For years, residents of Los Angeles, Pasadena, Orange, Riverside, and San Bernardino California have had 2 main choices when it comes to Reverse Mortgages; a Fixed Rate, or an adjustable rate with a lifetime cap of 10% over the starting rate. There are a few new products now available to those mature homeowners looking to eliminate mortgage payments or cash out funds from their home.
The first is an adjustable rate Reverse Mortgage, the 1 year LIBOR. This product only adjusts the rate on an annual basis, and has a very low starting rate. The second option is also an adjustable rate mortgage but instead of having a lifetime cap of 10% over the starting rate, it has a lifetime cap of only 5% over the low starting rate. This is good news for homeowners that don’t necessarily want to take all of their funds at closing (Fixed rates require all funds available be dispersed at the close of escrow).
Either of these products allows a mature homeowner to access initial funds to pay off a mortgage, a car, medical bills, or take a long-awaited vacation. The remaining funds can be taken over the next four years following the anniversary date of the RM closing. This can be taken as a guaranteed monthly check, Lump sum, or it can be left in a RM Line of Credit for a rainy day. In the last few years Reverse Mortgages have become safer, the costs have lowered significantly, and now, there are more options to fit your needs. Talk with one of our Loan Specialists today to discuss the freedom this program can provide for you!
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