Rancho Cordova California Reverse Mortgage
Your Rancho Cordova Reverse Mortgage Guide
Welcome to Rancho Cordova
As a homeowner in Rancho Cordova, you have worked hard to build equity in your home. Now, that equity can work for you in your retirement years with a reverse mortgage refinance loan. This type of loan allows you to tap into the equity you have built up in your home without the obligation to make monthly payments. Instead, the loan is repaid when you sell the home or pass away. Reverse mortgage loans can provide financial stability and peace of mind, allowing you to enjoy your retirement and age in place in the comfort of your own home.
Reverse Mortgage
Explore the possibilities of a Reverse Mortgage! Free yourself from worrying about monthly bills and take back control of your financial future. With a Reverse Mortgage, you can unlock the power of your home’s equity while maintaining ownership of your home. Find out today how you can start on the road to financial freedom.
Reverse Mortgage for Purchase
Did you know you can use a reverse mortgage to purchase a new home? A reverse mortgage for purchase allows seniors to buy a new home without making any monthly mortgage payments. Instead of getting an upfront lump sum payment like other reverse mortgages, the loan is used to purchase a new primary residence.
HECM to HECM Refinance
A HECM (Home Equity Conversion Mortgage) to HECM refinance, also known as a HECM loan refinance, is a type of reverse mortgage that allows a borrower to refinance an existing HECM loan with a new one. This can be beneficial for several reasons, such as lowering your interest rate, changing the loan terms, accessing additional equity, and improving your financial situation.
Cash Out Reverse Mortgage
A Reverse Mortgage allows you to take cash out of your house and use the equity in your home for the things you want. You can receive your cash as a lump sum, fixed monthly payment, or line of credit.
Jumbo Reverse Mortgage
A Jumbo Reverse Mortgage is a reverse mortgage that allows homeowners to borrow more money than allowed with a traditional HECM reverse mortgage. This is because a Jumbo Reverse Mortgage is not limited by the same lending limits set by the Federal Housing Administration (FHA) for standard HECM loans. With a Jumbo Reverse Mortgage, you can access more of the equity in your high-value home.
Rancho Cordova Approved Reverse Mortgage Counseling Agencies
HUD Approved HECM Counseling Agencies
The following is the internet website address and telephone number provided by HUD for the purposes of acquiring HECM counseling:
- HUD Office of Housing Counseling Website: www.hud.gov/program_offices/housing/sfh/hcc
- HUD’s Interactive Voice System: (800) 569-4287
National Counseling Agencies
ClearPoint Financial Solutions
(800) 251-2227
https://www.clearpoint.org/
Money Management International
(877) 908-2227
https://www.moneymanagement.org/
Credit.org
(800) 947-3752
https://www.homeownership.org/
National Foundation for Credit Counseling
(866) 698-6322
https://www.nfcc.org/
Greenpath
(888) 860-4167
https://www.greenpath.com/
Navicore
(866) 855-7736
https://navicoresolutions.org/
Guidewell Financial Solutions
(800) 882-6171
https://www.guidewellfs.org/
NeighborWorks America
(202) 760-4000
https://www.neighborworks.org/
Housing Options Provided for the Elderly (HOPE)
(844) 432-6467
https://hopeforseniorsstl.org/
California Counseling Agencies
Rancho Cordova California Frequently Asked Questions
How does a Reverse Mortgage work in Rancho Cordova California?
A reverse mortgage in Rancho Cordova, California, works similarly to a reverse mortgage in other parts of the country. The basic principle is that it allows homeowners 62 years of age or older to borrow money against the equity in their home without having to make monthly payments. Instead, the loan becomes due when the borrower moves out of the house permanently, sells the home, or passes away.
To obtain a reverse mortgage in Rancho Cordova, California, the borrower must meet with a reverse mortgage lender and go through a counseling session to ensure that a reverse mortgage is a suitable choice for them. The lender will also appraise the home to determine its value and the amount the borrower is eligible to borrow.
Do I make mortgage payments on my Reverse Mortgage in Rancho Cordova?
No, you do not have to make payments on your reverse mortgage. You are still obligated to pay your property taxes, homeowners insurance, general home maintenance and upkeep, and any HOA fees, if applicable. The benefit of a reverse mortgage is that you do not have to make a regular monthly mortgage payment.
What qualifies for a reverse mortgage in Rancho Cordova?
A reverse mortgage loan is only available to seniors who are age 62 or older. This type of loan has been designed to help provide a solution to allow seniors access to equity in their homes while still living there. To qualify for a reverse mortgage, you must:
How do I receive my money when I get a reverse mortgage?
With a Reverse Mortgage, borrowers have the flexibility to choose how they want to receive their loan proceeds. This can include receiving the funds in one lump sum, periodically accessing them through a line of credit, receiving regular monthly payments, or a combination of these options. Speak with a licensed Reverse Mortgage Lender to discuss your options.
About Rancho Cordova California
Welcome to Rancho Cordova, a vibrant city located in the heart of the Sacramento Valley. With a population of over 72,000, Rancho Cordova is the perfect place to call home.
Rancho Cordova has a rich history, dating back to the early 1800s when the area was part of a large Mexican land grant. The city was officially incorporated in 2003 and has since become a thriving community with a variety of activities and attractions.
Rancho Cordova is home to a number of parks and community centers, including Hagan Community Park, which features a playground, picnic areas, and a skate park. There are also several local schools, including Cordova High School and Mills Middle School.
If you're looking for something to do, you can visit the Folsom Lake State Recreation Area, which offers a variety of outdoor activities such as hiking, biking, and boating. You can also check out the Rancho Cordova Sports Complex, which features a variety of sports fields and courts.
Rancho Cordova is a great place to live, work, and play. With its rich history, vibrant community, and variety of activities, it's the perfect place to call home. So come on down and experience all that Rancho Cordova has to offer!
Things To Do In Rancho Cordova
Rancho Cordova, CA Neighborhoods
Anatolia, Mills Ranch, Cordova Meadows, Anatolia Village, Trinity Woods Condos, Villages Of Zinfandel, Briarwood Coloma, Coloma Estates, Larchmont Sunriver, Bradshaw Woods, Mills Commercial Park, Mills Park Terrace, El Cortez, Kirkwood Place, Sunrise Pines, Cordova Towne, Lincoln Village, Sunrise Countryside, Sunridge Park Village, Sunrise Haven, Riverview Orchard, Cordova Towne West, Cordova Park, Walnut Woods, Cordova Park Vista, Cordova Court, River Trails Estates, Glenfaire, Rossmoor, Cordova Highlands, Por Alexander Collection, Ellenwood Court, Cloud Nine, Stone Creek, Almond Tree, Mills Park, Tiffany Farms, Tiffany Cordova, Trinity Woods, White Rock Business Park, Cordova Gardens, Cordova Rancho Estates, The Meadows, Ponderosa White Rock, Routier Estates, Coloma Palms, Sunnyvale, Mills Park Estates, Raven Oaks, Mills Acres, Larchmont Cordova,Top Sights in Rancho Cordova, CA
Street Names in Rancho Cordova, CA
Rancho Cordova, CA Zip Codes
95655, 95670, 95741, 95742, 95827,Reverse Mortgage Regulations
HUD – The United States Department of Housing and Urban Development is one of the executive departments of the U.S. federal government. It administers federal housing and urban development laws. They state, “Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is a Home Equity Conversion Mortgage (HECM) which is only available through an FHA-approved lender. The HECM is FHA’s reverse mortgage program that lets you withdraw a portion of your home’s equity.”
Consumer Finance Protection Bureau – The Consumer Financial Protection Bureau is an agency of the United States government responsible for consumer protection in the financial sector. They state, “A reverse mortgage is a special type of home loan only for homeowners who are 62 and older. With a reverse mortgage, the amount the homeowner owes goes up–not down–over time.”
NMSL – The Nationwide Multi-State Licensing System and Registry is the record system for non-depository financial services licensing.
NRMLA – The National Reverse Mortgage Lenders Association (NRMLA) is a professional association that serves as an educational resource for the Reverse Mortgage community. The NRMLA was established in 1997 to promote professionalism and provide support and guidance to lenders and education borrowers. In addition, they prioritize educating consumers on the advantages and disadvantages of obtaining a reverse mortgage, ensuring borrowers make informed decisions. They also provide training for mortgage professionals, enforce a code of ethics, and advise policymakers on reverse mortgage issues.
Reverse Mortgage Lenders near Rancho Cordova
Call us for a free, no-obligation consultation about your Reverse Mortgage options. One of our licensed professionals will answer your questions without the hassle of a sales pitch. You’ll learn what programs you may qualify for and discover the best options that will suit your situation.
We are proud to serve the residents of Rancho Cordova. We have been in the mortgage lending business since 2002 and would be happy to provide additional testimonials and references to clients we have worked with. We look forward to serving you and welcome the opportunity to meet and discuss your individual needs.
Reverse Mortgage Resource Center – Rancho Cordova
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Our Lending Team has been serving our clients since 2004. We are passionate about serving our clients with integrity to help them achieve their financial goals.