Reverse Mortgages

Shopping for a mortgage? We'll be glad to answer your questions about your mortgage needs! Give us a call at 9254610500. Ready to get started? Apply Here.

Reverse mortgages (sometimes called "home equity conversion loans") give older homeowners the ability to use their built-up home equity without the necessity of selling their home. The lending institution pays out money based on the equity you've accrued in your home; you receive a one-time amount, a monthly payment or a line of credit. Repayment is not required until the homeowner sells the property, moves (such as to a care facility) or dies. When you sell your property or you no longer use it as your main residence, you (or your estate) have to repay the lender for the cash you got from the reverse mortgage plus interest among other fees.

Who is Eligible?

The requirements of a reverse mortgage often are being 62 or older, using the property as your main living place, and holding a low remaining mortgage balance or having paid it off.

Homeowners who are on a limited income and find themselves needing additional funds find reverse mortgages advantageous for their circumstance. Social Security and Medicare benefits can not be affected; and the funds are not taxable. Reverse Mortgages may have adjustable or fixed interest rates. Your home will never be in danger of being taken away from you by the lender or put up for sale without your consent if you live longer than the loan term - even if the current property value dips under the balance of the loan. If you would like to find out more about reverse mortgages, feel free to call us at 9254610500.

At Pacificwide Lending, we answer questions about reverse mortgages every day. Give us a call at 9254610500.

Mortgage Questions?

Do you have a question regarding a mortgage program?

Contact Information
Your Question
By checking the box, you agree that Pacificwide Lending may call/text you about your inquiry, which may involve use of automated means and prerecorded/artificial voices.. Message/data rates may apply.

Pacificwide Lending

CA License #01762647 NMLS#241222, TX License #241222, FL License # MBR 3291

7041 Koll Center Pkwy Ste 270 Ste 270
Pleasanton, CA 94566