Reverse Mortgages

A reverse mortgage is a loan available to people over 62 years of age that enables a borrower to convert part of the equity in their home into cash. Click here for more information on reverse mortgages.
A reverse mortgage is a loan available to people over 62 years of age that enables a borrower to convert part of the equity in their home into cash.

Reverse mortgages were conceived as a means to help people in or near retirement and with limited income use the money they have put into their home to pay off debts, including current mortgages, cover basic monthly living expenses or pay for health care. There is no restriction on how a borrower may use their reverse mortgage proceeds.

The loan is called a reverse mortgage because the traditional mortgage payback stream is reversed. Instead of making monthly payments to a lender, the lender makes payments to the borrower or will allow the borrower to have a line of credit to withdrawal from as needed. Both options will leave the borrower with no monthly mortgage payments.

The borrower is not required to pay back the loan until the home is sold or otherwise vacated. As long as you live in the home, you are not required to make any monthly payments towards the loan balance, but you must remain current on your tax and insurance payments.

Call Cornerstone Mortgage at (661) 370-0600 to learn how you can apply for a reverse mortgage.
 
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