Reverse Mortgages for California
Today, there are more home ownership options for senior individuals and couples than ever before. Whether you are looking to pay off bills or just looking for additional income to enjoy your retirement, a reverse mortgage may be the answer for you.
A reverse mortgage is also known as a HECM, short for 'Home Equity Conversion Mortgage'. The most well known are the FHA Government Insured HECM's. Watch this reverse mortgage slide show and learn more about the reverse mortgage, and reasons why one might help you!
Now is a great time to look into a reverse mortgage or a refinance of your current reverse mortgage because:
- The new FHA Government Insured HECM limit now $625,000!
- The Fixed Rate HECM interest rate is now at a LOW of 5.56%!
- Homes can now be purchased via the HECM for Purchase program!
| HECM ARM (2.50% LIBOR margin)* | 2.73% |
| HECM Fixed * |
5.56% |
*Rates differ between lenders and change daily; request a TALC for total costs.
Ken brokers reverse mortgage loans from Bank of America, Met Life, Financial Freedom and other major reverse mortgage lenders. Products include the HECM FHA government insured loans, conventional reverse mortgages, fixed rate reverse mortgages and cash accounts.
