San Diego Reverse
Mortgage
Your home might be one of the biggest single
investments of your life. And with San Diego Reverse Mortgage it is
going to be the one with highest time utility. San Diego reverse
mortgage is a special type of home loan, structured especially for
senior citizens. It is the ultimate financial support that you would
wish for in your retired life. Thus reverse mortgage is gaining more
and more popularity. To know more about it, go through the
eligibility criteria and features below.
Features of San Diego Reverse Mortgage:
No Periodical Payment of interest or
principal:
In case of a San Diego reverse mortgage you do not
have to make any periodical repayments. So no EMIs (Equated Monthly
Installments) like other regular Mortgages. The interest on the
reverse mortgage is added to the lien on the home.
No need to worry about credit scores:
Even if you
have low credit scores and a bad credit rating, don't worry because
it is not one of the eligibility criteria San Diego Reverse
Mortgage.
Repayment only when borrower no longer resides in
subject residence:
The question of repayment of San Diego Reverse
Mortgage arises only when you as the borrower decide to leave the
residence subject to reverse mortgage and shift to some other place
(for instance Old Age Home or some other house). Apart from this
repayment has to be made in case of the death of the borrower from
the proceeds of the collateral. It is not necessary to sell the
house if the borrower can make the payment otherwise.
No-recourse:
In any of the above cases of
repayment, the lender can recover the loan amount only from the
proceeds of the concerned property. If the value of the property is
not sufficient to recover the complete amount along with interest of
San Diego reverse mortgage, the lender does not have recourse to any
other assets of the borrower or his/her heir.
Provisions for heirs:
In case of death of the
borrower, if his/her heirs want to keep the house, they can repay
the reverse mortgage and do so. If the heirs want to sell the house
on their own and repay San Diego reverse mortgage they can do so
within stipulated time. In case the lender sells the house, the
balance of the proceeds after recovery of loan amount will be handed
over to heirs.
Use it as you like it:
You can use the San Diego
reverse mortgage for any purpose of your wish. It can be to meet
your daily cash needs, or for a small vacation. Most importantly it
can even be used to pay your medical expenses, which consume most of
your savings.
In order to be eligible for San Diego Reverse
Mortgage:
Age:
You need to be a senior citizen, i.e. your
age should be 62 years or more.
Ownership and type of Home:
You should be the
owner of the home as a borrower and must be residing there for major
part of the year. It generally has to be a single family one-unit
home. Mobile homes and co-operatives do not qualify for San Diego
Reverse Mortgage.
Maintain good credit record:
You need to pay all
your taxes and bills on time. Since you are going to be the owner of
your house even after availing the reverse mortgage, you will have
to pay all the property taxes on time. Any default may give rise to
the need for repayment of San Diego reverse mortgage.
Pay all other debts:
San Diego reverse mortgage
has to be your first and only mortgage. Thus you need to pay off all
other loans either before applying or pay it from the amount you
receive from the reverse mortgage.
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