Senior Advantage Reverse Mortgages

What areSenior Advantage Reverse Mortgages ?

A Reverse Mortgage is a popular home loan just for senior homeowners. If you qualify for a Reverse Mortgage, you will not have to make monthly payments on the loan. Instead, the lender pays you. Typically, the Reverse Mortgage is repaid from your home’s equity when you sell the home, move out permanently, or die. You, or those who will inherit from you, can pay off the loan, or they can sell the home and keep any sales proceeds from your home in excess of what you owe the lender.

To qualify for a Reverse Mortgage, you must be a homeowner who is at least 62years old. The mortgage on your home must be fully or nearly paid off.  Generally, the amount you can borrow depends on the value of your home, the amount of equity you have in the home, and your age at the time of loan application.

For example, one of the many reverse mortgage plans available would allow a75-year old homeowner with a home worth $200,000 to borrow $73,201. A 95-yearold homeowner would be able to borrow $210,573 under the same plan.

Choosing the right Reverse Mortgage can give you greater financial independence and reassurance during your golden years. Choosing the wrong plan could lead to financial disaster.

Sierra Pacific Home Loans, Inc.
7480 North Palm Avenue, Suite 103
Fresno, California 93711
888.478.3727