Reverse Mortgage Loans
Our licensed reverse mortgage company in Glendale allows homeowners aged 62 or older to borrow against the equity in their homes, providing financial flexibility without the burden of monthly payments. Here’s a closer look at the benefits and requirements associated with this empowering financial solution:
Benefits of a Reverse Mortgage Loan
- Financial Independence
A reverse mortgage loan can give you the financial independence you need to maintain or improve your quality of life.
- No Monthly Payments
Unlike traditional home equity loans, our reverse home mortgage lender firm in Glendale does not require monthly payments. Instead, the loan is repaid when the borrower sells the home, moves out, or passes away.
- Ownership Retention
Retain ownership of your home throughout the reverse mortgage period.
- Tax-Free Income
The money you receive from a reverse mortgage loan is generally not taxable.
Requirements for a Reverse Mortgage Loan
- Age
You must be at least 62 years old to qualify for a reverse mortgage loan.
- Financial Eligibility
Meet financial eligibility criteria established by HUD, ensuring responsible and sustainable borrowing.
- Primary Residence
The home must be your primary residence.
- Property Eligibility
Most single-family homes, two-to-four-unit owner-occupied dwellings, townhouses, and approved condominiums are eligible. Property eligibility is contingent on meeting FHA minimum property standards.
- Counseling
Before applying for a reverse mortgage loan with an online mortgage lender agency in Glendale, you must consult a Housing and Urban Development (HUD)-approved reverse mortgage counselor.
- Financial Assessment
You must undergo a financial assessment to determine your ability to pay property taxes, homeowner’s insurance, and other expenses.
- Home Maintenance
You must maintain your home and keep it in good repair.
- Loan Counseling
You must receive loan counseling from a HUD-approved counselor.
Fidelity Funding Corp is here to guide you through the process with reliable reverse mortgage lender services in Glendale, ensuring a transparent and smooth experience. Contact us today to explore how a Reverse Mortgage Loan can align with your financial goals and ease you through your retirement years.
Begin your loan process today! Our mortgage advisors are standing by. Contact us today to discuss your scenario.