch of options.  




#Fact No. 2: Reverse Mortgage California does not offer the #Fact No. 2: Reverse Mortgage California does not offer the 

complete equity of your home. It offers only a portion of it. The 

calculations are based on the age of the youngest borrower, 

appraisal value of your home and current interest rate. Even 

the borrower has to pay for the mortgage insurance premiums, 

origination and servicing fees, and third‐party lender charges. 

These all calculations are very important for getting a fair deal.  


#Fact No. 3: Many leaders commit that the borrower will never 

lose his property. However, reverse mortgage offers some 

protection to the borrower; the possibility of losing a home is 

always there. The borrower needs to pay for the utilities, flood 

insurance, homeowners insurance, and real‐estate taxes. If 

they fail to do so, the lender can take a decision on it with an 

option of foreclosure.       


#Fact No. 4: Many families had a disadvantage of listing only one 

borrower in the deal. This usually happens when the oldest 

member is listed to have the maximum benefit. This has lead to 

the cases like; death of the borrower and the lender foreclosed 

the property as no other member was listed in the deal. This is 

a mistake which can be easily avoided.  


#Fact No. 5: Reverse mortgage can be a dicey stuff. Not all 

lenders in the market are as credible. There are disputable 

lenders working as well. This has stopped many senior citizens 

for dealing in the mortgage. However, a few companies 

like Reverse Mortgage California follow a crystal clear policy 

and has a fair dealing.      



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