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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.

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

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  1. 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   of      ible  first and second option to  omplete the bunch of options.   c  

  2. #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.        

  3. Contact US  Call Us Now: (800) 730‐6558     Email: info@ReverseMortgageCalifornia.com    Visit: http://www.reversemortgagecalifornia.com/       Thank You!!!      

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