Poway Reverse Mortgage

1. Versatile Payout Options: Reverse mortgages offer various payout choices, including lump sum, monthly payments, or a line of credit, catering to different financial needs.
2. No Monthly Repayments *: Unlike traditional mortgages, reverse mortgages usually don't require monthly repayments, easing financial burdens for retirees. Note the borrower must live in the home and continue to pay their own property taxes, homeowners insurance and other home expenses such as maintenance costs.
3. Equity Access: Older homeowners may be able to tap into a portion their home equity through reverse mortgages, providing valuable financial flexibility for retirement expenses, home improvements, debt consolidate and much more.
4. Limited Risk with Non-Recourse Feature: Reverse mortgages are non-recourse loans, ensuring borrowers or their heirs won't owe more than the home's value, even if the loan balance surpasses it.
5. Potential Long-Term Residence Solution: Borrowers can typically continue living in their homes as long as they fulfill loan obligations, such as property tax and homeowners insurance payments and property maintenance.

* If you qualify and your loan is approved, a Reverse Mortgage must pay off your existing mortgage(s). With a Reverse Mortgage, no monthly mortgage payment is required. Borrowers are responsible for paying property taxes and homeowner’s insurance (which may be substantial). Borrowers must occupy home as their primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable when the last borrower dies, sells the home, permanently moves out, defaults on taxes and insurance payments, or does not otherwise comply with the loan terms.