LENDERLINE® is currently offering reverse mortgages under the following guidelines.
- Property must be in the State of California.
- Property must be used as your primary residence.
- SFR, PUD, condos, 2-4 units and double-wide manufactured homes OK.
- One borrower must be at least 62 years of age.
- No monthly payment required.
- Use proceeds for any purpose.
- No closing cost option.
What is a reverse mortgage? A reverse mortgage, also known as a HECM loan, is a mortgage that does not require monthly payments for as long as you occupy the subject property.
There are several reverse mortgage options available, including:
- Tenure. Fixed monthly payments for as long as you live in your home as your primary residence. The amount received each month will not change, even if the home decreases in value.
- Term. Fixed monthly payments for a specific period of time. For example, a borrower is 65 and wishes to defer collecting Social Security until age 72 to receive maximum benefits, so the borrower establishes a term payment for 7 years. The amount received each month will not change, even if the home decreases in value.
- Line of Credit. A standby line of credit that is accessed when funds are needed. An important feature of the line of credit is that the unused portion grows over time. The borrower is not earning interest, like with a checking account. Rather, the growth feature takes into consideration that you are one year older and that your home has appreciated in value.
- Single Disbursement Lump Sum. A one-time lump sum payment is made to the borrower. If the borrower wants more money at a later time, he or she will have to refinance and get a new reverse mortgage.
- Modified Tenure / Line of Credit. Under this option, the borrower establishes a line of credit and receives fixed monthly payments for as long as they live in the home as their primary residence.
- Modified Term / Line of Credit. Under this option, the borrower establishes a line of credit and receives fixed monthly payments for a specific period of time.
- Purchase. The new home is purchased using funds from the sale of another home, savings, gift funds or other assets, which are combined with the reverse mortgage. This leaves you with no monthly mortgage payment.
Ask about our no closing cost option.
For more information about reverse mortgages click here to visit the Fannie-Mae information page. To use the HUD website to find a reverse mortgage (HECM) counselor near you, click here.
To download a loan application
for our reverse mortgage
LENDERLINE® is your reverse mortgage lender of choice.
Questions? For today's reverse mortgage interest rates, or to receive a FREE consultation CALL LENDERLINE® toll-free at 1-888-661-7888.